ACS

Construction

Công ty Cổ phần Xây lắp Thương mại 2

Xây dựng và Vật liệuCT

4.100

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

555

Current

4.100

Gap

-86.5%

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)

19.35%

Kd(1-t)

0.06%

D/(D+E)

80.65%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

8.972

50%DCF Value

-7.863

Blended Intrinsic

555

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ACS

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.78

Low Risk

DSRI

0.816

GMI

1.405

AQI

0.346

SGI

0.892

DEPI

1.242

SGAI

0.910

TATA

-0.007

LVGI

0.994

The Beneish M-Score of -2.7818 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue and margin quality, which could pose risks to future performance.

Red Flags

Earnings Quality Score of 64.0/100 indicates moderate concerns, especially with eq_margin and eq_revenue both at 0.0/100, suggesting potential revenue recognition issues.
GMI of 1.4045 suggests that gross margins are declining, which may indicate operational inefficiencies or pricing pressures.

Positive Signals

The DSRI of 0.8156 indicates that accounts receivable are growing at a slower rate than sales, which is a positive sign for cash flow.
High eq_cash_conv score of 100.0/100 suggests strong cash conversion from earnings, indicating that the company is effectively turning profits into cash.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the top three shareholders holding a combined 45.7%. This concentration may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor earnings quality and operational efficiency metrics while considering a cautious approach due to the elevated risk level. Conducting further due diligence on management practices and financial reporting is advisable.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.89

Distress Zone

Sharpe

-0.44

Negative

Composite

Weak

Price Risk

Momentum

-13.0%

Volatility

151.6%

Max Drawdown

-62.9%

Key Ratios

Fiscal year 2024

57.46P/E

P/B0.22

P/S0.07

ROE0.5%

ROA0.1%

EPS92.95

BVPS18173.73

Gross Margin8.1%

Net Margin0.2%

D/E4.17

Current Ratio1.19

Rev Growth-10.8%

Profit Growth203.8%

EV/EBITDA64.24

Div Yield0.0%

Company Overview

Issued Shares

5.4M

Charter Capital

54.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Nguyễn Quang Khanh

Indiv

17.8%

710.930

Đinh Viết Duy

Indiv

15.5%

618.744

Lê Đức Nguyên

Indiv

12.4%

497.508

Công ty Cổ phần Bê tông Ngoại Thương

Inst

10.6%

422.416

Công ty TNHH Phúc Phú An

Inst

10.0%

400.000

Công ty Cổ phần Đầu tư Xây dựng Ngoại Thương

Inst

5.5%

221.160

Hứa Đan Thanh

Indiv

5.4%

290.000

Đặng Lê Dũng

Indiv

5.3%

211.000

Lê Đức Long

Indiv

5.1%

202.000

Trương Thị Xuân

Indiv

2.8%

113.550

Board & Management

Đinh Viết Duy15.5%

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Lê Đức Nguyên12.4%

Phó Chủ tịch Hội đồng Quản trị

Đặng Lê Dũng5.3%

Chủ tịch Hội đồng Quản trị

Đặng Hồng Phước

Thành viên Hội đồng Quản trị độc lập

Phạm Văn Hùng Em

Phó Tổng Giám đốc

Trương Thị Thúy Hằng

Trưởng Ban kiểm soát

Lê Thị Mộng Huyền

Thành viên Ban kiểm soát

Trần Văn Lâm

Phó Tổng Giám đốc

Huỳnh Minh Phúc

Thành viên Ban kiểm soát

Nguyễn Thị Tuyết Hồng

Kế toán trưởng

Nguyễn Huỳnh Trung Hậu

Phó Tổng Giám đốc

Võ Thanh Thuận

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc Tài chính/Phụ trách Công bố thông tin

Top connections

HSG15.5%HII5.1%VBG5.1%TAL5.1%

Computed 12/04/2026