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Cyclicals sector

MHL

Cyclicals
Công ty Cổ phần Minh Hữu Liên
Tài nguyên Cơ bản/Kim loạiCT
3.300
VND · Last close
Valuation Verdict
Overvalued
Very Low
-120%Fair Value+120%
Intrinsic Value
1.499
Current
3.300
Gap
-54.6%
ModelEV EBITDA MIDCYCLE

Valuation Breakdown

CTTài nguyên Cơ bảnCyclical
Classified as cyclical because ICB sector "Tài nguyên Cơ bản" maps to the cyclical group
ModelEV/EBITDA Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

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.

Distressed Valuation
Negative Equity Value Bvps Floor
BVPS
2.142
x
Discount
70%
=
Floor Value
2.142

Valuation Track Record

Retroactive intrinsic value vs actual close price — MHL

Earnings Quality

Fiscal year 2023

18
Poor
Accrual Quality
7
Cash Conversion
34
Margin Stability
0
Revenue Quality
21

Financial Forensics

Beneish M-Score · 2017

5.36
High Risk
DSRI
0.916
GMI
1.359
AQI
18.955
SGI
0.937
DEPI
0.000
SGAI
1.003
TATA
0.147
LVGI
1.129

MHL exhibits significant risks of financial manipulation as indicated by a Beneish M-Score of 5.3589, well above the manipulation threshold of -1.78. The low earnings quality score of 17.4/100, particularly the zero scores in cash conversion and revenue metrics, raises substantial concerns about the reliability of reported earnings.

Red Flags
  • Beneish M-Score of 5.3589 indicates a high likelihood of earnings manipulation.
  • Earnings Quality Score of 17.4/100, with 0.0/100 in cash conversion and revenue metrics, suggests severe issues with earnings reliability.
Positive Signals
  • DSRI of 0.9159 indicates that the company is managing its inventory effectively relative to sales, which is a positive operational signal.
Ownership Risk

The concentrated ownership structure, with top shareholders holding over 50% of shares, may lead to governance risks and potential conflicts of interest, particularly with significant individual ownership.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow and revenue recognition practices before considering any investment in MHL.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
-0.75
Distress Zone
Sharpe
-2.48
Negative
Composite
15
Poor
Price Risk
Momentum
-13.2%
Volatility
0.0%
Max Drawdown
-13.2%

Key Ratios

Fiscal year 2023
-0.43P/E
P/B1.54
P/S0.60
ROE-175.2%
ROA-23.8%
EPS-7621.37
BVPS2141.68
Gross Margin-6.7%
Net Margin-138.3%
D/E13.50
Current Ratio0.93
Rev Growth-90.5%
Profit Growth-254.3%
EV/EBITDA-11.12
Div Yield0.0%

Company Overview

Issued Shares
5.4M
Charter Capital
54.3B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Kim loại
Sub-industry
Thép và sản phẩm thép
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Công ty Cổ phần Hữu Liên Á Châu
Inst
24.5%
1.3 trieu
Huỳnh Đình Thành
Indiv
22.9%
1.2 trieu
Công ty Cổ phần Đầu tư Hữu Liên
Inst
7.9%
346.100
Lưu Trí Vinh
Indiv
4.3%
205.155
Lưu Thục Bình
Indiv
4.1%
196.107
Khương Đức Cường
Indiv
4.0%
200.000
Ngô Việt Phương
Indiv
3.8%
200.041
Công ty Cổ phần Đầu tư phát triển thương mại dịch vụ vận tải 168
Inst
3.2%
169.941
Lương Tuấn Minh
Indiv
0.9%
40.000
La Thọ Văn
Indiv
0.7%
30.000
Trần Ngọc Hải
Indiv
0.5%
20.000
Board & Management
Hồ Thị Huỳnh Giao
Thành viên Ban kiểm soát
Đinh Thị Nguyên Hương
Kế toán trưởng
Võ Quốc Toàn
Thành viên Hội đồng Quản trị
Huỳnh Bội Bội
Giám đốc
Lê Tấn Quốc
Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc
Nguyễn Thị Hoàng Vân
Trưởng Ban kiểm soát
Vương Thành Phát
Phó Tổng Giám đốc
Nguyễn Quang Hải
Thành viên Hội đồng Quản trị
Huỳnh Trung Hiếu
Thành viên Ban kiểm soát
TRẦN TUẤN MINH
Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin
Phạm Vĩnh Đức
Thành viên Hội đồng Quản trị/Tổng Giám đốc
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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