KPF

Construction

Công ty Cổ phần Đầu tư Tài sản KOJI

Xây dựng và Vật liệuCT

1.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

7.128

Current

1.200

Gap

+494.0%

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.

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)

98.31%

Kd(1-t)

6.15%

D/(D+E)

1.69%

WACC

12.10%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.216

50%DCF Value

13.041

Blended Intrinsic

7.128

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — KPF

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2023

-4.64

Low Risk

DSRI

1.258

GMI

1.000

AQI

1.672

SGI

0.500

DEPI

0.708

SGAI

13.126

TATA

-0.014

LVGI

1.115

KPF exhibits several concerning financial indicators, particularly a high SGAI of 13.1261 and an earnings quality score of 48.6, suggesting potential earnings manipulation and poor revenue quality. While the Beneish M-Score of -4.6394 indicates low likelihood of manipulation, the weak metrics for receivables and margins raise significant red flags.

Red Flags

SGAI of 13.1261 indicates excessive selling, which may suggest aggressive revenue recognition practices.
Earnings Quality Score of 48.6/100, particularly low scores in receivables (0.0/100) and margins (0.0/100), highlight potential issues with revenue sustainability.

Positive Signals

Beneish M-Score of -4.6394 indicates a low likelihood of earnings manipulation.
High accrual quality score of 94.4/100 suggests that reported earnings are likely to be more reliable.

Ownership Risk

The ownership structure is concentrated, with the top shareholder holding 21.8%, which may lead to governance risks and potential conflicts of interest, particularly in a market where SOEs and conglomerates dominate.

Recommendation

Investors should conduct further due diligence on KPF's revenue recognition practices and monitor future earnings reports closely. Consider a cautious approach to investment until clearer signals of financial stability and governance improvements are observed.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

1.60

Distress Zone

Sharpe

-3.30

Negative

Composite

Weak

Price Risk

Momentum

-67.4%

Volatility

43.1%

Max Drawdown

-75.0%

Key Ratios

Fiscal year 2024

-0.26P/E

P/B0.14

P/S0.00

ROE-42.3%

ROA-41.4%

EPS-4549.43

BVPS8473.71

D/E0.03

Current Ratio3.04

Rev Growth-100.0%

Profit Growth-27369.0%

EV/EBITDA-0.25

Div Yield0.0%

Company Overview

Issued Shares

60.9M

Charter Capital

608.7B 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 KPF — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ Phần Pac Quốc Tế

Inst

21.8%

13.3 trieu

Trần Thị Dịu Hòa

Indiv

14.4%

2.6 trieu

Lê Thị Ngọc

Indiv

10.9%

2.0 trieu

nguyen-nhu-khanh

Indiv

10.0%

6.1 trieu

Lê Thị Như Thanh

Indiv

10.0%

6.1 trieu

Tạ Sơn Tùng

Indiv

9.9%

6.0 trieu

nguyen-hung-cuong

Indiv

8.0%

1.4 trieu

Thái Thị Hải Yến

Indiv

5.9%

3.6 trieu

Công ty Cổ phần Xuất Nhập Khẩu Đầu Tư Thương Mại Dịch Vụ Việt Cam

Inst

5.7%

3.5 trieu

Vũ Ngọc Khánh Đạt

Indiv

5.0%

900.799

Đinh Kim Nhung

Indiv

4.5%

2.7 trieu

Vũ Đức Toàn

Indiv

4.3%

2.6 trieu

Lê Anh Đức

Indiv

3.8%

2.2 trieu

Bùi Minh Cường

Indiv

3.2%

500.000

nguyen-thanh-ha

Indiv

2.1%

330.000

Nguyễn Bích Phượng

Indiv

1.9%

335.384

Lê Thanh Bình

Indiv

1.5%

892.500

Trần Văn Khánh

Indiv

0.5%

73.600

Vũ Văn Hùng

Indiv

0.3%

52.000

Trần Huy Thắng

Indiv

0.3%

50.000

Nguyễn Mạnh Hiệp

Indiv

0.2%

30.000

Board & Management

Đinh Kim Nhung4.5%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Thanh Bình1.5%

Chủ tịch Hội đồng Quản trị

Phan Vũ Thanh

Kế toán trưởng

Trần Thị Lý

Thành viên Ban kiểm soát

Lâm Thị Mỹ Hà

Thành viên Ban kiểm soát

Phạm Thị Thu Thảo

Phụ trách Công bố thông tin

Nguyễn Tuấn Anh

Thành viên Hội đồng Quản trị độc lập

Phạm Nguyễn Thoa

Thành viên Hội đồng Quản trị độc lập

Nguyễn Hồng Quân

Phó Tổng Giám đốc

Lê Thị Mộng Đào

Thành viên Hội đồng Quản trị

Nguyễn Kim Anh

Phó Tổng Giám đốc

Lê Đình Minh Hiếu

Thành viên Ban kiểm soát

Top connections

NSG24.0%SBS19.7%SGH19.4%VC619.1%MTG14.4%PPE14.4%VTE12.7%DIG8.0%ILA8.0%TNI8.0%HBC8.0%PAT8.0%

Computed 12/04/2026