KSV
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 — KSV
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
KSV exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly given its Beneish M-Score of -2.0717, which is below the manipulation threshold of -1.78. The ownership structure is heavily skewed towards a single state-owned enterprise, raising governance concerns.
- Beneish M-Score of -2.0717 indicates potential earnings manipulation, significantly below the threshold of -1.78.
- Earnings Quality Score of 55.8/100 reflects poor revenue recognition, particularly with an eq_revenue score of only 11.1/100.
- High DSRI of 1.6260 suggests that accounts receivable are growing faster than revenue, indicating potential issues with revenue recognition.
- Strong accrual quality with an eq_accrual score of 91.5/100, indicating that reported earnings are backed by cash flows.
- Low GMI of 0.7879 suggests that gross margins are stable, which could indicate operational efficiency.
The overwhelming ownership by Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam (98.1%) raises concerns about minority shareholder rights and potential conflicts of interest, limiting accountability.
Investors should exercise caution and closely monitor KSV's financial disclosures and governance practices, considering a wait-and-see approach until clearer signs of financial integrity emerge.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for KSV — hover nodes for intel, click to navigate