CSM
CyclicalsValuation Breakdown
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.
Valuation Track Record
Retroactive intrinsic value vs actual close price — CSM
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
CSM exhibits a Beneish M-Score of -3.0246, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 79.1 suggests some areas of concern, particularly in accruals and revenue recognition.
- Earnings quality score of 52.2 in accruals indicates potential issues with revenue recognition, which could signal aggressive accounting practices.
- The SGI of 0.8792 suggests a decline in sales growth, which may indicate underlying business challenges.
- A cash conversion score of 100.0 indicates strong cash flow generation, which is a positive sign for operational efficiency.
- The institution ownership by Tập đoàn Hóa chất Việt Nam at 51.0% provides a stabilizing influence and aligns with long-term strategic interests.
The high institutional ownership (59.2% combined) reduces the risk of erratic management decisions, but the concentration in a single entity (Tập đoàn Hóa chất Việt Nam) could lead to governance risks if interests diverge.
Investors should monitor revenue recognition practices closely given the low accrual score and consider a cautious approach until further clarity on sales growth and operational performance is established.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for CSM — hover nodes for intel, click to navigate