SAL
Công ty Cổ phần Trục vớt Cứu hộ Việt Nam
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 5.800
- Calibrated intrinsic value (VND)
- 7.151
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.
Also note
- Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.
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 20 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
- −0.5117th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 0.1%9th 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.
SAL's Beneish M-Score is -1.2933, placing it at the 83rd percentile versus Vietnamese peers and rising by +1.32 year-over-year, which signals an above-peer tendency on the Beneish metrics rather than an absolute US-calibrated threshold breach. Earnings-quality metrics are weak overall (Earnings Quality 23.1/100) with very low cash conversion and receivables quality, while balance-sheet distress is moderate (Altman Z-Score 2.49, the grey zone) and operating-fundamentals are neutral (Piotroski F-Score 4/9).
- Beneish M-Score -1.2933 (83rd percentile vs VN peers; YoY change +1.32): the company scores higher than most Vietnamese peers on the composite manipulation signal, and the M-Score has moved materially year-over-year.
- DSRI 1.3194: days-sales-in-receivables index above 1.0 indicates receivables (or revenue recognition) grew faster than sales in the period used by the model.
- AQI 1.3269: quality of accruals index above 1.0, indicating a rise in accruals relative to assets and potential degradation in accruals quality.
- TATA 0.1402 (total accruals to assets): a positive accruals ratio consistent with the AQI signal and with weak accruals-quality subscore (49.3/100).
- Earnings Quality 23.1/100 with Cash conversion 0.0/100 and Receivables quality 0.0/100: profit is not being converted into cash and receivables indicators are poor by the scoring framework.
- Three-year cash conversion (operating cash flow / net profit) = -0.51 (16th percentile among VN peers): over three years reported profit is not turning into operating cash flow and ranks low versus peers.
- Altman Z-Score 2.49 (grey zone): the company is not in the safe zone (>2.9) and shows moderate distance from bankruptcy according to the Z-Score metric.
- SGAI 0.9784: selling, general & administrative expenses scaled fell slightly (index below 1.0), suggesting SGA expenses did not outpace sales growth as measured by the SGAI component.
- DEPI 1.0000: depreciation index equals 1.0, indicating no sign of accelerated depreciation policy change in the component measured by Beneish.
- LVGI 1.1243 and SGI 1.1467: company experienced leverage and sales growth indices above 1.0, consistent with expansion (higher SGI can reflect genuine growth pressure rather than only aggressive accounting).
- Piotroski F-Score 4/9: neutral fundamentals—some indicators of profitability and efficiency are present, and there are no accumulated statutory losses and owner's equity (excluding minority interest) is positive.
Ownership is highly concentrated: Tổng Công ty Bảo Đảm An Toàn Hàng Hải Miền Nam (a state entity) holds 49.0% and three maritime-related institutional shareholders together account for another ~37% (14.9%, 13.0%, 9.1%). An individual holds 5.0%. Director-deal disclosures in the last year show 2 purchase registrations and 0 sale registrations, netting +1.37% of shares outstanding in registered purchase intent; these are registered intentions with the exchange, not evidence of executed trades.
- Compare the 2025 schedule/note on related-party receivables and prepayments with the receivables breakdown to verify the composition of the 0.1% of total assets classified as 'receivables outside the trade cycle.'
- Reconcile cash-flow from operating activities in the 2023–2025 consolidated cash-flow statements with reported net profit to reproduce the three-year cash conversion ratio (operating cash flow / net profit) and identify timing or non-cash items driving the -0.51 result.
- Inspect the notes on accruals, provisions and non-cash adjustments (e.g., movements in trade payables, inventories, allowance for doubtful accounts) to assess the drivers of TATA = 0.1402 and AQI = 1.3269.
- Review the segment and revenue-recognition notes and the aging of trade receivables to test the implication of DSRI = 1.3194 (whether revenue growth was accompanied by disproportionate receivable growth or unusual terms).
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 0.52
- P/S
- 0.38
- ROE
- 8.8%
- ROA
- 7.1%
- EPS
- 960
- BVPS
- 11.167
- Gross Margin
- 17.9%
- Net Margin
- 6.2%
- D/E
- 0.00
- Current Ratio
- 4.55
- EV/EBITDA
- —
- Div Yield
- 7.6%
Company Overview
- Shares outstanding
- 8.3M
- Charter Capital
- 83.1B VND
- Sector (ICB L2)
- Hàng & Dịch vụ Công nghiệp
- Industry (ICB L3)
- Công nghiệp nặng
- Sub-industry
- Xe tải & Đóng tàu
- Company Type
- CT