Back to Dashboard

SMC

Công ty Cổ phần Đầu tư Thương mại SMC

VietnamCyclicalsTài nguyên Cơ bảnKim loạiHOSECT
9.540
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)
9.540
Calibrated intrinsic value (VND)
10.076

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

  • 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.

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.

Valuation Breakdown

CT→Tài nguyên Cơ bản→Cyclical
Classified as cyclical because ICB sector “Tài nguyên Cơ bản” 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→120.89B
Fair EV/EBITDA→6.7x
Years of data→7
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)→9.540
Calibrated value vs last close→+5.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
10.076
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA120.9 tỷyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013201220112010
CURRENT ASSETS (Bn. VND)
·2,6923,0873,9826,2737,0215,5163,8203,8714,0263,9522,3163,5722,506···
Cash and cash equivalents (Bn. VND)Net debt bridge
·1351436708146251,18359619039826695459303···
Short-term investments (Bn. VND)Net debt bridge
·4925054896877045572742398377976461725···
Accounts receivable (Bn. VND)
·1,4331,5471,6482,9322,8581,7311,4301,6261,6591,3218321,185939···
Prepayments to suppliers (Bn. VND)
·391008321836728779671802092220210···
Net Inventories
·4116288411,5652,5441,8041,2041,4191,6721,4374911,1601,158···
Inventories, Net (Bn. VND)
·4216468551,6632,6631,8051,2221,4361,6801,4434981,1731,168···
Other current assets
·22126433527629024131539821414913415082···
Other current assets (Bn. VND)
·000000000001013···
LONG-TERM ASSETS (Bn. VND)
·1,7621,6922,1972,0561,9851,2051,2571,2121,028699711532562···
Long-term trade receivables (Bn. VND)
·14834364131761335600···
Other long-term receivables (Bn. VND)
·323436413176125500···
Fixed assets (Bn. VND)
·8661,2061,4511,219999797785862674476438356375···
Tangible fixed assets
·5438301,012741648513505578528409362251221···
Leased assets
·219273301339212145142145628364346···
Intagible fixed assets
·10310413813913813913814014039404042···
Investment in properties
·667788556290000···
Long-term investments (Bn. VND)
·220218271301328277240149203991178093···
Investments in associate companies
·111115125136139116110657370664744···
Other long-term assets (Bn. VND)
·15715716516516514714711111270828282···
Less: Provision for diminuation in value of long term investments
·−55−60−26−25−2−19−61−62−27−47−48−50−34···
Goodwill
·0000000000045···
Other non-current assets
·20622638239329910795719392949289···
Long-term prepayments (Bn. VND)
·2052233683792768784637875757275···
TOTAL ASSETS (Bn. VND)
·4,4544,7786,1798,3299,0066,7215,0765,0835,0554,6513,0274,1033,068···
LIABILITIES (Bn. VND)
·3,4463,9685,3816,6066,5875,1373,7433,7893,8453,9002,6363,5362,495···
Current liabilities (Bn. VND)
·3,3803,7095,0075,9926,1205,0833,6723,6883,7673,8102,5233,4152,342···
Short-term borrowings (Bn. VND)Net debt bridge
·2,0132,1732,6853,0043,1442,6092,0812,1211,8472,6271,7822,6721,094···
Advances from customers (Bn. VND)
·5359661146118622286363261810···
Long-term liabilities (Bn. VND)
·6625937461446654711017889113121153···
Long-term borrowings (Bn. VND)Net debt bridge
·362173325714614970997586109118153···
OWNER'S EQUITY(Bn.VND)
·1,0078107981,7232,4191,5841,3331,2951,210751391563569···
Capital and reserves (Bn. VND)
·1,0078107981,7232,4191,5841,3331,2951,210751391563569···
Paid-in capital (Bn. VND)
·737737737737610610610550420295295295295···
Other Reserves
·00000.70.70.730285555···
Investment and development funds (Bn. VND)
·00037338538531025615898967979···
Undistributed earnings (Bn. VND)
·40−140−1693441,081273106163290144−1851319···
Minority Interest
·0000000000044···
TOTAL RESOURCES (Bn. VND)
·4,4544,7786,1798,3299,0066,7215,0765,0835,0554,6513,0274,1033,068···
Short-term loans receivables (Bn. VND)
·008470000000.300···
Long-term loans receivables (Bn. VND)
·0000000.4110000···
Common shares (Bn. VND)
·737737737737610610610550420295295295295···
Good will (Bn. VND)
·0000000000300···
MINORITY INTERESTSNet debt bridge
·−22−40−23179063534561552600···

Earnings Quality

Fiscal year 2025
37
Weak
Accrual Quality
76
Cash Conversion
0
Receivables
24
Margin Stability
0
Revenue Quality
99

Financial Forensics

Beneish M-Score · 2025
90th–97th
M −0.61 · 90th pctile vs VN companies
YoY ▼ −1.95
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
1.180
GMI
3.302
AQI
1.980
SGI
0.785
DEPI
0.900
SGAI
1.057
TATA
0.061
LVGI
0.933

Checks measured on Vietnamese companies · FY2025

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
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's Beneish M-Score is -0.6072 (90th percentile vs Vietnamese peers), showing it scores more aggressively on accounting signals than most Vietnamese listed companies; the year-over-year M-Score change is -1.95, a large move relative to prior years. Earnings-quality components are mixed: Revenue quality is very high at 99.1/100 while cash-conversion and margin quality are 0.0/100; the Altman Z-Score is 1.51 (in the distress zone) and the Piotroski F-Score is 4/9 (neutral fundamentals).

Red Flags
  • High Beneish peer ranking: M-Score = -0.6072, Vietnam peer percentile = 90th (this measures a composite of accruals and financial ratios linked to earnings manipulation risk; higher percentile means more aggressive accounting vs VN peers).
  • Large year-over-year M-Score change: ΔM-Score = -1.95 (the magnitude suggests a recent shift in the accounting profile; consecutive-year M-Scores have low serial correlation, so this is a secondary cue rather than a definitive label).
  • Days’ Sales Receivable Index elevated: DSRI = 1.1802 (measures receivables relative to sales; >1 can indicate receivables growing faster than sales).
  • Accrual-related and margin concerns in earnings-quality: Cash conversion = 0.0/100 and Margin quality = 0.0/100 (cash-generation and reported margin sustainability score very poorly).
  • Receivables quality low: Receivables quality = 24.0/100 and 'receivables outside the trade cycle' = 1.6% of total assets (45th percentile) – suggests a material portion of receivables are prepayments, loans receivable or long-term receivables rather than trade receivables.
  • Altman Z-Score in distress zone: Z-Score = 1.51 (this canonical score measures distance to bankruptcy; values below ~1.8 are commonly flagged as 'distress').
Positive Signals
  • Very high revenue-quality score: Revenue quality = 99.1/100 (this measures the portion of revenue supported by cash flows and low one-off adjustments).
  • Accruals quality reasonable: Accruals quality = 75.5/100 (suggests reported accruals are not extreme relative to peers).
  • No accumulated statutory losses and parent profit track record: Accumulated losses = none; Net loss (parent) = 0 consecutive years up to FY2025, and owner's equity (excluding minorities) is positive (these are factual signs of not meeting the statutory loss triggers).
  • SGAI and DEPI not extreme in the manipulation palette: SGAI = 1.0574 (selling, general & admin expense growth modest) and DEPI = 0.9002 (depreciation index not showing obvious slowdown of depreciation policy).
Ownership Risk

Top shareholder concentration: Hanwa Company Limited holds 19.6% and the next largest individual is Phạm Hoàng Anh at 8.1%; other named individuals hold 3.2% and 2.3%. Insider activity filings show 4 sale registrations and 6 purchase registrations between 2025-10-30 and 2026-10-30 (total registered volumes where disclosed: sales 7,900,000 shares, purchases 17,900,000 shares), indicating shareholder and insider registration activity but registrations are intentions disclosed to the exchange, not executed trades.

To check in the filings
  • Compare the 'receivables outside the trade cycle' line (prepayments to suppliers, loans receivable and other long-term receivables) in the FY2025 notes with the balance-sheet total to confirm the 1.6% of total assets figure and inspect related-party descriptions.
  • Review the related-party transactions note for FY2025 to reconcile any loans receivable, advances to suppliers or non-trade receivables and confirm whether those balances are with group entities or third parties.
  • Open the auditor's report and the statutory-loss schedule in the audited FY2025 financial statements to confirm which statutory loss tests were or were not met (the published statements report none met).
  • Examine the exchange disclosures/schedule of insider registrations for 2025-10-30 to 2026-10-30 to verify the 4 sale and 6 purchase registrations, the registrants named, and the disclosed volumes.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
1.51
Distress Zone
Sharpe
−0.28
Negative
Composite
68
50 to 69
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 Burden0.79×Interest Burden−2.46×Op. Margin−0.01×Turnover1.57×Leverage4.42=ROE19.6%
Price Risk
Momentum
−8.2%
Volatility
29.5%
Max Drawdown
−34.3%

Key Ratios

Fiscal year 2025
3.90P/E
P/B
0.68
P/S
0.10
ROE
19.2%
ROA
3.9%
EPS
2.447
BVPS
13.989
Gross Margin
0.0%
Net Margin
2.8%
D/E
2.03
Current Ratio
0.80
Rev Growth
−21.5%
Profit Growth
+472.7%
EV/EBITDA
19.47
Div Yield
—

Company Overview

Shares outstanding
110M
Charter Capital
1,104B VND
Sector (ICB L2)
Tài nguyên Cơ bản
Industry (ICB L3)
Kim loại
Sub-industry
Thép và sản phẩm thép
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →