CQT

Construction

Công ty Cổ phần Xi măng Quán Triều VVMI

Xây dựng và Vật liệuCT

8.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

27.741

Current

8.500

Gap

+226.4%

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)

50.77%

Kd(1-t)

7.50%

D/(D+E)

49.23%

WACC

10.00%

Growth Estimate

fundamental firm blend2.31%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

28.555

50%DCF Value

26.928

Blended Intrinsic

27.741

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CQT

Earnings Quality

Fiscal year 2025

Fair

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

-3.58

Low Risk

DSRI

0.302

GMI

0.850

AQI

1.303

SGI

1.001

DEPI

0.890

SGAI

1.107

TATA

-0.113

LVGI

0.821

CQT exhibits a Beneish M-Score of -3.577, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 59.2 suggests potential concerns, particularly in revenue and margin metrics, which could indicate underlying issues in financial reporting.

Red Flags

Earnings Quality Score of 59.2 indicates potential concerns, especially with eq_margin and eq_revenue both at 0.0/100, suggesting possible revenue recognition issues.
High concentration of ownership with Tổng Công ty Công nghiệp mỏ Việt Bắc TKV holding 85.0% raises concerns about governance and minority shareholder rights.

Positive Signals

Beneish M-Score of -3.577 is well below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
Strong cash conversion metrics with eq_cash_conv at 100.0/100 suggest effective cash management practices.

Ownership Risk

The dominant ownership by a single institution (85.0%) poses significant risks for minority shareholders, potentially limiting their influence and oversight over corporate governance.

Recommendation

Investors should closely monitor CQT's earnings quality and revenue recognition practices while considering the implications of concentrated ownership. A thorough review of financial statements and governance practices is advisable before making investment decisions.

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

Quantitative Scores

F-Score

9/9

Strong

Z-Score

1.91

Grey Zone

Sharpe

-0.04

Negative

Composite

Fair

Price Risk

Momentum

+2.6%

Volatility

92.6%

Max Drawdown

-30.8%

Key Ratios

Fiscal year 2025

22.04P/E

P/B0.82

P/S0.36

ROE3.7%

ROA2.0%

EPS385.68

BVPS10385.68

Gross Margin10.1%

Net Margin1.6%

D/E0.68

Current Ratio0.45

Rev Growth0.1%

Profit Growth142.9%

EV/EBITDA3.11

Div Yield0.0%

Company Overview

Issued Shares

25.0M

Charter Capital

250.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for CQT — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Công nghiệp mỏ Việt Bắc TKV

Inst

85.0%

21.2 trieu

Phạm Quang Nam

Indiv

0.1%

25.000

Board & Management

Trần Việt Cường0.1%

Giám đốc/Thành viên Hội đồng Quản trị

NGÔ NGỌC SƠN

Chủ tịch Hội đồng Quản trị

Nguyễn Sóng Gió

Phó Giám đốc

Nguyễn Minh Hải

Phụ trách Công bố thông tin

Đỗ Thu Hương

Thành viên Hội đồng Quản trị

Tạ Văn Long

Trưởng Ban kiểm soát

Nguyễn Anh Tuấn

Kế toán trưởng

Hà Văn Chuyển

Thành viên Hội đồng Quản trị

Đỗ Ngọc Huy

Thành viên Hội đồng Quản trị/Phó Giám đốc

Phạm Thị Thúy Nga

Thành viên Ban kiểm soát

Nguyen Thi Hong Nhung

Thành viên Ban kiểm soát

Top connections

CLH85.0%APL85.0%HMS5.0%TDT4.3%

Computed 12/04/2026