CI5

Construction

Công ty Cổ phần Đầu tư Xây dựng số 5

Xây dựng và Vật liệuCT

6.300

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

6.455

Current

6.300

Gap

+2.5%

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)

47.58%

Kd(1-t)

5.36%

D/(D+E)

52.42%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

11.805

50%DCF Value

1.104

Blended Intrinsic

6.455

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CI5

Earnings Quality

Fiscal year 2024

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 · 2024

-2.06

Moderate

DSRI

0.879

GMI

0.935

AQI

0.773

SGI

1.590

DEPI

0.940

SGAI

1.062

TATA

0.043

LVGI

1.150

The Beneish M-Score of -2.0572 indicates a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 49.5/100, particularly the cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 49.5/100, indicating potential issues with earnings sustainability.
Cash conversion score of 0.0/100 suggests that earnings are not translating into cash flow, which is a significant concern.

Positive Signals

Beneish M-Score of -2.0572 is below the manipulation threshold, indicating a lower likelihood of earnings manipulation.
Receivables score of 100.0/100 suggests effective management of accounts receivable.

Ownership Risk

The significant concentration of ownership, with the top shareholder holding 51.0%, poses risks of potential conflicts of interest and lack of minority shareholder protection.

Recommendation

Investors should closely monitor cash flow performance and consider conducting further due diligence on the company's operational practices before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.74

Distress Zone

Sharpe

-0.33

Negative

Composite

Weak

Price Risk

Momentum

-29.3%

Volatility

131.4%

Max Drawdown

-60.2%

Key Ratios

Fiscal year 2024

0.00P/E

P/B0.44

P/S0.19

ROE1.0%

ROA0.5%

EPS130.06

BVPS13247.37

Gross Margin11.5%

Net Margin0.4%

D/E1.10

Current Ratio1.51

Rev Growth59.0%

Profit Growth45.3%

EV/EBITDA14.07

Div Yield0.0%

Company Overview

Issued Shares

2.7M

Charter Capital

27.0B 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 CI5 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam

Inst

51.0%

1.4 trieu

Nguyễn Thế Thành

Indiv

17.4%

469.800

Công ty Cổ Phần Giải Pháp Công Nghệ Ulatech

Inst

14.1%

381.200

Nguyễn Văn Khương

Indiv

6.2%

166.203

Nguyễn Hồng Hải

Indiv

3.1%

85.203

Nguyễn Phùng Xuân

Indiv

2.1%

56.308

Nguyễn Văn Hiền

Indiv

1.2%

32.336

Nguyễn Minh Tâm

Indiv

0.5%

14.705

Trần Hữu Ân

Indiv

0.2%

4.945

Tống Quang Thiểm

Indiv

0.1%

4.223

Lương Thị Ngọc Phụng

Indiv

0.1%

2.600

Board & Management

Nguyễn Hồng Hải3.1%

Kế toán trưởng/Thành viên Hội đồng Quản trị

Lương Thị Ngọc Phụng0.1%

Thành viên Ban kiểm soát

Hoàng Tuấn Anh

Thành viên Ban kiểm soát

Phạm Danh Tuyên

Giám đốc

Lê Văn Thuyên

Thành viên Hội đồng Quản trị

Trần Thị Minh

Chủ tịch Hội đồng Quản trị

Ngô Đức Cường

Trưởng Ban kiểm soát

Đoàn Minh Vũ

Phụ trách Công bố thông tin

Top connections

CIP52.1%BTD51.0%ACE51.0%ICI51.0%PVE14.1%HAT14.1%TV67.3%HMS6.7%IDI6.2%DCF4.8%TDF3.1%DNC3.1%

Computed 12/04/2026