HHN

Construction

Công ty Cổ phần Vận tải và Dịch vụ Hàng hóa Hà Nội

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

200

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

12.935

Current

200

Gap

+500.0%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

72.85%

Kd(1-t)

6.10%

D/(D+E)

27.15%

WACC

10.54%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

15.481

50%DCF Value

10.389

Blended Intrinsic

12.935

Value Decomposition

37%

63%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — HHN

Earnings Quality

Fiscal year 2024

Good

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

-2.16

Moderate

DSRI

0.880

GMI

1.316

AQI

1.283

SGI

1.096

DEPI

1.014

SGAI

0.899

TATA

-0.011

LVGI

0.705

HHN exhibits a Beneish M-Score of -2.1572, indicating a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the GMI of 1.3165 and a low equity margin score of 31.8 suggest potential concerns regarding profitability and growth sustainability.

Red Flags

GMI of 1.3165 indicates potential deterioration in gross margins, which may signal future earnings pressure.
Low equity margin score of 31.8 suggests that while revenue is being generated, profitability may be under strain.

Positive Signals

Earnings Quality Score of 82.8/100 indicates strong overall earnings quality, with particularly high scores in cash conversion (100.0) and receivables (100.0).
DSRI of 0.8804 suggests that inventory levels are well managed relative to sales, which is a positive indicator of operational efficiency.

Ownership Risk

The ownership structure is heavily concentrated, with the top two shareholders holding 77.7% of the shares. This concentration could lead to governance risks and limit minority shareholder influence.

Recommendation

Monitor the company's profitability closely, especially given the elevated GMI and low equity margin. Consider engaging with management regarding strategies to improve margins and diversify ownership to mitigate governance risks.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

2.16

Grey Zone

Sharpe

0.00

Negative

Composite

Strong

Price Risk

Momentum

+0.0%

Volatility

0.0%

Max Drawdown

0.0%

Key Ratios

Fiscal year 2024

0.22P/E

P/B0.01

P/S0.01

ROE5.6%

ROA4.3%

EPS962.64

BVPS16809.94

Gross Margin28.6%

Net Margin4.1%

D/E0.24

Current Ratio4.10

Rev Growth9.6%

Profit Growth-48.2%

EV/EBITDA-2.56

Div Yield150.0%

Company Overview

Issued Shares

1.4M

Charter Capital

14.4B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for HHN — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Vận Tải Hà Nội

Inst

51.1%

735.420

Công ty Cổ phần Quan hệ Quốc tế - Đầu tư Sản xuất

Inst

26.6%

383.560

Phạm Quốc Phong

Indiv

9.7%

139.580

Công ty Cổ Phần Công Nghiệp Việt Nam

Inst

1.8%

26.000

Hà Phi Long

Indiv

0.3%

4.590

Dương Bảo Kiên

Indiv

0.1%

2.000

Nguyễn Thị Ngọc Hân

Indiv

0.1%

1.440

Board & Management

Dương Bảo Kiên0.1%

Kế toán trưởng

Phan Bá Triều

Thành viên Ban kiểm soát

Đinh Quang Tùng

Phó Giám đốc

Phạm Hải Đăng

Thành viên Hội đồng Quản trị

Trần Thị Huế

Thành viên Hội đồng Quản trị

Vũ Hữu Tuyến

Thành viên Hội đồng Quản trị

Nguyễn Anh Tuấn

Thành viên Hội đồng Quản trị/Giám đốc điều hành

Lê Quỳnh Trang

Trưởng Ban kiểm soát

Bùi Hồng Sơn

Chủ tịch Hội đồng Quản trị

Nguyễn Đức Duy

Thành viên Ban kiểm soát

Top connections

NWT94.3%HNB67.1%BLN51.1%

Computed 12/04/2026