BBS

Construction

Công ty Cổ phần VICEM Bao bì Bút Sơn

Hàng & Dịch vụ Công nghiệp/Hàng công nghiệpCT

11.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

20.401

Current

11.800

Gap

+72.9%

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)

37.02%

Kd(1-t)

6.14%

D/(D+E)

62.98%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

24.492

50%DCF Value

16.310

Blended Intrinsic

20.401

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BBS

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

-2.37

Moderate

DSRI

0.669

GMI

1.421

AQI

1.000

SGI

1.267

DEPI

0.950

SGAI

0.638

TATA

-0.027

LVGI

0.938

BBS exhibits a Beneish M-Score of -2.3714, indicating a lower likelihood of earnings manipulation. However, the earnings quality score of 82.3 suggests strong cash conversion and receivables management, yet a concerning score of 0.0 for revenue raises questions about revenue recognition practices.

Red Flags

The SGI of 1.2671 indicates aggressive growth that may not be supported by actual revenue growth, raising concerns about sustainability.
The EQ revenue score of 0.0/100 suggests potential issues with revenue recognition, which could indicate aggressive accounting practices.

Positive Signals

An earnings quality score of 82.3/100 reflects strong overall earnings quality, particularly in cash conversion (100.0/100) and receivables management (100.0/100).
The DSRI of 0.6689 indicates that inventory levels are well managed relative to sales, which is a positive sign for operational efficiency.

Ownership Risk

The top shareholder, Tổng Công ty Xi măng Việt Nam, holds a significant 34.3% stake, which may lead to potential conflicts of interest or influence over corporate governance. However, the presence of multiple individual shareholders may provide some balance.

Recommendation

Investors should monitor revenue recognition practices closely and consider the implications of aggressive growth strategies. A thorough review of financial statements and management discussions is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.34

Grey Zone

Sharpe

0.27

Positive

Composite

Strong

Price Risk

Momentum

+25.2%

Volatility

68.0%

Max Drawdown

-47.0%

Key Ratios

Fiscal year 2025

9.77P/E

P/B0.65

P/S0.16

ROE6.7%

ROA2.6%

EPS1208.26

BVPS18156.69

Gross Margin7.2%

Net Margin1.6%

D/E1.44

Current Ratio1.29

Rev Growth26.7%

Profit Growth17.1%

EV/EBITDA5.90

Div Yield0.0%

Company Overview

Issued Shares

6.0M

Charter Capital

60.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Hàng công nghiệp

Sub-industry

Containers & Đóng gói

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Xi măng Việt Nam

Inst

34.3%

2.1 trieu

Hoàng Trung Chiến

Indiv

8.0%

480.000

Ngô Việt Hồng

Indiv

7.7%

459.802

Dương Minh Tuấn

Indiv

7.6%

454.727

Công Ty Cổ Phần Kanetora

Inst

4.9%

295.800

Phạm Thu Thủy

Indiv

4.9%

292.000

Trần Thị Thanh Huyền

Indiv

4.8%

290.000

Trần Thị Nền

Indiv

4.7%

282.000

Trần Thanh Nghị

Indiv

4.7%

280.000

Bch Công Đoàn Ctcp Vicem Bao Bì Bút Sơn

Inst

3.6%

215.600

Phạm Văn Minh

Indiv

2.7%

162.329

Hoàng Mai Khởi

Indiv

0.3%

14.230

nguyen-van-dat

Indiv

0.3%

18.700

Đinh Xuân Bồng

Indiv

0.3%

12.840

Nguyễn Minh Thư

Indiv

0.3%

10.580

Hà Hải Yến

Indiv

0.2%

7.333

Bùi Huy Hồng

Indiv

0.2%

10.100

Trần Văn Thượng

Indiv

0.1%

5.700

Board & Management

Hoàng Trung Chiến8.0%

Thành viên Hội đồng Quản trị

Dương Minh Tuấn7.6%

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

Trần Thị Nền4.7%

Thành viên Ban kiểm soát

Trần Đức Thiện

Thành viên Ban kiểm soát

Dương Tuấn Linh

Thành viên Hội đồng Quản trị

Nguyễn Thị Thanh Hằng

Trưởng Ban kiểm soát

Trần Ngọc Hưng

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Văn Chảng

Thành viên Hội đồng Quản trị

Top connections

HT179.7%BTS79.5%BCC73.1%HOM71.1%DXV65.8%VTV62.9%TMX59.6%HCT53.9%TXM51.2%HTV50.1%BPC49.0%BXH49.0%

Computed 12/04/2026