CTR

Construction

Tổng Công ty Cổ phần Công trình Viettel

Xây dựng và Vật liệuCT

85.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

104.018

Current

85.600

Gap

+21.5%

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)

26.25%

Kd(1-t)

6.41%

D/(D+E)

73.75%

WACC

10.00%

Growth Estimate

fundamental firm blend5.58%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

87.746

50%DCF Value

120.289

Blended Intrinsic

104.018

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CTR

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

-3.17

Low Risk

DSRI

0.836

GMI

0.995

AQI

0.829

SGI

1.105

DEPI

0.862

SGAI

1.329

TATA

-0.105

LVGI

1.013

CTR exhibits a Beneish M-Score of -3.1744, indicating a low likelihood of earnings manipulation. However, the ownership concentration with 65.7% held by a state-owned enterprise raises potential governance concerns.

Red Flags

High ownership concentration with 65.7% held by Tập đoàn Công nghiệp - Viễn thông Quân đội, which may lead to conflicts of interest and reduced minority shareholder influence.

Positive Signals

Earnings Quality Score of 85.4/100 indicates strong cash conversion and receivables management, suggesting robust operational performance.

Ownership Risk

The significant stake held by a state-owned enterprise may pose risks related to governance and decision-making, potentially sidelining minority shareholders.

Recommendation

Investors should closely monitor governance practices and consider diversifying their exposure to mitigate risks associated with ownership concentration.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.22

Safe Zone

Sharpe

-0.71

Negative

Composite

Fair

Price Risk

Momentum

-9.8%

Volatility

35.1%

Max Drawdown

-39.3%

Key Ratios

Fiscal year 2025

16.33P/E

P/B4.74

P/S0.70

ROE30.5%

ROA7.8%

EPS5242.93

BVPS18071.95

Gross Margin7.0%

Net Margin4.3%

D/E2.96

Current Ratio1.18

Rev Growth10.5%

Profit Growth11.4%

EV/EBITDA9.50

Div Yield0.0%

Company Overview

Issued Shares

114.4M

Charter Capital

1143.9B 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 CTR — hover nodes for intel, click to navigate

Shareholders

Tập đoàn Công nghiệp - Viễn thông Quân đội

Inst

65.7%

75.1 trieu

Đoàn Hồng Việt

Indiv

5.0%

5.7 trieu

Dương Quốc Chính

Indiv

0.5%

237.110

HOÀNG CÔNG VĨNH

Indiv

0.3%

152.168

Đặng Thị Quỳnh

Indiv

0.2%

229.716

Nguyễn Bá Nhiên

Indiv

0.1%

50.607

Bùi Thế Hùng

Indiv

0.1%

121.441

Board & Management

Bùi Thế Hùng0.1%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Hữu Hiền

Phó Tổng Giám đốc

Nguyễn Thái Hưng

Phó Giám đốc

Đào Thu Hiền

Phó Giám đốc

Bùi Duy Bảo

Kế toán trưởng

Nguyễn Huy Dũng

Phó Tổng Giám đốc

Phạm Đình Trường

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thanh Nam

Thành viên Hội đồng Quản trị/Chủ tịch Hội đồng Quản trị

Nguyễn Tất Trường

Thành viên Hội đồng Quản trị

Ngô Quang Tuệ

Trưởng Ban kiểm soát

Mai Thị Anh

Thành viên Ban kiểm soát

Nghiêm Phương Nhi

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Ánh

Phụ trách Công bố thông tin

Phạm Hồng Quân

Thành viên Ban kiểm soát

Top connections

VGI99.0%VTK65.7%VTP65.7%MBB65.7%INN21.4%AAM6.4%MEF6.2%TGG4.8%HPM1.8%

Computed 12/04/2026