The Altman Z-Score is a model designed to predict the likelihood of a company going bankrupt within the next two years. Created by American finance professor Edward Altman in 1968, the model is specifically designed for publicly traded manufacturing companies with assets greater than $1 million.
Warning Sign:
Altman Z-score of 2.47 is in the grey area. This implies that the company is under some kind of financial stress. If it is below 1.8, the company may face bankruptcy risk.
Vietnam Manufacturing and Export Processing (Holdings) has a Altman Z-Score of 2.45, indicating it is in Grey Zones. This implies that Vietnam Manufacturing and Export Processing (Holdings) is in some kind of financial stress. If it is below 1.81, the company may face bankrupcy risk.
The zones of discrimination were as such:
When Altman Z-Score <= 1.8, it is in Distress Zones.
When Altman Z-Score >= 3, it is in Safe Zones.
When Altman Z-Score is between 1.8 and 3, it is in Grey Zones.
Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Altman Z-Score Explanation
X1: The Working Capital/Total Assets (WC/TA) ratio is a measure of the net liquid assets of the firm relative to the total capitalization. Working capital is defined as the difference between current assets and current liabilities. Ordinarily, a firm experiencing consistent operating losses will have shrinking current assets in relation to total assets. Altman found this one proved to be the most valuable liquidity ratio comparing with the current ratio and the quick ratio. This is however the least significant of the five factors.
X2: Retained Earnings/Total Assets: the RE/TA ratio measures the leverage of a firm. Retained earnings is the account which reports the total amount of reinvested earnings and/or losses of a firm over its entire life. Those firms with high RE, relative to TA, have financed their assets through retention of profits and have not utilized as much debt.
X3, Earnings Before Interest and Taxes/Total Assets (EBIT/TA): This ratio is a measure of the true productivity of the firm's assets, independent of any tax or leverage factors. Since a firm's ultimate existence is based on the earning power of its assets, this ratio appears to be particularly appropriate for studies dealing with corporate failure. This ratio continually outperforms other profitability measures, including cash flow.
X4, Market Value of Equity/Book Value of Total Liabilities (MVE/TL): The measure shows how much the firm's assets can decline in value (measured by market value of equity plus debt) before the liabilities exceed the assets and the firm becomes insolvent.
X5, Revenue/Total Assets (S/TA): The capital-turnover ratio is a standard financial ratio illustrating the sales generating ability of the firm's assets.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
Vietnam Manufacturing and Export Processing (Holdings) Altman Z-Score Chart
Vietnam Manufacturing and Export Processing (Holdings) Annual Data
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
Vietnam Manufacturing and Export Processing (Holdings) Altman Z-Score vs Vehicles & Parts Industry
Vietnam Manufacturing and Export Processing (Holdings) Altman Z-Score Calculation
Altman Z-Score model is an accurate forecaster of failure up to two years prior to distress. It can be considered the assessment of the distress of industrial corporations.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency. GuruFocus does not calculate Altman Z-Score when X4 or X5 value is 0.
Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) has a Altman Z-Score of 2.45 as of Jul. 01, 2026. The Altman Z-score measures a company's bankruptcy risk. View historical data on Vietnam Manufacturing and Export Processing (Holdings) and its competitors. This is 29% above median its historical median of 1.90. Over the past decade, Vietnam Manufacturing and Export Processing (Holdings)'s Altman Z-Score has ranged from 0.60 to 2.70. According to the industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #679 out of 1311 companies in the Vehicles & Parts industry, placing it in the top 51.8%.
Is Vietnam Manufacturing and Export Processing (Holdings)'s Altman Z-Score too high?
Vietnam Manufacturing and Export Processing (Holdings)'s current Altman Z-Score of 2.45 is 29% above median its 10-year median of 1.90. Over the past 10 years, this metric has ranged from a low of 0.60 to a high of 2.70. The Vehicles & Parts industry median Altman Z-Score is 2.54. Vietnam Manufacturing and Export Processing (Holdings)'s value of 2.45 is 3.5% below this industry median. Based on the distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #679 out of 1311 companies in the Vehicles & Parts industry, which is below the industry midpoint. Overall, Vietnam Manufacturing and Export Processing (Holdings) has a GF Score™ of 54/100 and is considered Significantly Undervalued, reflecting its overall financial health beyond just this single metric.
How does Vietnam Manufacturing and Export Processing (Holdings)'s Altman Z-Score compare to BC and PII?
According to the Vehicles & Parts industry distribution chart, Vietnam Manufacturing and Export Processing (Holdings) ranks #679 out of 1311 companies for Altman Z-Score. This places Vietnam Manufacturing and Export Processing (Holdings) in the lower half of its industry. The industry median Altman Z-Score is 2.54. Vietnam Manufacturing and Export Processing (Holdings)'s value of 2.45 is 3.5% below this benchmark. Historically, Vietnam Manufacturing and Export Processing (Holdings)'s own Altman Z-Score has ranged from 0.60 to 2.70 over the past decade. While the company's 10-year median is 1.90 vs. the industry median of 2.54, Vietnam Manufacturing and Export Processing (Holdings) has consistently been below the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Altman Z-Score for a Vehicles & Parts company?
The median Altman Z-Score among Vehicles & Parts companies is 2.54, based on 1,311 companies in the industry. Companies in the top quartile (top 25%) have a Altman Z-Score significantly above this median, while those in the bottom quartile fall well below. However, Altman Z-Score should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Vietnam Manufacturing and Export Processing (Holdings)'s current Altman Z-Score of 2.45 is 3.5% below the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Altman Z-Score mean?
A high Altman Z-Score can signal that a stock is expensive relative to its fundamentals. The Altman Z-score measures a company's bankruptcy risk. View historical data on Vietnam Manufacturing and Export Processing (Holdings) and its competitors. For the Vehicles & Parts industry, the median Altman Z-Score is 2.54 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. Vietnam Manufacturing and Export Processing (Holdings)'s current Altman Z-Score is 2.45, which is 29% above median its own 10-year median of 1.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Vietnam Manufacturing and Export Processing (Holdings) stock overvalued right now?
Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) is currently considered Significantly Undervalued. The stock's GF Value™ is NT$5.26, compared to a current price of NT$3.37 — trading 35.9% below its estimated fair value. The current Altman Z-Score is 2.45, which is 29% above median its 10-year median of 1.90 and 3.5% below the Vehicles & Parts industry median of 2.54. Vietnam Manufacturing and Export Processing (Holdings)'s overall GF Score™ is 54/100 with 3 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Altman Z-Score calculated?
Altman Z-Score is calculated from a company's financial statements. For Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110), the current Altman Z-Score is 2.45 as of Jul. 01, 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is Vietnam Manufacturing and Export Processing (Holdings) (TPE:9110) Overvalued in 2026?
Based on GuruFocus' analysis, Vietnam Manufacturing and Export Processing (Holdings) stock appears to be undervalued.
The current stock price of NT$3.37 is trading 35.9% below its estimated GF Value™ of NT$5.26.
GuruFocus considers Vietnam Manufacturing and Export Processing (Holdings) to be Significantly Undervalued.
Key valuation signals for TPE:9110:
Altman Z-Score: 2.45 (29% above median its 10-year median of 1.90)
GF Value™: NT$5.26 vs. price of NT$3.37 (35.9% below fair value)
Industry Position: 3.5% below the Vehicles & Parts median (#679 of 1311)
No single metric tells the full story. See the TPE:9110 stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
Vietnam Manufacturing and Export Processing (Holdings) Business Description
Vietnam Manufacturing and Export Processing (Holdings) Ltd is engaged in manufacturing and sales of motorbikes, and related spare parts and engines. Its segments include Manufacturing and sale of motorbikes segment that includes motorbikes manufactured for the Vietnamese market and exports it to other countries including Malaysia, the Philippines, Thailand, Italy, Greece, United Arab Emirates and Singapore; and Manufacturing; and Sale of spare parts and engines segment manufactures engines for use in the group's motorbikes, while the group also exports engines to third parties. It manufactures parts for use in repair servicing and product assembly. Geographically, it operates in Vietnam, Malaysia, Philippines, United Arab Emirates, Greece, Thailand, Italy, Singapore, and Other Countries.
54GF Score
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