FIC

Construction

Tổng Công ty Vật liệu Xây dựng số 1 - Công ty Cổ phần

Xây dựng và Vật liệuCT

20.000

VND · Last close

Valuation Verdict

Fairly Valued

Medium

-120%Fair Value+120%

Intrinsic Value

19.668

Current

20.000

Gap

-1.7%

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)

57.10%

Kd(1-t)

6.71%

D/(D+E)

42.90%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

17.419

50%DCF Value

21.917

Blended Intrinsic

19.668

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — FIC

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.87

Low Risk

DSRI

1.121

GMI

0.877

AQI

0.954

SGI

0.866

DEPI

1.003

SGAI

1.197

TATA

-0.057

LVGI

0.993

FIC's Beneish M-Score of -2.8673 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 49.0/100, particularly low margins and revenue metrics, raises concerns about the sustainability of its financial performance.

Red Flags

Earnings Quality Score of 49.0/100 indicates potential issues with revenue recognition and profit margins, particularly with eq_margin at 24.8/100 and eq_revenue at 6.4/100.
High SGI of 1.1966 suggests aggressive growth strategies that may not be supported by underlying fundamentals.

Positive Signals

Beneish M-Score of -2.8673 suggests a lower likelihood of earnings manipulation.
Strong cash conversion rate of 100.0/100 indicates effective cash management despite lower earnings quality.

Ownership Risk

The ownership structure is heavily concentrated, with 80.1% held by state and institutional investors, which may reduce volatility but also raises concerns about governance and potential conflicts of interest.

Recommendation

Investors should closely monitor FIC's earnings quality and operational performance, especially in light of its aggressive growth strategies. Consider a cautious approach, possibly waiting for improved earnings metrics before making significant investments.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.02

Grey Zone

Sharpe

0.26

Positive

Composite

Fair

Price Risk

Momentum

+14.5%

Volatility

84.8%

Max Drawdown

-33.9%

Key Ratios

Fiscal year 2025

17.57P/E

P/B1.29

P/S1.76

ROE7.5%

ROA4.3%

EPS933.13

BVPS12666.13

Gross Margin15.6%

Net Margin10.0%

D/E0.75

Current Ratio1.31

Rev Growth-13.4%

Profit Growth42.0%

EV/EBITDA35.05

Div Yield0.0%

Company Overview

Issued Shares

127.0M

Charter Capital

1270.0B 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 FIC — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

40.1%

50.9 trieu

Công ty Cổ Phần Đầu Tư Xuân Cầu

Inst

40.0%

50.8 trieu

Đỗ Thị Hiếu

Indiv

8.2%

10.4 trieu

Nguyễn Thị Bích Ngọc

Indiv

7.0%

8.9 trieu

Board & Management

Đỗ Thị Hiếu8.2%

Chủ tịch Hội đồng Quản trị

Nguyễn Xuân Thắng

Thành viên Hội đồng Quản trị

Phạm Việt Thắng

Phó Tổng Giám đốc Tài chính/Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc/Kế toán trưởng

Đào Quang Sơn

Thành viên Ban kiểm soát

Lê Văn Huy

Thành viên Ban kiểm soát

Trần Linh Chi

Thành viên Ban kiểm soát

Đặng Minh Thừa

Thành viên Hội đồng Quản trị

Cao Trường Thụ

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026