BAX

Construction

Công ty Cổ phần Thống Nhất

Xây dựng và Vật liệuCT

32.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

50.656

Current

32.500

Gap

+55.9%

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)

29.06%

Kd(1-t)

6.30%

D/(D+E)

70.94%

WACC

10.00%

Growth Estimate

fundamental firm blend4.91%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

42.153

50%DCF Value

59.158

Blended Intrinsic

50.656

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BAX

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.60

Low Risk

DSRI

0.244

GMI

1.266

AQI

0.917

SGI

1.510

DEPI

0.965

SGAI

0.576

TATA

-0.012

LVGI

0.977

BAX demonstrates a low risk of earnings manipulation according to the Beneish M-Score, which is well below the manipulation threshold. The earnings quality score is strong, particularly in cash conversion and receivables, indicating reliable financial performance.

Positive Signals

Beneish M-Score of -2.5952 indicates low likelihood of earnings manipulation, well below the threshold of -1.78.
Earnings Quality Score of 83.8/100 reflects strong metrics in cash conversion (100.0/100) and receivables (100.0/100), suggesting robust operational performance.

Ownership Risk

The ownership structure is concentrated, with the top three institutional shareholders holding a combined 81.7%, which may lead to governance risks if interests diverge from minority shareholders.

Recommendation

Continue monitoring BAX for any changes in earnings quality metrics, but consider it a stable investment given its current strong performance indicators.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.20

Distress Zone

Sharpe

-0.36

Negative

Composite

Fair

Price Risk

Momentum

-7.1%

Volatility

29.6%

Max Drawdown

-16.3%

Key Ratios

Fiscal year 2025

7.59P/E

P/B1.20

P/S2.42

ROE16.5%

ROA4.9%

EPS4368.85

BVPS27143.98

Gross Margin44.7%

Net Margin32.5%

D/E2.26

Current Ratio5.34

Rev Growth52.2%

Profit Growth34.8%

EV/EBITDA5.48

Div Yield6.2%

Company Overview

Issued Shares

8.2M

Charter Capital

82.0B 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 BAX — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Một Thành Viên Tổng Công ty Cao Su Đồng Nai

Inst

36.1%

3.0 trieu

Công ty Cổ phần Tổng Công ty Tín Nghĩa

Inst

29.5%

2.4 trieu

america limited liability company

Inst

16.1%

1.4 trieu

Quách Trọng Nguyên

Indiv

6.5%

530.480

Phan Văn Yên

Indiv

0.2%

12.400

Board & Management

Phan Văn Yên0.2%

Phó Tổng Giám đốc

Đào Sỹ Du

Trưởng Ban kiểm soát

Nguyễn Văn Thạnh

Thành viên Hội đồng Quản trị

NGUYỄN THÀNH SƠN

Chủ tịch Hội đồng Quản trị

Lê Văn Danh

Thành viên Hội đồng Quản trị

Lê Minh Chương

Thành viên Ban kiểm soát

Nguyễn Hoàng Dũng

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Hữu Trí

Kế toán trưởng

Trần Hữu Trung

Phó Tổng Giám đốc

Lê Hữu Tịnh

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Chí Hiếu

Thành viên Ban kiểm soát

Lê Văn Liêm

Thành viên Hội đồng Quản trị

Nguyễn Văn Hồng

Thành viên Hội đồng Quản trị

Top connections

TIP2 links CDR36.1%RBC36.1%VRG2 links NTW29.5%DNT29.5%SGN25.0%WCS23.6%DNM22.7%IDV18.0%DXL17.8%SZL16.1%

Computed 12/04/2026