BTU

Consumer

Công ty Cổ phần Công trình Đô thị Bến Tre

Hàng & Dịch vụ Công nghiệp/Tư vấn & Hỗ trợ Kinh doanhCT

16.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

40.165

Current

16.500

Gap

+143.4%

ModelFCF DCF

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Consumer

Classified as consumer because ICB sector "Hàng & Dịch vụ Công nghiệp" maps to the consumer group

ModelFCF-Based DCF

Value = Sum of [FCF / (1+WACC)^t] + Terminal Value / (1+WACC)^n

A classic Discounted Cash Flow model built on Free Cash Flow (FCF), the actual cash a business generates after all operating expenses and capital expenditures. Future FCF is projected for 10 years with gradually decaying growth, then discounted back to today's value using WACC. This is the gold standard of intrinsic valuation: it values the company based on what it can actually deliver to shareholders, independent of market sentiment.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.000

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

11.50%

E/(D+E)

65.39%

Kd(1-t)

6.99%

D/(D+E)

34.61%

WACC

10.00%

Growth Estimate

fundamental firm blend5.57%

Growth decays 10%/yr toward terminal

Model Inputs

Base FCF→6.49B

Projection years→10

Valuation

Base FCF

6.49B

Growth Rate

5.57%

WACC

10.00%

Terminal Growth

4.00%

DCF Value

40.165

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — BTU

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.33

Moderate

DSRI

1.582

GMI

0.904

AQI

0.312

SGI

1.035

DEPI

1.206

SGAI

0.961

TATA

-0.008

LVGI

1.256

The Beneish M-Score of -2.3342 indicates a lower likelihood of earnings manipulation, but several components raise concerns. The earnings quality score of 58.8/100, particularly the 0.0/100 for receivables and revenue, suggests potential issues with revenue recognition and cash flow management.

Red Flags

DSRI of 1.5820 indicates a significant increase in receivables relative to sales, which could signal aggressive revenue recognition practices.
The earnings quality score of 0.0/100 for eq_receivables and eq_revenue raises concerns about the sustainability of reported earnings.

Positive Signals

An earnings quality score of 96.7/100 for eq_accrual indicates strong accrual management, suggesting that reported earnings are backed by actual economic activity.
The GMI of 0.9040 is below 1, indicating that gross margins are stable, which is a positive sign for operational efficiency.

Ownership Risk

The significant state ownership (60.0%) by Ủy Ban Nhân Dân Tỉnh Bến Tre may lead to potential conflicts of interest and influence over financial reporting, which could obscure true financial performance.

Recommendation

Investors should closely monitor cash flow statements and revenue recognition practices, particularly given the elevated DSRI and low receivables quality. Consider a cautious approach to investment until further clarity on operational performance is established.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

2.52

Grey Zone

Sharpe

0.94

Positive

Composite

Strong

Price Risk

Momentum

+23.9%

Volatility

35.5%

Max Drawdown

-19.7%

Key Ratios

Fiscal year 2024

4.71P/E

P/B0.87

P/S0.52

ROE19.3%

ROA11.7%

EPS3268.29

BVPS17743.08

Gross Margin28.2%

Net Margin11.0%

D/E0.77

Current Ratio2.05

Rev Growth3.5%

Profit Growth37.8%

EV/EBITDA1.77

Div Yield13.0%

Company Overview

Issued Shares

3.6M

Charter Capital

36.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Tư vấn & Hỗ trợ Kinh doanh

Sub-industry

Chất thải & Môi trường

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Ủy Ban Nhân Dân Tỉnh Bến Tre

State

60.0%

2.2 trieu

Công ty Cổ phần Tập Đoàn Ô Tô Hiệp Hòa

Inst

14.7%

529.700

nguyen-thanh-phong

Indiv

5.0%

180.000

Ngô Trung Kiên

Indiv

1.7%

59.800

Lê Văn Vũ

Indiv

1.4%

51.400

nguyen-tan-vu

Indiv

1.4%

50.000

Nguyễn Ngọc Mai Quỳnh

Indiv

0.6%

20.000

Huỳnh Thanh Hải

Indiv

0.3%

12.400

Đoàn Thị Thanh

Indiv

0.3%

10.100

Công đoàn cơ sở CTCP Công trình Đô thị Bến Tre

Inst

0.3%

10.000

Trịnh Văn Đấu

Indiv

0.2%

7.000

Nguyễn Hữu Thuận

Indiv

0.1%

5.000

Tăng Đồng

Indiv

0.1%

4.200

Trần Thị Vân Nghi

Indiv

0.1%

3.800

Board & Management

Nguyễn Thanh Phong5.0%

Thành viên Hội đồng Quản trị

Lê Văn Vũ1.4%

Phó Tổng Giám đốc

Nguyễn Tấn Vũ1.4%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Huỳnh Thanh Hải0.3%

Phụ trách Công bố thông tin/Người phụ trách quản trị công ty

Trịnh Văn Đấu0.2%

Trưởng Ban kiểm soát

Nguyễn Hữu Thuần0.1%

Thành viên Ban kiểm soát

Trần Thị Vân Nghi0.1%

Kế toán trưởng

Nguyễn Thanh Bình

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Đào Mạnh Hùng

Thành viên Hội đồng Quản trị

Võ Minh Hùng

Thành viên Ban kiểm soát

Nguyễn Ngọc Triệu

Chủ tịch Hội đồng Quản trị

Top connections

NBT64.0%DTP19.3%BRS16.0%MLC14.7%VLA10.0%NDF5.0%BWE5.0%TDM5.0%KHS5.0%SBS5.0%ITA5.0%ANT5.0%

Computed 12/04/2026