BCE

Construction

Công ty Cổ phần Xây dựng và Giao thông Bình Dương

Xây dựng và Vật liệuCT

11.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

13.768

Current

11.200

Gap

+22.9%

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)

48.49%

Kd(1-t)

6.05%

D/(D+E)

51.51%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

2.641

50%DCF Value

24.895

Blended Intrinsic

13.768

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BCE

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-0.47

High Risk

DSRI

0.419

GMI

2.055

AQI

0.059

SGI

3.002

DEPI

1.161

SGAI

0.483

TATA

0.156

LVGI

1.770

BCE exhibits several concerning financial metrics, particularly in earnings quality and growth indicators, suggesting potential financial manipulation risks. However, the low Beneish M-Score indicates a lower likelihood of outright earnings manipulation, providing some reassurance.

Red Flags

SGI of 3.0024 indicates unsustainable growth compared to industry norms, raising concerns about revenue generation.
Earnings Quality Score of 35.6/100, particularly low cash conversion (0.0/100), suggests potential issues in converting earnings to cash, indicating possible liquidity risks.

Positive Signals

DSRI of 0.4189 indicates that accounts receivable are well-managed relative to revenue, which is a positive sign of operational efficiency.

Ownership Risk

The significant ownership by Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex (44.4%) suggests a strong institutional backing, which can provide stability. However, the concentration of ownership may also lead to governance risks if interests diverge from minority shareholders.

Recommendation

Investors should closely monitor BCE's cash flow performance and revenue sustainability, given the elevated SGI and low cash conversion metrics. Consider a cautious approach or wait for improved earnings quality indicators before making significant investment decisions.

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

Quantitative Scores

F-Score

1/9

Weak

Z-Score

1.13

Distress Zone

Sharpe

0.60

Positive

Composite

Weak

Price Risk

Momentum

+17.9%

Volatility

16.3%

Max Drawdown

-13.6%

Key Ratios

Fiscal year 2025

3.87P/E

P/B0.82

P/S0.45

ROE23.5%

ROA6.2%

EPS2890.98

BVPS13621.09

Gross Margin18.3%

Net Margin11.5%

D/E4.34

Current Ratio1.67

Rev Growth195.1%

Profit Growth35.7%

EV/EBITDA5.60

Div Yield0.0%

Company Overview

Issued Shares

35.0M

Charter Capital

350.0B 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 BCE — hover nodes for intel, click to navigate

Shareholders

Tập đoàn Đầu tư và Phát triển Công nghiệp Becamex

Inst

44.4%

15.5 trieu

Công ty Cổ phần Quản lý quỹ đầu tư MB

Inst

4.8%

1.5 trieu

Lê Tuấn Dũ

Indiv

1.2%

358.788

Lê Phan Minh Vũ

Indiv

0.5%

136.750

Đỗ Văn Minh

Indiv

0.4%

128.773

Dương Thị Hồng Tỵ

Indiv

0.3%

94.680

Nguyễn Kim Tiên

Indiv

0.2%

66.345

Hồ Minh Diễm Thuý

Indiv

0.2%

59.000

Nguyễn Thị Bửu

Indiv

0.1%

33.750

Board & Management

Nguyễn Kim Tiên0.2%

Phụ trách Công bố thông tin/Phó Tổng Giám đốc

Hồ Minh Diễm Thuý0.2%

Kế toán trưởng

Lai Nhật Xuân Trang

Người phụ trách quản trị công ty

Quảng Văn Viết Cương

Chủ tịch Hội đồng Quản trị

Huỳnh Thị Quế Anh

Thành viên Ban kiểm soát

Lê Thị Diệu Thanh

Thành viên Hội đồng Quản trị

Nguyễn Văn Hiền Phúc

Thành viên Hội đồng Quản trị

Nguyễn Văn Thanh Huy

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Thùy Dương

Thành viên Ban kiểm soát

Nguyễn Hoàn Vũ

Thành viên Hội đồng Quản trị

Lương Thị Quỳnh Hoa

Trưởng Ban Kiểm toán nội bộ

Phạm Viết Yên

Thành viên Ban kiểm soát

Top connections

UDJ51.0%IJC49.8%TTN48.6%TDC47.7%BWE44.4%VC113.4%DAG5.0%SFG5.0%PXL5.0%MKP4.9%NTL2 links PGS4.9%

Computed 12/04/2026