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Công ty Cổ phần Phân bón Bình Điền

VietnamCyclicalsHóa chấtHOSECT
55.700
VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Close near calibrated value
−4.2%Calibrated value vs last close
At last close+500%
Last close (VND)
55.700
Calibrated intrinsic value (VND)
53.364

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply to the close

    That return is applied to the last close.

Keep in mind

  • For illustration only: not a validated forecast.
  • No uncertainty range: the estimate is a single figure.
  • Older record: it has not been re-measured on the current data.
Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
44.5%
12 monthsHistorical calibration
Chance the return beats the median return of its sector peers.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

12-month sector-relative outlook

−7.4percentage points
Cyclicals12 monthsBack-test 2015–2024

Median 12-month return difference versus Cyclicals peers, for model gaps like this one.

  • Not an absolute return forecast.
  • Not a price target.
  • A stock can underperform its sector and still rise.
Computed 30 Oct 2026Not updated with daily prices
Sector calibration span · percentage points
−7.9+8.6
  • The sector’s historical range, not a prediction interval for this stock.
  • Actual returns can fall outside it.

Valuation Breakdown

CT→Hóa chất→Cyclical
Classified as cyclical because ICB sector “Hóa chất” maps to the cyclical group.
ModelEV/EBITDA Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

Technical details
Why this model

Commodity/basic-material earnings swing with global prices. Using mid-cycle EBITDA normalizes across booms and busts, preventing overpayment at cyclical peaks. EV/EBITDA is preferred over P/E because it's capital-structure-neutral and not distorted by depreciation policies.

How it works

Computes the 7-year median EBITDA and the 7-year median EV/EBITDA. With fewer than 5 years of its own EBITDA, the company's EBITDA is estimated as revenue x the sector median margin. When mid-cycle EBITDA is not positive, the value is 70% of book value per share. Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

1
Model Inputs
Mid-Cycle EBITDA→460.51B
Fair EV/EBITDA→5.9x
Years of data→7
2
Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→55.700
Calibrated value vs last close→−4.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
53.364
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA460.5 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·3,3142,6092,7433,4873,0452,2102,4852,8813,0012,6232,8112,4972,434
Cash and cash equivalents (Bn. VND)Net debt bridge
·250627607541244420397318345393426411365
Short-term investments (Bn. VND)Net debt bridge
·51120330244618121000
Accounts receivable (Bn. VND)
·652464561566231568696578499606481478468
Prepayments to suppliers (Bn. VND)
·2161593752153628100363324
Net Inventories
·2,2831,4661,5202,3342,5351,1851,3471,8992,0991,5641,7601,4551,490
Inventories, Net (Bn. VND)
·2,2841,4671,5222,3392,5351,1851,3471,8992,0991,5641,7601,4551,507
Other current assets
·123423543323721404047134153111
Other current assets (Bn. VND)
·00000000.200088
LONG-TERM ASSETS (Bn. VND)
·655668711813809847852836840803759489484
Long-term trade receivables (Bn. VND)
·5544444695500
Other long-term receivables (Bn. VND)
·5544444695500
Fixed assets (Bn. VND)
·612633646753751760761763777742652472466
Tangible fixed assets
·405420434515517528527472430425352172208
Leased assets
·796530010526167200.5
Intagible fixed assets
·200204207233231232233281295256234234235
Long-term investments (Bn. VND)
·5566778899889
Other long-term assets (Bn. VND)
·12121212121212121212121212
Less: Provision for diminuation in value of long term investments
·−7−7−6−6−5−4−3−3−3−3−4−3−3
Goodwill
·0000000000012
Other non-current assets
·28181614161716755776
Long-term prepayments (Bn. VND)
·63334911733542
TOTAL ASSETS (Bn. VND)
·3,9693,2773,4554,3003,8543,0573,3383,7183,8413,4263,5702,9862,918
LIABILITIES (Bn. VND)
·2,2731,7602,1692,9392,4921,8492,1842,5292,6202,2982,4621,9802,132
Current liabilities (Bn. VND)
·2,2681,7432,1592,9182,4411,7352,0432,3522,4492,1112,3481,9412,113
Short-term borrowings (Bn. VND)Net debt bridge
·1,3687721,4842,0581,3751,0621,3341,6781,7701,4661,6981,5321,588
Advances from customers (Bn. VND)
·312223148539622221554622
Long-term liabilities (Bn. VND)
·5171022511151411771711871143920
Long-term borrowings (Bn. VND)Net debt bridge
·59102251951411771711871143419
OWNER'S EQUITY(Bn.VND)
·1,6961,5171,2861,3601,3621,2071,1531,1891,2211,1281,107842669
Capital and reserves (Bn. VND)
·1,6961,5171,2861,3601,3621,2071,1531,1891,2211,1281,107842669
Paid-in capital (Bn. VND)
·572572572572572572572572572572476476397
Other Reserves
·2424242424242420150000
Investment and development funds (Bn. VND)
·234216206204199195182164122931196936
Other Reserves
·1313131313131313121127179
Undistributed earnings (Bn. VND)
·538433258278281172131165254225279265216
Budget sources and other funds
·000000000000.70
Budget sources and other funds
·000000000000.70
Minority Interest
·00000000000163116
TOTAL RESOURCES (Bn. VND)
·3,9693,2773,4554,3003,8543,0573,3383,7183,8413,4263,5702,9862,918
Common shares (Bn. VND)
·572572572572572572572572572572476476397
Good will (Bn. VND)
·0000000.20.50.70.9100
MINORITY INTERESTSNet debt bridge
·31426021326927323223125624622719800

Earnings Quality

Fiscal year 2025
14
Poor
Accrual Quality
15
Cash Conversion
0
Receivables
12
Margin Stability
36
Revenue Quality
37

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −0.71 · 90th pctile vs VN companies
YoY ▲ +3.02
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
1.240
GMI
1.193
AQI
0.993
SGI
1.134
DEPI
0.978
SGAI
0.862
TATA
0.285
LVGI
1.071

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
1.1451st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
0.7%28th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
None
Consecutive years of net lossProfit after tax of the parent
0
Owner's equityWithout the non-controlling interest
Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

The company’s Beneish M-Score is -0.7082 (90th percentile versus Vietnamese peers) with a year-over-year increase of +3.02, which signals that BFC’s accounting profile has become more aggressive relative to Vietnamese peers even though the absolute US-calibrated -1.78 cutoff is not met. Earnings-quality metrics are weak (Earnings Quality 14.3/100) driven by very low cash conversion (0.0/100) and poor receivables and accruals measures, while solvency distance is strong (Altman Z-Score 4.27) and the statutory loss tests for the exchange are not met.

Red Flags
  • Beneish M-Score -0.7082, Vietnam peer percentile 90th and YoY change +3.02 — the score has moved materially relative to peers this year, indicating rising earnings-management indicators (note the -1.78 US cutoff is not directly calibrated to Vietnam).
  • DSRI (Days Sales Receivable Index) = 1.2398 — receivables are growing faster than sales, a classic signal of revenue recognition or collection timing risk.
  • GMI (Gross Margin Index) = 1.1928 — gross margins have deteriorated year-over-year, which can incentivize margin-supporting accounting choices.
  • TATA (Total Accruals to Total Assets) = 0.2852 — unusually high accruals relative to assets, consistent with the very low accruals-quality subscore (15.3/100).
  • Earnings Quality = 14.3/100 and Cash conversion = 0.0/100 — operating cash flow is not supporting reported profits over the three-year measure, which is a concern for the convertibility of reported earnings into cash.
  • Piotroski F-Score = 3/9 — weak fundamental score indicating limited improvement in profitability, liquidity, or operational efficiency metrics used by Piotroski.
Positive Signals
  • Altman Z-Score = 4.27 — places the company in the 'safe zone' for bankruptcy distance, indicating a comfortable solvency buffer by that model's inputs.
  • AQI (Asset Quality Index) = 0.9926 and DEPI (Depreciation Index) = 0.9778 — no strong signs from these indices of aggressive capitalization or depreciation policy shifts.
  • Receivables outside the trade cycle = 0.7% of total assets (28th percentile among Vietnamese peers) — relatively low level of long-term or non-trade receivables compared with peers.
  • No accumulated losses; owner’s equity (excluding minority interest) positive; parent entity reported no net loss in the most recent year — the statutory tests for loss-triggered delisting are not met.
Ownership Risk

Shareholding is highly concentrated: Tập đoàn Hóa chất Việt Nam holds 65.0%, indicating dominant state-owned group control. Individual insiders listed hold negligible stakes (0.3% and smaller). No director-deal registrations were provided in the supplied data (director-deal registrations are exchange-registered intentions, not executed trades).

To check in the filings
  • Compare the note(s) on related-party transactions and loans in the annual report to the 0.7% receivables outside the trade cycle to identify the counterparties and terms.
  • Reconcile the consolidated cash flow statement (operating cash flow) with net profit to confirm the components driving the three-year cash-conversion ratio (reported 1.14).
  • Inspect the schedule or note on accruals and other current liabilities to trace the composition and drivers of TATA = 0.2852 and the low accruals-quality score.
  • Review the revenue note and trade receivables aging to verify the drivers of DSRI = 1.2398 and the revenue-quality subscore (36.9/100).

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score
3/9
Weak
Z-Score
4.27
Safe Zone
Sharpe
0.73
Positive
Composite
41
30 to 49
Piotroski F-Score Breakdown
✓Net Income > 0
✗Operating CF > 0
✗ROA Rising
✗OCF > Net Income
✓Lower Leverage
✗Better Liquidity
✓No Dilution
✗Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden0.81×Interest Burden1.00×Op. Margin0.05×Turnover2.68×Leverage2.34=ROE23.6%
Price Risk
Momentum
+25.7%
Volatility
36.7%
Max Drawdown
−35.6%

Key Ratios

Fiscal year 2025
10.53P/E
P/B
2.36
P/S
0.31
ROE
23.5%
ROA
8.6%
EPS
5.420
BVPS
24.162
Gross Margin
12.5%
Net Margin
3.8%
D/E
0.81
Current Ratio
1.46
Rev Growth
+13.3%
Profit Growth
−13.2%
EV/EBITDA
7.41
Div Yield
4.4%

Company Overview

Shares outstanding
57.2M
Charter Capital
572B VND
Sector (ICB L2)
Hóa chất
Industry (ICB L3)
Hóa chất
Sub-industry
Sản phẩm hóa dầu, Nông dược & Hóa chất khác
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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