BHC

Construction

Công ty Cổ phần Bê tông Biên Hòa

Xây dựng và Vật liệuCT

1.100

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

833

Current

1.100

Gap

-24.3%

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

12.20%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

2.556

50%DCF Value

-891

Blended Intrinsic

833

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — BHC

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

-3.04

Low Risk

DSRI

1.335

GMI

1.864

AQI

1.071

SGI

0.749

DEPI

0.949

SGAI

6.133

TATA

-0.046

LVGI

1.066

BHC exhibits several concerning financial metrics, particularly with a Beneish M-Score of -3.0373, indicating a low likelihood of earnings manipulation. However, the high SGAI of 6.1333 and low earnings quality score suggest potential issues with expense management and revenue recognition.

Red Flags

SGAI of 6.1333 indicates significantly high selling, general, and administrative expenses relative to sales, which may signal inefficiencies or potential manipulation.
Earnings Quality Score of 62.4/100 is below the threshold of 70, indicating potential issues with the reliability of reported earnings.

Positive Signals

Cash conversion score of 100.0/100 suggests strong cash flow generation from operations, which is a positive indicator of financial health.
DSRI of 1.3354 indicates that the company is managing its inventory levels reasonably well compared to sales, which may mitigate some risks.

Ownership Risk

The concentrated ownership structure, with the top four shareholders holding over 60% of the company, raises governance concerns, as decisions may favor individual interests over minority shareholders.

Recommendation

Investors should closely monitor BHC's expense management and earnings quality metrics. A thorough review of operational efficiency and governance practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

-7.34

Distress Zone

Sharpe

-0.69

Negative

Composite

Weak

Price Risk

Momentum

+0.0%

Volatility

111.9%

Max Drawdown

-47.8%

Key Ratios

Fiscal year 2024

17.94P/E

P/B0.00

P/S0.71

ROE-0.4%

ROA0.8%

EPS66.90

BVPS0.00

Gross Margin23.2%

Net Margin3.9%

D/E-1.45

Current Ratio0.00

Rev Growth-26.6%

Profit Growth-33.3%

EV/EBITDA7.00

Div Yield0.0%

Company Overview

Issued Shares

4.5M

Charter Capital

45.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trần Quốc Lập

Indiv

20.5%

920.641

Đặng Văn Hoan

Indiv

20.5%

920.641

Nguyễn Văn Sơn

Indiv

14.0%

631.688

Đàm Thanh Long

Indiv

5.0%

225.100

Phạm Hùng

Indiv

0.5%

21.000

Nguyễn Thị Ngọc Dung

Indiv

0.3%

14.529

Board & Management

Đặng Văn Hoan20.5%

Thành viên Ban kiểm soát/Phụ trách Công bố thông tin

Nguyễn Văn Sơn14.0%

Chủ tịch Hội đồng Quản trị

Phan Văn Hải

Thành viên Hội đồng Quản trị

Trần Văn Ngân

Phó Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Trần Văn Phúc

Thành viên Hội đồng Quản trị

Đỗ Hoàng Minh

Trưởng Ban kiểm soát

Đinh Thị Bích Thủy

Thành viên Hội đồng Quản trị

Nguyễn Văn Tuyến

Kế toán trưởng

Nguyễn Thanh Hoàn

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đào Văn Sơn

Thành viên Ban kiểm soát

Nguyễn Trọng Kim

Phó Tổng Giám đốc

Top connections

ICG17.0%HCM14.0%S5514.0%LGL14.0%TTG14.0%HDA14.0%GMX14.0%NTF14.0%LPT14.0%PMT14.0%PGD14.0%TCK14.0%

Computed 12/04/2026