E29

Construction

Công ty cổ phần Đầu tư Xây dựng và Kỹ thuật 29

Xây dựng và Vật liệuCT

8.800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

4.139

Current

8.800

Gap

-53.0%

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)

16.67%

Kd(1-t)

6.13%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-1.839

50%DCF Value

4.139

Blended Intrinsic

4.139

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — E29

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-1.99

Moderate

DSRI

0.583

GMI

0.834

AQI

0.570

SGI

1.270

DEPI

0.862

SGAI

0.870

TATA

0.185

LVGI

0.936

E29 exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -1.9922, which is below the manipulation threshold of -1.78. Additionally, the earnings quality score of 33.4/100 highlights significant weaknesses, particularly in cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -1.9922 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Earnings Quality Score of 33.4/100, with an eq_cash_conv of 0.0/100, suggests severe issues with cash flow relative to reported earnings.
SGI of 1.2698 indicates aggressive growth that may not be supported by actual revenue generation, posing a risk of overstatement.

Positive Signals

DSRI of 0.5826 suggests that inventory levels are well-managed compared to sales, which is a positive sign for operational efficiency.
Receivables quality score of 100.0/100 indicates strong management of receivables, reflecting a solid collection process.

Ownership Risk

The top shareholders include significant institutional ownership, with Tổng Công ty 319 Bộ Quốc Phòng holding 51.0%, which may indicate stability but also raises concerns about potential government influence on financial reporting.

Recommendation

Investors should approach E29 with caution, closely monitoring future earnings reports and cash flow statements. Consider waiting for clearer signals of improved earnings quality before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.42

Safe Zone

Sharpe

0.34

Positive

Composite

Weak

Price Risk

Momentum

+21.6%

Volatility

33.3%

Max Drawdown

-21.1%

Key Ratios

Fiscal year 2024

16.11P/E

P/B0.78

P/S0.03

ROE9.9%

ROA0.9%

EPS1080.51

BVPS11172.71

Gross Margin3.3%

Net Margin0.4%

D/E6.59

Current Ratio1.13

Rev Growth27.0%

Profit Growth53.0%

EV/EBITDA8.31

Div Yield5.7%

Company Overview

Issued Shares

5.0M

Charter Capital

50.0B 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 E29 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty 319 Bộ Quốc Phòng

Inst

51.0%

2.5 trieu

Công ty Cổ Phần Xây Dựng Và Kinh Doanh Thương Mại Âu Lạc

Inst

24.8%

1.2 trieu

Đặng Minh Hòa

Indiv

14.0%

699.583

Trương Ngọc Phương

Indiv

0.1%

6.500

Nguyễn Ngọc Quân

Indiv

0.1%

6.100

Board & Management

Trương Ngọc Phương0.1%

Chủ tịch Hội đồng Quản trị

Đỗ Duy Đông

Phó Giám đốc

Nguyễn Xuân Thiết

Phó Giám đốc

Đỗ Thị Minh Thanh

Thành viên Ban kiểm soát

Bùi Thị Dung Huyền

Thành viên Hội đồng Quản trị

Nguyễn Văn Điệp

Thành viên Hội đồng Quản trị/Giám đốc

Lại Thị Ngọc Oanh

Kế toán trưởng/Trưởng phòng Tài chính - Kế toán

Vũ Việt Vượng

Thành viên Ban kiểm soát

Phạm Thị Thơm

Thành viên Ban kiểm soát

Phạm Trần Đức

Phó Giám đốc

Top connections

DSH51.0%STT16.4%PNG4.3%

Computed 12/04/2026