HT1

Construction

Công ty Cổ phần Xi măng VICEM Hà Tiên

Xây dựng và Vật liệuCT

15.050

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

19.134

Current

15.050

Gap

+27.1%

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)

59.29%

Kd(1-t)

6.02%

D/(D+E)

40.71%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

15.972

50%DCF Value

22.296

Blended Intrinsic

19.134

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — HT1

Earnings Quality

Fiscal year 2025

Fair

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 · 2025

-2.88

Low Risk

DSRI

0.843

GMI

0.750

AQI

1.214

SGI

1.070

DEPI

0.874

SGAI

0.987

TATA

-0.069

LVGI

0.812

HT1 exhibits a Beneish M-Score of -2.8806, indicating a low likelihood of earnings manipulation. However, the earnings quality metrics reveal significant concerns, particularly in revenue and margin recognition, which could impact long-term financial stability.

Red Flags

Earnings Quality Score of 63.1/100 indicates potential issues, particularly with revenue and margin metrics both at 0.0/100, suggesting aggressive revenue recognition practices.
The DSRI of 0.8429 indicates a decrease in receivables relative to sales, which may signal potential issues in revenue collection.

Positive Signals

A high cash conversion score of 100.0/100 suggests strong cash flow management.
The low SGI of 1.0697 indicates stable growth relative to industry peers, which may reflect a solid market position.

Ownership Risk

With 79.7% ownership by Tổng Công ty Xi măng Việt Nam, there is a significant concentration of control, which may limit minority shareholder influence and increase risks related to governance and transparency.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of ownership concentration on governance. A cautious approach is advised, potentially waiting for improved earnings quality metrics before making significant investments.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.55

Grey Zone

Sharpe

0.44

Positive

Composite

Fair

Price Risk

Momentum

+29.8%

Volatility

39.2%

Max Drawdown

-28.5%

Key Ratios

Fiscal year 2025

21.47P/E

P/B1.16

P/S0.80

ROE5.5%

ROA3.5%

EPS717.35

BVPS13309.72

Gross Margin12.5%

Net Margin3.7%

D/E0.49

Current Ratio0.67

Rev Growth8.2%

Profit Growth355.1%

EV/EBITDA5.94

Div Yield0.0%

Company Overview

Issued Shares

381.6M

Charter Capital

3815.9B 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 HT1 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Xi măng Việt Nam

Inst

79.7%

304.1 trieu

Hoàng Kim Cường

Indiv

10.0%

31.8 trieu

Trần Hoàng Việt Anh

Indiv

2.8%

10.7 trieu

Lê Phương Thúy

Indiv

2.7%

10.3 trieu

Công ty TNHH Chứng khoán ACB

Inst

2.4%

7.6 trieu

Trần Thị Ngọc Anh

Indiv

1.8%

7.0 trieu

Công ty TNHH Bảo Hiểm Nhân Thọ Cathay Việt Nam

Inst

1.1%

4.3 trieu

Nguyễn Văn Chuyện

Indiv

1.0%

3.6 trieu

Công ty Cổ phần Chứng khoán BIDV

Inst

0.9%

3.3 trieu

Galileo - Vietnam Fund

Inst

0.8%

2.9 trieu

E.I. Sturdza Funds Public Limited Company

Inst

0.7%

2.7 trieu

Công ty TNHH Quản lý quỹ đầu tư chứng khoán Vietcombank

Inst

0.6%

2.3 trieu

Trần Phi Hùng

Indiv

0.5%

2.1 trieu

Lionglobal Vietnam Fund

Inst

0.5%

2.1 trieu

Nguyễn Xuân Lộc

Indiv

0.4%

1.7 trieu

Đoàn Thị Thanh Vân

Indiv

0.3%

990.000

Nguyễn Văn Phương

Indiv

0.3%

980.000

Nguyễn Thị Tươi

Indiv

0.3%

1.0 trieu

Công đoàn Công ty Cổ phần Vận tải Hà Tiên

Inst

0.1%

372.315

Công ty Cổ phần Chứng khoán Vietcap

Inst

0.1%

369.721

Board & Management

Nguyễn Văn Chuyền1.0%

Thành viên Hội đồng Quản trị

Phạm Đình Nhật Cường

Phó Tổng Giám đốc

Trần Thị Bích Thủy

Thành viên Ban kiểm soát

Nguyễn Thanh Phúc

Phó Tổng Giám đốc

Lưu Đình Cường

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Đinh Quang Dũng

Chủ tịch Hội đồng Quản trị

Hoàng Cảnh Nguyễn

Thành viên Hội đồng Quản trị

Đặng Thị Phương Thơ

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

Bùi Nguyên Quỳnh

Kế toán trưởng/Thành viên Hội đồng Quản trị

Phạm Kiến Phương

Phó Tổng Giám đốc

Lê Thị Thu Thủy

Thành viên Ban kiểm soát

Trung Thị Tâm Thanh

Trưởng Ban kiểm soát

Nguyễn Văn Lập

Thành viên Hội đồng Quản trị

Phan Xuân Hiệu

Thành viên Hội đồng Quản trị

Top connections

BTS2 links BCC79.7%HOM79.7%DXV79.7%VTV79.7%TMX79.7%HCT79.7%TXM79.7%HTV79.7%BPC79.7%BXH79.7%BBS79.7%

Computed 12/04/2026