Song Hong Garment JSC (MSH) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Song Hong Garment JSC VND 53,878, price VND 29,950, upside +79.9%, quality 63 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Song Hong Garment Joint Stock Company, together with its subsidiaries, manufactures, processes, and sells garment and bedding products in Vietnam. The company offers cotton, rugs, blankets, carpets, and knitted clothes.
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Song Hong Garment Joint Stock Company, together with its subsidiaries, manufactures, processes, and sells garment and bedding products in Vietnam. The company offers cotton, rugs, blankets, carpets, and knitted clothes. It also trades in industrial products; equipment, spare parts, and other materials for the garment-textile industry; and cigarettes, alcohol, and cosmetics. In addition, the company engages in sewing of clothes; wholesale of fabrics, clothes, and shoes; warehousing and storage services; renting of offices and factories; and provision of transportation services. Song Hong Garment Joint Stock Company was founded in 1988 and is headquartered in Nam Dinh, Vietnam.
Stock analysis
Song Hong Garment JSC (MSH) currently trades at 29,950 VND, while our model-based Fair Value estimate is 53,878 VND, implying the stock looks roughly 44.4% undervalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 80,983 VND per share, and 21 of the 24 models we run sit above the 29,950 VND price.
Bear case: the Asset-Based group reads lowest at 11,398 VND, and 3 of the 24 models stay below the price. Evidence for this calculation is high.
Scenario range: 36,599 VND (bear) to 74,150 VND (bull), the price of 29,950 VND sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 63/100 (solid quality), in the Consumer Cyclical sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Song Hong Garment JSC reported revenue of 5.5T VND in FY2025 versus 4.7T VND in FY2021, a compound +3.9%/yr. Reported net income was 614B VND in FY2025, compounding +8.5%/yr from FY2021.
Key figures
Market cap 3.4T VND · P/E ratio 5.9 · P/S ratio 0.65 · EPS (TTM) 5,069 VND · Dividend yield 13.4% · Net margin 11.1% · Return on equity 30.2% · Return on assets (EBIT) 11.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 52 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −1% fair-value upside, at 80%, MSH screens cheaper than that median.
Fair Value models
Bear 36,599 VNDFair Value 53,878 VNDBull 74,150 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (784.84 VND per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+4.9%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+0.1%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.7%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+17.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.0%
Dividend (yield on the price)13.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.6% → 13%
Growth Forecast
Price in line with expectations
The price assumes about as much growth as the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.0%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +1.9% a year for the price.
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Apparel Manufacturing · 228 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score63 · Above median
Fair Value upside+80% · Top 25%
Profitability
Return on equity (TTM)30% · Top 25%
Return on assets10% · Top 25%
Net margin (TTM)11% · Top 25%
Operating margin (TTM)10% · Above median
Growth and dividend
Revenue growth1% · Below median
Dividend yield (TTM)13.4% · Top 25%
Balance sheet
Debt / equity0.34× · Highest 25%
Valuation Multiplesvs Apparel Manufacturing median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Song Hong Garment JSC Fair Value". https://www.fairvalue-calculator.com/stock/MSH
Frequently asked questions
Is Song Hong Garment JSC (MSH) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 53,878 VND versus a price of 29,950 VND, about +80% upside (undervalued).
What is the fair value of MSH?
Our model-based fair value for Song Hong Garment JSC is 53,878 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 29,950 VND.
What is the quality score of MSH?
Song Hong Garment JSC has a Quality Score of 63/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Song Hong Garment JSC (MSH)?
Our model-based price target is the fair value of 53,878 VND (as of Sep 24, 2026) from 24 valuation models. Cautious scenario 36,599 VND, optimistic scenario 74,150 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Song Hong Garment JSC stock forecast for 2026?
Our models put fair value at 53,878 VND, about +80% upside versus a price of 29,950 VND (undervalued). Cautious scenario 36,599 VND, optimistic scenario 74,150 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Song Hong Garment JSC (MSH)?
Song Hong Garment JSC reported trailing-twelve-month revenue of about 5.5T VND (latest available figure, as of Sep 24, 2026).
Does Song Hong Garment JSC pay a dividend?
Song Hong Garment JSC currently shows a dividend yield of about 13.36% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Song Hong Garment JSC (MSH)?
For today's price to be fair in a discounted-cash-flow model, Song Hong Garment JSC would have to grow free cash flow by +6.0 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +7.8 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of MSH use?
Our models discount Song Hong Garment JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.25, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Song Hong Garment JSC that is +6.0 % per year a year over ten years, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Song Hong Garment JSC (MSH) delivered so far?
Over the past 5 years revenue at Song Hong Garment JSC grew +7.8 % a year. The price currently implies +6.0 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Song Hong Garment JSC (MSH) growing?
The median revenue growth in the sector is +5.9 % a year. That is the yardstick for the growth priced into Song Hong Garment JSC (+6.0 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Song Hong Garment JSC (MSH)?
The free-cash-flow yield on the price is 12.09 %: that much free cash flow Song Hong Garment JSC produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Song Hong Garment JSC (MSH)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Song Hong Garment JSC it is 53,878 VND per share (as of Sep 24, 2026), against a price of 29,950 VND. It is the blended result of 24 valuation models (cash flow, earnings, asset, dividend).
Is Song Hong Garment JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, MSH trades below its calculated fair value: price 29,950 VND, fair value 53,878 VND, a gap of about +80% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of MSH?
No. The price is what the market pays today (29,950 VND); the fair value is what the company's own numbers justify (53,878 VND). For Song Hong Garment JSC the two are 23,928 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Song Hong Garment JSC worth?
The market values Song Hong Garment JSC at about 3.4T VND (market capitalisation, as of Sep 24, 2026). Per share that is 29,950 VND; our models calculate a fair value of 53,878 VND per share.
What do the bullish and bearish scenarios say about MSH?
Our models span a range for Song Hong Garment JSC: cautious scenario 36,599 VND, base 53,878 VND, optimistic 74,150 VND per share (as of Sep 24, 2026, price 29,950 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MSH?
Song Hong Garment JSC trades at a price-to-earnings ratio of 5.9 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 53,878 VND is built from several models across several years. Other multiples: P/B 1.8, P/S 0.6, EV/EBITDA 3.9.
How solid is the balance sheet of Song Hong Garment JSC (MSH)?
Balance-sheet figures for Song Hong Garment JSC (as of Sep 24, 2026): return on equity 30.2%, debt of 0.34 per unit of equity. They feed the Quality Score of 63/100, which measures business quality independently of the share price.
How far is MSH from its 52-week high?
Song Hong Garment JSC trades at 29,950 VND, about 24% below its 52-week high of 39,378 VND and 3% above the low of 28,973 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 53,878 VND is for.
Which stocks are comparable to Song Hong Garment JSC?
From the same area (Consumer Cyclical) we also value Ralph Lauren Corporation, Moncler S.p.A, Gildan Activewear Inc, LPP SA, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Song Hong Garment JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 29,950 VND, calculated fair value 53,878 VND (+80%), Quality Score 63/100, from 24 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of MSH calculated?
We run Song Hong Garment JSC through 24 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 53,878 VND, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Song Hong Garment JSC currently trades 80 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Song Hong Garment JSC (MSH)?
The closing price on Sep 24, 2026 was 29,950 VND. Our model-based fair value is 53,878 VND, about +80% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Song Hong Garment JSC right now?
The price is below even our cautious bear case (36,599 VND). The market is more pessimistic than our downside scenario. Solid quality (63/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (36,599 VND to 74,150 VND) leaves room in how you read the outcome.
Key figures of Song Hong Garment JSC
How large is the market capitalisation of Song Hong Garment JSC (MSH)?
The market capitalisation of Song Hong Garment JSC is 3.4T VND. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Song Hong Garment JSC (MSH)?
The price-to-sales ratio of Song Hong Garment JSC is 0.65 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Song Hong Garment JSC (MSH)?
Earnings per share at Song Hong Garment JSC are 5,069 VND (price ÷ EPS = P/E 5.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Song Hong Garment JSC (MSH)?
The dividend yield of Song Hong Garment JSC is 13.4% (payout 78.9%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Song Hong Garment JSC (MSH)?
The net margin of Song Hong Garment JSC is 11.1% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Song Hong Garment JSC (MSH)?
The return on equity (ROE) of Song Hong Garment JSC is 30.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Song Hong Garment JSC (MSH)?
On an EBIT basis the return on assets of Song Hong Garment JSC is 11.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Song Hong Garment JSC (MSH)?
The operating margin of Song Hong Garment JSC is 9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Song Hong Garment JSC (MSH)?
Revenue at Song Hong Garment JSC is growing +0.5% versus a year earlier (3y avg +0.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Song Hong Garment JSC (MSH)?
Earnings per share at Song Hong Garment JSC are growing −2.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Song Hong Garment JSC (MSH) carry?
The net debt of Song Hong Garment JSC is 556B VND (fiscal year 2025, ≈ 1.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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