ICC

Construction

Công ty Cổ phần Xây dựng Công nghiệp

Xây dựng và Vật liệuCT

32.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

99.299

Current

32.600

Gap

+204.6%

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)

50.88%

Kd(1-t)

6.29%

D/(D+E)

49.12%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

37.365

50%DCF Value

161.233

Blended Intrinsic

99.299

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ICC

Earnings Quality

Fiscal year 2024

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 · 2018

-2.17

Moderate

DSRI

2.322

GMI

1.323

AQI

2.347

SGI

0.350

DEPI

1.266

SGAI

1.027

TATA

-0.217

LVGI

1.134

The Beneish M-Score of -2.1651 indicates a strong likelihood of earnings manipulation, as it falls below the threshold of -1.78. Additionally, the earnings quality score of 45.0/100 reflects significant weaknesses in accruals and revenue recognition, raising further concerns about the company's financial integrity.

Red Flags

Beneish M-Score of -2.1651 indicates potential earnings manipulation.
Earnings Quality Score of 45.0/100, with eq_accrual at only 28.7/100, suggests poor earnings quality.
DSRI of 2.3217 indicates a significant increase in receivables relative to sales, which may signal aggressive revenue recognition.

Positive Signals

Cash conversion score of 100.0/100 indicates strong cash flow generation.
SGI of 0.3501 suggests a decrease in sales growth, which may indicate a conservative approach to revenue recognition.

Ownership Risk

The high ownership concentration of 79.1% by Tổng công ty Đầu tư Phát triển Hạ tầng Đô thị UDIC presents a risk of potential conflicts of interest and lack of independent oversight. This could lead to decisions that do not align with minority shareholder interests.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in ICC, particularly focusing on the company's revenue recognition practices and overall governance structure.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.44

Distress Zone

Sharpe

0.69

Positive

Composite

Strong

Price Risk

Momentum

+82.0%

Volatility

134.2%

Max Drawdown

-31.7%

Key Ratios

Fiscal year 2024

31.21P/E

P/B1.31

P/S2.05

ROE4.6%

ROA2.3%

EPS1764.13

BVPS38023.98

Gross Margin12.4%

Net Margin7.3%

D/E0.95

Current Ratio1.79

Rev Growth8.6%

Profit Growth-35.1%

EV/EBITDA15.01

Div Yield2.4%

Company Overview

Issued Shares

3.8M

Charter Capital

38.0B 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 ICC — hover nodes for intel, click to navigate

Shareholders

Tổng công ty Đầu tư Phát triển Hạ tầng Đô thị UDIC

Inst

79.1%

3.0 trieu

Trần Quang Hiển

Indiv

2.0%

76.400

Lê Ngọc Cường

Indiv

1.3%

50.200

nguyen-thanh-hai

Indiv

1.0%

36.500

Trịnh Xuân Đạo

Indiv

0.9%

33.200

Nguyễn Diễm My

Indiv

0.8%

30.000

Nguyễn Khắc Công

Indiv

0.6%

21.500

Nguyễn Minh Tân

Indiv

0.3%

11.400

Board & Management

Trần Quang Hiển2.0%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Nguyễn Thanh Hải1.0%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Trịnh Xuân Đạo0.9%

Kế toán trưởng

Nguyễn Minh Tân0.3%

Thành viên Hội đồng Quản trị/Giám đốc

Đỗ Xuân Đức

Phó Giám đốc

Nguyễn Hùng Vĩ

Trưởng Ban kiểm soát

Lương Thị Mỹ Nhung

Thành viên Ban kiểm soát

Đặng Xuân Lân

Trưởng phòng Tài chính - Kế toán

Hoàng Thanh Long

Thành viên Hội đồng Quản trị

Phạm Văn Phú

Thành viên Ban kiểm soát

Đỗ Tiến Lợi

Chủ tịch Hội đồng Quản trị

Top connections

XDH79.1%CDG79.1%CH579.1%SGN25.0%WCS23.6%DNM22.7%TAN22.3%IDV18.0%SZL16.1%BAX16.1%TIP15.3%MTH13.6%

Computed 12/04/2026