CT6

Construction

Công ty Cổ phần Công trình 6

Xây dựng và Vật liệuCT

7.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

20.114

Current

7.900

Gap

+154.6%

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)

34.55%

Kd(1-t)

6.40%

D/(D+E)

65.45%

WACC

10.00%

Growth Estimate

fundamental firm blend3.96%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

7.900

50%DCF Value

32.328

Blended Intrinsic

20.114

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CT6

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.74

Elevated

DSRI

1.572

GMI

1.303

AQI

0.962

SGI

0.802

DEPI

0.797

SGAI

1.003

TATA

0.058

LVGI

0.997

CT6 exhibits several concerning financial indicators that suggest potential earnings manipulation, as indicated by a Beneish M-Score of -1.7385, which is close to the manipulation threshold. Additionally, the company's earnings quality score of 19.2/100 highlights significant issues with cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -1.7385, indicating potential earnings manipulation as it is close to the threshold of -1.78.
Earnings Quality Score of 19.2/100, with cash conversion and revenue metrics at 0.0/100, signaling severe issues in financial reporting.

Positive Signals

DSRI of 1.5719 suggests that the company is managing its inventory levels reasonably well compared to sales, which may indicate some operational efficiency.

Ownership Risk

The top shareholders include a mix of individual and institutional investors, with the largest holding at 21.3%, which could lead to potential conflicts of interest and governance issues, especially in a market characterized by conglomerate structures.

Recommendation

Investors should exercise caution and closely monitor CT6's financial disclosures and operational performance. It may be prudent to wait for improved earnings quality metrics and a more favorable Beneish M-Score before considering an investment.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.63

Distress Zone

Sharpe

-0.05

Negative

Composite

Fair

Price Risk

Momentum

+7.3%

Volatility

164.0%

Max Drawdown

-41.9%

Key Ratios

Fiscal year 2025

9.00P/E

P/B0.68

P/S0.34

ROE7.8%

ROA2.8%

EPS877.50

BVPS11681.98

Gross Margin12.4%

Net Margin3.8%

D/E1.62

Current Ratio1.61

Rev Growth-16.7%

Profit Growth134.7%

EV/EBITDA6.20

Div Yield0.0%

Company Overview

Issued Shares

6.1M

Charter Capital

61.1B 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 CT6 — hover nodes for intel, click to navigate

Shareholders

Phan Quốc Hiếu

Indiv

21.3%

1.3 trieu

Tổng Công ty Đường sắt Việt Nam

Inst

15.9%

970.433

Trần Quốc Đoàn

Indiv

11.2%

684.980

Phan Hồng Ngọc

Indiv

8.8%

540.332

Lương Bá Minh

Indiv

8.2%

498.811

Phan Anh Tuấn

Indiv

3.8%

230.621

Lại Thế Thiển

Indiv

2.5%

150.000

Trần Hữu Hưng

Indiv

1.2%

71.145

Phạm Anh Tú

Indiv

0.6%

36.968

nguyen-thi-hanh

Indiv

0.6%

34.564

Ma Ngọc Yên

Indiv

0.4%

26.352

Phan Thị Lan Phương

Indiv

0.3%

17.652

Nguyễn Quốc Trung

Indiv

0.2%

15.245

nguyen-thi-huong

Indiv

0.2%

12.505

Tô Văn Tuyền

Indiv

0.2%

9.752

Nguyễn Văn Hoan

Indiv

0.1%

9.238

Trần Hữu Trung

Indiv

0.1%

7.500

Board & Management

Lương Bá Minh8.2%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phan Anh Tuấn3.8%

Thành viên Hội đồng Quản trị/Kế toán trưởng

Trần Hữu Hưng1.2%

Phó Tổng Giám đốc

Phạm Anh Tú0.6%

Trưởng Ban kiểm soát

Trịnh Văn Thụy0.6%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Tô Văn Tuyền0.2%

Thành viên Ban kiểm soát

Nguyễn Văn Hoan0.2%

Thành viên Ban kiểm soát

Phạm Văn Thúy

Chủ tịch Hội đồng Quản trị

Phạm Xuân Huy

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

Top connections

TRV87.3%TSG75.8%VEC30.3%CT324.7%HPO24.4%RAT18.4%TVG15.9%THS10.8%TTD10.0%AMP8.6%TTT8.0%HPH5.9%

Computed 12/04/2026