Southern Rubber Industry JSC (CSM) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Southern Rubber Industry JSC VND 10,761, price VND 13,100, upside -17.9%, quality 55 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 9,782 VND – 20,101 VND · fair‑value band 9,146 VND – 13,451 VND · the 13,100 VND price screens above the 10,761 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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The Southern Rubber Industry Joint Stock Company engages in the manufacture and trading of industrial and commercial rubber products in South East Asia and internationally.
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The Southern Rubber Industry Joint Stock Company engages in the manufacture and trading of industrial and commercial rubber products in South East Asia and internationally. The company offers bicycle, motorcycle, truck, e-vehicle, and specific tires and tubes; passenger car radial tires; and ADVENZA PCR tires, as well as retread tires, gloves, and technical tires. It is also involved in the trading, export, and import of raw materials, chemicals, and rubber industrial equipment; trading of real estate; and the provision of business services. The company was founded in 1976 and is headquartered in Ho Chi Minh City, Vietnam.
Stock analysis
Southern Rubber Industry JSC (CSM) currently trades at 13,100 VND, while our model-based Fair Value estimate is 10,761 VND, implying the stock looks roughly 21.7% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 29,967 VND per share, and 11 of the 22 models we run sit above the 13,100 VND price.
Bear case: the Earnings-Based group reads lowest at 3,413 VND, and 11 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 9,146 VND (bear) to 13,451 VND (bull), the price of 13,100 VND sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 55/100 (solid quality), in the Consumer Cyclical sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Southern Rubber Industry JSC reported revenue of 4.1T VND in FY2025 versus 4.8T VND in FY2021, a compound −3.8%/yr. Reported net income was 42.6B VND in FY2025, compounding +0.3%/yr from FY2021.
Key figures
Market cap 1.5T VND · P/E ratio 27.6 · P/S ratio 0.28 · EPS (TTM) 474.98 VND · Dividend yield 2.1% · Net margin 1.0% · Return on equity 3.6% · Return on assets (EBIT) 3.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 16% below its 52-week high and 15% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Consumer Cyclical peers we cover trades at −38% fair-value upside, at −18%, CSM screens cheaper than that median.
Fair Value models
Bear 9,146 VNDFair Value 10,761 VNDBull 13,451 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (348.75 VND per share) are deliberately not added.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−12.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−2.5%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−0.5%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−2.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−4.1%
Dividend (yield on the price)2.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.5% → 1%
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+0.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about −3.3% a year for the price.
Compare Southern Rubber Industry JSC with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Auto Parts · 692 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside−18% · Below median
Profitability
Return on equity (TTM)4% · Below median
Return on assets2% · Below median
Net margin (TTM)1% · Below median
Operating margin (TTM)4% · Below median
Growth and dividend
Revenue growth8% · Above median
Dividend yield (TTM)2.1% · Above median
Balance sheet
Debt / equity0.04× · Below median
Valuation Multiplesvs Auto Parts median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Southern Rubber Industry JSC Fair Value". https://www.fairvalue-calculator.com/stock/CSM
Frequently asked questions
Is Southern Rubber Industry JSC (CSM) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 10,761 VND versus a price of 13,100 VND, about −18% upside (overvalued).
What is the fair value of CSM?
Our model-based fair value for Southern Rubber Industry JSC is 10,761 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 13,100 VND.
What is the quality score of CSM?
Southern Rubber Industry JSC has a Quality Score of 55/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Southern Rubber Industry JSC (CSM)?
Our model-based price target is the fair value of 10,761 VND (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 9,146 VND, optimistic scenario 13,451 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Southern Rubber Industry JSC stock forecast for 2026?
Our models put fair value at 10,761 VND, about −18% upside versus a price of 13,100 VND (overvalued). Cautious scenario 9,146 VND, optimistic scenario 13,451 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Southern Rubber Industry JSC (CSM)?
Southern Rubber Industry JSC reported trailing-twelve-month revenue of about 4.2T VND (latest available figure, as of Sep 24, 2026).
Does Southern Rubber Industry JSC pay a dividend?
Southern Rubber Industry JSC currently shows a dividend yield of about 2.09% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Southern Rubber Industry JSC (CSM)?
For today's price to be fair in a discounted-cash-flow model, Southern Rubber Industry JSC would have to grow free cash flow by +0.7 % per year for five years (discount rate 16.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -2.5 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of CSM use?
Our models discount Southern Rubber Industry JSC at 16.4 %: a base by market capitalisation (micro), country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Southern Rubber Industry JSC that is +0.7 % per year a year over ten years, using the same discount rate (16.4 %) and the same formula as our fair value.
How much growth has Southern Rubber Industry JSC (CSM) delivered so far?
Over the past 5 years revenue at Southern Rubber Industry JSC grew -2.5 % a year. The price currently implies +0.7 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Southern Rubber Industry JSC (CSM) growing?
The median revenue growth in the sector is +5.4 % a year. That is the yardstick for the growth priced into Southern Rubber Industry JSC (+0.7 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Southern Rubber Industry JSC (CSM)?
The free-cash-flow yield on the price is 29.98 %: that much free cash flow Southern Rubber Industry JSC produces per unit of market value. When it exceeds the discount rate of our models (16.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Southern Rubber Industry JSC (CSM)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Southern Rubber Industry JSC it is 10,761 VND per share (as of Sep 24, 2026), against a price of 13,100 VND. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Southern Rubber Industry JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CSM trades above its calculated fair value: price 13,100 VND, fair value 10,761 VND, a gap of about −18% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CSM?
No. The price is what the market pays today (13,100 VND); the fair value is what the company's own numbers justify (10,761 VND). For Southern Rubber Industry JSC the two are 2,339 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Southern Rubber Industry JSC worth?
The market values Southern Rubber Industry JSC at about 1.5T VND (market capitalisation, as of Sep 24, 2026). Per share that is 13,100 VND; our models calculate a fair value of 10,761 VND per share.
What do the bullish and bearish scenarios say about CSM?
Our models span a range for Southern Rubber Industry JSC: cautious scenario 9,146 VND, base 10,761 VND, optimistic 13,451 VND per share (as of Sep 24, 2026, price 13,100 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CSM?
Southern Rubber Industry JSC trades at a price-to-earnings ratio of 27.6 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 10,761 VND is built from several models across several years. Other multiples: P/B 1.1, P/S 0.4, EV/EBITDA 3.8.
How solid is the balance sheet of Southern Rubber Industry JSC (CSM)?
Balance-sheet figures for Southern Rubber Industry JSC (as of Sep 24, 2026): return on equity 3.6%, debt of 0.04 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is CSM from its 52-week high?
Southern Rubber Industry JSC trades at 13,100 VND, about 16% below its 52-week high of 15,600 VND and 15% above the low of 11,400 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 10,761 VND is for.
Which stocks are comparable to Southern Rubber Industry JSC?
From the same area (Consumer Cyclical) we also value O'Reilly Automotive, Inc, AutoZone, Inc, Hyundai Mobis Co, Fuyao Glass Industry Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Southern Rubber Industry JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 13,100 VND, calculated fair value 10,761 VND (−18%), Quality Score 55/100, from 22 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CSM calculated?
We run Southern Rubber Industry JSC through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 10,761 VND, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.0 % above its aggregate fair value. Southern Rubber Industry JSC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Southern Rubber Industry JSC (CSM)?
The closing price on Sep 24, 2026 was 13,100 VND. Our model-based fair value is 10,761 VND, about −18% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Southern Rubber Industry JSC right now?
Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Southern Rubber Industry JSC
How large is the market capitalisation of Southern Rubber Industry JSC (CSM)?
The market capitalisation of Southern Rubber Industry JSC is 1.5T VND. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Southern Rubber Industry JSC (CSM)?
The price-to-sales ratio of Southern Rubber Industry JSC is 0.28 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Southern Rubber Industry JSC (CSM)?
Earnings per share at Southern Rubber Industry JSC are 474.98 VND (price ÷ EPS = P/E 27.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Southern Rubber Industry JSC (CSM)?
The dividend yield of Southern Rubber Industry JSC is 2.1% (payout 57.7%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Southern Rubber Industry JSC (CSM)?
The net margin of Southern Rubber Industry JSC is 1.0% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Southern Rubber Industry JSC (CSM)?
The return on equity (ROE) of Southern Rubber Industry JSC is 3.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Southern Rubber Industry JSC (CSM)?
On an EBIT basis the return on assets of Southern Rubber Industry JSC is 3.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Southern Rubber Industry JSC (CSM)?
The operating margin of Southern Rubber Industry JSC is 4.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Southern Rubber Industry JSC (CSM)?
Revenue at Southern Rubber Industry JSC is growing +8.2% versus a year earlier (3y avg −8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Southern Rubber Industry JSC (CSM)?
Earnings per share at Southern Rubber Industry JSC are growing +33.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Southern Rubber Industry JSC (CSM) carry?
The net debt of Southern Rubber Industry JSC is 1.4T VND (fiscal year 2025, ≈ 3.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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