INC

Construction

Công ty Cổ phần Tư vấn Đầu tư IDICO

Xây dựng và Vật liệuCT

12.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

20.073

Current

12.900

Gap

+55.6%

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)

65.73%

Kd(1-t)

4.99%

D/(D+E)

34.27%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

15.928

50%DCF Value

24.218

Blended Intrinsic

20.073

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — INC

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

-2.87

Low Risk

DSRI

0.666

GMI

0.870

AQI

1.000

SGI

1.201

DEPI

1.017

SGAI

1.026

TATA

-0.068

LVGI

0.613

The Beneish M-Score of -2.8721 indicates that INC is not likely engaging in earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses in revenue and margin quality, which could raise concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score of 63.2/100 is moderate, but revenue and margin quality scores are both 0.0/100, indicating potential issues with revenue recognition and profitability.
SGI of 1.2010 suggests that sales growth is outpacing the industry norm, which may indicate aggressive revenue recognition practices.

Positive Signals

The DSRI of 0.6660 indicates that accounts receivable growth is lower than sales growth, suggesting a positive cash conversion cycle.
An AQI of 1.0000 indicates that the company's accruals are in line with cash flows, which is a positive sign for earnings quality.

Ownership Risk

The ownership structure is heavily concentrated, with Tổng Công ty IDICO holding 44.0%. This concentration could lead to governance risks, as decisions may be influenced by a small number of shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of the concentrated ownership structure. A deeper analysis of cash flow trends and operational performance is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

4.49

Safe Zone

Sharpe

-0.77

Negative

Composite

Fair

Price Risk

Momentum

+22.8%

Volatility

75.8%

Max Drawdown

-70.4%

Key Ratios

Fiscal year 2025

28.47P/E

P/B1.14

P/S1.60

ROE4.9%

ROA3.5%

EPS453.13

BVPS11317.39

Gross Margin28.0%

Net Margin5.6%

D/E0.29

Current Ratio3.87

Rev Growth20.1%

Profit Growth404.9%

EV/EBITDA10.46

Div Yield0.0%

Company Overview

Issued Shares

3.2M

Charter Capital

32.0B 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 INC — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty IDICO

Inst

44.0%

1.4 trieu

Bùi Tiến Dũng

Indiv

16.2%

518.200

Đinh Thị Thủy

Indiv

16.2%

518.200

Ong Kian Soon

Indiv

8.1%

161.200

Nguyễn Trọng Thạo

Indiv

5.1%

162.100

Trần Ngọc Uyên Vy

Indiv

3.5%

111.600

Hồ Minh Toàn

Indiv

2.2%

43.700

Phùng Thị Thơm

Indiv

1.3%

25.000

Mai Quốc Chinh

Indiv

0.8%

16.500

Phạm Thị Loan

Indiv

0.3%

6.000

Lâm An

Indiv

0.3%

6.000

Lê Diệu Hoài

Indiv

0.3%

5.400

Hoàng Văn Hiến

Indiv

0.3%

5.000

Trần Thị Ngọc Loan

Indiv

0.2%

4.700

Nguyễn Ngọc Khánh

Indiv

0.2%

4.000

Vũ Đình Thắng

Indiv

0.1%

3.000

Board & Management

Nguyễn Trọng Thạo5.1%

Thành viên Ban kiểm soát

Hoàng Văn Hiến0.3%

Chủ tịch Hội đồng Quản trị

Nguyễn Ngọc Khánh0.2%

Thành viên Hội đồng Quản trị/Giám đốc

Đàm Văn Kiên

Phó Giám đốc

Phạm Lâm Sơn

Phó Giám đốc

Hoàng Tuấn Anh

Thành viên Hội đồng Quản trị

Nguyễn Thị Phương Dung

Người phụ trách quản trị công ty

Lại Văn Hoàn

Kế toán trưởng/Phụ trách Công bố thông tin

Nguyễn Văn Minh

Phó Giám đốc

Tạ Văn Lợi

Phó Giám đốc

Trần Trọng Kim

Phó Giám đốc

Vũ Thị Thùy Phương

Trưởng Ban kiểm soát

Vũ Tuấn Anh

Thành viên Ban kiểm soát

Top connections

UIC64.5%HTI57.5%ISH51.8%ICN51.0%LAI51.0%LMI2 links PXL44.0%NAC44.0%NT244.0%CTI44.0%HAC16.2%CMS16.2%

Computed 12/04/2026