CLL

Construction

Công ty Cổ phần Cảng Cát Lái

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

30.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

37.309

Current

30.000

Gap

+24.4%

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)

91.48%

Kd(1-t)

6.45%

D/(D+E)

8.52%

WACC

11.71%

Growth Estimate

fundamental firm blend3.25%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

33.825

50%DCF Value

40.792

Blended Intrinsic

37.309

Value Decomposition

41%

59%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CLL

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

-2.89

Low Risk

DSRI

0.647

GMI

1.193

AQI

1.023

SGI

1.238

DEPI

1.192

SGAI

0.843

TATA

-0.059

LVGI

1.544

CLL exhibits several concerning indicators that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.8885, which is below the manipulation threshold of -1.78. However, the earnings quality score of 85.1/100 and strong cash conversion metrics indicate a relatively robust operational performance.

Red Flags

Beneish M-Score of -2.8885 indicates potential earnings manipulation, significantly below the threshold of -1.78.
SGI of 1.2379 suggests aggressive revenue growth that may not be sustainable, raising concerns about the quality of reported revenues.

Positive Signals

Earnings Quality Score of 85.1/100 reflects strong overall earnings quality, particularly in cash conversion (100.0/100) and receivables management (100.0/100).
Low DSRI of 0.6469 indicates that inventory levels are well managed relative to sales, suggesting operational efficiency.

Ownership Risk

The ownership structure is heavily concentrated, with the top two institutional shareholders holding 47.7% of shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor CLL's revenue growth claims and consider a deeper analysis of cash flow sustainability before making investment decisions. It may be prudent to adopt a cautious approach given the elevated risk indicators.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

8.39

Safe Zone

Sharpe

-0.84

Negative

Composite

Fair

Price Risk

Momentum

-6.6%

Volatility

17.0%

Max Drawdown

-13.3%

Key Ratios

Fiscal year 2025

10.34P/E

P/B1.68

P/S2.55

ROE16.3%

ROA14.0%

EPS2901.85

BVPS17853.90

Gross Margin36.2%

Net Margin24.7%

D/E0.15

Current Ratio5.04

Rev Growth23.8%

Profit Growth1.3%

EV/EBITDA6.04

Div Yield0.0%

Company Overview

Issued Shares

34.0M

Charter Capital

340.0B 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 CLL — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH MTV Tổng Công ty Tân Cảng Sài Gòn

Inst

25.6%

8.7 trieu

Công Ty TNHH Một Thành Viên Dịch Vụ Công Ích Thanh Niên Xung Phong

Inst

22.1%

7.5 trieu

Công ty TNHH Đầu Tư Xây Dựng Và Thương Mại Lê Hà

Inst

9.8%

3.3 trieu

Samarang Ucits - Samarang Asian Prosperity

Inst

5.0%

1.7 trieu

Bành Mỹ Hoà

Indiv

3.3%

1.1 trieu

Bành Mỹ Hạnh

Indiv

3.2%

1.1 trieu

Bành Mỹ Hậu

Indiv

2.3%

793.100

Hoàng Minh Thảo

Indiv

1.7%

589.690

Nguyễn Thị Thu Trang

Indiv

0.2%

77.000

Nguyễn Đăng Nghiêm

Indiv

0.1%

47.019

Board & Management

Nguyễn Huỳnh Mai

Thành viên Hội đồng Quản trị độc lập

Phạm Hiếu Đạo

Phó Giám đốc/Thành viên Hội đồng Quản trị

Lê Thành Khoa

Phó Chủ tịch Hội đồng Quản trị

Bùi Thị Thanh Hoa

Người phụ trách quản trị công ty

Nguyễn Châu Bảo

Thành viên Hội đồng Quản trị độc lập

Nguyễn Viết Trường

Kế toán trưởng

Nguyễn Quang Phước Sơn

Thành viên Ban kiểm soát

Đỗ Thanh Thành

Trưởng Ban kiểm soát

Nguyễn Xuân Vinh

Thành viên Ban kiểm soát

Nguyễn Phương Nam

Chủ tịch Hội đồng Quản trị

Lê Chí Đăng

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

Top connections

TCW59.0%ILB51.3%IST51.0%TCL51.0%PNP36.1%TOS36.0%MBB25.6%CII22.1%HSV10.5%DIC6.9%QNC5.6%GVT5.3%

Computed 12/04/2026