GMH

Construction

Công ty Cổ phần Minh Hưng Quảng Trị

Xây dựng và Vật liệuCT

7.850

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

15.879

Current

7.850

Gap

+102.3%

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)

95.55%

Kd(1-t)

6.32%

D/(D+E)

4.45%

WACC

11.94%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

7.800

50%DCF Value

23.958

Blended Intrinsic

15.879

Value Decomposition

42%

58%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — GMH

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 · 2024

-2.26

Moderate

DSRI

1.640

GMI

1.170

AQI

0.677

SGI

0.775

DEPI

0.863

SGAI

1.228

TATA

-0.030

LVGI

0.809

GMH's Beneish M-Score of -2.2647 indicates a lower likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in receivables and margin, which could signal potential operational inefficiencies.

Red Flags

DSRI of 1.6396 indicates potential issues with inventory management, suggesting that the company may be overstocking relative to sales.
EQ margin score of 26.7/100 is notably low, indicating poor profitability relative to revenue, which raises concerns about operational efficiency.

Positive Signals

Earnings Quality Score of 60.4/100 suggests that while there are weaknesses, the overall earnings quality is acceptable.
High cash conversion score of 100.0/100 indicates strong cash flow generation relative to earnings, which is a positive sign for liquidity.

Ownership Risk

The ownership structure shows a concentration of shares among a few individuals and an institutional investor, which could lead to governance risks if these shareholders have conflicting interests.

Recommendation

Investors should closely monitor GMH's inventory management and operational efficiency while considering a cautious approach due to the elevated risk level. Engaging with management on strategies to improve margins and receivables would be prudent.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

10.32

Safe Zone

Sharpe

0.18

Positive

Composite

Fair

Price Risk

Momentum

+11.9%

Volatility

27.9%

Max Drawdown

-16.7%

Key Ratios

Fiscal year 2025

7.17P/E

P/B0.68

P/S1.24

ROE9.8%

ROA9.4%

EPS1087.22

BVPS11514.17

Gross Margin26.4%

Net Margin17.3%

D/E0.05

Current Ratio20.01

Rev Growth17.6%

Profit Growth201.2%

EV/EBITDA7.06

Div Yield0.0%

Company Overview

Issued Shares

16.5M

Charter Capital

165.0B 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 GMH — hover nodes for intel, click to navigate

Shareholders

Lê Đình Sung

Indiv

15.2%

2.5 trieu

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

14.5%

2.4 trieu

Phạm Thị Mỹ Liên

Indiv

13.6%

2.3 trieu

Trần Thiên Như An

Indiv

5.5%

911.800

Lê Đình Minh

Indiv

5.0%

830.836

Lê Thị Thảo Duyên

Indiv

4.3%

714.065

nguyen-van-tu

Indiv

4.3%

711.768

Đặng Sĩ Tiếp

Indiv

3.0%

487.000

Phạm Minh Thạnh

Indiv

1.8%

301.788

Lê Thị Mỹ Trang

Indiv

1.8%

295.700

Trương Đức Trí

Indiv

0.9%

150.000

Lê Thị Diệu Trinh

Indiv

0.3%

50.036

Top connections

VNY24.6%HHC18.3%SHE14.5%HMH14.5%GEX14.5%VSC14.5%PET14.5%NTL14.5%MBB14.5%FPT14.5%VNM14.5%VE34.3%

Computed 12/04/2026