CIP

Construction

Công ty Cổ phần Xây lắp và Sản xuất Công nghiệp

Xây dựng và Vật liệuCT

2.200

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

1.983

Current

2.200

Gap

-9.9%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

3.966

Discount

50%

Floor Value

3.966

Valuation Track Record

Retroactive intrinsic value vs actual close price — CIP

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

-2.14

Moderate

DSRI

0.872

GMI

0.858

AQI

0.985

SGI

1.225

DEPI

1.013

SGAI

0.801

TATA

0.064

LVGI

1.000

CIP exhibits several concerning indicators regarding earnings quality and potential manipulation, as suggested by its Beneish M-Score of -2.1416, which is below the manipulation threshold. The earnings quality score of 39.4/100, particularly low cash conversion and revenue metrics, raises additional red flags about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.1416 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Earnings quality score of 39.4/100, with a cash conversion score of 0.0/100, suggests severe issues in converting earnings into cash.

Positive Signals

DSRI of 0.8722 indicates that inventory levels are well-managed relative to sales, which is a positive sign.
Receivables quality score of 100.0/100 suggests effective management of accounts receivable.

Ownership Risk

The top shareholder, Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam, holds a significant 52.1% stake, which may lead to potential conflicts of interest and reduced minority shareholder influence.

Recommendation

Investors should exercise caution and closely monitor CIP's financial disclosures and operational performance, particularly focusing on cash flow metrics and earnings quality indicators before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

0.04

Distress Zone

Sharpe

-0.33

Negative

Composite

Weak

Price Risk

Momentum

-6.7%

Volatility

66.4%

Max Drawdown

-45.9%

Key Ratios

Fiscal year 2024

178.81P/E

P/B0.63

P/S0.21

ROE0.4%

ROA0.0%

EPS13.98

BVPS3966.30

Gross Margin2.2%

Net Margin0.1%

D/E14.65

Current Ratio1.02

Rev Growth22.5%

Profit Growth-52.2%

EV/EBITDA-22.69

Div Yield0.0%

Company Overview

Issued Shares

4.5M

Charter Capital

45.5B 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 CIP — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Xây dựng Công nghiệp Việt Nam

Inst

52.1%

2.4 trieu

Trần Quốc Duy

Indiv

4.6%

208.100

Cao Minh Tâm

Indiv

1.0%

43.410

Hoàng Thế Hiển

Indiv

0.9%

20.000

Hoàng Chí Cường

Indiv

0.4%

20.000

Đỗ Chí Nguyễn

Indiv

0.3%

12.941

Board & Management

Đỗ Chí Nguyễn0.3%

Chủ tịch Hội đồng Quản trị

Đỗ Văn Hùng

Kế toán trưởng

Trần Thị Minh

Thành viên Hội đồng Quản trị

Dương Quang Hưng

Giám đốc

Phan Huy Hùng

Thành viên Hội đồng Quản trị/Phó Giám đốc

Ngô Đức Cường

Trưởng Ban kiểm soát

Trần Đức Hoàng

Thành viên Ban kiểm soát

Nguyễn Thị Bích Hạnh

Thành viên Ban kiểm soát

Nguyễn Hùng Anh

Phó Giám đốc

Top connections

BTD52.1%CI552.1%ACE2 links ICI52.1%DHP2.8%

Computed 12/04/2026