GKM

Construction

Công ty Cổ phần GKM Holdings

Xây dựng và Vật liệuCT

1.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

13.964

Current

1.600

Gap

+500.0%

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)

74.62%

Kd(1-t)

5.57%

D/(D+E)

25.38%

WACC

10.52%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

14.307

50%DCF Value

13.622

Blended Intrinsic

13.964

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — GKM

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

1.15

High Risk

DSRI

1.485

GMI

8.158

AQI

1.658

SGI

0.375

DEPI

1.156

SGAI

0.337

TATA

-0.081

LVGI

1.189

GKM exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of 1.145, which is above the threshold of -1.78. The earnings quality score of 43.2/100, particularly low scores in receivables and revenue metrics, further highlight concerns regarding the reliability of reported earnings.

Red Flags

Beneish M-Score of 1.145 indicates potential earnings manipulation, exceeding the threshold of -1.78.
Earnings Quality Score of 43.2/100, with particularly low scores in eq_receivables (6.6/100) and eq_revenue (0.0/100), suggests poor earnings quality.

Positive Signals

High cash conversion score of 100.0/100 indicates strong cash flow relative to earnings.

Ownership Risk

The ownership structure shows a lack of concentrated institutional ownership, with the largest shareholder holding only 7.5%. This may lead to governance issues and a lack of accountability.

Recommendation

Given the high risk of earnings manipulation, it is advisable to approach GKM with caution and consider further due diligence before any investment decisions.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

0.50

Distress Zone

Sharpe

-2.01

Negative

Composite

Weak

Price Risk

Momentum

-47.5%

Volatility

78.4%

Max Drawdown

-78.3%

Key Ratios

Fiscal year 2025

7470.65P/E

P/B0.15

P/S5.22

ROE0.0%

ROA0.0%

EPS0.21

BVPS10821.82

Gross Margin58.0%

Net Margin0.1%

D/E0.34

Current Ratio1.87

Rev Growth-93.4%

Profit Growth-99.8%

EV/EBITDA10.91

Div Yield0.0%

Company Overview

Issued Shares

31.4M

Charter Capital

314.3B 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 GKM — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Chứng khoán APG

Inst

7.5%

2.4 trieu

Nguyễn Thị Năm

Indiv

6.5%

968.300

Vũ Văn Chính

Indiv

5.0%

748.100

Nguyễn Thị Xuyến

Indiv

4.8%

683.055

Đặng Việt Lê

Indiv

4.3%

1.3 trieu

Nguyễn Thị Hoa

Indiv

4.2%

1.3 trieu

Đinh Tuấn Anh

Indiv

3.7%

1.2 trieu

Đào Đức Phong

Indiv

3.4%

801.500

nguyen-viet-ha

Indiv

2.3%

732.571

Hoàng Văn Hải

Indiv

1.6%

488.162

Lê Hoài An

Indiv

1.3%

200.000

Phan Thị Mỹ Linh

Indiv

0.7%

99.225

Phan Mỹ Linh

Indiv

0.7%

99.225

Phạm Sĩ Giang

Indiv

0.4%

66.150

Hoàng Hạnh Phúc

Indiv

0.3%

40.845

Đặng Thị Yến Ngọc

Indiv

0.2%

33.075

Phan Thị Thu

Indiv

0.2%

33.075

NGUYỄN VĂN TIẾM

Indiv

0.2%

48.024

Phạm Ngọc Thuyết

Indiv

0.1%

16.537

Board & Management

Đặng Việt Lê4.3%

Chủ tịch Hội đồng Quản trị

Nguyễn Việt Hà2.3%

Phụ trách Công bố thông tin/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị

Hoàng Văn Hải1.6%

Phó Tổng Giám đốc

NGUYỄN VĂN TIẾM0.2%

Thành viên Hội đồng Quản trị/Phó Giám đốc Sản xuất

Nguyễn Thị Thu Trang

Trưởng Ban kiểm soát

Trần Thị Miền

Kế toán trưởng

Nguyễn Minh Đức

Thành viên Ban kiểm soát

Bùi Thế Nam

Tổng Giám đốc

Trần Hưng Dũng

Thành viên Hội đồng Quản trị

Trần Hải Long

Thành viên Hội đồng Quản trị

Cao Thị Thương

Thành viên Ban kiểm soát

Top connections

SHG21.2%GGG16.0%HTV10.0%TDG7.5%VID7.1%TMC6.5%VTA6.5%AG16.5%DGC6.5%EME6.2%QNC5.6%NHV5.0%

Computed 12/04/2026