HAM

Construction

Công ty Cổ phần Vật tư Hậu Giang

Xây dựng và Vật liệuCT

71.000

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

68.930

Current

71.000

Gap

-2.9%

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)

18.99%

Kd(1-t)

6.78%

D/(D+E)

81.01%

WACC

10.00%

Growth Estimate

fundamental firm blend2.75%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

43.560

50%DCF Value

94.300

Blended Intrinsic

68.930

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — HAM

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-3.27

Low Risk

DSRI

0.627

GMI

0.882

AQI

1.276

SGI

0.964

DEPI

1.078

SGAI

1.187

TATA

-0.101

LVGI

0.907

The analysis of HAM indicates a moderate risk level, primarily due to its Beneish M-Score of -3.2696, which suggests a low likelihood of earnings manipulation. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition and profit margins, which could signal underlying operational issues.

Red Flags

The earnings quality score of 61.6/100 is concerning, especially the eq_margin at 34.7/100, indicating potential issues with profitability.
The eq_revenue score of 0.0/100 raises red flags about the company's revenue recognition practices.

Positive Signals

The DSRI of 0.6274 suggests that inventory levels are well managed relative to sales, indicating operational efficiency.
The cash conversion score of 100.0/100 indicates strong cash flow generation relative to earnings, which is a positive signal for liquidity.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a controlling stake, which may lead to governance challenges. However, the presence of multiple individual shareholders could also indicate a level of commitment to the company.

Recommendation

Investors should closely monitor HAM's revenue recognition practices and operational efficiency. A deeper dive into management's strategies for improving profit margins and addressing the low revenue quality score is advisable before making significant investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.27

Safe Zone

Sharpe

1.72

Excellent

Composite

Fair

Price Risk

Momentum

+35.1%

Volatility

51.1%

Max Drawdown

-18.5%

Key Ratios

Fiscal year 2024

11.19P/E

P/B1.80

P/S0.15

ROE17.8%

ROA3.5%

EPS4330.14

BVPS25845.93

Gross Margin12.1%

Net Margin1.4%

D/E2.77

Current Ratio0.92

Rev Growth-2.9%

Profit Growth19.4%

EV/EBITDA7.98

Div Yield2.6%

Company Overview

Issued Shares

9.6M

Charter Capital

96.4B 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 HAM — hover nodes for intel, click to navigate

Shareholders

Lê Hoàng Nam

Indiv

7.3%

704.568

Vũ Thị Thủy

Indiv

5.4%

521.307

Lương Văn Sĩ

Indiv

4.7%

453.156

Trần Thị Phượng

Indiv

4.1%

398.625

Đào Thị Vững

Indiv

3.9%

380.370

Quách Yến Vân

Indiv

3.7%

354.433

Lâm Thị Trúc Hà

Indiv

3.2%

309.300

Lê Văn Chung

Indiv

3.0%

289.302

Nguyễn Thị Liên

Indiv

2.8%

268.557

Đào Vũ Hồng Ngọc

Indiv

2.8%

265.146

Lâm Anh Truyền

Indiv

2.5%

244.960

Nguyễn Chiến Mạnh

Indiv

1.1%

110.718

Lâm Thị Thu Hiền

Indiv

1.1%

109.200

Đào Đức Đại

Indiv

1.0%

95.137

Khổng Liên Phương

Indiv

0.6%

60.675

Huỳnh Tú Mỹ

Indiv

0.2%

18.787

Lâm Thị Lệ Hà

Indiv

0.1%

10.780

Lý Chí Kiên

Indiv

0.1%

7.000

Nguyễn Thành Được

Indiv

0.1%

6.000

Board & Management

Lê Hoàng Nam7.3%

Chủ tịch Hội đồng Quản trị

Lâm Thị Trúc Hà3.2%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Mai Bảo Ngọc2.0%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lâm Thị Thu Hiền1.1%

Kế toán trưởng

Đào Đức Đại1.0%

Thành viên Ban Kiểm toán nội bộ/Thành viên Hội đồng Quản trị

Huỳnh Việt Hùng

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

Phạm Văn Hùng

Phó Tổng Giám đốc

Phạm Ngọc Minh

Phó Chủ tịch Hội đồng Quản trị/Trưởng Ban Kiểm toán nội bộ

Top connections

HTV10.0%KSF7.3%PTM6.3%BGW5.4%VBG5.4%SII5.4%ISH5.4%PBP5.3%CDG5.2%NDX4.9%GEG4.1%MCF4.1%

Computed 12/04/2026