GIC

Construction

Công ty Cổ phần VSC Green Logistics

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

10.300

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

28.688

Current

10.300

Gap

+178.5%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

92.06%

Kd(1-t)

7.14%

D/(D+E)

7.94%

WACC

11.80%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

21.132

50%DCF Value

36.244

Blended Intrinsic

28.688

Value Decomposition

42%

58%

Explicit period (42%)Terminal value (58%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — GIC

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

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.38

Low Risk

DSRI

0.451

GMI

0.929

AQI

0.920

SGI

0.979

DEPI

0.854

SGAI

1.131

TATA

-0.054

LVGI

1.032

GIC presents a moderate risk profile with a Beneish M-Score of -3.3758, indicating no immediate signs of earnings manipulation. However, the earnings quality metrics reveal significant weaknesses in receivables and revenue recognition, which could pose future risks.

Red Flags

Earnings Quality Score of 59.6/100, with eq_receivables and eq_revenue both at 0.0/100, indicating potential issues in revenue recognition and collection efficiency.

Positive Signals

Beneish M-Score of -3.3758, well below the manipulation threshold of -1.78, suggests a lower likelihood of earnings manipulation.

Ownership Risk

The high concentration of ownership, with Công ty Cổ phần Container Việt Nam holding 66.3%, poses risks related to governance and minority shareholder rights, potentially leading to decisions that favor major shareholders.

Recommendation

Investors should closely monitor GIC's revenue recognition practices and consider diversifying their holdings to mitigate risks associated with concentrated ownership.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

4.56

Safe Zone

Sharpe

-0.69

Negative

Composite

Fair

Price Risk

Momentum

-3.6%

Volatility

40.9%

Max Drawdown

-25.5%

Key Ratios

Fiscal year 2025

13.62P/E

P/B0.78

P/S1.27

ROE5.9%

ROA5.4%

EPS1204.02

BVPS21038.86

Gross Margin43.9%

Net Margin9.4%

D/E0.09

Current Ratio4.04

Rev Growth-2.1%

Profit Growth-10.1%

EV/EBITDA4.38

Div Yield0.0%

Company Overview

Issued Shares

12.1M

Charter Capital

133.3B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Container Việt Nam

Inst

66.3%

8.8 trieu

america limited liability company

Inst

6.0%

729.000

nguyen-thi-minh-lan

Indiv

0.2%

19.200

nguyen-viet-trung

Indiv

0.1%

13.200

Nguyễn Thị Vân An

Indiv

0.1%

13.200

Hoàng Tiến Lục

Indiv

0.1%

12.000

Bùi Minh Hưng

Indiv

0.1%

12.000

Cáp Trọng Cường

Indiv

0.1%

12.000

Đồng Trung Hải

Indiv

0.1%

15.840

Nghiêm Tuấn Anh

Indiv

0.1%

12.000

Board & Management

Nguyễn Thị Minh Lan0.2%

Kế toán trưởng

Đồng Trung Hải0.1%

Thành viên Hội đồng Quản trị/Giám đốc

Trần Ngọc Toàn

Phó Giám đốc

Nguyễn Tuấn Anh

Thành viên Ban kiểm soát

Phan Thị Trung Hiếu

Thành viên Ban kiểm soát

Phạm Thị Thúy Nga

Người phụ trách quản trị công ty/Phụ trách Công bố thông tin

Nguyễn Kim Dương Khôi

Thành viên Hội đồng Quản trị

Nghiêm Thị Thùy Dương

Trưởng Ban kiểm soát

Nguyễn Thế Trọng

Chủ tịch Hội đồng Quản trị

Trần Tiến Dũng

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Thắng

Thành viên Hội đồng Quản trị

Top connections

VSM66.3%VGR66.3%VNA66.3%DNL66.3%HAH2 links SGN25.0%WCS23.6%DNM22.7%IDV18.0%SZL16.1%BAX16.1%TIP15.3%

Computed 12/04/2026