CIA

Construction

Công ty Cổ Phần Dịch Vụ Sân Bay Quốc Tế Cam Ranh

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

9.200

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

4.962

Current

9.200

Gap

-46.1%

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)

94.55%

Kd(1-t)

6.53%

D/(D+E)

5.45%

WACC

11.89%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

4.962

Blended Intrinsic

4.962

Value Decomposition

42%

58%

Explicit period (42%)Terminal value (58%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CIA

Earnings Quality

Fiscal year 2025

Good

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

-2.39

Moderate

DSRI

0.742

GMI

0.845

AQI

0.958

SGI

1.441

DEPI

2.123

SGAI

0.846

TATA

-0.009

LVGI

1.249

CIA exhibits a concerning risk of earnings manipulation as indicated by its Beneish M-Score of -2.3905, which is well below the manipulation threshold of -1.78. However, the company's strong earnings quality metrics, particularly in accruals and cash conversion, suggest a degree of operational integrity.

Red Flags

Beneish M-Score of -2.3905 indicates potential earnings manipulation, significantly below the threshold of -1.78.
SGI of 1.4408 suggests aggressive revenue growth which may not be sustainable.

Positive Signals

Earnings Quality Score of 70.3/100 reflects strong accruals (96.4/100) and cash conversion (98.0/100), indicating good operational performance.
High receivables quality score of 100.0/100 suggests effective management of receivables.

Ownership Risk

The ownership structure is heavily concentrated, with institutional investors holding 51.6% and 51.0% of shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor CIA's revenue growth and consider a cautious approach, given the elevated risk of earnings manipulation while leveraging its strong cash conversion metrics.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

5.75

Safe Zone

Sharpe

-0.29

Negative

Composite

Weak

Price Risk

Momentum

+1.0%

Volatility

29.4%

Max Drawdown

-18.6%

Key Ratios

Fiscal year 2025

9.18P/E

P/B0.49

P/S0.97

ROE5.5%

ROA5.2%

EPS1001.99

BVPS18637.16

Gross Margin33.0%

Net Margin10.5%

D/E0.07

Current Ratio12.69

Rev Growth44.1%

Profit Growth313.3%

EV/EBITDA7.20

Div Yield0.0%

Company Overview

Issued Shares

18.7M

Charter Capital

186.6B 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 CIA — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Dịch Vụ Hàng Không Asg

Inst

51.6%

9.6 trieu

Tổng Công ty Hàng không Việt Nam

Inst

51.0%

510.000

Nguyễn Phương Hiền

Indiv

15.0%

900.000

ĐINH LÊ TRỌNG HIỀN

Indiv

9.3%

559.092

Bùi Thế Đức

Indiv

5.7%

719.440

Công ty Cổ Phần Dịch Vụ Thương Mại Hàng Không Tân Sơn Nhất

Inst

5.5%

1.1 trieu

Công ty Cổ phần Quản lý quỹ đầu tư FPT

Inst

4.7%

376.277

Trương Minh Hoàng

Indiv

2.9%

548.626

Công Ty Cổ Phần Dịch Vụ Sân Bay Sài Gòn

Inst

2.9%

566.662

Công Ty Cổ Phần Yasaka Sàigòn Nhatrang

Inst

1.3%

100.000

ĐỐNG LƯƠNG SƠN

Indiv

1.1%

196.912

Khổng Minh Dũng

Indiv

0.6%

105.151

Nguyễn Thị Bích Ngọc

Indiv

0.4%

76.212

Lý Lâm Duy

Indiv

0.3%

59.812

nguyen-thi-le-hang

Indiv

0.3%

51.412

Nguyễn Văn Thắng

Indiv

0.2%

42.675

Board & Management

Trương Minh Hoàng2.9%

Chủ tịch Hội đồng Quản trị

ĐỐNG LƯƠNG SƠN1.1%

Thành viên Hội đồng Quản trị

Khổng Minh Dũng0.6%

Thành viên Hội đồng Quản trị

Nguyễn Thị Bích Ngọc0.4%

Thành viên Ban kiểm soát

Lý Lâm Duy0.3%

Thành viên Hội đồng Quản trị

Nguyễn Thị Lê Hằng0.3%

Trưởng Ban kiểm soát

Nguyễn Văn Thắng0.2%

Thành viên Hội đồng Quản trị

Phạm Quang Minh

Giám đốc

Nguyễn Việt Hồng

Thành viên Ban kiểm soát

Lưu Việt Bắc

Thành viên Ban Kiểm toán nội bộ

Trần Xuân Bình

Kế toán trưởng/Phụ trách Công bố thông tin

Nguyễn Thị Hiên

Người phụ trách quản trị công ty

Top connections

NCS60.2%NCT55.1%NAS51.0%ARM51.0%MAS51.0%HBS51.0%LCC21.5%FUEFCV5015.1%FIC7.0%MGG6.9%OGC4.7%APS4.7%

Computed 12/04/2026