ILS

Công ty Cổ phần Đầu tư Thương mại và Dịch vụ Quốc tế

VietnamCyclicalsHàng & Dịch vụ Công nghiệpHàng công nghiệpUPCOMCT

17.800

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−4.2%Calibrated value vs last close

Last close (VND): 17.800
Calibrated intrinsic value (VND): 17.053

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

Trading liquidity is below the comparison threshold.
Under financial distress the model falls back to book value.

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 Dec 2026

Model reliability: Very 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.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Hàng công nghiệp→Cyclical

Classified as cyclical because ICB sector “Hàng công nghiệp” 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→104.34M

Fair EV/EBITDA→108.3x

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)→17.800

Calibrated value vs last close→−4.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

17.053

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

Mid-cycle EBITDA104.3 triệuyears of data: 7

ILS among Cyclicals

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

Each bead is one stock in the sector; the amber bead with its stem is ILS. 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	2014	2013
CURRENT ASSETS (Bn. VND)	·	149	132	107	150	194	254	304	301	357	386	314	316	319
Cash and cash equivalents (Bn. VND)Net debt bridge	·	13	12	15	13	15	46	62	41	12	50	49	45	36
Short-term investments (Bn. VND)Net debt bridge	·	6	0.01	0	0.3	3	4	11	14	11	11	11	13	12
Accounts receivable (Bn. VND)	·	124	114	86	126	160	185	213	225	325	313	224	162	204
Prepayments to suppliers (Bn. VND)	·	44	8	17	16	17	21	13	13	9	9	8	15	10
Net Inventories	·	3	4	3	9	13	12	12	18	7	10	27	67	46
Inventories, Net (Bn. VND)	·	3	4	3	9	13	12	12	18	7	10	27	67	46
Other current assets	·	3	2	3	2	2	7	5	2	2	3	4	29	21
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	24	18
LONG-TERM ASSETS (Bn. VND)	·	562	586	534	540	539	439	536	391	331	204	196	208	206
Long-term trade receivables (Bn. VND)	·	4	37	2	2	6	6	6	1	1	1	0	0	0
Other long-term receivables (Bn. VND)	·	4	37	2	2	6	6	6	1	1	1	0	0	0
Fixed assets (Bn. VND)	·	47	46	47	53	50	48	58	67	56	65	68	25	39
Tangible fixed assets	·	46	46	47	53	49	48	58	67	55	65	68	20	32
Leased assets	·	0	0	0	0	0	0	0	0	0	0.06	0	0	0
Intagible fixed assets	·	0.06	0.1	0.2	0.4	0.4	0.6	0.4	0.2	0.3	0	0.03	0.4	0.4
Long-term investments (Bn. VND)	·	232	230	233	234	238	138	238	147	145	131	120	182	167
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	0	0	77	34
Investments in associate companies	·	71	67	91	63	63	48	164	43	98	79	70	52	70
Other long-term assets (Bn. VND)	·	167	167	165	172	175	92	76	104	47	52	50	52	62
Less: Provision for diminuation in value of long term investments	·	−7	−4	−23	−1	−1	−1	−2	0	0	0	0	0	0
Other non-current assets	·	5	4	3	5	3	4	4	3	4	3	3	0.5	0.9
Long-term prepayments (Bn. VND)	·	5	4	3	5	3	4	4	3	4	3	3	0.5	0.9
TOTAL ASSETS (Bn. VND)	·	710	718	641	689	733	693	840	692	688	590	510	523	525
LIABILITIES (Bn. VND)	·	343	368	305	338	354	285	431	284	338	250	175	194	171
Current liabilities (Bn. VND)	·	90	219	242	254	272	202	350	202	251	243	168	184	158
Short-term borrowings (Bn. VND)Net debt bridge	·	20	56	93	108	119	21	171	42	60	1	2	0.6	0.1
Advances from customers (Bn. VND)	·	10	0.03	0.3	0.6	4	2	1.0	0.7	3	1	2	13	5
Long-term liabilities (Bn. VND)	·	254	149	63	83	82	82	81	81	88	7	7	10	13
Long-term borrowings (Bn. VND)Net debt bridge	·	14	1	4	0.8	0	0	0.3	0.9	2	7	7	10	0
OWNER'S EQUITY(Bn.VND)	·	367	350	336	351	379	409	409	409	350	340	335	330	354
Capital and reserves (Bn. VND)	·	367	350	336	351	379	409	409	409	350	340	335	330	354
Paid-in capital (Bn. VND)	·	360	360	360	360	360	360	360	360	360	316	314	339	296
Other Reserves	·	2	0	0	0	0	0	0	0	0	0	0	1	1
Difference upon Assets Revaluation	·	0	0	0	0	0	0	0	0	0	27	27	0	1
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	14	13	14	11
Other Reserves	·	0	0	0	0	0	0	0	0	0	0.5	0.5	0	0
Undistributed earnings (Bn. VND)	·	−47	−60	−74	−78	−58	−37	−33	−23	−26	−30	−32	−24	42
TOTAL RESOURCES (Bn. VND)	·	710	718	641	689	733	693	840	692	688	590	510	523	525
Short-term loans receivables (Bn. VND)	·	17	20	8	0.8	0.8	0.7	0.7	0.7	11	0	0	0	0
Common shares (Bn. VND)	·	360	360	360	360	360	360	360	360	360	316	314	339	296
MINORITY INTERESTSNet debt bridge	·	52	51	50	70	77	85	82	71	16	11	10	0	0

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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.29 · 51st pctile vs VN companies

YoY ▲ +0.14

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

0.909

GMI

0.980

AQI

0.964

SGI

1.202

DEPI

1.009

SGAI

0.793

TATA

−0.019

LVGI

0.478

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.7783rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 9.1%79th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.13×
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

8/9

Strong

Z-Score

2.70

Grey Zone

Sharpe

0.22

Positive

Composite

Below 30

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 Burden0.94×Interest Burden1.09×Op. Margin0.08×Turnover0.31×Leverage1.94=ROE5.0%

Price Risk

Momentum

+25.9%

Volatility

36.1%

Max Drawdown

−51.8%

Key Ratios

Fiscal year 2025

42.07P/E

P/B: 2.08
P/S: 2.94
ROE: 5.1%
ROA: 2.2%
EPS: 433
BVPS: 8.749
Gross Margin: 16.5%
Net Margin: 8.2%
D/E: 0.09
Current Ratio: 1.66
Rev Growth: +20.2%
Profit Growth: +13.4%
EV/EBITDA: 35.93
Div Yield: —

Company Overview

Shares outstanding: 36.0M
Charter Capital: 360B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Hàng công nghiệp
Sub-industry: Containers & Đóng gói
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ phần Logistics Hàng không

Inst

27.0%

9.7M

2026-06-30

Phùng Tiến Toàn

Indiv

4.5%

1.6M

2026-06-30

Công ty Cổ phần Chứng khoán Phố Wall

WSS

2.9%

1.0M

2019-12-31

Trần Quang Huy

Indiv

2.8%

1.0M

2026-06-30

Nguyễn Minh Hảo

Indiv

1.9%

688,503

2026-06-30

Phùng Thúy Hoa

Indiv

1.8%

641,700

2026-06-30

Board & Management

Phùng Tiến Toàn4.5%

Chairman of Management Board

Trần Quang Huy2.8%

Member of Supervisors Board

Nguyễn Minh Hảo1.9%

Member of Supervisors Board

Phùng Thúy Hoa1.8%

Vice Chairman of Management Board/Deputy General Director

Top connections

ASG27.0%MGG14.7%ATS2.9%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 16,200,000 shares
Purchase registrations: 1 by 1 trader; 500,000 shares
Registered net, share of outstanding:: −43.61%

Phùng Nhật Minh
Purchase · Related person
500,000
2026-10-05
Ủy Ban Nhân Dân Thành Phố Hà Nội
Sale · Institution
16,200,000
2026-04-29

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

ILS among Cyclicals

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

Ownership network

Director-deal registrations · 12 months

ILS among Cyclicals