CH5

Construction

Công ty Cổ phần Xây dựng số 5 Hà Nội

Xây dựng và Vật liệuCT

11.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

41.767

Current

11.800

Gap

+254.0%

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)

33.35%

Kd(1-t)

6.32%

D/(D+E)

66.65%

WACC

10.00%

Growth Estimate

fundamental firm blend2.56%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

15.365

50%DCF Value

68.170

Blended Intrinsic

41.767

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CH5

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.67

Low Risk

DSRI

0.798

GMI

1.013

AQI

1.355

SGI

1.047

DEPI

0.993

SGAI

0.963

TATA

-0.043

LVGI

1.010

CH5 exhibits a Beneish M-Score of -2.674, indicating a low likelihood of earnings manipulation, as it is well below the manipulation threshold of -1.78. However, the earnings quality metrics reveal some concerns, particularly in revenue recognition, which may warrant further scrutiny.

Red Flags

Revenue quality score of 60.4/100 indicates potential issues with revenue recognition.
SGI of 1.0466 suggests a growth rate that may not be supported by underlying fundamentals.

Positive Signals

Earnings Quality Score of 89.3/100 reflects strong overall earnings quality.
Cash conversion score of 100.0/100 indicates excellent cash flow generation relative to earnings.

Ownership Risk

The ownership structure shows significant concentration with the largest shareholder holding 36.3%, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should monitor revenue recognition practices closely and consider conducting further due diligence on the company's growth strategies, particularly in light of the elevated SGI.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.76

Distress Zone

Sharpe

-0.08

Negative

Composite

Fair

Price Risk

Momentum

-30.8%

Volatility

104.5%

Max Drawdown

-45.4%

Key Ratios

Fiscal year 2025

8.68P/E

P/B0.56

P/S0.14

ROE6.4%

ROA2.2%

EPS1358.89

BVPS21237.89

Gross Margin4.2%

Net Margin1.6%

D/E2.00

Current Ratio1.20

Rev Growth4.7%

Profit Growth5.7%

EV/EBITDA3.58

Div Yield0.0%

Company Overview

Issued Shares

3.7M

Charter Capital

37.3B 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 CH5 — hover nodes for intel, click to navigate

Shareholders

Tổng công ty Đầu tư Phát triển Hạ tầng Đô thị UDIC

Inst

36.3%

1.4 trieu

Nguyễn Mạnh Trung

Indiv

8.5%

316.700

Trần Hồng Tâm

Indiv

6.3%

236.500

Vương Đức Cường

Indiv

6.0%

223.145

Cao Tiến Đạt

Indiv

2.1%

77.762

Phạm Minh Hải

Indiv

1.5%

56.065

Phạm Quang Chung

Indiv

1.2%

46.327

Trần Thanh Tùng

Indiv

1.1%

40.080

nguyen-thi-hong-phuong

Indiv

0.9%

34.602

Nguyễn Văn Mão

Indiv

0.9%

33.780

Nguyễn Đức Nhân

Indiv

0.3%

11.750

Nguyễn Bảo Hoa

Indiv

0.3%

10.715

Nguyễn Mạnh Đức

Indiv

0.3%

10.172

Board & Management

Cao Tiến Đạt2.1%

Thành viên Hội đồng Quản trị

PHẠM MINH HẢI1.5%

Giám đốc/Thành viên Hội đồng Quản trị/Phụ trách Công bố thông tin

Phạm Quang Chung1.2%

Phó Giám đốc

Trần Thanh Tùng1.1%

Phó Giám đốc

Nguyễn Văn Mão0.9%

Phó Giám đốc

Nguyễn Bảo Hoa0.3%

Thành viên Hội đồng Quản trị/Kế toán trưởng

Phạm Thanh Thủy

Trưởng Ban kiểm soát

Phạm Thanh Thủy

Thành viên Hội đồng Quản trị

Nguyễn Thành Trung

Thành viên Hội đồng Quản trị

Đàm Thanh Tùng

Chủ tịch Hội đồng Quản trị

Nguyễn Ngọc Tú

Thành viên Ban kiểm soát

Hoàng Thanh An

Thành viên Ban kiểm soát

Bạch Văn Nghĩa

Trưởng phòng Tài chính - Kế toán

Top connections

ICC79.1%XDH2 links CDG42.7%PCM11.0%LMH6.5%DLD6.3%LMI1.5%LPB1.1%PMB1.1%DHM1.1%

Computed 12/04/2026