CRC

Construction

Công ty Cổ phần Create Capital Việt Nam

Xây dựng và Vật liệuCT

10.400

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

3.810

Current

10.400

Gap

-63.4%

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)

63.20%

Kd(1-t)

7.68%

D/(D+E)

36.80%

WACC

10.54%

Growth Estimate

fundamental firm blend3.79%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

2.863

50%DCF Value

4.756

Blended Intrinsic

3.810

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — CRC

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.44

Moderate

DSRI

0.951

GMI

0.904

AQI

1.103

SGI

1.243

DEPI

0.261

SGAI

0.774

TATA

-0.007

LVGI

1.133

The Beneish M-Score of -2.4399 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in receivables and revenue recognition, which could pose risks in financial reporting.

Red Flags

Earnings Quality Score of 56.7/100 indicates moderate quality, with 0.0/100 in eq_receivables and eq_revenue, suggesting potential issues in revenue recognition and collection.
SGI of 1.2435 suggests aggressive growth that may not be supported by underlying financial health, raising concerns about sustainability.

Positive Signals

High eq_accrual of 97.2/100 and eq_cash_conv of 95.7/100 indicate strong cash conversion and accrual management, which are positive signs for operational efficiency.

Ownership Risk

The top shareholders are individuals with relatively small stakes, which may limit control and oversight. This fragmented ownership could lead to governance challenges and misalignment of interests.

Recommendation

Investors should monitor the company's revenue recognition practices closely and consider the implications of its aggressive growth strategy. A deeper analysis of cash flow trends and operational performance is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.80

Distress Zone

Sharpe

0.90

Positive

Composite

Fair

Price Risk

Momentum

+59.9%

Volatility

35.0%

Max Drawdown

-32.8%

Key Ratios

Fiscal year 2025

12.38P/E

P/B0.87

P/S1.23

ROE7.3%

ROA4.4%

EPS839.89

BVPS11956.54

Gross Margin17.3%

Net Margin9.9%

D/E0.58

Current Ratio2.05

Rev Growth24.3%

Profit Growth-9.8%

EV/EBITDA8.71

Div Yield0.0%

Company Overview

Issued Shares

106.7M

Charter Capital

1067.0B 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 CRC — hover nodes for intel, click to navigate

Shareholders

Nguyễn Đức Hòa

Indiv

9.3%

9.9 trieu

Trần Thị Xuân Dung

Indiv

9.3%

9.9 trieu

Lê Quang Thạch

Indiv

9.1%

9.7 trieu

Nguyễn Đức Thảo

Indiv

6.8%

7.2 trieu

Mai Anh Tám

Indiv

6.7%

4.6 trieu

Lê Đồng Nam

Indiv

4.9%

5.2 trieu

Mai Anh Đức

Indiv

4.7%

3.2 trieu

Mai Trần Nam

Indiv

3.3%

2.3 trieu

Phạm Thị Huệ

Indiv

2.4%

1.7 trieu

Dương Thị Huyến

Indiv

2.2%

1.5 trieu

Nguyễn Thị Thúy Nga

Indiv

1.7%

1.2 trieu

Board & Management

Mai Anh Tám6.7%

Chủ tịch Hội đồng Quản trị

PHẠM THỊ HUẾ2.4%

Trưởng Ban kiểm soát

Dương Thị Huyến2.2%

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

Nguyễn Tuấn Linh

Người phụ trách quản trị công ty

Hoàng Trung Kiên

Thành viên Hội đồng Quản trị

Nguyễn Văn Nhu

Thành viên Ban kiểm soát

Hà Thị Hiến

Thành viên Ban kiểm soát

Vũ Thị Thủy

Kế toán trưởng

Nguyễn Lâm Tùng

Thành viên Hội đồng Quản trị độc lập

Đặng Việt Phương

Thành viên Hội đồng Quản trị độc lập

Lê Thành Nhân

Thành viên Hội đồng Quản trị độc lập

Top connections

C479.3%TV49.3%BMG9.3%ICC9.3%DPM9.3%TDB9.3%NXT2 links HDA8.3%DTK6.8%L626.3%MTP5.1%TAB4.7%

Computed 12/04/2026