NHC

Construction

Công ty Cổ phần Gạch ngói Nhị Hiệp

Xây dựng và Vật liệuCT

22.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

15.856

Current

22.000

Gap

-27.9%

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)

69.64%

Kd(1-t)

6.26%

D/(D+E)

30.36%

WACC

10.40%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

30.646

50%DCF Value

1.067

Blended Intrinsic

15.856

Value Decomposition

36%

64%

Explicit period (36%)Terminal value (64%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — NHC

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

-0.11

High Risk

DSRI

0.680

GMI

2.668

AQI

0.964

SGI

3.643

DEPI

4.478

SGAI

0.241

TATA

-0.122

LVGI

2.573

NHC exhibits several concerning indicators that suggest potential earnings manipulation, particularly with a high SGI of 3.6426 and a GMI of 2.6676, which are red flags in the context of the Vietnamese market. However, the company maintains a strong cash conversion rate and a relatively stable ownership structure, which mitigates some risks.

Red Flags

SGI of 3.6426 indicates aggressive revenue growth that may not be sustainable.
GMI of 2.6676 suggests potential issues with gross margins, raising concerns about profitability.
Low earnings quality score of 58.5/100, particularly with eq_margin and eq_revenue both at 0.0/100, indicates significant issues in revenue recognition and margin sustainability.

Positive Signals

High cash conversion score of 100.0/100 indicates strong liquidity and the ability to convert earnings into cash.
Stable institutional ownership with top shareholders holding 53.4% of shares, which may provide some stability and oversight.

Ownership Risk

The concentrated ownership structure, with two institutions holding over 53% of shares, may lead to potential conflicts of interest and limit minority shareholder influence. However, institutional backing can also provide stability.

Recommendation

Investors should closely monitor NHC's revenue growth and margin sustainability, given the elevated risk indicators. It may be prudent to adopt a cautious approach, considering a wait-and-see strategy until clearer signals of financial health emerge.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.07

Safe Zone

Sharpe

-0.51

Negative

Composite

Weak

Price Risk

Momentum

-29.1%

Volatility

107.1%

Max Drawdown

-50.0%

Key Ratios

Fiscal year 2025

11.23P/E

P/B0.95

P/S0.58

ROE8.9%

ROA5.7%

EPS1683.57

BVPS19824.58

Gross Margin9.8%

Net Margin5.2%

D/E0.44

Current Ratio2.25

Rev Growth99.2%

Profit Growth833.0%

EV/EBITDA6.55

Div Yield0.0%

Company Overview

Issued Shares

3.0M

Charter Capital

30.4B 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 NHC — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Vật liệu và Xây dựng Bình Dương

Inst

30.0%

913.794

Công ty Cổ phần Đá Núi Nhỏ

Inst

23.4%

710.242

Lâm Thị Mai

Indiv

9.4%

284.800

Lê Văn Phúc

Indiv

1.6%

48.977

Huỳnh Thanh Sơn

Indiv

0.5%

15.234

Hồ Văn Một

Indiv

0.3%

8.705

Nguyễn Tiến Trãi

Indiv

0.3%

7.757

Nguyễn Ngọc Nui

Indiv

0.2%

6.222

Board & Management

Lâm Thị Mai9.4%

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Nui0.2%

Giám đốc/Thành viên Hội đồng Quản trị

Phan Thị Thuyên Hương

Trưởng Ban kiểm soát

Nguyễn Hồng Châu

Chủ tịch Hội đồng Quản trị

Mai Anh

Thành viên Hội đồng Quản trị

Trương Văn Hiện

Phó Giám đốc Kỹ thuật

Phạm Kim Oanh

Thành viên Hội đồng Quản trị

Nguyễn Thị Thu Phương

Kế toán trưởng

Hồ Huyền Trang

Thành viên Ban kiểm soát

Phạm Thành Công

Phó Giám đốc

Top connections

NNC2 links MCC30.0%MVC23.4%VPS9.4%CAG3.8%S551.6%SGC1.6%

Computed 12/04/2026