G36

Construction

Tổng Công ty 36 - Công ty Cổ phần

Xây dựng và Vật liệuCT

10.200

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

9.977

Current

10.200

Gap

-2.2%

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)

25.29%

Kd(1-t)

6.93%

D/(D+E)

74.71%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

6.637

50%DCF Value

13.316

Blended Intrinsic

9.977

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — G36

Earnings Quality

Fiscal year 2025

Fair

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

-2.99

Low Risk

DSRI

0.756

GMI

0.995

AQI

1.188

SGI

1.041

DEPI

0.926

SGAI

2.170

TATA

-0.042

LVGI

0.975

G36 shows a Beneish M-Score of -2.9917, indicating a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the high SGAI of 2.1696 raises concerns about potential aggressive sales growth tactics that may not be sustainable.

Red Flags

SGAI of 2.1696 suggests aggressive sales growth that may not be supported by cash flows.
Low eq_revenue score of 44.8/100 indicates potential issues with revenue recognition.

Positive Signals

Earnings Quality Score of 83.3/100 indicates strong overall earnings quality.
High eq_cash_conv and eq_receivables scores of 100.0/100 suggest effective cash conversion and receivables management.

Ownership Risk

The significant ownership by the state (18.4%) and individual shareholders may lead to governance concerns, particularly regarding transparency and alignment of interests.

Recommendation

Monitor G36 closely for changes in sales growth metrics and revenue recognition practices. Consider a cautious investment approach, leveraging the strong earnings quality while being wary of potential aggressive growth strategies.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.77

Distress Zone

Sharpe

1.06

Excellent

Composite

Fair

Price Risk

Momentum

+106.4%

Volatility

47.9%

Max Drawdown

-33.1%

Key Ratios

Fiscal year 2025

46.18P/E

P/B1.13

P/S0.64

ROE2.4%

ROA0.6%

EPS260.50

BVPS10637.73

Gross Margin9.5%

Net Margin1.4%

D/E2.72

Current Ratio1.12

Rev Growth33.8%

Profit Growth1.3%

EV/EBITDA15.53

Div Yield0.0%

Company Overview

Issued Shares

103.7M

Charter Capital

1037.5B 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 G36 — hover nodes for intel, click to navigate

Shareholders

Bộ Quốc Phòng

State

18.4%

19.1 trieu

Nguyễn Đăng Giáp

Indiv

17.2%

17.9 trieu

Công ty Cổ Phần Xây Lắp Và Thương Mại Trường Lộc

Inst

5.0%

5.2 trieu

Công ty Cổ phần Vận tải và Thương mại Anh Quân

Inst

5.0%

5.2 trieu

Nguyễn Đăng Trung

Indiv

3.3%

3.4 trieu

Công ty Cổ Phần Đầu Tư Và Công Nghệ Vcapital

Inst

3.0%

3.0 trieu

Nguyễn Văn Hiền

Indiv

2.7%

2.8 trieu

nguyen-dang-hung

Indiv

1.6%

1.6 trieu

Nguyễn Đăng Hiếu

Indiv

1.3%

1.3 trieu

Võ Văn Ba

Indiv

0.8%

798.486

Vũ Xuân Sắc

Indiv

0.3%

270.232

nguyen-thanh-tuan

Indiv

0.1%

62.100

Board & Management

Nguyễn Đăng Giáp17.2%

Chủ tịch Hội đồng Quản trị

Nguyễn Đăng Trung3.3%

Phó Tổng Giám đốc

Nguyễn Văn Hiền2.7%

Chủ tịch Hội đồng Quản trị

Đặng Thanh Thế

Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị độc lập

Nguyễn Hồng Kiên

Trưởng phòng Tài chính - Kế toán/Kế toán trưởng

Nguyễn Đăng Thuận

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Võ Đặng Sơn

Tổng Giám đốc

Trần Thị Trang

Thành viên Hội đồng Quản trị

Top connections

X2071.7%C2251.3%A3251.0%X2651.0%AMP29.0%HCT24.7%ONW24.5%PHH15.9%HMS6.7%ISG5.2%DP34.9%HAC4.8%

Computed 12/04/2026