FT1
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 — FT1
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2024
The Beneish M-Score of -2.2987 indicates that FT1 is not likely to be manipulating earnings, as it falls below the threshold of -1.78. However, the earnings quality metrics reveal areas of concern, particularly the low revenue quality score of 0.0/100, which raises questions about the sustainability of reported earnings.
- Revenue quality score of 0.0/100 suggests potential issues with revenue recognition or reporting practices.
- High concentration of ownership with 55.0% held by a single institutional shareholder may lead to governance risks and reduced minority shareholder influence.
- Earnings Quality Score of 79.2/100 reflects generally strong earnings quality, particularly in accruals (92.0/100) and receivables (100.0/100).
- Beneish M-Score of -2.2987 suggests a low likelihood of earnings manipulation.
The dominant ownership by Tổng Công ty Máy động lực và Máy nông nghiệp Việt Nam (55.0%) poses a risk of governance issues, as minority shareholders may have limited influence on corporate decisions.
Investors should closely monitor revenue recognition practices and consider the implications of concentrated ownership. It may be prudent to adopt a cautious approach until clearer signals of revenue sustainability emerge.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for FT1 — hover nodes for intel, click to navigate