THT
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 — THT
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -2.1437 indicates that THT is not likely to be manipulating earnings, as it is below the threshold of -1.78. However, the company's earnings quality score of 76.5/100, while decent, reveals significant weaknesses in revenue recognition and margin quality, which could pose risks in the context of Vietnamese accounting practices.
- SGI of 1.2538 suggests aggressive growth in sales that may not be sustainable.
- EQ margin at 19.8/100 indicates poor profitability relative to revenue, raising concerns about operational efficiency.
- High eq_accrual score of 99.8/100 indicates strong accrual quality, suggesting that reported earnings are backed by actual cash flows.
- Low GMI of 0.9271 suggests that gross margins are stable, which is a positive indicator in a competitive market.
The high concentration of ownership, with Tập đoàn Công nghiệp Than - Khoáng sản Việt Nam holding 65.0%, may lead to potential governance issues and limit minority shareholder influence, which is a common risk in Vietnamese SOEs.
Investors should monitor THT's sales growth closely and assess the sustainability of its revenue streams. Consider a cautious approach, given the elevated risk profile and the concentration of ownership.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for THT — hover nodes for intel, click to navigate