KMR

Consumer

Công ty Cổ phần Mirae

Hàng cá nhân & Gia dụng/Hàng cá nhânCT

2.720

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

6.033

Current

2.720

Gap

+121.8%

ModelFCF DCF

Valuation Breakdown

CT→Hàng cá nhân & Gia dụng→Consumer

Classified as consumer because ICB sector "Hàng cá nhân & Gia dụng" maps to the consumer group

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

0.800

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

10.10%

E/(D+E)

75.17%

Kd(1-t)

5.87%

D/(D+E)

24.83%

WACC

10.00%

Growth Estimate

fundamental firm blend2.51%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→26.57B

Projection years→10

Valuation

Base FCF

26.57B

Growth Rate

2.51%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

6.033

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — KMR

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.43

Moderate

DSRI

1.650

GMI

0.767

AQI

1.093

SGI

0.715

DEPI

2.804

SGAI

1.262

TATA

-0.093

LVGI

0.794

KMR exhibits signs of potential earnings manipulation as indicated by a Beneish M-Score of -2.4286, which is below the manipulation threshold of -1.78. Despite a solid earnings quality score of 67.6, the high DSRI of 1.6505 and low receivables score of 0.0 raise concerns about revenue recognition practices.

Red Flags

Beneish M-Score of -2.4286 indicates potential earnings manipulation, significantly below the threshold of -1.78.
DSRI at 1.6505 suggests a significant increase in receivables relative to sales, which may indicate aggressive revenue recognition.
EQ Receivables score of 0.0/100 indicates no quality in receivables, raising concerns about revenue sustainability.

Positive Signals

Earnings Quality Score of 67.6/100 reflects decent overall earnings quality, particularly strong cash conversion at 100.0/100.
SGI at 0.7154 indicates a decrease in sales growth, which could suggest a more sustainable business environment.

Ownership Risk

The ownership structure is relatively concentrated with institutional investors holding 51.6% of shares, which may provide stability but also raises concerns about potential collusion among major shareholders.

Recommendation

Investors should closely monitor KMR's financial disclosures and consider a cautious approach given the elevated risk of earnings manipulation. A deeper analysis of cash flow statements and receivables management is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.75

Distress Zone

Sharpe

-1.32

Negative

Composite

Fair

Price Risk

Momentum

-13.7%

Volatility

10.0%

Max Drawdown

-19.3%

Key Ratios

Fiscal year 2025

26.24P/E

P/B0.24

P/S0.54

ROE0.9%

ROA0.7%

EPS106.72

BVPS11466.46

Gross Margin17.8%

Net Margin2.1%

D/E0.25

Current Ratio3.64

Rev Growth-28.5%

Profit Growth-11.4%

EV/EBITDA8.16

Div Yield0.0%

Company Overview

Issued Shares

56.9M

Charter Capital

568.8B VND

Sector (ICB L2)

Hàng cá nhân & Gia dụng

Industry (ICB L3)

Hàng cá nhân

Sub-industry

Hàng May mặc

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for KMR — hover nodes for intel, click to navigate

Shareholders

Mirae Fiber Tech Co.,ltd

Inst

22.6%

12.8 trieu

Korea Investment Securities Co., Ltd

Inst

10.3%

5.8 trieu

PYN Elite Fund

Inst

5.3%

2.6 trieu

Công ty Cổ phần Chứng khoán Vietcap

Inst

3.4%

1.7 trieu

Lim Jeong Yul

Indiv

1.6%

913.350

Choi Young Ho

Indiv

0.6%

347.890

Shin Sang Myung

Indiv

0.4%

250.089

nguyen-thu-hang

Indiv

0.4%

209.310

Kim Myung Joo

Indiv

0.2%

127.636

Lim Jong Keon

Indiv

0.2%

122.522

Shin Jae Eun

Indiv

0.2%

100.000

Shin Dong Yun

Indiv

0.2%

100.000

Kim In Sou

Indiv

0.1%

81.662

Board & Management

Shin Young Sik24.0%

Chủ tịch Hội đồng Quản trị

Choi Young Ho0.6%

Thành viên Hội đồng Quản trị

Kim Myung Joo0.2%

Thành viên Hội đồng Quản trị

Kim In Sou0.1%

Phó Tổng Giám đốc

Kim Chul Soo

Phó Tổng Giám đốc

Nguyễn Ngọc Liên

Kế toán trưởng/Phụ trách Công bố thông tin

Park Hee Sung

Tổng Giám đốc

Phan Thị Ngọc Bích

Thành viên Ban kiểm soát

Nguyễn Hoàng Từ Dung

Thành viên Ban kiểm soát

Huỳnh Công Khanh

Trưởng Ban kiểm soát

Shin Dong Jin

Phó Tổng Giám đốc

Top connections

IDP14.3%TDM14.0%ASM11.2%EVE10.3%TNG10.3%BVS10.3%HDG2 links MIG9.9%DSE9.7%YEG8.9%TCT8.7%ACC7.4%

Computed 12/04/2026