C69

Construction

Công ty Cổ phần Xây dựng 1369

Xây dựng và Vật liệuCT

15.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

7.916

Current

15.900

Gap

-50.2%

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)

62.46%

Kd(1-t)

5.90%

D/(D+E)

37.54%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

5.662

50%DCF Value

10.170

Blended Intrinsic

7.916

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — C69

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

-1.84

Moderate

DSRI

1.345

GMI

0.647

AQI

1.844

SGI

0.791

DEPI

0.819

SGAI

1.426

TATA

0.128

LVGI

1.465

C69 exhibits signs of potential earnings manipulation, as indicated by a Beneish M-Score of -1.8412, which is below the manipulation threshold. The earnings quality score of 33.1/100, particularly low cash conversion metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.8412 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Earnings Quality Score of 33.1/100, with a cash conversion score of 0.0/100, suggests significant issues in converting earnings into cash.

Positive Signals

Receivables score of 100.0/100 indicates strong management of accounts receivable, which could be a positive indicator for cash flow in the future.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a significant controlling stake, which may reduce the risk of concentrated influence but could also lead to governance challenges.

Recommendation

Investors should exercise caution and closely monitor C69's financial disclosures and cash flow performance before making any investment decisions. Consider waiting for improved earnings quality metrics and clearer financial reporting.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.22

Grey Zone

Sharpe

2.06

Excellent

Composite

Weak

Price Risk

Momentum

+154.0%

Volatility

44.0%

Max Drawdown

-16.7%

Key Ratios

Fiscal year 2025

24.10P/E

P/B1.38

P/S1.08

ROE5.9%

ROA3.0%

EPS659.68

BVPS11522.68

Gross Margin7.5%

Net Margin4.5%

D/E0.72

Current Ratio3.34

Rev Growth-20.9%

Profit Growth141.0%

EV/EBITDA29.08

Div Yield0.0%

Company Overview

Issued Shares

61.8M

Charter Capital

618.0B 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 C69 — hover nodes for intel, click to navigate

Shareholders

Lê Tuấn Nghĩa

Indiv

8.4%

5.2 trieu

Mai Hồng Ngọc

Indiv

6.3%

628.900

Lê Thị Thùy Linh

Indiv

5.8%

3.6 trieu

Lưu Bảo Trung

Indiv

5.0%

3.0 trieu

Vũ Hồng Quân

Indiv

4.8%

2.9 trieu

Vũ Thị Thu Chung

Indiv

4.8%

2.9 trieu

Nguyễn Thị Tuyết

Indiv

4.7%

1.4 trieu

Công ty TNHH Đầu Tư Và Thương Mại Nam Phương

Inst

4.5%

2.8 trieu

Phạm Anh Đức

Indiv

4.4%

2.6 trieu

Nguyễn Bá Dũng

Indiv

3.5%

2.1 trieu

Lê Minh Tân

Indiv

3.3%

2.1 trieu

Vương Quốc Thắng

Indiv

1.8%

1.1 trieu

Đào Thị Đầm

Indiv

1.8%

1.1 trieu

Tiêu Thị Bạch Dương

Indiv

1.7%

1.0 trieu

Phạm Tiến Quỳnh

Indiv

1.5%

940.081

Phạm Văn Tùng

Indiv

1.0%

600.000

Vương Anh Tuấn

Indiv

0.9%

555.200

Phạm Thị Thế

Indiv

0.9%

528.287

Lê Anh Luân

Indiv

0.8%

489.250

Nguyễn Văn Miêng

Indiv

0.6%

60.000

Trần Xuân Bản

Indiv

0.5%

306.798

Cao Thị Trang

Indiv

0.1%

95.802

Board & Management

Lê Tuấn Nghĩa8.4%

Người phụ trách quản trị công ty/Giám đốc

Lê Minh Tân3.3%

Chủ tịch Hội đồng Quản trị

Đào Thị Đầm1.8%

Thành viên Hội đồng Quản trị

Tiêu Thị Bạch Dương1.7%

Thành viên Hội đồng Quản trị

Phạm Tiến Quỳnh1.5%

Phó Tổng Giám đốc

Vương Anh Tuấn0.9%

Phó Chủ tịch Hội đồng Quản trị

PHẠM VĂN THỤ

Phó Giám đốc

Phạm Thị Doan

Thành viên Ban kiểm soát

Cao Hà Linh

Thành viên Ban kiểm soát

Vũ Thị Thắm

Trưởng Ban kiểm soát

Nguyễn Hải Vinh

Phó Tổng Giám đốc Kinh doanh

Nguyễn Thị Thúy

Phó Giám đốc Tài chính

Trần Thị Tuyết

Kế toán trưởng

Phạm Thị Mến

Phó Tổng Giám đốc

Top connections

EVG5.8%TNI5.8%MAS5.8%AGP5.8%VIX5.0%CMS5.0%SJS4.8%EME4.7%HPM4.7%NTH4.7%VTO4.7%CEO4.7%

Computed 12/04/2026