H11

Construction

Công ty Cổ phần Xây dựng HUD101

Xây dựng và Vật liệuCT

13.400

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

9.579

Current

13.400

Gap

-28.5%

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)

16.67%

Kd(1-t)

6.14%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend2.07%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.038

50%DCF Value

16.120

Blended Intrinsic

9.579

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — H11

Earnings Quality

Fiscal year 2024

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 · 2020

-1.77

Elevated

DSRI

1.192

GMI

1.436

AQI

1.000

SGI

0.928

DEPI

1.058

SGAI

0.738

TATA

0.068

LVGI

1.022

H11 exhibits several concerning indicators of potential earnings manipulation, particularly with a Beneish M-Score of -1.7744, which is close to the threshold indicating possible manipulation. The earnings quality score of 26.8/100, alongside low cash conversion metrics, raises significant red flags regarding the reliability of reported earnings.

Red Flags

Beneish M-Score of -1.7744, indicating potential earnings manipulation as it is close to the threshold of -1.78.
Earnings Quality Score of 26.8/100, reflecting poor earnings quality, particularly with an eq_cash_conv of 0.0/100 and eq_receivables of 0.0/100.

Positive Signals

DSRI of 1.1923 suggests that inventory growth is not excessively outpacing revenue growth, which may indicate some operational stability.
SGAI of 0.7375 indicates that sales growth is relatively controlled, which can be a positive sign in terms of sustainable growth.

Ownership Risk

The ownership structure is heavily concentrated, with 51.0% held by a single institutional investor, HUD1, which could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence on H11, particularly regarding its earnings quality and cash flow metrics. Monitoring upcoming financial disclosures will be critical to assess any changes in the risk profile.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

0.76

Distress Zone

Sharpe

0.72

Positive

Composite

Fair

Price Risk

Momentum

+26.3%

Volatility

134.0%

Max Drawdown

-30.2%

Key Ratios

Fiscal year 2024

8.23P/E

P/B0.72

P/S0.21

ROE9.7%

ROA1.3%

EPS1215.09

BVPS13184.11

Gross Margin9.2%

Net Margin2.7%

D/E5.63

Current Ratio1.17

Rev Growth-0.1%

Profit Growth1731.5%

EV/EBITDA23.44

Div Yield0.0%

Company Overview

Issued Shares

1.1M

Charter Capital

10.6B 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 H11 — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Đầu tư và Xây dựng HUD1

Inst

51.0%

540.600

Lê Văn Bá

Indiv

11.5%

122.200

Hà Minh Hùng

Indiv

4.5%

48.300

Trần Thế Tài

Indiv

1.9%

20.200

Nguyễn Đức Khương

Indiv

1.9%

20.000

Vũ Thị Hồng Liễu

Indiv

1.5%

16.100

Dương Tất Khiêm

Indiv

1.4%

15.000

Hồ Văn Nhân

Indiv

0.9%

9.600

Đỗ Quang Hoa

Indiv

0.5%

5.000

nguyen-dinh-hoc

Indiv

0.5%

5.000

Ngô Quang Đạo

Indiv

0.2%

2.500

Bùi Văn Quân

Indiv

0.2%

2.500

Lê Thanh Hải

Indiv

0.1%

1.500

Trần Kim Chi

Indiv

0.1%

1.500

Bùi Huy Phúc

Indiv

0.1%

1.500

Board & Management

Trần Thế Tài1.9%

Giám đốc

Nguyễn Đức Khương1.9%

Chủ tịch Hội đồng Quản trị

Vũ Thị Hồng Liễu1.5%

Thành viên Hội đồng Quản trị

Bùi Văn Quân0.2%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Bùi Huy Phúc0.1%

Phụ trách Công bố thông tin

Nguyễn Trung Hùng

Phó Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Hiền

Thành viên Ban kiểm soát

Nguyễn Văn Thứ

Thành viên Ban kiểm soát

Ngô Văn Hòa

Thành viên Ban kiểm soát

Top connections

ASM11.5%E124.5%VE34.5%VC12.5%CMG1.9%HU11.4%

Computed 12/04/2026