CDO

Construction

Công ty Cổ phần Tư vấn Thiết kế và Phát triển Đô thị

Xây dựng và Vật liệuCT

1.700

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

527

Current

1.700

Gap

-69.0%

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)

89.62%

Kd(1-t)

6.40%

D/(D+E)

10.38%

WACC

11.60%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

527

Blended Intrinsic

527

Value Decomposition

41%

59%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CDO

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

-2.41

Moderate

DSRI

1.127

GMI

0.698

AQI

0.909

SGI

1.079

DEPI

0.932

SGAI

0.862

TATA

0.006

LVGI

0.886

The Beneish M-Score of -2.4084 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 44.4/100, particularly with a cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 44.4/100, with a cash conversion score of 0.0/100 indicating poor cash flow relative to earnings.
High DSRI of 1.1269 suggests potential issues with inventory management or sales recognition.

Positive Signals

Beneish M-Score of -2.4084 suggests low likelihood of earnings manipulation.
Strong receivables score of 100.0/100 indicates effective management of accounts receivable.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a significant stake, which may lead to potential governance issues and lack of accountability.

Recommendation

Investors should closely monitor cash flow performance and consider the implications of the low earnings quality score before making investment decisions. It may be prudent to wait for improved cash conversion metrics or clearer visibility on revenue recognition practices.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.55

Distress Zone

Sharpe

0.50

Positive

Composite

Weak

Price Risk

Momentum

+50.0%

Volatility

71.2%

Max Drawdown

-25.0%

Key Ratios

Fiscal year 2025

50.55P/E

P/B0.25

P/S2.17

ROE0.5%

ROA0.4%

EPS32.64

BVPS6496.74

Gross Margin13.4%

Net Margin4.3%

D/E0.10

Current Ratio4.15

Rev Growth7.9%

Profit Growth153.1%

EV/EBITDA362.75

Div Yield0.0%

Company Overview

Issued Shares

31.5M

Charter Capital

315.0B 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 CDO — hover nodes for intel, click to navigate

Shareholders

Nguyễn Văn Hoàn

Indiv

5.5%

1.1 trieu

Mầu Tiến Doanh

Indiv

5.0%

993.670

Phạm Thị Ngọc Hải

Indiv

4.9%

1.1 trieu

Nguyễn Thị Hiền

Indiv

4.8%

1.1 trieu

Hà Thị Lan

Indiv

4.7%

1.1 trieu

Đỗ Thị Hải Yến

Indiv

4.5%

901.610

Đặng Hoàng Huy

Indiv

4.4%

882.300

nguyen-thanh-tu

Indiv

2.5%

585.133

Vũ Đình Nhân

Indiv

2.1%

665.002

Nguyễn Minh Quang

Indiv

1.7%

548.459

Lê Kim Thu

Indiv

1.4%

434.780

Nguyễn Thị Ước Mơ

Indiv

0.8%

260.250

Nguyễn Đức Tuấn

Indiv

0.4%

126.890

Vũ Thị Thuỳ Vân

Indiv

0.2%

57.500

Board & Management

Vũ Đình Nhân2.1%

Chủ tịch Hội đồng Quản trị

Vũ Thị Mai Anh

Thành viên Hội đồng Quản trị

Lại Minh Nguyệt

Kế toán trưởng

Lưu Thị Nhung

Thành viên Hội đồng Quản trị

Trần Thị Việt Hà

Thành viên Hội đồng Quản trị

Nguyễn Thị Tuyết Lâm

Trưởng Ban kiểm soát

Bùi Xuân Hiểu

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Diệu Ly

Thành viên Ban kiểm soát

Nguyễn Tuấn Anh

Thành viên Ban kiểm soát

Top connections

PCG37.4%TTD7.9%VXT5.5%TNA4.8%SVN4.8%SHS4.8%MND4.8%PMS4.8%THS4.8%PJT4.8%DPM4.8%BRS4.8%

Computed 12/04/2026