HHV

Construction

Công ty Cổ phần Đầu tư Hạ tầng Giao thông Đèo Cả

Xây dựng và Vật liệuCT

12.200

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

12.695

Current

12.200

Gap

+4.1%

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)

28.09%

Kd(1-t)

6.90%

D/(D+E)

71.91%

WACC

10.00%

Growth Estimate

fundamental firm blend2.01%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

14.381

50%DCF Value

11.009

Blended Intrinsic

12.695

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — HHV

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-2.29

Moderate

DSRI

1.182

GMI

0.953

AQI

1.108

SGI

1.149

DEPI

0.804

SGAI

0.912

TATA

-0.028

LVGI

0.975

HHV's Beneish M-Score of -2.291 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal some areas of concern, particularly in receivables, which may suggest potential issues in revenue recognition.

Red Flags

Receivables quality score of 62.6/100 indicates potential issues in revenue collection.
SGI of 1.1491 suggests that sales growth is outpacing the growth in total assets, which could be a sign of aggressive revenue recognition.

Positive Signals

Earnings Quality Score of 85.9/100 and cash conversion rate of 100.0/100 indicate strong overall earnings quality and effective cash management.
Beneish M-Score of -2.291 suggests a low likelihood of earnings manipulation, which is a positive signal for investors.

Ownership Risk

The top shareholders include significant institutional investors, which can provide stability. However, the largest individual shareholder holds 17.6%, indicating potential concentration risk and influence over corporate decisions.

Recommendation

Monitor the receivables closely and assess the sustainability of revenue growth. Consider diversifying investments to mitigate risks associated with ownership concentration.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

0.28

Distress Zone

Sharpe

0.03

Positive

Composite

Fair

Price Risk

Momentum

+7.5%

Volatility

31.9%

Max Drawdown

-26.6%

Key Ratios

Fiscal year 2025

10.29P/E

P/B0.94

P/S1.59

ROE5.9%

ROA1.5%

EPS1181.14

BVPS12960.09

Gross Margin42.5%

Net Margin15.5%

D/E2.35

Current Ratio0.52

Rev Growth14.9%

Profit Growth37.8%

EV/EBITDA12.13

Div Yield0.0%

Company Overview

Issued Shares

497.4M

Charter Capital

5471.7B 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 HHV — hover nodes for intel, click to navigate

Shareholders

nguyen-quoc-anh

Indiv

17.6%

1.4 trieu

Công ty Cổ phần Đầu tư Hải Thạch B.O.T

Inst

13.3%

73.0 trieu

Công ty Cổ phần Đầu tư Hạ tầng Miền Bắc

Inst

5.0%

13.2 trieu

Công ty Cổ Phần Đầu Tư Thương Mại Quốc Tế Hà Thành

Inst

4.1%

10.8 trieu

Lưu Xuân Thủy

Indiv

3.9%

190.300

Phạm Đình Thắng

Indiv

3.3%

10.0 trieu

Công ty Cổ phần Tập đoàn Đèo Cả

Inst

2.9%

15.6 trieu

Trần Thị Ngoan

Indiv

1.6%

5.0 trieu

Hoàng Thị Hải Oanh

Indiv

0.6%

29.210

Hồ Minh Hoàng

Indiv

0.6%

Hồ Minh Hoàng

Indiv

0.4%

2.3 trieu

Board & Management

Hồ Minh Hoàng0.4%

Chủ tịch Hội đồng Quản trị

Nguyễn Quang Huy

Tổng Giám đốc

Nguyễn Tấn Đông

Phó Chủ tịch Hội đồng Quản trị

Võ Ngọc Trung

Phó Tổng Giám đốc

Trần Chủng

Thành viên Hội đồng Quản trị

Hoàng Văn Hải

Thành viên Hội đồng Quản trị

Nguyễn Quỳnh Mai

Phó Tổng Giám đốc

Trần Văn Thế

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Văn Ân

Phụ trách Công bố thông tin/Kế toán trưởng

Cam Thị Minh Hải

Thành viên Ban kiểm soát

Phan Thị Mai

Thành viên Ban kiểm soát

Nguyễn Minh Giang

Trưởng Ban kiểm soát

Trần Văn Dũng

Phó Tổng Giám đốc

Võ Cảnh Tỉnh

Phó Tổng Giám đốc

Nguyễn Thanh Trang

Thành viên Hội đồng Quản trị

Võ Thụy Linh

Thành viên Hội đồng Quản trị

Top connections

VCT22.0%VTD17.6%HAT17.6%CSM17.6%LAS17.6%CX810.7%PPE5.2%HDA4.9%DXG4.3%DKC3.9%VFG3.2%NXT1.2%

Computed 12/04/2026