Equity Research Analysis: Kandal M Venture Ltd (FMFC)
|Blank Capital Research Unit|Spot: $0.39
Price$0.39
Composite Score58.5/100
RatingHOLD (3★)
Rank#840 OF 7,333
Market Cap$0
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Verdict
Quantitative factor alignment verified for current market regime.
Quant Score
Rank
#840
Positioning
Market Dominance
Manufacturing
Apparel
$0
Ngee Woon Lim
Through FMF, our operating subsidiary, we are a contract manufacturer of affordable luxury leather goods with our manufacturing operations in Cambodia. We primarily manufacture handbags, such as shoulder bag, crossbody bag, tote bag, backpack, top-handle handbag, satchel, and other smaller leather goods, such as wallets. Our customers are well-known global fashion brands that are headquartered in the United States. With our craftsmanship and extensive knowledge of the leather goods manufacturing process, our product engineers convert our customers’ vision and design into leather goods products. Our products are primarily affordable luxury products that are made of leather and/or other materials. Our principal executive office is located in Padachi Village, Prek Ho Commune, Takhmao Town, Kandal Province, Kingdom of Cambodia.
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X-AXIS: EV/EBITDA (LOWER = CHEAPER) | Y-AXIS: ROE (HIGHER = ELITE) | RED CIRCLE = FMFC ANALYSIS TARGET
| Stock | Rating | Score▼ | Quality | Value | Momentum | P/E | EV/EBITDA | ROE | ROA | Gross Mgn | Op Mgn | Net Mgn | Rev Growth | Div Yield | D/E | Mkt Cap | AUDIT |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
$UL UNILEVER PLC | 78 | 96 | 98 | 59 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$ASML ASML HOLDING NV | 77 | 89 | 86 | 83 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$ESLT ELBIT SYSTEMS LTD | 76 | 81 | 87 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$MT ArcelorMittal | 75 | 71 | 98 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$AMAT APPLIED MATERIALS INC /DE | 75 | 85 | 87 | 84 | 20.9x | 13.6x | 32.9% | 20.5% | 48.8% | 30.6% | 24.4% | 7.7% | 0.9% | 32.0x | $148.6B | VS | |
$SIMO Silicon Motion Technology CORP | 75 | 84 | 86 | 85 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$CODA Coda Octopus Group, Inc. | 74 | 83 | 90 | 79 | 16.3x | 11.9x | 7.4% | 7.5% | 68.3% | 19.5% | 18.2% | 29.0% | 0.0% | 0.0x | $84M | VS | |
$GSK GSK plc | 74 | 84 | 90 | 70 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$EFXT Enerflex Ltd. | 74 | 80 | 91 | 83 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$BUD Anheuser-Busch InBev SA/NV | 74 | 84 | 97 | 63 | - | - | - | - | - | - | - | - | - | - | $0 | VS | |
$FMFC Kandal M Venture Ltd | 59 | 84 | 90 | 14 | 35.7x | 3.6x | 221.8% | 8.3% | 19.5% | 2.2% | 1.2% | - | - | 1369.0x | $0 | ||
| SECTOR BENCH | - | - | - | - | - | 22.3x | 11.5x | -1.9% | 0.9% | 44.1% | 2.5% | 1.0% | 6.7% | 0.0% | 0.2x | - | REF |
Kandal M Venture Ltd (FMFC) receives a "Hold" rating with a composite score of 58.5/100. It ranks #840 out of 7,333 stocks in our coverage universe and carries a 3-star rating. Ratings are driven by a 6-factor quantitative model measuring quality, value, momentum, investment, stability, and short interest.
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Headcount
1.4K
HQ Base
KANDAL PROVINCE,
Lagging peers — losers tend to keep underperforming
Trading at a discount to fundamentals — favorable entry valuation
High profitability & efficiency — strong quality floor supports entry
High volatility — wider range of outcomes increases timing risk
Moderate investment profile
Mid-range overall rating
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Relative valuation derived from Manufacturing sector benchmarks. Model weights: EV/EBITDA (40%), P/B (35%), P/S (25%). Re-calculated daily.
Projection based on user-defined inputs. Re-calculated daily against current market data.
Reverse DCF Framework — Mauboussin Methodology
Institutional-grade Reverse DCF analysis. This model identifies the growth hurdles embedded in current market prices. When implied growth is significantly lower than historical or projected rates, a margin of safety may exist. Re-audited daily.
No analyst ratings for FMFC.
View All Ratings| Factor | Global | Sector | Tilt |
|---|---|---|---|
| PROFITABILITY | 84 | 97 | -13DRAG |
| MOMENTUM | 14 | 5 | +9ALPHA |
| VALUATION | 90 | 94 | -4NEUTRAL |
| INVESTMENT | 52 | 93 | -41DRAG |
| STABILITY | 21 | 7 | +14ALPHA |
| SHORT INT | 88 | 97 | -9DRAG |
Global = full universe. Sector = relative to industry peers. Positive tilt indicates idiosyncratic strength.
ROIC 5.8% vs WACC 9.4% (spread -3.5%)
GM 20% vs sector 44%, OM 2% vs sector 3%
Capital turnover 3.39x
Rev growth N/A
Interest coverage 0.6x, Net debt/EBITDA 6.3x
Composite assessment of profitability, capital efficiency, and financial strength. Top-tier entities demonstrate sustainable cash flow generation and elite competitive moats.
Profit generated per dollar of shareholder equity
Efficiency of asset utilization
Pricing power and cost efficiency
Core business profitability
Bottom-line profitability
The Quality factor evaluates the persistence and magnitude of realized cash flows. Companies with scores >70 exhibit superior pricing power and structural financial resilience through diverse economic regimes.
Our uncertainty rating tracks the predictability of future cash flows and potential for permanent capital loss. Moderate visibility with standard industry cyclicality.
We rate Kandal M Venture Ltd (FMFC) as a Hold with a composite score of 58.5/100 at a current price of $0.39. The stock presents a mixed quantitative picture — neither compelling enough to warrant new accumulation nor weak enough to justify selling.
Kandal M Venture Ltd holds a top-quartile position (#0 of 50) within the Manufacturing sector, based on our composite quantitative scoring across quality, value, momentum, and stability factors. The composite score of 58.5/100 places it at rank #840 in our full universe.
No Moat
Very High
Poor
Undervalued
Returns on equity of 221.8% exceed cost of capital.
Value factor score of 90 suggests attractive pricing.
Stable competitive position in a defensive sector.
Elevated P/E ratio of 35.7x leaves little room for execution misses.
Leverage of 1369% D/E amplifies downside risk.
Weak momentum suggests persistent institutional selling pressure.
Kandal M Venture Ltd represents a hold based on multi-factor quantitative performance.
Our model assigns Kandal M Venture Ltd a Hold rating, with a composite score of 58.5/100 and 3 out of 5 stars. Ranked #840 of 7,333 stocks, FMFC presents a mixed quantitative picture — neither compelling enough to initiate new positions nor weak enough to warrant selling. Investors already holding may consider maintaining their position while monitoring for changes in the factor profile.
FMFC earns a quality score of 84/100, indicating above-average business quality. The company reports a return on equity of 221.8% (sector avg: -1.9%), gross margins of 19.5% (sector avg: 44.1%), net margins of 1.2% (sector avg: 1.0%). Companies in this tier generally demonstrate consistent profitability and efficient capital deployment, though they may face some competitive pressure.
From a valuation perspective, FMFC scores an exceptional 90/100, indicating the stock trades at a deep discount relative to its fundamentals. Key valuation metrics include a P/E ratio of 35.72x, an EV/EBITDA of 3.65x, a P/B ratio of 17.91x. A value score this high suggests the market may be significantly underpricing the company's earnings power, assets, or cash flow generation.
With an investment score of 52/100, FMFC exhibits moderate growth-oriented spending. Key growth metrics include a return on assets of 8.3% (sector: 0.9%). The company appears to be balancing growth investments with capital returns, though the pace of investment may not be enough to accelerate top-line growth meaningfully.
Kandal M Venture Ltd is experiencing notably weak momentum with a score of just 14/100. The stock has underperformed its peers and is trending below major moving averages. Revenue growth data is not currently available, while a beta of 1.32 reflects its sensitivity to broader market moves. While deep momentum weakness can occasionally present value opportunities, it often reflects deteriorating fundamentals or structural headwinds that may persist.
Kandal M Venture Ltd registers a low stability score of 21/100, indicating high volatility and potentially stressed financial conditions. Key stability metrics include a beta of 1.32 and a debt-to-equity ratio of 1369.00x (sector avg: 0.2x). Stocks at this level carry elevated capital loss risk and may be unsuitable for conservative portfolios without careful risk management.
FMFC's short interest factor score of 88/100 indicates very low short selling activity relative to peers — a positive signal suggesting institutional investors see limited near-term downside. Specific risk factors include above-average market sensitivity (beta: 1.32), elevated leverage (D/E: 1369.00x), micro-cap liquidity risk. As a micro-cap company with a market capitalization of $0, Kandal M Venture Ltd benefits from the generally lower volatility and deeper liquidity associated with its size class.
Kandal M Venture Ltd is a micro-cap company in the Manufacturing sector, ranked #0 of 50 in its sector (100th percentile) and #840 of 7,333 overall (89th percentile). Key comparisons include ROE of 221.8% exceeding the -1.9% sector median and operating margins of 2.2% below the 2.5% sector average. This top-quartile standing reflects exceptional competitive strength relative to Manufacturing peers.
While FMFC currently exhibits a HOLD profile, superior opportunities exist within the MANUFACTURING sector. Our model identifies several "Strong Buy" candidates with higher quality scores and more attractive valuations among direct industry competitors.
View Top Manufacturing Alpha →Quant Factor Profile
Key factor gap
Value (90) vs Momentum (14) — closing this gap could shift the rating.
EV/EBITDA 68% BELOW SECTOR MEDIAN (FAVORABLE)
ROE 11775% BELOW SECTOR MEDIAN
Gross Margin 56% BELOW SECTOR MEDIAN
Above 50MA
37.18%
Net New Highs
+51081
Individual and institutional investors, advisors, and analysts are invited to attendTA KHMAU, Cambodia, Feb. 04, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced that the Company’s management team, including Director and Chairman, Duncan Miao, will present at the Skyline Signature Series™ on Thursday, February 12, 2026, at 11:00 AM ET.
TA KHMAU, Cambodia, Feb. 03, 2026 (GLOBE NEWSWIRE) -- Kandal M Venture Limited (Nasdaq: FMFC) (“Kandal” or the “Company”), a contract manufacturer of affordable luxury leather goods with manufacturing operations in Cambodia, today announced the appointment of Mr. Fok Yui Kwong as Executive Director and Chief Executive Officer, effective February 1, 2026. Mr. Ngee Woon Lim, who has served as CEO and Executive Director, will cease to serve in both roles effective February 1, 2026. The Company exte
Kandal M Venture appoints CEO transition (NASDAQ:FMFC)