KIP
Công ty Cổ phần K.I.P Việt Nam
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 12.800
- Calibrated intrinsic value (VND)
- 12.454
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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.
- 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.
Comparison assessed 3 Nov 2026Valid through 10 Oct 2026
- 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.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation 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.
Technical details
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.
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.
Commodity producers, basic materials, chemicals, and oil & gas companies with multi-year earnings cycles.
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 × (1 + calibrated gap / 100)
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- 2.6982nd pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 7.2%75th 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 company’s Beneish M-Score is 1.1129 (96th percentile versus Vietnamese peers) with a year-over-year rise of +4.14, indicating the company’s accounting profile is more aggressive than most local peers and has shifted materially this year. Other signals are mixed: the Earnings-Quality composite is high at 87.4/100 (accruals and cash conversion both 100/100) while the AQI component of the M-Score is 10.0000 and LVGI is 1.2020; liquidity and solvency measures are comfortable (Altman Z-Score 3.18) and operating fundamentals are strong (Piotroski F-Score 7/9).
- Beneish M-Score = 1.1129 (the -1.78 US cutoff is not directly applicable to Vietnam; the company sits in the 96th percentile among Vietnamese peers), which measures the statistical likelihood of earnings manipulation patterns (higher = more aggressive accounting versus peers).
- Year-over-year M-Score change = +4.14, which shows a material shift in the company’s Beneish profile relative to the prior year (consecutive-year M-Scores have low correlation, so the trajectory is a notable secondary cue).
- AQI (Asset Quality Index) = 10.0000, indicating a large increase in the proportion of noncurrent or unusual assets (AQI measures whether asset mix has shifted toward items that can be used to manage earnings).
- LVGI (Leverage Index) = 1.2020, showing leverage rose by ~20.2% year-over-year (LVGI measures the change in leverage; >1 indicates increased leverage versus prior year).
- Receivables outside the trade cycle = 7.2% of total assets (74th percentile among VN non-financials), which points to material prepayments/loans/other receivables sitting off the normal trade cycle.
- Earnings-Quality Score = 87.4/100, a high composite reflecting generally high-quality reported earnings.
- Accruals quality = 100.0/100 and Cash conversion = 100.0/100, showing low accruals distortions and good conversion of accounting profit into cash on the measures used.
- Altman Z-Score = 3.18 (safe zone), indicating distance from bankruptcy risk on that model.
- Piotroski F-Score = 7/9, signalling generally strong recent operating and financial performance.
- DSRI = 1.0638 and SGAI = 1.1148 are modestly elevated but not extreme; SGI = 1.1336 indicates reasonable growth (SGI measures sales growth), and TATA = -0.0154 (total accruals to total assets) is slightly negative, consistent with conservatism in aggregate accruals.
Ownership is highly concentrated: three individuals and one related institutional owner hold the bulk of shares (Nguyễn Hoa Cương 41.6%, Grantex Việt Nam 20.4%, Nguyễn Vân Chi 16.6%). This 78.6% combined stake implies substantial insider control and potential for related‑party transactions or centralized decision-making; director-deal registrations were not provided in the data.
- Compare the 2025 balance-sheet line items for ‘prepayments’ and ‘long-term receivables’ with the related-party note and the receivables aging/schedule to identify the composition of the 7.2% of assets classified as receivables outside the trade cycle.
- Reconcile FY2025 operating cash flow to net profit using the cash-flow statement and the notes to confirm the three-year cash-conversion ratio of 2.69 (operating cash flow / net profit) and identify the drivers of any gap.
- Review the detailed movement table for fixed and intangible assets and the note where management discloses reclassifications or impairments to assess sources of the AQI = 10.0000 increase in nontraditional assets.
- Examine related-party transaction disclosures, loans to/from related parties, and the statement of changes in equity to verify there are no accumulated losses and to understand transactions with the top shareholders (Nguyễn Hoa Cương, Grantex Việt Nam, Nguyễn Vân Chi).
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 0.67
- P/S
- 0.30
- ROE
- 8.3%
- ROA
- 5.6%
- EPS
- 1.582
- BVPS
- 19.226
- Gross Margin
- 17.2%
- Net Margin
- 3.7%
- D/E
- 0.31
- Current Ratio
- 2.91
- EV/EBITDA
- 5.17
- Div Yield
- 7.8%
Company Overview
- Shares outstanding
- 9.8M
- Charter Capital
- 98.0B VND
- Sector (ICB L2)
- Hàng & Dịch vụ Công nghiệp
- Industry (ICB L3)
- Điện tử & Thiết bị điện
- Sub-industry
- Thiết bị điện
- Company Type
- CT