HID

Construction

Công ty Cổ phần Halcom Vietnam

Xây dựng và Vật liệuCT

5.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

16.668

Current

5.000

Gap

+233.4%

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)

54.83%

Kd(1-t)

6.11%

D/(D+E)

45.17%

WACC

10.00%

Growth Estimate

fundamental firm blend2.23%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-3.017

50%DCF Value

16.668

Blended Intrinsic

16.668

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — HID

Earnings Quality

Fiscal year 2025

Weak

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

-2.27

Moderate

DSRI

1.981

GMI

0.741

AQI

1.000

SGI

1.635

DEPI

0.429

SGAI

0.971

TATA

-0.220

LVGI

1.109

HID exhibits several concerning financial metrics indicative of potential earnings manipulation, particularly with a Beneish M-Score of -2.2741, which is below the manipulation threshold of -1.78. Additionally, the company's earnings quality score of 39.5 suggests significant issues with revenue recognition and cash conversion.

Red Flags

Beneish M-Score of -2.2741 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 39.5/100, particularly low scores in eq_margin (0.0/100) and eq_revenue (16.8/100), raise concerns about revenue sustainability.

Positive Signals

DSRI of 1.9810 suggests that the company is not excessively inflating receivables relative to sales, which could indicate some level of operational integrity.
High receivables quality score of 100.0/100 indicates effective management of receivables.

Ownership Risk

The ownership structure is heavily concentrated, with Nguyễn Quang Huân holding 26.7%, which may lead to governance risks and potential conflicts of interest in decision-making.

Recommendation

Investors should exercise caution and closely monitor HID's financial disclosures and operational performance, particularly focusing on cash flow and revenue recognition practices before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.83

Distress Zone

Sharpe

1.03

Excellent

Composite

Fair

Price Risk

Momentum

+76.4%

Volatility

83.1%

Max Drawdown

-65.6%

Key Ratios

Fiscal year 2025

14.25P/E

P/B0.47

P/S0.71

ROE3.3%

ROA1.5%

EPS350.84

BVPS10752.31

Gross Margin25.4%

Net Margin5.0%

D/E1.00

Current Ratio2.14

Rev Growth63.5%

Profit Growth18.4%

EV/EBITDA7.71

Div Yield0.0%

Company Overview

Issued Shares

76.8M

Charter Capital

767.7B 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 HID — hover nodes for intel, click to navigate

Shareholders

Nguyễn Quang Huân

Indiv

26.7%

20.5 trieu

Bùi Thị Xuyến

Indiv

5.2%

4.0 trieu

Trần Bắc Mỹ

Indiv

5.2%

4.0 trieu

Vũ Thị Bích Liên

Indiv

5.2%

4.0 trieu

Võ Thùy Dương

Indiv

4.0%

1.3 trieu

Đỗ Tiến Dũng

Indiv

4.0%

2.3 trieu

Trần Thị Minh Huệ

Indiv

2.9%

2.2 trieu

Nguyễn Thị Tính

Indiv

2.7%

865.505

Phạm Thị Đào Anh

Indiv

2.0%

623.107

nguyen-quang-hung

Indiv

1.1%

634.882

Lê Thành Đồng

Indiv

0.9%

276.785

Lê Kim Anh

Indiv

0.8%

616.460

Nguyễn Cẩm Lê

Indiv

0.7%

500.000

Trần Đình Khai

Indiv

0.4%

141.723

Board & Management

Nguyễn Quang Huân26.7%

Chủ tịch Hội đồng Quản trị

Trần Bắc Mỹ5.2%

Thành viên Ban kiểm soát

Bùi Thị Xuyến5.2%

Trưởng phòng Tài chính - Kế toán/Kế toán trưởng

Nguyễn Việt Dũng

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

Nguyễn Minh Lưu

Người phụ trách quản trị công ty

Phan Đăng Hoàn

Thành viên Ban kiểm soát

Olli Mikko Keski-Saari

Phó Tổng Giám đốc

Đinh Thị Hải Vinh

Phụ trách Công bố thông tin

Nguyễn Văn Lâm

Thành viên Hội đồng Quản trị

Phùng Ngọc Sơn

Thành viên Ban Kiểm toán nội bộ

Võ Huyền My

Thành viên Ban kiểm soát

Nguyễn Hoàng Hải

Giám đốc Tài chính

Tô Thị Minh

Thành viên Ban Kiểm toán nội bộ

Top connections

TTG20.6%HAX17.4%SJM13.3%APC13.1%KSD9.8%PND7.5%PAS5.0%NBB4.9%PIV3.9%NVB2.9%HLS2 links DAG2.7%

Computed 12/04/2026