KTT

Construction

Công ty Cổ phần Tập đoàn Đầu tư KTT

Xây dựng và Vật liệuCT

2.300

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

398.503

Current

2.300

Gap

+500.0%

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)

16.67%

Kd(1-t)

7.08%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-77.770

50%DCF Value

398.503

Blended Intrinsic

398.503

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — KTT

Earnings Quality

Fiscal year 2023

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2022

0.85

High Risk

DSRI

0.896

GMI

1.042

AQI

0.780

SGI

1.986

DEPI

0.878

SGAI

0.546

TATA

0.549

LVGI

1.051

KTT exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of 0.8518, which is above the manipulation threshold of -1.78. The company's earnings quality score of 38.1/100 further highlights significant weaknesses in earnings sustainability and cash conversion.

Red Flags

Beneish M-Score of 0.8518 indicates potential earnings manipulation, as it is above the threshold of -1.78.
Earnings Quality Score of 38.1/100 suggests poor earnings sustainability, particularly with an accrual score of 0.0/100 and a margin score of 0.0/100.

Positive Signals

Receivables quality score of 100.0/100 indicates strong management of receivables, which may mitigate some liquidity concerns.
SGI of 1.9857 suggests significant growth in sales, which could indicate potential for future revenue generation if managed properly.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the largest shareholder holding 12.4%. This concentration may lead to governance risks, as decisions could be influenced by a small group rather than a broad base of shareholders.

Recommendation

Investors should exercise caution and conduct further due diligence on KTT's financial practices and management integrity before considering an investment. Monitoring future earnings reports and cash flow statements will be critical to assess any improvements in earnings quality.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

-0.02

Distress Zone

Sharpe

-0.58

Negative

Composite

Weak

Price Risk

Momentum

-17.6%

Volatility

74.6%

Max Drawdown

-63.2%

Key Ratios

Fiscal year 2023

-0.45P/E

P/B1.22

P/S0.10

ROE-86.6%

ROA-3.9%

EPS-5135.72

BVPS1882.42

Gross Margin2.4%

Net Margin-23.2%

D/E65.49

Current Ratio1.02

Rev Growth-92.7%

Profit Growth-98.7%

EV/EBITDA538.93

Div Yield0.0%

Company Overview

Issued Shares

3.0M

Charter Capital

29.6B 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 KTT — hover nodes for intel, click to navigate

Shareholders

Đặng Lê Duy

Indiv

12.4%

367.300

nguyen-van-dat

Indiv

11.0%

324.000

Trần Phú Minh

Indiv

5.0%

147.000

Nguyễn Minh Khuê

Indiv

5.0%

146.700

Nguyễn Tiến Sỹ

Indiv

4.8%

141.200

nguyen-thanh-son

Indiv

4.7%

140.000

Tô Thị Mến

Indiv

4.7%

139.600

Nguyễn Đức Hiếu

Indiv

4.2%

123.000

Phạm Văn Quân

Indiv

3.9%

115.500

Nguyễn Thị Thêm

Indiv

2.3%

66.800

Mai Tùng Lâm

Indiv

0.3%

10.000

Hoàng Thị Phương

Indiv

0.2%

6.325

Hoàng Anh Tú

Indiv

0.2%

5.900

Hoàng Hữu Tuấn

Indiv

0.2%

5.200

Trần Thị Hồng Mến

Indiv

0.1%

2.875

Board & Management

Nguyễn Đức Hiếu4.2%

Phụ trách Công bố thông tin/Chủ tịch Hội đồng Quản trị

Lê Thị Thu Hà

Thành viên Ban kiểm soát

Phạm Thị Huyền Trang

Kế toán trưởng

PHẠM VĂN HẢI

Thành viên Ban kiểm soát

Đặng Thùy Dương

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thùy Dung

Trưởng Ban kiểm soát

Vi Trung Sơn

Phó Giám đốc

Nguyễn Thị Nhàn

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Top connections

VDG54.5%PDR27.7%CIG11.0%CDC2 links L6111.0%BBS11.0%ATS11.0%L6211.0%IDC11.0%VLS11.0%DIC6.9%PTG6.5%

Computed 12/04/2026