ILS

Construction

Công ty Cổ phần Đầu tư Thương mại và Dịch vụ Quốc tế

Hàng & Dịch vụ Công nghiệp/Hàng công nghiệpCT

18.700

VND · Last close

Valuation Verdict

Fairly Valued

Medium

-120%Fair Value+120%

Intrinsic Value

19.589

Current

18.700

Gap

+4.8%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

51.58%

Kd(1-t)

7.11%

D/(D+E)

48.42%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-462

50%DCF Value

19.589

Blended Intrinsic

19.589

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ILS

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

-2.62

Low Risk

DSRI

0.901

GMI

0.980

AQI

0.966

SGI

1.202

DEPI

1.002

SGAI

0.793

TATA

-0.056

LVGI

0.945

The Beneish M-Score of -2.6222 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 64.5 suggests potential concerns, particularly in revenue recognition and margin quality, which could pose risks in the context of Vietnamese market dynamics.

Red Flags

Earnings Quality Score of 64.5 indicates potential issues with revenue recognition, particularly with an eq_revenue score of 0.0/100.
SGI at 1.2024 suggests aggressive growth that may not be supported by underlying fundamentals.

Positive Signals

Beneish M-Score of -2.6222 indicates a lower likelihood of earnings manipulation.
High cash conversion (eq_cash_conv of 100.0/100) suggests strong cash flow management.

Ownership Risk

The significant state ownership (45.0%) may lead to potential conflicts of interest and influence over corporate governance, which could affect minority shareholders. Institutional ownership at 27.0% provides some stability but also raises questions about the alignment of interests.

Recommendation

Investors should closely monitor revenue recognition practices and overall earnings quality, particularly given the elevated SGI. It may be prudent to adopt a cautious approach, considering potential volatility in the stock's performance.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.79

Distress Zone

Sharpe

0.58

Positive

Composite

Strong

Price Risk

Momentum

+125.7%

Volatility

119.4%

Max Drawdown

-38.8%

Key Ratios

Fiscal year 2025

52.84P/E

P/B2.68

P/S3.78

ROE5.2%

ROA2.2%

EPS442.88

BVPS8719.73

Gross Margin16.5%

Net Margin7.2%

D/E0.94

Current Ratio1.65

Rev Growth20.2%

Profit Growth13.4%

EV/EBITDA42.82

Div Yield0.0%

Company Overview

Issued Shares

36.0M

Charter Capital

360.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Hàng công nghiệp

Sub-industry

Containers & Đóng gói

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for ILS — hover nodes for intel, click to navigate

Shareholders

Ủy Ban Nhân Dân Thành Phố Hà Nội

State

45.0%

16.2 trieu

Công ty Cổ phần Logistics Hàng không

Inst

27.0%

9.7 trieu

Phùng Tiến Toàn

Indiv

4.5%

1.6 trieu

Công ty Cổ phần Chứng khoán Phố Wall

Inst

2.9%

1.0 trieu

Nguyễn Minh Hảo

Indiv

1.9%

688.503

Phùng Thúy Hoa

Indiv

1.8%

641.700

Board & Management

Phùng Tiến Toàn4.5%

Chủ tịch Hội đồng Quản trị

Nguyễn Minh Hảo1.9%

Thành viên Ban kiểm soát

Phùng Thúy Hoa1.8%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Ngô Thị Hoàng Yến

Trưởng Ban kiểm soát

Mai Thế Tùng

Phó Tổng Giám đốc

Phạm Xuân Phương

Thành viên Ban kiểm soát

Vũ Hoàng Thao

Thành viên Hội đồng Quản trị

Triệu Văn Bằng

Trưởng phòng Tài chính - Kế toán

Nguyễn Thái Hòa

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Thịnh

Thành viên Hội đồng Quản trị

Top connections

MES98.9%GH373.9%KTL66.0%DCH54.2%TNV45.0%MTH45.0%ASG27.0%MGG14.7%ATS2.9%

Computed 12/04/2026