IME
Công ty Cổ phần Cơ khí và Xây lắp Công nghiệp
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 28.100
- Calibrated intrinsic value (VND)
- 30.683
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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.
Why it needs review
- Trading liquidity is below the comparison threshold.
This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.
Comparison assessed 3 Nov 2026Valid through 4 Nov 2026
- Model reliability
- Low
- Model fitInput stabilityRisk checks
- High requires the model’s diagnostic criteria to be met.
- Probability of outperforming peers
- Not assessed
- A separate peer-outperformance probability is unavailable for this valuation.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation 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.
Technical details
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.
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.
Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.
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 × (1 + calibrated gap / 100)
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- 0.3829th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 0.7%30th 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 trades on UPCoM, where these tests do not apply.
The accounting signals are mixed. The Beneish M-Score is -1.6655 (76th percentile vs Vietnamese peers), indicating relatively more aggressive accounting metrics among peers; the year-over-year M-Score change is -3.44, showing a notable move in the score. Earnings-quality sub-scores are weak (overall 23.8/100) with especially poor cash-conversion and receivables measures (both 0.0/100), while solvency per the Altman Z-Score is comfortably strong at 5.90 and Piotroski fundamentals are weak at 3/9.
- Beneish M-Score = -1.6655 (76th percentile among Vietnamese peers). The M-Score synthesizes eight ratios to flag earnings manipulation risk; being at the 76th percentile means IME shows more aggressive accounting signals than most Vietnamese peers.
- M-Score year-over-year change = -3.44. This is a large movement in the score year-on-year and is a secondary cue that accounting ratios shifted materially (note: consecutive-year M-Scores have low persistence).
- DSRI (days sales receivables index) = 1.6760. DSRI > 1 can indicate receivables growing faster than sales, a possible signal of revenue recognition stretching or slower collections.
- TATA (total accruals to total assets) = 0.1166. Positive and sizeable accruals relative to assets indicate earnings include non-cash accrual components (TATA measures accrual intensity).
- LVGI (leverage index) = 1.1437. LVGI > 1 signals rising leverage year-over-year, which can increase pressure on reported earnings.
- Earnings Quality Score = 23.8/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100. The 3-year cash-conversion ratio (operating cash flow / net profit) is 0.38 (29th percentile), indicating profit has not translated well into cash flows.
- Piotroski F-Score = 3/9. This low score signals weak operating and balance-sheet fundamentals by Piotroski's checklist.
- Altman Z-Score = 5.90 (safe zone). The Z-Score measures distance to bankruptcy; 5.90 is in the safe zone, indicating low bankruptcy risk on that metric.
- GMI (gross margin index) = 0.8133 (GMI < 1). A GMI below 1 indicates gross margins have improved year-over-year rather than deteriorated (GMI measures change in gross margin).
- AQI (asset quality index) = 0.6417 (AQI < 1). AQI below 1 suggests asset reclassification to lower-risk categories or no large increase in asset-intensive activities that typically inflate future expenses.
- SGI (sales growth index) = 0.9398 (SGI < 1). Lack of rapid sales growth reduces one common motive for aggressive recognition to meet growth expectations.
- DEPI = 1.0000 (depreciation index). Stable depreciation patterns suggest no obvious change in depreciation policy that would inflate earnings.
- No accumulated losses; owner's equity (ex. minority interest) positive and the parent reported no net loss for up to FY2025. These are factual balance-sheet indicators of positive retained earnings.
Ownership is concentrated: Công Ty TNHH Một Thành Viên Cơ Khí Sa Be Co holds 26.0%, and an individual, Nguyễn Thị Huệ, holds 23.6%; together they hold nearly half the company. Three institutions plus two individuals make up the largest holders (top five: 26.0%, 23.6%, 16.4%, 7.9%, 5.1%). Director-deal registrations in the year include 1 sale registration (one registrant; one without a volume) and 4 purchase registrations (one registrant registering 782,984 shares) — these are exchange-disclosed intentions to trade, not executed trades.
- Compare FY2025 note(s) and the trade receivables schedule: reconcile the components that produce the DSRI = 1.6760 and the receivables outside the trade cycle = 0.7% of total assets (identify prepayments, loans receivable and other long-term receivables).
- Reconcile operating cash flow to reported net profit in the cash-flow statement and management discussion to verify the 3-year cash-conversion ratio = 0.38 (ranked 29th percentile).
- Examine the fixed-asset and depreciation note to confirm DEPI = 1.0000 and check for any policy changes or reclassifications that would affect AQI and TATA.
- Review related-party disclosures and the schedules for loans to/from related parties and prepayments to suppliers to validate the low receivables-outside-cycle figure (0.7% of assets) and to detect concentrated intra-group balances.
- Check the exchange filing that discloses director-deal registrations (dates, registrants, volumes) to confirm the 1 sale registration and 4 purchase registrations (782,984 shares registered by one registrant).
- Verify statutory reporting items in the audited financial statements and auditor's report for any mention of the statutory loss tests; note that IME trades on UPCoM where the HOSE/HNX cancellation rule for the statutory loss test does not apply.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 2.07
- P/S
- 0.92
- ROE
- 14.1%
- ROA
- 7.5%
- EPS
- 1.815
- BVPS
- 13.544
- Gross Margin
- 23.8%
- Net Margin
- 5.9%
- D/E
- 0.42
- Current Ratio
- 1.87
- EV/EBITDA
- 9.93
- Div Yield
- 1.8%
Company Overview
- Shares outstanding
- 3.6M
- Charter Capital
- 36.0B VND
- Sector (ICB L2)
- Hàng & Dịch vụ Công nghiệp
- Industry (ICB L3)
- Công nghiệp nặng
- Sub-industry
- Máy công nghiệp
- Company Type
- CT