ACV

Construction

Tổng Công ty Cảng Hàng không Việt Nam - CTCP

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

45.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

59.026

Current

45.400

Gap

+30.0%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

76.91%

Kd(1-t)

6.46%

D/(D+E)

23.09%

WACC

10.88%

Growth Estimate

fundamental firm blend11.27%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

60.495

50%DCF Value

57.557

Blended Intrinsic

59.026

Value Decomposition

36%

64%

Explicit period (36%)Terminal value (64%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ACV

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.80

Low Risk

DSRI

0.584

GMI

1.010

AQI

1.363

SGI

1.149

DEPI

1.492

SGAI

1.150

TATA

-0.051

LVGI

1.035

ACV exhibits a Beneish M-Score of -2.7965, indicating a low likelihood of earnings manipulation. The company's earnings quality score of 84.4/100, particularly strong cash conversion metrics, suggests solid operational performance despite some concerns in revenue quality.

Red Flags

Revenue quality score is low at 36.0/100, indicating potential issues in recognizing revenue accurately.

Positive Signals

Strong earnings quality score of 84.4/100, with perfect cash conversion and receivables metrics, indicating effective cash management.

Ownership Risk

The ownership structure is heavily dominated by state entities, with 95.4% held by the Ministry of Finance and the State Capital Investment Corporation, which may limit minority shareholder influence and raise concerns about governance.

Recommendation

Investors should monitor revenue recognition practices closely due to the low revenue quality score while leveraging the company's strong cash conversion capabilities for potential growth.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

6.36

Safe Zone

Sharpe

-0.92

Negative

Composite

Fair

Price Risk

Momentum

-12.7%

Volatility

47.5%

Max Drawdown

-36.1%

Key Ratios

Fiscal year 2025

14.96P/E

P/B2.32

P/S6.25

ROE16.7%

ROA12.9%

EPS3026.10

BVPS19502.16

Gross Margin60.8%

Net Margin41.8%

D/E0.30

Current Ratio2.37

Rev Growth14.7%

Profit Growth4.0%

EV/EBITDA9.93

Div Yield0.0%

Company Overview

Issued Shares

3582.8M

Charter Capital

35828.5B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Bộ Tài Chính

State

95.4%

3.4 ty

Ủy Ban Quản Lý Vốn Nhà Nước Tại Doanh Nghiệp

State

95.4%

2.1 ty

Ủy Ban Quản Lý Vốn Nhà Nước Tại Doanh Nghiệp

State

95.4%

3.4 ty

Vinacapital Vietnam Opportunity Fund Ltd.

Inst

1.0%

22.1 trieu

PYN Elite Fund

Inst

0.4%

8.3 trieu

Board & Management

Vũ Thế Phiệt

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Lê Thị Diệu Thúy

Thành viên Hội đồng Quản trị

Nguyễn Đức Hùng

Phó Tổng Giám đốc

Nguyễn Tiến Việt

Thành viên Hội đồng Quản trị

Nguyễn Thị Hồng Phượng

Thành viên Hội đồng Quản trị

Đỗ Tất Bình

Phó Tổng Giám đốc

Đào Việt Dũng

Thành viên Hội đồng Quản trị

Lại Xuân Thanh

Chủ tịch Hội đồng Quản trị

Lương Quốc Bình

Thành viên Ban kiểm soát

Bùi Á Đông

Kế toán trưởng

Lê Văn Khiên

Thành viên Hội đồng Quản trị

Nguyễn Quốc Phương

Phó Tổng Giám đốc

Trần Anh Vũ

Phó Tổng Giám đốc

Huỳnh Thị Diệu

Trưởng Ban kiểm soát

Nguyễn Hữu Phúc

Thành viên Ban kiểm soát

Top connections

MVN5 links GVR3 links MTL2 links PLX5 links BVH95.4%HDW2 links SNZ2 links DHB2 links HVN5 links VSF95.4%VIF5 links VBG2 links

Computed 12/04/2026