HLY

Construction

Công ty Cổ phần Gốm xây dựng Yên Hưng

Xây dựng và Vật liệuCT

9.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

Current

9.600

Gap

-100.0%

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.

Distressed Valuation

Negative Enterprise Value

BVPS

—

Discount

50%

Floor Value

—

Valuation Track Record

Retroactive intrinsic value vs actual close price — HLY

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-5.11

Low Risk

DSRI

1.575

GMI

-0.022

AQI

1.238

SGI

0.456

DEPI

0.856

SGAI

3.167

TATA

-0.370

LVGI

1.330

HLY exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of -5.1064, well below the manipulation threshold of -1.78. The earnings quality score of 19.7/100 further highlights concerns regarding the company's financial health, particularly in areas such as accruals and receivables.

Red Flags

Beneish M-Score of -5.1064 indicates a high likelihood of earnings manipulation.
Earnings Quality Score of 19.7/100, with an accrual score of only 4.0/100, suggests severe issues with earnings quality.
SGAI of 3.1666 indicates excessive selling, which may point to aggressive revenue recognition practices.

Positive Signals

Revenue quality score of 95.2/100 suggests strong revenue generation capabilities.
Ownership concentration with top shareholders holding 26% each may indicate stability in governance.

Ownership Risk

The high concentration of ownership among a few institutional investors (52% combined) may lead to potential conflicts of interest and reduced oversight, which could exacerbate risks associated with financial manipulation.

Recommendation

Investors should exercise caution and conduct further due diligence before considering HLY, particularly focusing on verifying revenue recognition practices and assessing the implications of ownership structure on governance.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

-9.86

Distress Zone

Sharpe

-0.92

Negative

Composite

Poor

Price Risk

Momentum

-36.8%

Volatility

104.9%

Max Drawdown

-62.7%

Key Ratios

Fiscal year 2025

-0.97P/E

P/B0.00

P/S13.36

ROE20.2%

ROA-42.4%

EPS-9738.23

BVPS0.00

Gross Margin38.6%

Net Margin-1384.0%

D/E-1.39

Current Ratio0.02

Rev Growth-54.4%

Profit Growth3.4%

EV/EBITDA22.86

Div Yield0.0%

Company Overview

Issued Shares

1.0M

Charter Capital

10.0B 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 HLY — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Ống sợi thủy tinh Vinaconex

Inst

26.0%

260.000

Tổng Công ty Viglacera

Inst

26.0%

260.000

Lê Thị Nhàn

Indiv

12.3%

123.100

Nguyễn Minh Tuấn

Indiv

10.3%

103.400

Nguyễn Đức Bằng

Indiv

7.8%

77.600

Nguyễn Hợi

Indiv

5.3%

53.480

Phạm Thị Trà My

Indiv

5.1%

50.504

Shih Kuan Tung

Indiv

5.0%

49.900

Lưu Thị Thoa

Indiv

4.4%

44.180

nguyen-chi-thanh

Indiv

2.6%

26.080

Ngô Hải Nguyên

Indiv

2.1%

21.000

Đào Thị Hải Yến

Indiv

1.0%

10.120

Lê Minh Đức

Indiv

0.4%

4.120

Đào Mạnh Thảo

Indiv

0.3%

3.440

Board & Management

Nguyễn Minh Tuấn10.3%

Chủ tịch Hội đồng Quản trị

Nguyễn Hợi5.3%

Thành viên Hội đồng Quản trị

Lưu Thị Thoa4.4%

Thành viên Hội đồng Quản trị

Nguyễn Chí Thanh2.6%

Giám đốc/Thành viên Hội đồng Quản trị/Phó Giám đốc

Ngô Hải Nguyên2.1%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Đào Mạnh Thảo0.3%

Thành viên Ban kiểm soát

Hà Thị Hoa

Thành viên Ban kiểm soát

Nguyễn Thị Quế

Trưởng Ban kiểm soát

Top connections

VGC2 links DSG86.4%DTC67.5%TLT3 links DAC2 links VIH2 links VIM51.0%VIT2 links VHL2 links VTS2 links V1215.5%ASG13.4%

Computed 12/04/2026