CSC

Construction

Công ty Cổ phần Tập đoàn COTANA

Xây dựng và Vật liệuCT

16.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

36.603

Current

16.000

Gap

+128.8%

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)

36.67%

Kd(1-t)

5.91%

D/(D+E)

63.33%

WACC

10.00%

Growth Estimate

fundamental firm blend4.32%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

17.520

50%DCF Value

55.687

Blended Intrinsic

36.603

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CSC

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

-2.70

Low Risk

DSRI

0.453

GMI

0.691

AQI

0.988

SGI

1.502

DEPI

1.731

SGAI

0.716

TATA

-0.036

LVGI

0.891

CSC exhibits a Beneish M-Score of -2.7031, indicating a low likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality score of 66.4/100, particularly low scores in revenue and margin metrics, raises concerns about the sustainability of earnings.

Red Flags

Earnings Quality Score of 66.4/100, with 0.0/100 in both eq_margin and eq_revenue, suggesting potential issues in revenue recognition and profit margins.
SGI of 1.5019 indicates aggressive growth which may not be supported by underlying fundamentals.

Positive Signals

Beneish M-Score of -2.7031 suggests low likelihood of earnings manipulation.
High eq_cash_conv and eq_receivables scores of 100.0/100 indicate strong cash conversion and effective receivables management.

Ownership Risk

The top shareholders are primarily individuals with significant stakes, notably Đào Ngọc Thanh at 29.4%, which may lead to concentrated control and potential governance risks.

Recommendation

Investors should closely monitor CSC's revenue recognition practices and margin improvements while considering the concentrated ownership structure. A cautious approach is advised until clearer signals of sustainable growth and profitability emerge.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.74

Distress Zone

Sharpe

-1.00

Negative

Composite

Fair

Price Risk

Momentum

-25.1%

Volatility

34.1%

Max Drawdown

-43.8%

Key Ratios

Fiscal year 2025

11.67P/E

P/B1.01

P/S0.74

ROE9.0%

ROA2.5%

EPS1371.49

BVPS15837.98

Gross Margin24.2%

Net Margin6.3%

D/E1.30

Current Ratio2.41

Rev Growth50.2%

Profit Growth749.3%

EV/EBITDA5.93

Div Yield0.0%

Company Overview

Issued Shares

41.1M

Charter Capital

411.5B 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 CSC — hover nodes for intel, click to navigate

Shareholders

Đào Ngọc Thanh

Indiv

29.4%

11.0 trieu

Huỳnh Thị Mai Dung

Indiv

10.3%

3.8 trieu

Đào Thu Thủy

Indiv

5.2%

2.0 trieu

nguyen-thi-hong-cuc

Indiv

4.3%

428.000

TRẦN VĂN NĂM

Indiv

3.9%

881.700

Công ty Cổ phần Chứng khoán Châu Á - Thái Bình Dương

Inst

3.1%

1.2 trieu

Công ty Cổ phần Chứng khoán EVS

Inst

2.3%

226.300

Nguyễn Văn Kiên

Indiv

2.0%

198.700

Vũ Thị Luyến

Indiv

1.8%

184.140

Đoàn Văn Tuấn

Indiv

1.3%

504.703

Đinh Thị Minh Hằng

Indiv

1.3%

476.487

Phạm Cao Sơn

Indiv

0.8%

79.020

Nguyễn Đỗ Đức Lâm

Indiv

0.7%

278.745

Đỗ Văn Bình

Indiv

0.7%

73.490

Ngô Văn Minh

Indiv

0.5%

47.060

Nguyễn Văn Trang

Indiv

0.5%

46.420

Hán Công Khanh

Indiv

0.4%

97.382

Hoàng Việt Hùng

Indiv

0.2%

16.008

Board & Management

Đào Ngọc Thanh29.4%

Chủ tịch Hội đồng Quản trị

Đào Thu Thủy5.2%

Phó Chủ tịch Hội đồng Quản trị

TRẦN VĂN NĂM3.9%

Thành viên Hội đồng Quản trị

Đoàn Văn Tuấn1.3%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Đinh Thị Minh Hằng1.3%

Giám đốc Tài chính/Phó Tổng Giám đốc

Hán Công Khanh0.4%

Trưởng phòng/Trưởng Ban kiểm soát

Nguyễn Đỗ Lăng

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Thị Thu Hương

Phó Tổng Giám đốc

Trần Trọng Đại

Kế toán trưởng

Trần Quang Quyền

Phó Tổng Giám đốc

Nguyễn Hải Yến

Thành viên Ban kiểm soát

Vũ Thị Thanh Lam

Thành viên Ban kiểm soát

Lê Đình Đạo

Phó Tổng Giám đốc Đầu tư

Top connections

GMA20.0%API4 links APS2 links IDJ3 links DTC9.0%NDC6.1%VHL4.9%STC4.6%PVV4.3%CTI4.3%TPC4.3%VGS4.3%

Computed 12/04/2026