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ECO

Công ty Cổ Phần Nhựa Sinh Thái Việt Nam

VietnamCyclicalsHóa chấtHOSECT
19.900
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+5.6%Calibrated value vs last close
Last close (VND)
19.900
Calibrated intrinsic value (VND)
21.019

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→Hóa chất→Cyclical
Classified as cyclical because ICB sector “Hóa chất” 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→33.24B
Fair EV/EBITDA→19.4x
Years of data→3
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)→19.900
Calibrated value vs last close→+5.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
21.019
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA33.2 tỷebitda source: sector normalized thin historyyears of data: 3
Feeds valuation:Model inputsFinal calculation
Line item2026202520242023
CURRENT ASSETS (Bn. VND)
·323257207
Cash and cash equivalents (Bn. VND)Net debt bridge
·395211
Short-term investments (Bn. VND)Net debt bridge
·514569
Accounts receivable (Bn. VND)
·1398884
Prepayments to suppliers (Bn. VND)
·715348
Net Inventories
·856941
Inventories, Net (Bn. VND)
·856941
Other current assets
·1132
LONG-TERM ASSETS (Bn. VND)
·1225857
Fixed assets (Bn. VND)
·101725
Tangible fixed assets
·101713
Intagible fixed assets
·0012
Long-term investments (Bn. VND)
·323232
Investments in associate companies
·323232
Other non-current assets
·3990.07
Long-term prepayments (Bn. VND)
·3990.07
TOTAL ASSETS (Bn. VND)
·445315264
LIABILITIES (Bn. VND)
·2069154
Current liabilities (Bn. VND)
·1428654
Short-term borrowings (Bn. VND)Net debt bridge
·1135643
Advances from customers (Bn. VND)
·760.8
Long-term liabilities (Bn. VND)
·6450
Long-term borrowings (Bn. VND)Net debt bridge
·6450
OWNER'S EQUITY(Bn.VND)
·240224210
Capital and reserves (Bn. VND)
·240224210
Paid-in capital (Bn. VND)
·200200200
Undistributed earnings (Bn. VND)
·382410
TOTAL RESOURCES (Bn. VND)
·445315264
Short-term loans receivables (Bn. VND)
·13018
Common shares (Bn. VND)
·200200200
MINORITY INTERESTSNet debt bridge
·2−0.000

Earnings Quality

Fiscal year 2025
27
Poor
Accrual Quality
52
Cash Conversion
0
Receivables
0
Margin Stability
82

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.36 · 82nd pctile vs VN companies
YoY ▲ +0.46
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
1.537
GMI
0.801
AQI
1.922
SGI
1.029
DEPI
0.655
SGAI
1.216
TATA
0.129
LVGI
1.604

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−2.1410th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
18.7%90th 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.

ECO’s Beneish M-Score is -1.3624 (82nd percentile versus Vietnamese peers) with a year-over-year increase of +0.46, indicating the company shows more aggressive accounting signals than most domestic peers and that those signals have moved materially this year. Earnings-quality diagnostics show acute weaknesses in cash conversion and receivables (Cash conversion 0.0/100; Receivables quality 0.0/100) while margin quality is relatively strong (82.1/100); solvency distance is healthy (Altman Z-Score 4.30) but operating fundamentals score weakly (Piotroski F-Score 3/9).

Red Flags
  • Beneish M-Score -1.3624 (measures the likelihood of earnings manipulation using eight financial ratios); at the 82nd Vietnam peer percentile this score is higher (more aggressive) than ~82% of Vietnamese non-financial listed firms and rose by +0.46 year-over-year.
  • Days Sales / Receivables signal: DSRI = 1.5370 (measures growth in receivables relative to sales), consistent with rising receivables pressure.
  • Asset quality deterioration: AQI = 1.9219 (measures change in the proportion of non-current/illiquid assets), indicating material growth in non-trade receivables, prepayments or long-term assets.
  • Large proportion of receivables outside the trade cycle: 18.7% of total assets (90th percentile among Vietnamese peers) — a high share of prepayments, loans receivable or other long-term receivables.
  • Very poor cash conversion: three‑year operating cash flow / net profit = -2.14 (10th percentile) (measures whether reported profits convert to operating cash), indicating profits are not generating operating cash.
  • Earnings-quality composite: 26.5/100 (overall weak), with accruals quality 52.2/100 and TATA = 0.1291 (total accruals / total assets), showing material accruals presence.
  • Piotroski F-Score 3/9 (measures nine aspects of operational and financial improvement) — a low score implying weak recent operating fundamentals.
Positive Signals
  • Altman Z-Score = 4.30 (measures distance-to-bankruptcy using working capital, retained earnings, EBIT, market value of equity and sales; falls in the safe zone), indicating low bankruptcy risk by that model.
  • Margin quality = 82.1/100 (measures stability and plausibility of reported margins), suggesting reported profitability margins are relatively consistent with peers or historically.
  • DEPI = 0.6554 (depreciation index; measures whether depreciation rates have been slowed to inflate profits) below 1, which typically indicates no across-the-board slowing of depreciation expense.
  • SGI = 1.0292 and LVGI = 1.6038: modest sales growth index and leverage growth index — SGI indicates only slight sales growth pressure, while LVGI shows some leverage growth to monitor but not an immediate solvency breach.
Ownership Risk

Ownership is concentrated: an individual, Nguyễn Văn Bình, holds 20.0% and the next largest holders are individuals with 4.9% and smaller stakes; this indicates significant single‑owner influence but not state control. Director-deal registrations in the year show 0 sale registrations and 5 purchase registrations totaling 2,864,750 shares (net registered volume +9.55% of shares outstanding) — these are registered intentions to trade disclosed to the exchange, not executed trades.

To check in the filings
  • Compare the FY2025 balance sheet line(s) for "Receivables" and the notes on "Prepayments to suppliers / Loans receivable / Other long-term receivables" to confirm the 18.7% of total assets figure and the composition of those receivables.
  • Reconcile FY2023–FY2025 consolidated operating cash flows (cash flow statement) with consolidated net profit to verify the three‑year cash conversion ratio of -2.14 and identify which years and items (working capital changes, non-cash adjustments) drive the divergence.
  • Inspect the related-party transactions note and the schedule of receivables/payables to see whether a material portion of receivables or prepayments are with related parties and the contractual terms (maturities, interest, collateral).
  • Read the auditor’s report and the management discussion & analysis (MD&A) / directors’ report for any commentary on asset quality, collectability of receivables, and explanations for changes in accruals or non-current asset mixes that underlie AQI = 1.9219 and DSRI = 1.5370.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
4.30
Safe Zone
Sharpe
−0.16
Negative
Composite
34
30 to 49
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 Burden0.76×Interest Burden1.03×Op. Margin0.04×Turnover1.05×Leverage1.86=ROE5.5%
Price Risk
Momentum
−18.8%
Volatility
44.8%
Max Drawdown
−63.9%

Key Ratios

Fiscal year 2025
45.22P/E
P/B
2.52
P/S
1.28
ROE
5.7%
ROA
3.5%
EPS
442
BVPS
7.922
Gross Margin
8.2%
Net Margin
2.8%
D/E
0.74
Current Ratio
2.28
Rev Growth
+3.0%
Profit Growth
−5.9%
EV/EBITDA
24.55
Div Yield
—

Company Overview

Shares outstanding
30.0M
Charter Capital
300B VND
Sector (ICB L2)
Hóa chất
Industry (ICB L3)
Hóa chất
Sub-industry
Nhựa, cao su & sợi
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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