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PAN Group JSC (PAN) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of PAN Group JSC VND 33,535, price VND 18,450, upside +81.8%, quality 67 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Consumer Defensive · VN · ISIN VN000000PAN5

PG Thin data Sep 24, 2026

PAN Group JSC

PAN · VN

Clearly undervaluedStrong Fair Value upside, but quality is only moderate.

✓Fair value 33,535 VND · Strongly undervalued (+82%)
✓Quality 67/100
✓Healthy Growth (revenue 5y +16.1 %/yr)
!Thin margins · 6.7% net margin (TTM)
✓Low debt · generates free cash flow
✓Ranks above peers (12/14)
!Moderate moat 47/100
!Evidence only low, so the estimate is less certain

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

29,756 VND 9,238 VND Fair Value 33,535 VND Jan 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 9,238 VND – 29,756 VND · fair‑value band 24,056 VND – 43,595 VND · the 18,450 VND price screens below the 33,535 VND fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

The PAN Group Joint Stock Company engages in agricultural, food, financial investment, and other related activities in Vietnam and internationally.

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The PAN Group Joint Stock Company engages in agricultural, food, financial investment, and other related activities in Vietnam and internationally. The company is involved in the mixed crop and livestock farming; cultivation, processing, and trading of agricultural, forestry, and aquatic products; food trading investment consulting activities; cultivation, processing, and preservation of aquatic products; purchase and sale of food, foodstuffs, and semi-processed agricultural products; and quality testing, export, and preservation of aquatic products. It also produces and sells sugar, cakes, candies, malt, wine, nutritional powder, milk and dairy products, soy milk, soft drinks, and soft drink powder; sells, imports, and exports agricultural products and materials; and offers warehouse rental services. In addition, the company engages in the wholesale of food, agricultural, and forestry products; coffee plantation activities; production and trading of vegetables, fruits, and other agricultural products; research, selecting, and sale of various agricultural and forestry plant varieties; and manufacture, processing, and trading of disinfectant products, agricultural chemicals, and related services. Further, it offers aquatic products, as well as repair, maintenance, and installation services for machinery and equipment; research, training, and agricultural technical services; and produces and trades in seeds and logistics services. Additionally, the company engages in the wholesale of gasoline, lubricants, liquefied petroleum gas and related products, rice, wheat, and other cereals and flour, operates hotels, motels, restaurants, short-term accommodation services, and biotechnology research and development. The company was formerly known as Pan Pacific Corporation and changed its name to The PAN Group Joint Stock Company in August 2015. The PAN Group Joint Stock Company was founded in 1993 and is headquartered in Tây Ninh, Vietnam.

Stock analysis

PAN Group JSC (PAN) currently trades at 18,450 VND, while our model-based Fair Value estimate is 33,535 VND, implying the stock looks roughly 45.0% undervalued today.

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Valuation

Bull case: the Growth DCF group reads highest at a median of 238,947 VND per share, and 23 of the 26 models we run sit above the 18,450 VND price.

Bear case: the Dividend Discount group reads lowest at 14,274 VND, and 3 of the 26 models stay below the price. Evidence for this calculation is low.

Scenario range: 24,056 VND (bear) to 43,595 VND (bull), the price of 18,450 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 67/100 (solid quality), in the Consumer Defensive sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

PAN Group JSC reported revenue of 17.6T VND in FY2025 versus 9.2T VND in FY2021, a compound +17.4%/yr. Reported net income was 673B VND in FY2025, compounding +22.8%/yr from FY2021.

Key figures

Market cap 5.3T VND · P/E ratio 4.1 · P/S ratio 0.16 · EPS (TTM) 4,450 VND · Dividend yield 6.1% · Net margin 3.8% · Return on equity 17.6% · Return on assets (EBIT) 5.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 28% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Consumer Defensive peers we cover trades at 10% fair-value upside, at 82%, PAN screens cheaper than that median.

Fair Value models

Bear 24,056 VND Fair Value 33,535 VND Bull 43,595 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 (3,267 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.
Highest evidence
FCF DCF 358,781 VND 579,495 VND 904,166 VND 79
Growth DCF 350,861 VND 538,254 VND 792,636 VND 78
Owner Earnings 60,128 VND 92,570 VND 140,291 VND 76
All 26 models by family
DCF Models
FCF DCF 358,781 VND 579,495 VND 904,166 VND 79
Owner Earnings 60,128 VND 92,570 VND 140,291 VND 76
5Y Revenue Exit 176,659 VND 233,859 VND 299,802 VND 74
5Y EBITDA Exit 178,504 VND 237,718 VND 302,700 VND 76
5Y P/E Exit 167,725 VND 215,171 VND 262,427 VND 72
10Y Revenue Exit 247,260 VND 324,156 VND 423,764 VND 68
10Y EBITDA Exit 249,523 VND 326,593 VND 425,866 VND 69
10Y P/E Exit 243,366 VND 312,352 VND 396,650 VND 65
Earnings-Based
Graham-Dodd 18,247 VND 89,576 VND 123,479 VND 64
Lynch FV 24,081 VND 34,402 VND 44,722 VND 61
PEG = 1.0 24,081 VND 34,402 VND 44,722 VND 57
EPV 41,709 VND 45,674 VND 48,891 VND 74
Dividend Discount
Gordon GGM 8,985 VND 15,049 VND 19,533 VND 68
DDM Multi-Stage 8,985 VND 14,274 VND 16,191 VND 67
Multiples
P/E Multiple 34,214 VND 45,618 VND 57,023 VND 63
P/S Multiple 34,214 VND 45,618 VND 57,023 VND 58
P/B Multiple 34,214 VND 45,618 VND 57,023 VND 55
EV/EBIT 63,211 VND 81,393 VND 99,574 VND 66
EV/EBITDA 62,709 VND 80,723 VND 98,737 VND 67
EV/Revenue 55,939 VND 76,198 VND 96,457 VND 54
Asset-Based
NCAV (Graham) 10,656 VND 14,279 VND 21,311 VND 54
Growth DCF
Growth DCF 350,861 VND 538,254 VND 792,636 VND 78
Rev-Margin DCF 176,659 VND 238,947 VND 309,088 VND 74
Economic Profit
Residual Income 18,093 VND 20,154 VND 27,385 VND 76
ROIC Compounder 44,893 VND 52,975 VND 61,967 VND 72
Growth Earnings
Growth-Adj P/E 33,387 VND 47,695 VND 62,004 VND 67

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Quality Score breakdown

Overall quality 67/100

Of which business quality 66 · Market factors (momentum, volatility) 35

Profitability 48
Margins and returns on capital today
Quality Growth 65
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 51
Balance sheet, leverage, solvency risk
Investment 90
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 21
Price trend over the last 3–12 months (market factor)
52W Momentum 5
Distance to the 52-week high (market factor)
Net Issuance 48
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 95/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+8.7%
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.
+8.8%
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.
+16.1%
Start year 2020 (pandemic)
Revenue growth 6 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.
+14.5%
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. Basis: EBIT basis. 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.
+25.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+19.3%
Dividend (yield on the price)6.1%
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.4% → 7%

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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.Farm Products · 296 stocks

Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 67 · Top 25%
Fair Value upside +82% · Top 25%
Profitability
Return on equity (TTM) 18% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 7% · Above median
Operating margin (TTM) 7% · Above median
Growth and dividend
Revenue growth −9% · Bottom 25%
Dividend yield (TTM) 6.1% · Top 25%
Balance sheet
Debt / equity 0.09× · Below median

Valuation Multiplesvs Farm Products median · lower = cheaper

P/E (TTM) 4.1× · Cheapest 25%
P/B 0.99× · Pricier than median
P/S (TTM) 0.31× · Cheaper than median
P/FCF 0.0× · Cheapest 25%
EV/EBITDA 1.7× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 34
FUTURE (revenue growth)0 · sector 21
PAST (return on equity)70 · sector 19
HEALTH (low debt)96 · sector 94
DIVIDEND (yield)100 · sector 47

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Farm Products stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Archer-Daniels-Midland Company ADM $82.15 $38.02 −54%
Muyuan Foods Group 002714 ¥41.86 ¥114.67 +174%
Bunge Global SA BG $111.48 $56.19 −50%
Tyson Foods, Inc TSN $51.36 $37.28 −27%
Wens Foodstuff Group 300498 ¥14.90 ¥12.08 −19%
Mowi ASA MOWI kr 196.70 kr 280.64 +43%
SalMar ASA SALM kr 561.00 kr 171.05 −70%
Fujian Wanchen Food Group 300972 ¥163.80 ¥311.94 +90%
United Plantations Berhad 2089 33.20 MYR 36.52 MYR +10%
Charoen Pokphand Foods Public Company CPF 22.10 THB 55.71 THB +152%

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Frequently asked questions

Is PAN Group JSC (PAN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 33,535 VND versus a price of 18,450 VND, about +82% upside (undervalued).
What is the fair value of PAN?
Our model-based fair value for PAN Group JSC is 33,535 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 18,450 VND.
What is the quality score of PAN?
PAN Group JSC has a Quality Score of 67/100. 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 PAN Group JSC (PAN)?
Our model-based price target is the fair value of 33,535 VND (as of Sep 24, 2026) from 26 valuation models. Cautious scenario 24,056 VND, optimistic scenario 43,595 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the PAN Group JSC stock forecast for 2026?
Our models put fair value at 33,535 VND, about +82% upside versus a price of 18,450 VND (undervalued). Cautious scenario 24,056 VND, optimistic scenario 43,595 VND. The calculation is refreshed regularly with new filings.
What is the revenue of PAN Group JSC (PAN)?
PAN Group JSC reported trailing-twelve-month revenue of about 17.2T VND (latest available figure, as of Sep 24, 2026).
Does PAN Group JSC pay a dividend?
PAN Group JSC currently shows a dividend yield of about 6.13% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of PAN Group JSC (PAN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For PAN Group JSC it is 33,535 VND per share (as of Sep 24, 2026), against a price of 18,450 VND. It is the blended result of 26 valuation models (cash flow, earnings, asset, dividend).
Is PAN Group JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, PAN trades below its calculated fair value: price 18,450 VND, fair value 33,535 VND, a gap of about +82% (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 PAN?
No. The price is what the market pays today (18,450 VND); the fair value is what the company's own numbers justify (33,535 VND). For PAN Group JSC the two are 15,085 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is PAN Group JSC worth?
The market values PAN Group JSC at about 5.3T VND (market capitalisation, as of Sep 24, 2026). Per share that is 18,450 VND; our models calculate a fair value of 33,535 VND per share.
What do the bullish and bearish scenarios say about PAN?
Our models span a range for PAN Group JSC: cautious scenario 24,056 VND, base 33,535 VND, optimistic 43,595 VND per share (as of Sep 24, 2026, price 18,450 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of PAN?
PAN Group JSC trades at a price-to-earnings ratio of 4.1 (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 33,535 VND is built from several models across several years. Other multiples: P/B 1.0, P/S 0.3, EV/EBITDA 1.7.
How solid is the balance sheet of PAN Group JSC (PAN)?
Balance-sheet figures for PAN Group JSC (as of Sep 24, 2026): return on equity 17.6%, debt of 0.09 per unit of equity. They feed the Quality Score of 67/100, which measures business quality independently of the share price.
How far is PAN from its 52-week high?
PAN Group JSC trades at 18,450 VND, about 28% below its 52-week high of 25,604 VND and 1% above the low of 18,200 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 33,535 VND is for.
Which stocks are comparable to PAN Group JSC?
From the same area (Consumer Defensive) we also value Archer-Daniels-Midland Company, Muyuan Foods Group, Bunge Global SA, Tyson Foods, Inc, 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 PAN Group JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 18,450 VND, calculated fair value 33,535 VND (+82%), Quality Score 67/100, from 26 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 PAN calculated?
We run PAN Group JSC through 26 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 33,535 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 13.0 % above its aggregate fair value. PAN Group JSC currently trades 82 % 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 PAN Group JSC (PAN)?
The closing price on Sep 24, 2026 was 18,450 VND. Our model-based fair value is 33,535 VND, about +82% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with PAN Group JSC right now?
The price is below even our cautious bear case (24,056 VND). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (67/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (24,056 VND to 43,595 VND) leaves room in how you read the outcome.

Key figures of PAN Group JSC

How large is the market capitalisation of PAN Group JSC (PAN)?
The market capitalisation of PAN Group JSC is 5.3T 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 PAN Group JSC (PAN)?
The price-to-sales ratio of PAN Group JSC is 0.16 (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 PAN Group JSC (PAN)?
Earnings per share at PAN Group JSC are 4,450 VND (price ÷ EPS = P/E 4.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of PAN Group JSC (PAN)?
The dividend yield of PAN Group JSC is 6.1% (payout 25.4%). 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 PAN Group JSC (PAN)?
The net margin of PAN Group JSC is 3.8% (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 PAN Group JSC (PAN)?
The return on equity (ROE) of PAN Group JSC is 17.6% (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 PAN Group JSC (PAN)?
On an EBIT basis the return on assets of PAN Group JSC is 5.4% (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 PAN Group JSC (PAN)?
The operating margin of PAN Group JSC is 6.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at PAN Group JSC (PAN)?
Revenue at PAN Group JSC is growing −8.6% versus a year earlier (3y avg +8.8%). 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 PAN Group JSC (PAN)?
Earnings per share at PAN Group JSC are growing +444% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does PAN Group JSC (PAN) generate?
The free cash flow of PAN Group JSC is 8.9T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does PAN Group JSC (PAN) carry?
The net debt of PAN Group JSC is 1.1T VND (fiscal year 2025, ≈ 0.1 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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