FTI

Công ty Cổ phần Công nghiệp - Thương mại Hữu Nghị

VietnamCyclicalsÔ tô và phụ tùngUPCOMCT

2.500

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+42.2%Calibrated value vs last close

Last close (VND): 2.500
Calibrated intrinsic value (VND): 3.555

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
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
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

The closing price is too old for comparison.

Also note

The model’s gap was capped before calibration.
Trading liquidity is low.
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 2 Aug 2026

Model reliability: Medium; 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.

Published filingsValued 30 Oct 2026Close date unavailableRecalculated when the displayed close changes.

Valuation Breakdown

CT→Ô tô và phụ tùng→Cyclical

Classified as cyclical because ICB sector “Ô tô và phụ tùng” 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.

Model Inputs

Mid-Cycle EBITDA→1.59B

Fair EV/EBITDA→8.3x

Years of data→7

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)→2.500

Calibrated value vs last close→+42.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

3.555

What feeds each step— click a source to highlight it in the statements

Mid-cycle EBITDA1.6 tỷebitda source: own medianyears of data: 7

FTI among Cyclicals

Every stock in the sector, FTI marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is FTI. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CURRENT ASSETS (Bn. VND)	·	105	70	49	30	34	28	23	19	20	29	39
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2	1	18	0.9	3	1	1	3	13	17	28
Short-term investments (Bn. VND)Net debt bridge	·	93	61	23	22	24	18	14	8	0	0	0
Accounts receivable (Bn. VND)	·	9	8	7	6	6	8	7	7	7	7	10
Prepayments to suppliers (Bn. VND)	·	0.08	0.09	0.05	0.07	0.06	0.01	0.01	0.01	0.3	0.04	0.03
Net Inventories	·	0	0	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.9	1
Inventories, Net (Bn. VND)	·	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	1
Other current assets	·	1	0.03	0.04	0.1	0.05	0.06	0.1	0.05	0.04	4	0.04
LONG-TERM ASSETS (Bn. VND)	·	87	88	88	11	12	12	13	14	14	25	26
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	2	0
Fixed assets (Bn. VND)	·	5	5	6	6	7	8	8	9	10	11	12
Tangible fixed assets	·	5	5	6	6	7	8	8	9	10	11	12
Long-term investments (Bn. VND)	·	79	79	79	1	1	1	1	1	1	7	7
Investments in associate companies	·	88	88	88	10	10	10	10	10	10	10	10
Other long-term assets (Bn. VND)	·	1	1	1	1	1	1	1	1	1	1	1
Less: Provision for diminuation in value of long term investments	·	−10	−10	−10	−10	−10	−10	−10	−10	−10	−4	−4
Other non-current assets	·	0.2	0.06	0.2	0.3	0	0	0	0.3	0	2	4
Long-term prepayments (Bn. VND)	·	0.2	0.06	0.2	0.3	0	0	0	0.3	0	2	4
TOTAL ASSETS (Bn. VND)	·	192	158	137	41	45	40	36	33	35	54	65
LIABILITIES (Bn. VND)	·	60	29	10	8	26	8	8	8	9	14	24
Current liabilities (Bn. VND)	·	59	29	9	7	25	8	8	7	9	14	24
Advances from customers (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0.02
Long-term liabilities (Bn. VND)	·	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0	0	0
OWNER'S EQUITY(Bn.VND)	·	132	128	127	33	20	33	28	25	26	41	41
Capital and reserves (Bn. VND)	·	132	128	127	33	20	33	28	25	26	41	41
Paid-in capital (Bn. VND)	·	39	39	39	39	39	39	39	39	39	39	35
Investment and development funds (Bn. VND)	·	1	1	1	1	1	1	1	1	1	1	1
Undistributed earnings (Bn. VND)	·	91	88	86	−8	−21	−8	−13	−16	−15	0.01	0.4
TOTAL RESOURCES (Bn. VND)	·	192	158	137	41	45	40	36	33	35	54	65
Common shares (Bn. VND)	·	39	39	39	39	39	39	39	39	39	39	35

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.28 · 8th pctile vs VN companies

YoY ▲ +0.20

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

1.095

GMI

0.922

AQI

0.823

SGI

1.045

DEPI

1.000

SGAI

0.832

TATA

−0.133

LVGI

1.672

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.5231st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.0%5th 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.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.18

Distress Zone

Sharpe

−1.12

Negative

Composite

70 and above

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 Burden0.80×Interest Burden1.00×Op. Margin0.59×Turnover0.04×Leverage1.45=ROE3.0%

Price Risk

Momentum

+0.0%

Volatility

65.2%

Max Drawdown

−32.4%

Key Ratios

Fiscal year 2025

2.47P/E

P/B: 0.07
P/S: 1.16
ROE: 3.1%
ROA: 2.3%
EPS: 1.011
BVPS: 33.585
Gross Margin: 100.0%
Net Margin: 47.0%
D/E: 0.00
Current Ratio: 1.77
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 3.9M
Charter Capital: 39.4B VND
Sector (ICB L2): Ô tô và phụ tùng
Industry (ICB L3): Ô tô và phụ tùng
Sub-industry: Phụ tùng ô tô
Company Type: CT

Ownership network

Common ownership links for FTI. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Công nghiệp Sài Gòn

Inst

87.3%

3.4M

2024-12-31

Nguyễn Thị Kim Thanh

Indiv

0.1%

5,630

2026-06-30

Board & Management

Nguyễn Thị Kim Thanh0.1%

Chief Accountant

Top connections

NSG87.3%BRC87.3%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

FTI among Cyclicals

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

FTI among Cyclicals