CCR

Construction

Công ty Cổ phần Cảng Cam Ranh

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

13.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

19.638

Current

13.100

Gap

+49.9%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

89.13%

Kd(1-t)

6.30%

D/(D+E)

10.87%

WACC

11.56%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

17.576

50%DCF Value

21.700

Blended Intrinsic

19.638

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CCR

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.95

Moderate

DSRI

0.905

GMI

0.890

AQI

3.259

SGI

1.456

DEPI

0.972

SGAI

1.008

TATA

-0.097

LVGI

1.581

The Beneish M-Score of -1.9536 indicates a potential risk of earnings manipulation, as it exceeds the threshold of -1.78. Despite a strong earnings quality score of 75.3, the significant concentration of ownership in state-owned enterprises raises concerns about governance and transparency.

Red Flags

Beneish M-Score of -1.9536, indicating potential earnings manipulation risk.
High SGI of 1.4564 suggests aggressive revenue growth, which may not be sustainable.

Positive Signals

Earnings Quality Score of 75.3/100, indicating generally strong earnings quality.
Cash conversion metrics are perfect at 100.0/100, suggesting effective cash management.

Ownership Risk

The ownership structure is heavily skewed towards state-owned enterprises, with Tổng Công ty Hàng hải Việt Nam holding 80.9%, which may lead to conflicts of interest and reduced accountability.

Recommendation

Investors should closely monitor CCR's financial disclosures for signs of earnings manipulation and consider diversifying their holdings due to the high concentration of ownership.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

4.38

Safe Zone

Sharpe

0.09

Positive

Composite

Fair

Price Risk

Momentum

+3.8%

Volatility

48.7%

Max Drawdown

-25.8%

Key Ratios

Fiscal year 2025

11.32P/E

P/B1.11

P/S1.24

ROE10.1%

ROA8.5%

EPS1157.50

BVPS11757.15

Gross Margin30.9%

Net Margin11.0%

D/E0.21

Current Ratio1.57

Rev Growth45.6%

Profit Growth73.4%

EV/EBITDA4.40

Div Yield0.0%

Company Overview

Issued Shares

24.5M

Charter Capital

245.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Tổng Công ty Hàng hải Việt Nam

Inst

80.9%

19.8 trieu

Công Ty Cổ Phần Tư Vấn Và Xây Dựng Phú Xuân

Inst

14.3%

3.5 trieu

Phạm Hữu Tấn

Indiv

0.2%

52.600

Board & Management

Phạm Hữu Tấn0.2%

Chủ tịch Hội đồng Quản trị

Nguyễn Viết Nhâm

Tổng Giám đốc/Thành viên Hội đồng Quản trị

NGUYỄN THỊ THU THỦY

Phó Tổng Giám đốc

Nguyễn Huy Phương

Kế toán trưởng

Phan Thị Kim Yến

Người phụ trách quản trị công ty

Trần Thị Thanh Thủy

Thành viên Ban kiểm soát

Kiều Phương Ngọc

Thành viên Hội đồng Quản trị

Dương Thị Hồng Hạnh

Trưởng Ban kiểm soát

NGUYỄN VĂN THẮNG

Phó Tổng Giám đốc

Bùi Thị Ngân Hoa

Thành viên Ban kiểm soát

Nguyễn Thị Yến

Thành viên Hội đồng Quản trị

Nguyễn Văn Tài

Thành viên Hội đồng Quản trị

Top connections

CCT99.0%PHP92.6%QNP80.9%CDN80.9%SGP80.9%VLG80.9%CPI80.9%VSA80.9%NAP80.9%VNA80.9%VOS80.9%NOS80.9%

Computed 12/04/2026