CTI

Construction

Công ty Cổ phần Đầu tư Phát triển Cường Thuận IDICO

Xây dựng và Vật liệuCT

23.050

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

23.246

Current

23.050

Gap

+0.8%

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)

33.41%

Kd(1-t)

7.36%

D/(D+E)

66.59%

WACC

10.00%

Growth Estimate

fundamental firm blend2.95%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

27.703

50%DCF Value

18.788

Blended Intrinsic

23.246

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CTI

Earnings Quality

Fiscal year 2025

Good

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.04

Moderate

DSRI

1.246

GMI

1.066

AQI

1.227

SGI

1.330

DEPI

0.957

SGAI

0.830

TATA

-0.057

LVGI

0.890

CTI exhibits a Beneish M-Score of -2.037, indicating a low likelihood of earnings manipulation. However, the earnings quality metrics show concerns, particularly with a revenue quality score of 0.0/100, which raises questions about the sustainability of reported earnings.

Red Flags

Revenue quality score of 0.0/100 suggests potential issues with revenue recognition or reporting.
SGI of 1.3300 indicates aggressive growth that may not be supported by underlying fundamentals.

Positive Signals

Earnings Quality Score of 79.3/100 reflects strong cash conversion and receivables management.
DSRI of 1.2464, while above 1, is not excessively high, indicating manageable inventory levels relative to sales.

Ownership Risk

The top shareholders are a mix of institutional and individual investors, with no single entity holding a controlling stake. This diversified ownership structure may mitigate risks associated with governance and decision-making.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of the low revenue quality score. A cautious approach is advised, potentially waiting for clearer signals of sustainable earnings growth before making significant investments.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

0.88

Distress Zone

Sharpe

0.23

Positive

Composite

Fair

Price Risk

Momentum

+9.0%

Volatility

33.6%

Max Drawdown

-26.5%

Key Ratios

Fiscal year 2025

9.87P/E

P/B0.89

P/S0.98

ROE10.1%

ROA3.2%

EPS2336.06

BVPS25827.20

Gross Margin35.3%

Net Margin10.0%

D/E1.45

Current Ratio0.58

Rev Growth33.0%

Profit Growth48.6%

EV/EBITDA6.21

Div Yield0.0%

Company Overview

Issued Shares

63.0M

Charter Capital

630.0B 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 CTI — hover nodes for intel, click to navigate

Shareholders

Luminous Vietnam and Indochina Growth Fund

Inst

6.2%

2.1 trieu

Nguyễn Xuân Hòa

Indiv

5.1%

1.7 trieu

PYN Elite Fund

Inst

5.0%

3.1 trieu

Nguyễn Đức Minh

Indiv

4.9%

3.1 trieu

ASAM Vietnam Equity Balanced Hedge Fund 3

Inst

4.9%

3.1 trieu

Nguyễn Văn Thuận

Indiv

4.3%

1.9 trieu

nguyen-thi-hong-cuc

Indiv

4.0%

1.3 trieu

Nguyễn Minh Nhựt

Indiv

4.0%

1.3 trieu

Nguyễn Xuân Quang

Indiv

2.6%

1.6 trieu

Trần Như Hoàng

Indiv

2.0%

1.2 trieu

Tổng Công ty IDICO

Inst

1.2%

770.000

Công ty Cổ phần Chứng khoán SBS

Inst

0.9%

310.745

Nguyễn Thị Ngọc Luyến

Indiv

0.8%

500.000

Nguyễn Xuân Quang

Indiv

0.8%

500.000

Vũ Mạnh Cường

Indiv

0.6%

403.070

Võ Thị Của

Indiv

0.6%

362.692

nguyen-xuan-cuong

Indiv

0.5%

323.158

Nguyễn Văn Khang

Indiv

0.4%

260.000

Phạm Thế Tô

Indiv

0.2%

50.000

Board & Management

Nguyễn Xuân Quang2.6%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Như Hoàng2.0%

Chủ tịch Hội đồng Quản trị

Vũ Mạnh Cường0.6%

Thành viên Hội đồng Quản trị

Nguyễn Xuân Cường0.5%

Thành viên Hội đồng Quản trị

Nguyễn Văn Khang0.4%

Thành viên Hội đồng Quản trị

Vũ Tiến Dũng

Người phụ trách quản trị công ty

Đới Hùng Cường

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Trương Hồng Loan

Phó Tổng Giám đốc

Phạm Mai Thu

Phó Tổng Giám đốc

Vũ Thị Hồng

Trưởng Ban kiểm soát

Đầu Thị Huyền

Thành viên Ban kiểm soát

Vũ Thị Thúy

Thành viên Ban kiểm soát

Nguyễn Hồng Hải

Thành viên Hội đồng Quản trị

Phạm Thanh Quảng

Phó Tổng Giám đốc

Bùi Tiến Vương

Kế toán trưởng

Top connections

UIC64.5%HTI57.5%ISH51.8%ICN51.0%LAI51.0%INC44.0%LCC22.1%LMI20.1%ASM11.2%HDG10.0%MIG9.9%DSE9.7%

Computed 12/04/2026