C32

Construction

Công ty Cổ phần Đầu tư và Xây dựng 3-2

Xây dựng và Vật liệuCT

10.500

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

8.815

Current

10.500

Gap

-16.1%

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)

68.33%

Kd(1-t)

7.92%

D/(D+E)

31.67%

WACC

10.84%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

11.544

50%DCF Value

6.086

Blended Intrinsic

8.815

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — C32

Earnings Quality

Fiscal year 2025

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 · 2025

-2.64

Low Risk

DSRI

1.137

GMI

0.653

AQI

0.879

SGI

0.872

DEPI

1.100

SGAI

1.088

TATA

0.016

LVGI

1.020

C32 exhibits several concerning financial metrics, particularly its Beneish M-Score of -2.6376, which suggests a low likelihood of earnings manipulation. However, the earnings quality score of 53.0 indicates mixed performance, with significant weaknesses in revenue and margin quality.

Red Flags

Beneish M-Score of -2.6376 is below the manipulation threshold of -1.78, indicating potential earnings manipulation.
Earnings quality metrics show a score of 0.0/100 for both eq_margin and eq_revenue, highlighting severe issues in profitability and revenue recognition.

Positive Signals

The DSRI of 1.1369 is slightly above 1, suggesting that inventory levels are in line with sales, which is a positive indicator.
The eq_accrual score of 93.8/100 indicates strong accrual quality, suggesting that reported earnings are backed by actual cash flows.

Ownership Risk

The top shareholders are individuals with significant stakes, with the largest holding at 24.3%. This concentrated ownership may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor C32's financial disclosures for signs of earnings manipulation and consider a cautious approach due to the elevated risk level. Further analysis of cash flow and revenue recognition practices is recommended.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.99

Grey Zone

Sharpe

0.77

Positive

Composite

Fair

Price Risk

Momentum

+18.5%

Volatility

36.8%

Max Drawdown

-25.3%

Key Ratios

Fiscal year 2025

8.00P/E

P/B0.54

P/S0.58

ROE7.0%

ROA4.8%

EPS1312.19

BVPS19294.73

Gross Margin14.2%

Net Margin7.2%

D/E0.46

Current Ratio1.44

Rev Growth-12.8%

Profit Growth385.2%

EV/EBITDA9.73

Div Yield0.0%

Company Overview

Issued Shares

30.1M

Charter Capital

300.6B 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 C32 — hover nodes for intel, click to navigate

Shareholders

Bùi Thu Huyền

Indiv

24.3%

7.3 trieu

Phạm Thị Thu Thủy

Indiv

10.8%

1.6 trieu

Từ Vĩnh Trung

Indiv

10.0%

3.0 trieu

Phan Hoàng Tuấn

Indiv

5.0%

748.550

Htx Phúc Tài

Inst

4.9%

733.908

Quỹ Đầu tư Chứng Khoán Năng động DC

Inst

4.8%

540.350

Ngô Đức Tài

Indiv

4.0%

450.000

Đinh Văn Trọng

Indiv

1.8%

534.800

Võ Văn Lãnh

Indiv

1.1%

334.364

PYN Elite Fund

Inst

1.0%

152.900

Nguyễn Đình Tú Nhi

Indiv

0.7%

101.600

Board & Management

Võ Văn Lãnh1.1%

Tổng Giám đốc

Trần Văn Bình

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Xuân Hiếu

Kế toán trưởng

Văn Hoàng Tùng

Thành viên Ban kiểm soát

Trịnh Tiến Bảy

Thành viên Hội đồng Quản trị

Nguyễn Lê Văn

Chủ tịch Hội đồng Quản trị

Lữ Minh Quân

Phụ trách Công bố thông tin

Phan Thị Thanh Xuân

Trưởng Ban kiểm soát

Phạm Thị Thùy Tiên

Thành viên Ban kiểm soát

Nguyễn Hữu Nghĩa

Thành viên Hội đồng Quản trị

Top connections

MDG3 links ASM11.2%PDC11.1%KDH2 links VQC10.8%HDG10.0%MIG9.9%DSE9.7%YEG8.9%TCT8.7%VLB8.3%ACC7.4%

Computed 12/04/2026