KSB

Construction

Công ty Cổ phần Khoáng sản và Xây dựng Bình Dương

Xây dựng và Vật liệuCT

16.450

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

20.470

Current

16.450

Gap

+24.4%

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)

53.74%

Kd(1-t)

5.93%

D/(D+E)

46.26%

WACC

10.00%

Growth Estimate

fundamental firm blend2.99%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

19.772

50%DCF Value

21.168

Blended Intrinsic

20.470

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — KSB

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 · 2024

-2.49

Moderate

DSRI

1.393

GMI

1.022

AQI

1.122

SGI

0.759

DEPI

1.684

SGAI

1.474

TATA

-0.055

LVGI

0.867

KSB's Beneish M-Score of -2.4874 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly in receivables and revenue recognition, which could pose risks in the context of Vietnam's accounting practices.

Red Flags

High DSRI of 1.3933 suggests potential issues with inventory management compared to sales.
Low eq_receivables score of 0.0/100 indicates severe concerns regarding the quality of receivables, raising questions about revenue recognition.
SGA ratio of 1.4742 indicates that selling, general, and administrative expenses are growing faster than sales, which could signal inefficiencies.

Positive Signals

Strong cash conversion score of 100.0/100 indicates that the company is effectively converting its earnings into cash, which is a positive sign for liquidity.
The overall earnings quality score of 61.1/100 suggests that while there are issues, the company is still generating a reasonable level of quality earnings.

Ownership Risk

The ownership structure is relatively concentrated, with the largest shareholder holding 21.1%. This could lead to potential governance risks, especially if the interests of minority shareholders are not adequately represented.

Recommendation

Investors should closely monitor KSB's receivables and revenue recognition practices while considering a cautious approach to investment. Engaging with management for clarity on operational efficiencies and governance practices may provide additional insights.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.27

Distress Zone

Sharpe

-0.45

Negative

Composite

Fair

Price Risk

Momentum

-13.8%

Volatility

31.5%

Max Drawdown

-33.4%

Key Ratios

Fiscal year 2025

12.88P/E

P/B0.72

P/S2.80

ROE5.7%

ROA3.1%

EPS1347.25

BVPS24190.49

Gross Margin40.7%

Net Margin21.8%

D/E0.86

Current Ratio1.72

Rev Growth77.2%

Profit Growth191.3%

EV/EBITDA13.08

Div Yield0.0%

Company Overview

Issued Shares

114.8M

Charter Capital

1147.8B 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 KSB — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần DRH Holdings

Inst

21.1%

24.2 trieu

Quỹ Đầu tư Chứng Khoán Năng động DC

Inst

5.9%

1.1 trieu

Evli Emerging Frontier Fund

Inst

5.8%

4.4 trieu

Pxp Vietnam Fund Limited

Inst

5.0%

1.2 trieu

Phan Tấn Đạt

Indiv

4.6%

5.3 trieu

Công ty Cổ phần Quản lý quỹ đầu tư chứng khoán Bản Việt

Inst

1.6%

369.600

Nguyễn Thị Bích Vân

Indiv

1.5%

350.000

trương hữu quyến

Indiv

1.4%

328.856

Công ty Cổ phần Chứng khoán Rồng Việt

Inst

1.1%

250.130

Lê Quốc Hưng

Indiv

0.6%

330.000

Trần Đình Hà

Indiv

0.4%

496.455

Lê Hoài Nam

Indiv

0.3%

296.832

nguyen-dinh-dong

Indiv

0.2%

275.723

Trần Ngọc Đính

Indiv

0.2%

160.000

Nguyễn Quốc Phòng

Indiv

0.2%

180.040

Tôn Thất Diên Khoa

Indiv

0.2%

272.100

Hoàng Nguyên Bình

Indiv

0.2%

270.000

Nguyễn Hoàng Tâm

Indiv

0.2%

190.100

Nguyễn Thị Thanh Mỹ

Indiv

0.1%

71.400

Hoàng Văn Lộc

Indiv

0.1%

73.004

Board & Management

Phan Tấn Đạt4.6%

Chủ tịch Hội đồng Quản trị

Trần Đình Hà0.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Quốc Phòng0.2%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Tôn Thất Diên Khoa0.2%

Thành viên Hội đồng Quản trị độc lập

Hoàng Nguyên Bình0.2%

Thành viên Hội đồng Quản trị độc lập

Nguyễn Hoàng Tâm0.2%

Kế toán trưởng

Đặng Quang Thung

Phó Tổng Giám đốc

Mai Văn Lịch

Thành viên Ban kiểm soát

Lê Công Sơn

Thành viên Ban kiểm soát

Nguyễn Thị Bích Liễu

Thành viên Ban kiểm soát

Nguyễn Hoành Sơn

Phó Tổng Giám đốc

Nguyễn Văn Đông

Người phụ trách quản trị công ty

Top connections

SJ121.1%BMJ10.4%HVA7.2%TVC7.1%MCC6.0%NNC5.9%SDT5.9%VC25.9%C325.9%NTL5.9%SD55.9%BID5.9%

Computed 12/04/2026