CX8

Construction

Công ty Cổ phần Đầu tư và Xây lắp Constrexim số 8

Xây dựng và Vật liệuCT

9.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

78.940

Current

9.900

Gap

+500.0%

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)

26.01%

Kd(1-t)

6.12%

D/(D+E)

73.99%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

6.477

50%DCF Value

151.402

Blended Intrinsic

78.940

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CX8

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 · 2017

-1.73

Elevated

DSRI

1.285

GMI

1.012

AQI

1.118

SGI

1.050

DEPI

1.536

SGAI

1.029

TATA

0.068

LVGI

0.966

CX8 exhibits a Beneish M-Score of -1.7316, which is close to the threshold indicating potential earnings manipulation. The earnings quality score of 34.7/100, particularly low cash conversion and revenue metrics, raises concerns about the reliability of reported earnings.

Red Flags

Beneish M-Score of -1.7316 is above the manipulation threshold of -1.78, suggesting potential earnings manipulation.
Earnings Quality Score of 34.7/100 indicates significant weaknesses in cash conversion (0.0/100) and revenue recognition (0.0/100), which may signal aggressive accounting practices.

Positive Signals

The DSRI of 1.2850 suggests that inventory levels are increasing at a reasonable rate compared to sales, which may indicate healthy demand.
The eq_margin score of 82.0/100 indicates strong profitability in terms of margins, which is a positive signal despite other weaknesses.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the largest shareholder holding 22.8%. This concentration can lead to governance risks, particularly if decisions favor personal interests over minority shareholders.

Recommendation

Investors should exercise caution and closely monitor CX8's financial disclosures for signs of manipulation. It may be prudent to wait for improved earnings quality metrics and a more transparent ownership structure before considering an investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.11

Distress Zone

Sharpe

0.16

Positive

Composite

Strong

Price Risk

Momentum

+10.3%

Volatility

29.0%

Max Drawdown

-28.3%

Key Ratios

Fiscal year 2025

46.31P/E

P/B0.93

P/S0.26

ROE2.0%

ROA0.5%

EPS213.77

BVPS10651.07

Gross Margin3.7%

Net Margin0.6%

D/E3.99

Current Ratio1.24

Rev Growth14.3%

Profit Growth9.1%

EV/EBITDA52.10

Div Yield0.0%

Company Overview

Issued Shares

2.6M

Charter Capital

26.7B 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 CX8 — hover nodes for intel, click to navigate

Shareholders

Vũ Đức Tiến

Indiv

22.8%

608.678

nguyen-quang-huy

Indiv

10.7%

285.569

Vũ Tường Vy

Indiv

7.1%

190.575

Trần Bá Hùng

Indiv

6.1%

135.313

Vũ Duy Hậu

Indiv

5.5%

147.130

Nguyễn Thị Việt Hoa

Indiv

5.4%

96.700

Tổng Công ty Cổ phần Đầu tư Xây dựng và Thương mại Việt Nam

Inst

4.4%

97.840

Hoàng Biên Cương

Indiv

4.3%

114.040

Nguyễn Thị Thu Hoài

Indiv

4.1%

109.352

Ngô Văn Thịnh

Indiv

4.0%

71.684

Vũ Ngọc Trìu

Indiv

2.9%

78.352

Vũ Đức Thắng

Indiv

2.7%

72.147

Ngô Bá Mận

Indiv

2.1%

37.627

Nguyễn Văn Sinh

Indiv

1.9%

50.941

Lê Văn Lực

Indiv

1.3%

35.826

Quách Bích Việt

Indiv

1.2%

32.723

Bạch Tiến Dũng

Indiv

1.0%

17.407

Nguyễn Thị Ngọc Linh

Indiv

0.8%

14.374

Đinh Long

Indiv

0.8%

14.005

Nguyễn Thị Dung

Indiv

0.8%

13.943

Trần Ngọc Bích

Indiv

0.5%

13.875

Vũ Thị Diệp

Indiv

0.5%

13.915

Lý Văn Thương

Indiv

0.4%

7.461

Vũ Ngọc Chính

Indiv

0.2%

5.300

Board & Management

Vũ Đức Tiến22.8%

Chủ tịch Hội đồng Quản trị

Vũ Tường Vy7.1%

Thành viên Hội đồng Quản trị

Vũ Duy Hậu5.5%

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

Hoàng Biên Cương4.3%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Nguyễn Thị Thu Hoài4.1%

Kế toán trưởng

Vũ Ngọc Trìu2.9%

Phó Giám đốc

Vũ Ngọc Chính0.2%

Thành viên Hội đồng Quản trị

Trương Thị Lương

Thành viên Ban kiểm soát

Nguyễn Ngọc Thanh

Trưởng Ban kiểm soát

Nguyễn Thị Hồng Vân

Thành viên Ban kiểm soát

Nguyễn Huy Dũng

Người phụ trách quản trị công ty

Top connections

SHS22.8%VCT22.0%DHM20.1%DKC10.7%VFG10.7%NXT10.7%L4310.7%HFB10.7%IDJ10.7%FIT10.7%APS10.7%L4510.7%

Computed 12/04/2026