MIE

Tổng Công ty Máy và Thiết bị Công nghiệp - CTCP

VietnamCyclicalsHàng & Dịch vụ Công nghiệpCông nghiệp nặngUPCOMCT

5.500

VND · Close 29 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+23.3%Calibrated value vs last close

Last close (VND): 5.500
Calibrated intrinsic value (VND): 6.782

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.

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 28 Nov 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.

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 29 Oct 2026Recalculated when the displayed close changes.

Valuation Breakdown

CT→Công nghiệp nặng→Cyclical

Classified as cyclical because ICB sector “Công nghiệp nặng” 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→72.24B

Fair EV/EBITDA→26.4x

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)→5.500

Calibrated value vs last close→+23.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.782

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

Mid-cycle EBITDA72.2 tỷebitda source: own medianyears of data: 7

MIE among Cyclicals

Every stock in the sector, MIE 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 MIE. 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)	·	1,769	1,783	1,668	1,583	1,543	1,660	1,304	1,441	1,443	1,545	1,320	1,424	1,443
Cash and cash equivalents (Bn. VND)Net debt bridge	·	66	66	56	44	32	86	72	89	89	134	106	517	697
Short-term investments (Bn. VND)Net debt bridge	·	188	141	122	129	87	107	135	207	252	246	276	9	13
Accounts receivable (Bn. VND)	·	641	796	770	732	800	941	738	780	666	797	567	568	524
Prepayments to suppliers (Bn. VND)	·	39	53	46	40	47	70	70	96	57	80	83	150	108
Net Inventories	·	827	733	675	603	535	460	307	310	318	256	264	271	150
Inventories, Net (Bn. VND)	·	827	733	675	603	536	462	308	310	318	258	273	279	180
Other current assets	·	48	48	45	75	88	65	52	56	117	112	107	59	59
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0.07	0	13	9
LONG-TERM ASSETS (Bn. VND)	·	838	774	830	837	928	994	1,040	1,018	874	861	823	846	819
Long-term trade receivables (Bn. VND)	·	3	2	2	2	2	2	2	3	3	0.4	1	0	0
Other long-term receivables (Bn. VND)	·	3	2	2	2	2	2	2	3	3	0.4	1	0	0
Fixed assets (Bn. VND)	·	616	569	607	622	656	688	704	724	669	674	586	655	681
Tangible fixed assets	·	475	519	554	586	623	653	669	688	633	634	584	270	220
Leased assets	·	111	19	20	2	0	0	0	0	0	0	0	0	0
Intagible fixed assets	·	31	31	32	33	33	34	35	36	36	39	2	2	6
Investment in properties	·	25	26	27	27	27	28	29	30	7	0	0	0	0
Long-term investments (Bn. VND)	·	31	31	30	31	31	43	74	77	77	83	87	169	121
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	0	0	61	0
Investments in associate companies	·	2	2	2	2	2	11	54	54	54	58	2	55	105
Other long-term assets (Bn. VND)	·	28	28	28	30	30	20	20	23	23	35	87	60	20
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	0	−0.7	−9	−5	−7	−5
Other non-current assets	·	114	98	118	106	122	124	123	114	58	55	51	22	17
Long-term prepayments (Bn. VND)	·	114	98	118	106	122	124	123	114	58	55	51	20	17
TOTAL ASSETS (Bn. VND)	·	2,608	2,557	2,498	2,419	2,471	2,653	2,344	2,460	2,317	2,406	2,143	2,270	2,262
LIABILITIES (Bn. VND)	·	1,152	1,111	1,048	969	1,016	1,242	929	1,047	905	997	893	953	1,493
Current liabilities (Bn. VND)	·	1,079	1,092	1,016	946	963	1,059	754	915	772	864	758	825	1,371
Short-term borrowings (Bn. VND)Net debt bridge	·	530	519	440	445	462	545	272	288	222	185	144	214	282
Advances from customers (Bn. VND)	·	67	83	77	69	40	103	92	104	70	101	89	107	232
Long-term liabilities (Bn. VND)	·	73	19	32	23	53	183	175	132	134	133	134	128	122
Long-term borrowings (Bn. VND)Net debt bridge	·	68	12	27	19	7	9	0.9	1	2	3	5	6	2
OWNER'S EQUITY(Bn.VND)	·	1,455	1,446	1,450	1,450	1,454	1,412	1,414	1,413	1,412	1,409	1,246	1,312	764
Capital and reserves (Bn. VND)	·	1,455	1,446	1,450	1,450	1,454	1,412	1,414	1,413	1,412	1,409	1,245	1,311	764
Paid-in capital (Bn. VND)	·	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,294	1,139	1,182	485
Other Reserves	·	0	0	0	0	0	0	0	0	0	29	0.2	0	0
Difference upon Assets Revaluation	·	−1	−1	−1	−1	−1	−1	−1	−1	−1	0	0	7	7
Foreign Currency Difference reserve	·	0	0	0	0	0	0	0	0	0	0	0	0	0.08
Investment and development funds (Bn. VND)	·	34	32	32	32	32	0.6	0.6	0.6	0.6	77	88	77	239
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	22	22	22
Undistributed earnings (Bn. VND)	·	−34	−38	−35	−35	−32	−12	−10	−12	−12	−1	−8	8	−9
Budget sources and other funds	·	0	0.07	0	0	0	−0.7	0	0	0	0	0.2	0.2	0.2
Budget sources and other funds	·	0	0.07	0	0	0	−0.7	0	0	0	0	−0.03	−0.03	−0.03
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	5	5	5
TOTAL RESOURCES (Bn. VND)	·	2,608	2,557	2,498	2,419	2,471	2,653	2,344	2,460	2,317	2,406	2,143	2,270	2,262
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	3	3	0	0	0
Common shares (Bn. VND)	·	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,419	1,294	1,139	1,182	485
MINORITY INTERESTSNet debt bridge	·	38	35	35	35	36	6	6	6	6	7	0	0	0

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.69 · 28th pctile vs VN companies

YoY ▼ −0.43

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

0.800

GMI

0.892

AQI

1.067

SGI

1.007

DEPI

1.018

SGAI

1.094

TATA

0.003

LVGI

1.018

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.5511th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.6%45th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.02×
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

6/9

Neutral

Z-Score

1.23

Distress Zone

Sharpe

−0.65

Negative

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 Burden0.82×Interest Burden2.40×Op. Margin0.01×Turnover0.62×Leverage1.79=ROE1.3%

Price Risk

Momentum

−31.7%

Volatility

167.1%

Max Drawdown

−68.0%

Key Ratios

Fiscal year 2025

52.82P/E

P/B: 0.55
P/S: 0.48
ROE: 1.0%
ROA: 0.6%
EPS: 104
BVPS: 9.980
Gross Margin: 11.7%
Net Margin: 1.1%
D/E: 0.41
Current Ratio: 1.64
Rev Growth: +2.5%
Profit Growth: +81.5%
EV/EBITDA: 13.20
Div Yield: —

Company Overview

Shares outstanding: 142M
Charter Capital: 1,420B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Công nghiệp nặng
Sub-industry: Máy công nghiệp
Company Type: CT

Ownership network

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

Shareholders

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

99.6%

141M

2026-06-30

Board & Management

Vũ Trung Thực

Member of Management Board/General Director/Spokesman

Đậu Huy Ngọc Linh

Deputy General Director

Nguyễn Hữu Hiển

Head of Accounting department

Top connections

SJG99.8%TVN99.6%VGV99.6%VVN99.6%VNP99.6%DVN99.6%SEA99.6%QTC99.6%VGT99.6%CAG99.6%BMI99.6%VXB99.6%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước - Công ty TNHH
Purchase · Institution
—
2026-01-08

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

MIE 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

MIE among Cyclicals