GTS

Construction

Công ty Cổ phần Công trình Giao thông Sài Gòn

Xây dựng và Vật liệuCT

10.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

21.850

Current

10.800

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)

28.75%

Kd(1-t)

6.41%

D/(D+E)

71.25%

WACC

10.00%

Growth Estimate

fundamental firm blend3.26%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

20.874

50%DCF Value

22.826

Blended Intrinsic

21.850

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — GTS

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 · 2025

0.18

High Risk

DSRI

0.915

GMI

1.496

AQI

5.361

SGI

1.707

DEPI

1.000

SGAI

0.694

TATA

0.014

LVGI

1.097

GTS exhibits several concerning indicators of potential financial manipulation, particularly highlighted by a Beneish M-Score of 0.1821, which is above the manipulation threshold of -1.78. Despite a strong earnings quality score of 65.3, the low cash conversion metric suggests issues with cash flow relative to reported earnings.

Red Flags

Beneish M-Score of 0.1821 indicates potential earnings manipulation, as it exceeds the threshold of -1.78.
Earnings quality cash conversion score of 45.4/100 is significantly low, indicating potential issues with cash flow management.

Positive Signals

Strong receivables quality score of 100.0/100 suggests effective management of accounts receivable.
High accrual quality score of 94.4/100 indicates that the reported earnings are backed by actual economic performance.

Ownership Risk

The ownership structure is heavily concentrated, with the top two institutional shareholders holding a combined 76.3% stake, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should conduct further due diligence on GTS, particularly regarding cash flow management and the implications of concentrated ownership. Monitoring future earnings reports for consistency with cash flow will be critical.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.20

Grey Zone

Sharpe

0.02

Positive

Composite

Strong

Price Risk

Momentum

+26.1%

Volatility

79.8%

Max Drawdown

-29.9%

Key Ratios

Fiscal year 2025

6.58P/E

P/B0.86

P/S0.12

ROE13.4%

ROA3.7%

EPS1625.47

BVPS12415.37

Gross Margin4.5%

Net Margin1.8%

D/E3.07

Current Ratio1.09

Rev Growth70.7%

Profit Growth14.6%

EV/EBITDA0.52

Div Yield0.0%

Company Overview

Issued Shares

28.5M

Charter Capital

285.0B 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 GTS — hover nodes for intel, click to navigate

Shareholders

Công ty Đầu tư Tài chính Nhà nước Thành phố Hồ Chí Minh

Inst

49.0%

14.0 trieu

Công ty Cổ Phần Bảo Hiểm Bưu Điện

Inst

27.3%

7.6 trieu

Đặng Quốc Tuấn

Indiv

18.6%

5.3 trieu

Lâm Tấn Kiệt

Indiv

14.8%

4.2 trieu

Trần Thanh Hùng

Indiv

1.8%

510.048

Võ Văn Sơn

Indiv

0.4%

103.719

Board & Management

Trần Thanh Hưng1.8%

Thành viên Hội đồng Quản trị

Võ Văn Sơn0.4%

Phó Tổng Giám đốc

Võ Anh Tú

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phan Thị Tú Trinh

Kế toán trưởng

Nguyễn Hoàng Thái

Phó Tổng Giám đốc

Nguyễn Minh Đức

Trưởng Ban kiểm soát

Hoàng Anh Giao

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Danh Thụ

Thành viên Hội đồng Quản trị

Bùi Thống Nhất

Thành viên Ban kiểm soát

Hoàng Ngọc Hưng

Thành viên Ban kiểm soát

Huỳnh Minh Anh

Chủ tịch Hội đồng Quản trị

Phan Minh Hải Lăng

Phó Tổng Giám đốc

Top connections

CHS51.0%CLX49.0%HFB49.0%CCI49.0%HCM49.0%TDH49.0%REE49.0%CII49.0%HDB49.0%CLW49.0%DNM18.6%VIT18.6%

Computed 12/04/2026