CNN

Construction

Công ty Cổ phần Tư vấn Công nghệ, Thiết bị và Kiểm định Xây dựng - CONINCO

Xây dựng và Vật liệuCT

55.100

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

37.137

Current

55.100

Gap

-32.6%

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)

16.67%

Kd(1-t)

6.06%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend2.91%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

49.528

50%DCF Value

24.747

Blended Intrinsic

37.137

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CNN

Earnings Quality

Fiscal year 2024

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 · 2024

-2.44

Moderate

DSRI

0.732

GMI

1.058

AQI

0.948

SGI

1.208

DEPI

0.913

SGAI

0.950

TATA

0.020

LVGI

1.001

The Beneish M-Score of -2.4399 indicates that CNN is unlikely to be manipulating earnings, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly with cash conversion, which is notably low at 10.2/100, suggesting potential liquidity issues.

Red Flags

Low cash conversion (eq_cash_conv: 10.2/100) raises concerns about the company's ability to convert earnings into actual cash.
SGI of 1.2082 indicates aggressive growth which may not be sustainable, posing risks to future profitability.

Positive Signals

Strong receivables quality (eq_receivables: 100.0/100) suggests effective credit management and collection processes.
High earnings quality score (70.4/100) indicates overall solid earnings performance despite some weaknesses.

Ownership Risk

The top shareholders are a mix of individuals and a state-owned enterprise, which may lead to potential conflicts of interest and governance issues, particularly with the significant stake held by Nguyễn Văn Công at 27.7%.

Recommendation

Investors should closely monitor cash flow trends and assess the sustainability of growth initiatives. It may be prudent to adopt a cautious approach until further clarity on cash conversion and growth sustainability is established.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.02

Distress Zone

Sharpe

0.21

Positive

Composite

Fair

Price Risk

Momentum

+30.4%

Volatility

122.9%

Max Drawdown

-42.3%

Key Ratios

Fiscal year 2024

35.45P/E

P/B3.82

P/S0.95

ROE14.7%

ROA2.3%

EPS2428.48

BVPS16885.45

Gross Margin16.3%

Net Margin3.6%

D/E5.32

Current Ratio0.92

Rev Growth20.8%

Profit Growth21.2%

EV/EBITDA16.10

Div Yield2.3%

Company Overview

Issued Shares

8.8M

Charter Capital

88.0B 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 CNN — hover nodes for intel, click to navigate

Shareholders

Nguyễn Văn Công

Indiv

27.7%

2.4 trieu

Tổng Công ty Tư vấn Xây dựng Việt Nam

Inst

19.7%

1.7 trieu

Lê Thị Ngọc Bích

Indiv

18.6%

1.6 trieu

Nguyễn Mạnh Tuấn

Indiv

10.1%

886.000

Phan Ngọc Cương

Indiv

9.6%

845.491

Hà Minh

Indiv

9.4%

829.999

Công ty Cổ Phần Công Nghệ Và Đầu Tư Quốc Tế Hm Holdings

Inst

6.4%

559.900

Nguyễn Văn Lê Anh

Indiv

4.5%

400.000

Nguyễn Đăng Quang

Indiv

4.1%

363.261

nguyen-huu-truong

Indiv

2.0%

177.727

Lê Ngọc Quang

Indiv

1.0%

91.418

Lê Xuân Tường

Indiv

1.0%

85.000

Nguyễn Huy Anh

Indiv

0.9%

79.187

Lê Thanh Minh

Indiv

0.7%

62.540

nguyen-phuong-anh

Indiv

0.4%

38.543

Nguyễn Lương Bình

Indiv

0.4%

37.300

Nguyễn Minh Quân

Indiv

0.4%

33.520

Nguyễn Tiến Doát

Indiv

0.3%

26.400

Nguyễn Thị Cẩm Trang

Indiv

0.3%

22.063

nguyen-thanh-binh

Indiv

0.2%

20.276

Lê Ngọc Thắng

Indiv

0.2%

8.800

Ngô Thế Phong

Indiv

0.1%

13.600

Trần Thanh Hải

Indiv

0.1%

13.098

nguyen-huy-quang

Indiv

0.1%

10.040

Board & Management

Nguyễn Văn Công27.7%

Chủ tịch Hội đồng Quản trị

Nguyễn Mạnh Tuấn10.1%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phan Ngọc Cương9.6%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Hà Minh9.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Đăng Quang4.1%

Phó Tổng Giám đốc

Nguyễn Hữu Trường2.0%

Phó Tổng Giám đốc

Lê Ngọc Quang1.0%

Phó Tổng Giám đốc

Lê Xuân Tường1.0%

Kế toán trưởng/Phụ trách Công bố thông tin

Nguyễn Huy Anh0.9%

Phó Tổng Giám đốc

Lê Thanh Minh0.7%

Phó Tổng Giám đốc

Nguyễn Lương Bình0.4%

Phó Tổng Giám đốc

Nguyễn Minh Quân0.4%

Phó Tổng Giám đốc

Nguyễn Tiến Doát0.3%

Trưởng Ban kiểm soát

Nguyễn Huy Quang0.1%

Thành viên Ban kiểm soát

Lê Minh Hoàng

Thành viên Ban kiểm soát

Nguyễn Xuân Hải

Thành viên Hội đồng Quản trị

Top connections

USC57.8%CCV51.0%NAC48.6%VWS2 links FID27.7%MDF27.7%DTP19.3%TV118.6%CMT18.0%PPE10.1%HPG10.1%QBS10.1%

Computed 12/04/2026