MCC

Construction

Công ty Cổ phần Gạch ngói cao cấp

Xây dựng và Vật liệuCT

13.700

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

16.855

Current

13.700

Gap

+23.0%

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)

84.08%

Kd(1-t)

4.99%

D/(D+E)

15.92%

WACC

11.05%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

11.597

50%DCF Value

22.114

Blended Intrinsic

16.855

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MCC

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 · 2017

0.68

High Risk

DSRI

4.555

GMI

1.539

AQI

1.436

SGI

1.014

DEPI

0.074

SGAI

0.879

TATA

0.003

LVGI

2.574

MCC exhibits several concerning financial metrics indicative of potential earnings manipulation, particularly with a Beneish M-Score of 0.6802, which is above the manipulation threshold. The high DSRI of 4.5555 and low DEPI of 0.0745 further suggest significant risks in earnings quality.

Red Flags

Beneish M-Score of 0.6802 indicates potential earnings manipulation as it exceeds the threshold of -1.78.
DSRI of 4.5555 suggests that accounts receivable are growing significantly faster than revenue, which may indicate aggressive revenue recognition practices.
Low DEPI of 0.0745 indicates a decline in gross margins, raising concerns about sustainability of earnings.

Positive Signals

Earnings Quality Score of 52.2/100 suggests some level of earnings reliability, particularly with an accrual score of 98.6/100 indicating strong cash flow relative to earnings.
SGAI of 0.8787 indicates that selling, general, and administrative expenses are in line with revenue growth, which is a positive operational signal.

Ownership Risk

The ownership structure shows significant concentration, with the top three shareholders holding over 62% of the shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should approach MCC with caution, focusing on further due diligence regarding earnings quality and potential manipulation. Monitoring future financial disclosures and operational performance will be crucial.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.64

Safe Zone

Sharpe

1.05

Excellent

Composite

Fair

Price Risk

Momentum

+0.0%

Volatility

20.5%

Max Drawdown

-0.2%

Key Ratios

Fiscal year 2025

20.65P/E

P/B0.95

P/S1.91

ROE4.7%

ROA4.0%

EPS663.33

BVPS14398.51

Gross Margin24.8%

Net Margin9.3%

D/E0.19

Current Ratio1.03

Rev Growth60.1%

Profit Growth158.0%

EV/EBITDA13.61

Div Yield0.0%

Company Overview

Issued Shares

5.0M

Charter Capital

50.2B 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 MCC — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Vật liệu và Xây dựng Bình Dương

Inst

29.9%

1.5 trieu

Nguyễn Thái Ngọc

Indiv

17.0%

846.850

Mai Thị Thanh Thủy

Indiv

15.8%

785.453

Huỳnh Bùi Hoàng Nam

Indiv

7.3%

362.933

Trần Thiện Thể

Indiv

6.0%

301.075

nguyen-thanh-toan

Indiv

5.1%

256.101

Nguyễn Hồng Châu

Indiv

0.9%

46.616

Đỗ Thành Lộc

Indiv

0.9%

45.711

Võ Ngọc Điền

Indiv

0.8%

40.747

Lê Minh Hoàng

Indiv

0.6%

27.027

Đặng Thị Kim Tân

Indiv

0.3%

13.437

Nguyễn Thúy Hạnh

Indiv

0.3%

12.362

Mai Trọng Tấn

Indiv

0.2%

10.750

Nguyễn Tiến Trãi

Indiv

0.2%

9.120

Board & Management

Mai Thị Thanh Thủy15.8%

Thành viên Ban kiểm soát

Trần Thiện Thể6.0%

Thành viên Hội đồng Quản trị

Nguyễn Hồng Châu0.9%

Trưởng Ban kiểm soát

Hứa Ngọc Chính

Kế toán trưởng/Phụ trách Công bố thông tin

Phạm Thị Băng Trang

Thành viên Hội đồng Quản trị

Nguyễn Thị Ánh

Thành viên Ban kiểm soát

Trương Văn Hiện

Giám đốc

Mai Văn Chánh

Chủ tịch Hội đồng Quản trị

Phạm Ngũ Cơ

Thành viên Hội đồng Quản trị

Huỳnh Thanh Sơn

Thành viên Hội đồng Quản trị

Top connections

NNC43.5%NHC30.0%KHG9.9%KSB6.0%LM35.2%LBM5.1%PCM5.0%UPS4.6%VXT2.8%

Computed 12/04/2026