CC1

Construction

Tổng Công ty Xây dựng số 1 - CTCP

Xây dựng và Vật liệuCT

36.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

16.629

Current

36.000

Gap

-53.8%

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)

27.29%

Kd(1-t)

6.03%

D/(D+E)

72.71%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

35.194

50%DCF Value

-1.936

Blended Intrinsic

16.629

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CC1

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

-1.38

High Risk

DSRI

1.185

GMI

1.009

AQI

0.541

SGI

1.162

DEPI

0.824

SGAI

0.872

TATA

0.208

LVGI

1.011

CC1 exhibits a moderate risk profile with a Beneish M-Score of -1.3762, indicating no immediate signs of earnings manipulation. However, the earnings quality score of 32.8/100, particularly low cash conversion and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 32.8/100 highlights significant issues, particularly with eq_cash_conv at 0.0/100 and eq_revenue also at 0.0/100, suggesting potential overstatement of revenues.
DSRI at 1.1851 indicates a rising level of receivables relative to sales, which could signal aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -1.3762 is below the manipulation threshold of -1.78, suggesting no immediate earnings manipulation.
Strong receivables quality score of 100.0/100 indicates effective management of receivables, which is a positive sign for cash flow.

Ownership Risk

The ownership structure shows a concentration with the top shareholder holding 11.0%, which may lead to governance risks if decisions are made that favor individual interests over minority shareholders.

Recommendation

Investors should closely monitor CC1's earnings quality metrics and consider a deeper analysis into cash flow generation. Given the moderate risk, a cautious approach is advised, potentially waiting for improved earnings quality before increasing positions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.59

Distress Zone

Sharpe

1.32

Excellent

Composite

Weak

Price Risk

Momentum

+167.7%

Volatility

75.9%

Max Drawdown

-28.4%

Key Ratios

Fiscal year 2025

59.94P/E

P/B3.17

P/S1.19

ROE5.4%

ROA1.4%

EPS587.15

BVPS11097.62

Gross Margin4.7%

Net Margin2.0%

D/E2.78

Current Ratio1.36

Rev Growth16.2%

Profit Growth2.1%

EV/EBITDA53.27

Div Yield0.0%

Company Overview

Issued Shares

397.9M

Charter Capital

3979.1B 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 CC1 — hover nodes for intel, click to navigate

Shareholders

Nguyễn Văn Huân

Indiv

11.0%

43.9 trieu

Công ty Cổ Phần Cc1 - Holdings

Inst

10.0%

39.8 trieu

Trần Tấn Phát

Indiv

4.5%

14.2 trieu

Lê Bảo Anh

Indiv

3.8%

15.2 trieu

Trần Thị Quỳnh Như

Indiv

0.3%

1.2 trieu

Board & Management

Nguyễn Văn Huấn11.0%

Chủ tịch Hội đồng Quản trị

Lê Bảo Anh3.8%

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Nguyễn Thị Ngọc Dung

Kế toán trưởng

Lê Hữu Việt Đức

Tổng Giám đốc

Huỳnh Tấn Trí

Phó Tổng Giám đốc

Phan Văn Vũ

Thành viên Ban kiểm soát

Nguyễn Thị Hồng Phương

Thành viên Ban kiểm soát

Nguyễn Đức Dũng

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Phạm Văn Kỷ Trung

Phó Tổng Giám đốc

Hoàng Trung Thanh

Phó Tổng Giám đốc

Bùi Tấn Thảo

Thành viên Ban kiểm soát

Phan Văn Chính

Phó Tổng Giám đốc

Vương Tấn Hát

Giám đốc Tài chính

Nguyễn Văn Bình

Thành viên Hội đồng Quản trị

Nguyễn Thành Vinh

Thành viên Hội đồng Quản trị

Nguyễn Quốc Cường

Thành viên Hội đồng Quản trị

Top connections

QNT77.3%GEX23.6%HCD20.5%VTZ20.2%GND13.4%X2611.0%L3511.0%VIX5.1%MFS3.5%CTF2.0%VDN2.0%

Computed 12/04/2026