FCM

Construction

Công ty Cổ phần Bê tông Phan Vũ Hà Nam

Xây dựng và Vật liệuCT

3.320

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

8.077

Current

3.320

Gap

+143.3%

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)

84.69%

Kd(1-t)

5.15%

D/(D+E)

15.31%

WACC

11.12%

Growth Estimate

fundamental firm blend2.04%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

7.099

50%DCF Value

9.054

Blended Intrinsic

8.077

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — FCM

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 · 2025

-2.53

Low Risk

DSRI

0.984

GMI

1.055

AQI

0.971

SGI

0.985

DEPI

0.931

SGAI

0.967

TATA

-0.013

LVGI

0.937

FCM displays a Beneish M-Score of -2.5338, indicating a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 68.7/100 reveals significant weaknesses in revenue and margin quality, which could pose risks to future performance.

Red Flags

Earnings quality metrics show 0.0/100 for eq_margin and eq_revenue, indicating potential issues with revenue recognition and profitability.
The high concentration of ownership with 51.0% held by a single institutional investor may lead to governance risks and lack of minority shareholder protection.

Positive Signals

The Beneish M-Score of -2.5338 suggests a lower risk of earnings manipulation compared to the threshold, indicating potentially reliable financial reporting.
Strong cash conversion metrics with an eq_cash_conv score of 100.0/100 indicate effective cash management.

Ownership Risk

The significant ownership stake of 51.0% by Công ty Cổ phần Đầu tư Phan Vũ raises concerns about potential conflicts of interest and the influence of dominant shareholders on corporate decisions.

Recommendation

Investors should closely monitor FCM's revenue recognition practices and margin improvements while considering the implications of concentrated ownership on governance. A cautious approach is advised until clearer signals of operational stability emerge.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.87

Grey Zone

Sharpe

-0.93

Negative

Composite

Fair

Price Risk

Momentum

-22.2%

Volatility

20.7%

Max Drawdown

-35.3%

Key Ratios

Fiscal year 2025

8.62P/E

P/B0.29

P/S0.35

ROE3.4%

ROA2.9%

EPS406.10

BVPS11977.71

Gross Margin9.8%

Net Margin4.1%

D/E0.17

Current Ratio6.30

Rev Growth-1.5%

Profit Growth1119.4%

EV/EBITDA3.12

Div Yield4.3%

Company Overview

Issued Shares

46.2M

Charter Capital

462.3B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for FCM — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Đầu tư Phan Vũ

Inst

51.0%

23.6 trieu

Công ty Cổ phần Chứng khoán VIX

Inst

3.7%

1.0 trieu

Nguyễn Văn Hiệp

Indiv

3.6%

1.5 trieu

Board & Management

Phạm Trung Thành

Giám đốc

Hà Thế Phương

Chủ tịch Hội đồng Quản trị

Đoàn Hùng Dũng

Thành viên Hội đồng Quản trị độc lập

Nguyễn Thị Lan Hương

Thành viên Ban kiểm soát

Phan Khắc Long

Phó Chủ tịch Hội đồng Quản trị

Trần Vũ Anh Tuấn

Thành viên Hội đồng Quản trị

Hà Thị Mỹ Quyên

Thành viên Ban kiểm soát

Lê Thị Anh

Trưởng Ban kiểm soát

Cao Văn Thái

Phó Giám đốc

Nguyễn Hữu Thiều

Phụ trách Công bố thông tin

Nguyễn Thị Thanh Vân

Kế toán trưởng/Trưởng phòng Tài chính - Kế toán

Lương Anh Kiêm

Phó Giám đốc

Trần Công Tráng

Thành viên Hội đồng Quản trị độc lập

Top connections

VIT18.4%LKW16.8%PC15.0%HJS4.8%STG4.8%MHC4.8%EIB4.5%SD34.4%ITD4.2%VFR3.9%GEX3.7%QBS3.7%

Computed 12/04/2026