ACE

Construction

Công ty Cổ phần Bê tông ly tâm An Giang

Xây dựng và Vật liệuCT

38.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

33.566

Current

38.000

Gap

-11.7%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

42.60%

Kd(1-t)

6.41%

D/(D+E)

57.40%

WACC

10.00%

Growth Estimate

fundamental firm blend5.02%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

40.655

50%DCF Value

26.477

Blended Intrinsic

33.566

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ACE

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.14

Moderate

DSRI

0.784

GMI

1.010

AQI

1.139

SGI

1.177

DEPI

1.030

SGAI

1.048

TATA

0.061

LVGI

0.887

ACE exhibits a Beneish M-Score of -2.1397, indicating a lower likelihood of earnings manipulation, yet its earnings quality score of 62.3 suggests potential concerns in cash conversion. The ownership structure is heavily dominated by institutional investors, which may provide stability but also raises concerns about minority shareholder influence.

Red Flags

Earnings Quality Score of 62.3 indicates potential issues with cash conversion (33.9/100), suggesting that reported earnings may not translate into actual cash flow.
The SGI of 1.1772 indicates a growth rate higher than the industry average, which may not be sustainable and could lead to future earnings adjustments.

Positive Signals

Beneish M-Score of -2.1397 is below the manipulation threshold of -1.78, suggesting a lower risk of earnings manipulation.
Strong receivables (100.0/100) and margin (100.0/100) scores indicate effective revenue generation and profitability.

Ownership Risk

The top shareholder, Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam, holds 50.7%, which may lead to potential conflicts of interest and limit minority shareholder influence in decision-making.

Recommendation

Investors should closely monitor cash conversion metrics and revenue sustainability while considering the strong institutional backing as a stabilizing factor.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.10

Safe Zone

Sharpe

0.05

Positive

Composite

Fair

Price Risk

Momentum

+14.9%

Volatility

69.7%

Max Drawdown

-20.7%

Key Ratios

Fiscal year 2025

6.90P/E

P/B1.61

P/S0.33

ROE23.6%

ROA9.9%

EPS5631.77

BVPS24167.69

Gross Margin17.3%

Net Margin4.8%

D/E1.19

Current Ratio1.59

Rev Growth17.7%

Profit Growth12.5%

EV/EBITDA4.92

Div Yield2.6%

Company Overview

Issued Shares

3.1M

Charter Capital

30.5B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for ACE — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam

Inst

50.7%

1.5 trieu

nguyen-thi-luyen

Indiv

6.0%

183.375

Cao Thị Hiếu Thảo

Indiv

4.3%

131.690

Công Đoàn Công ty Cổ Phần Bê Tông Ly Tâm An Giang

Inst

2.1%

65.308

Vương Thị Kim

Indiv

2.0%

61.149

Lê Anh Kiệt

Indiv

1.5%

45.954

Hoàng Thế Hiển

Indiv

1.4%

42.406

Lê Duy Cửu

Indiv

0.8%

23.575

Lâm Thúy Liểu

Indiv

0.6%

19.000

Lê Thị Yến Tuyết

Indiv

0.6%

17.980

Phạm Huỳnh Anh Thư

Indiv

0.3%

10.000

Trịnh Tấn Đệ

Indiv

0.3%

10.000

Vương Xuân Thực

Indiv

0.2%

7.050

Board & Management

Hoàng Thế Hiển1.4%

Chủ tịch Hội đồng Quản trị

Lê Duy Cửu0.8%

Giám đốc/Thành viên Hội đồng Quản trị

Trịnh Tấn Đệ0.3%

Thành viên Hội đồng Quản trị/Kế toán trưởng/Phụ trách Công bố thông tin

Nguyễn Thanh Gần Em

Phó Giám đốc Tài chính/Thành viên Hội đồng Quản trị

Tạ Văn Mẫn

Thành viên Ban kiểm soát

Phạm Bửu Lộc

Thành viên Hội đồng Quản trị

Lê Đức Thọ

Trưởng Ban kiểm soát

Đinh Văn Thi

Thành viên Ban kiểm soát

Top connections

CIP2 links BTD2 links CI551.0%ICI50.7%NDW6.0%HAC6.0%TVD6.0%

Computed 12/04/2026