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VIM

Công ty Cổ phần Khoáng sản Viglacera

VietnamCyclicalsTài nguyên Cơ bảnKhai khoángUPCOMCT
9.100
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+23.3%Calibrated value vs last close
Last close (VND)
9.100
Calibrated intrinsic value (VND)
11.220

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

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply 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.

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.

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.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Valuation Breakdown

CT→Tài nguyên Cơ bản→Cyclical
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.

Technical details
Why this model

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.

How it works

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.

Best for

Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.

1
Model Inputs
Mid-Cycle EBITDA→7.46B
Fair EV/EBITDA→4.3x
Years of data→7
2
Valuation

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 (VND)→9.100
Calibrated value vs last close→+23.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
11.220
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA7.5 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item2026202520242023202220212020201920182017201620152014
CURRENT ASSETS (Bn. VND)
·413335282621303425202424
Cash and cash equivalents (Bn. VND)Net debt bridge
·33230.35535123
Accounts receivable (Bn. VND)
·19132015149212415151817
Prepayments to suppliers (Bn. VND)
·0.50.60.30.60.310.50.40.90.50.40.4
Net Inventories
·19171210117474443
Inventories, Net (Bn. VND)
·19171310117474443
Other current assets
·0.30.20.30.20.30.400.20.050.0800.00
LONG-TERM ASSETS (Bn. VND)
·111214141417141619232928
Long-term trade receivables (Bn. VND)
·3333222110.60.60.6
Other long-term receivables (Bn. VND)
·3333222110.60.60.6
Fixed assets (Bn. VND)
·7789912131517192021
Tangible fixed assets
·7789911121416181921
Intagible fixed assets
·00.100.20.20.30.50.70.81110
Other non-current assets
·12323300.20.7387
Long-term prepayments (Bn. VND)
·12323300.20.7387
TOTAL ASSETS (Bn. VND)
·524649424038445143425252
LIABILITIES (Bn. VND)
·282225171617212928253738
Current liabilities (Bn. VND)
·252022141315202625213334
Short-term borrowings (Bn. VND)Net debt bridge
·1791030.75121615132120
Advances from customers (Bn. VND)
·0.1000000000.010.010.00
Long-term liabilities (Bn. VND)
·333322233444
Long-term borrowings (Bn. VND)Net debt bridge
·0000.600012334
OWNER'S EQUITY(Bn.VND)
·242324252422232216181514
Capital and reserves (Bn. VND)
·242324252422232216181514
Paid-in capital (Bn. VND)
·131313131313131313131313
Investment and development funds (Bn. VND)
·9987542210.50.50.5
Other Reserves
·0.020.020.020.020.020.020.020.020.020.020.020.02
Undistributed earnings (Bn. VND)
·11.03454870.630.90.1
TOTAL RESOURCES (Bn. VND)
·524649424038445143425252
Common shares (Bn. VND)
·131313131313131313131313

Earnings Quality

Fiscal year 2025
15
Poor
Accrual Quality
42
Cash Conversion
0
Receivables
0
Margin Stability
27
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.41 · 81st pctile vs VN companies
YoY ▲ +1.64
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
1.374
GMI
1.072
AQI
0.819
SGI
1.044
DEPI
0.952
SGAI
1.049
TATA
0.166
LVGI
1.137

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−1.5611th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
7.0%74th 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.

The Beneish M-Score is -1.4121, above the US -1.78 cutoff but in the 81st percentile versus Vietnamese peers and up +1.64 year-over-year, indicating a comparatively more aggressive accounting profile in Vietnam and a recent move in the score. Earnings-quality component scores are weak: overall Earnings Quality 15.4/100 with Cash conversion, Receivables quality and Revenue quality at 0/100; Altman Z-Score is 2.02 (the grey zone) and the Piotroski F-Score is 4/9 (neutral).

Red Flags
  • Beneish M-Score = -1.4121 (measures likelihood of earnings manipulation patterns); Vietnam peer percentile = 81st (this company scores more aggressively than 81% of Vietnamese peers) and Year-over-year change = +1.64 (the accounting profile has moved materially compared with last year).
  • DSRI (Days Sales Receivable Index) = 1.3740 (measures abnormal growth in receivables relative to sales; >1 suggests receivables rising faster than sales).
  • TATA (Total Accruals to Total Assets) = 0.1664 (measures accrual-based earnings; a relatively high positive number indicates profits driven by accruals rather than cash).
  • Earnings Quality = 15.4/100 with Cash conversion = 0.0/100 and Receivables quality = 0.0/100 (measures show poor conversion of reported profit into cash and weak receivables quality).
  • Three-year cash conversion (operating cash flow / net profit) = -1.56 (11th percentile among Vietnamese non-financials; low implies profit is not turning into operating cash).
  • Receivables outside the trade cycle = 7.0% of total assets (74th percentile; indicates non-trade items such as prepayments, loans to related parties or long-term receivables are material).
  • Altman Z-Score = 2.02 (measures distance to bankruptcy; the grey zone implies limited cushion compared with healthy firms).
  • SGAI (Sales, General & Admin index) = 1.0493 and GMI (Gross Margin Index) = 1.0721 (both >1; SGA rising relative to sales and gross margins deteriorating vs prior year, pressure on core profitability).
Positive Signals
  • AQI (Asset Quality Index) = 0.8186 (measures change in non-earning assets; <1 can indicate improved asset quality or lower capitalisation of costs).
  • DEPI (Depreciation Index) = 0.9518 (measures change in depreciation policies; <1 suggests depreciation expense rose relative to prior year, not that depreciation was relaxed to inflate profits).
  • SGI (Sales Growth Index) = 1.0442 (measures sales growth; modest growth rather than extreme expansion).
  • LVGI (Leverage Index) = 1.1372 (measures change in leverage; indicates some increase in leverage but not extreme), and Accumulated losses: none / Owner's equity (parent) positive (the company is not reporting accumulated statutory losses and equity is positive).
  • Piotroski F-Score = 4/9 (neutral fundamentals; not strongly deteriorated on the typical nine-profitability/liquidity/efficiency checks).
Ownership Risk

VGC (Tổng Công ty Viglacera) holds 51.0% and therefore has control; several other listed subsidiaries are held by the same parent. Top individual shareholders hold small stakes (largest individual 4.7%). The company is majority-controlled by a large listed state-affiliated group, which can affect related-party activity, intra-group transactions and reporting choices under Vietnamese practice.

To check in the filings
  • Compare receivables outside the trade cycle (7.0% of total assets) with the related-party note and the schedule of loans/advances to see counterparty, terms and maturities.
  • Reconcile operating cash flows to reported net profit in the cash-flow statement and the notes to explain the three-year cash conversion = -1.56 (check non-cash items and changes in working capital).
  • Inspect the fixed-asset and depreciation notes to verify the components behind DEPI = 0.9518 and any changes in useful lives or residual values.
  • Review the parent/group related-party transaction disclosures and intercompany balances (given VGC’s 51.0% control) for the nature and scale of intra-group transfers, prepayments or guarantees.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
2.02
Grey Zone
Sharpe
−0.01
Negative
Composite
53
50 to 69
Piotroski F-Score Breakdown
✓Net Income > 0
✗Operating CF > 0
✓ROA Rising
✗OCF > Net Income
✓Lower Leverage
✗Better Liquidity
✓No Dilution
✗Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden0.73×Interest Burden4.62×Op. Margin0.01×Turnover1.33×Leverage2.20=ROE5.5%
Price Risk
Momentum
−5.1%
Volatility
53.0%
Max Drawdown
−21.5%

Key Ratios

Fiscal year 2025
9.93P/E
P/B
0.55
P/S
0.19
ROE
5.5%
ROA
2.7%
EPS
1.037
BVPS
18.853
Gross Margin
14.2%
Net Margin
1.9%
D/E
0.73
Current Ratio
1.60
Rev Growth
+4.4%
Profit Growth
+30.3%
EV/EBITDA
13.16
Div Yield
6.8%

Company Overview

Shares outstanding
1.3M
Charter Capital
12.5B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Khai khoáng
Sub-industry
Khai khoáng
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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