PC1

Construction

Công ty Cổ phần Tập đoàn PC1

Xây dựng và Vật liệuCT

29.100

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

18.316

Current

29.100

Gap

-37.1%

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)

36.19%

Kd(1-t)

6.47%

D/(D+E)

63.81%

WACC

10.00%

Growth Estimate

fundamental firm blend3.25%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

22.550

50%DCF Value

14.082

Blended Intrinsic

18.316

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PC1

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 · 2025

-2.24

Moderate

DSRI

1.095

GMI

0.999

AQI

1.169

SGI

1.297

DEPI

0.936

SGAI

0.888

TATA

-0.040

LVGI

1.009

PC1 exhibits a Beneish M-Score of -2.2365, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 66.0/100, coupled with concerning metrics such as a revenue quality score of 0.0/100, raises red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.2365, indicating potential earnings manipulation risk as it is below the threshold of -1.78.
Revenue quality score of 0.0/100 suggests significant issues with revenue recognition and sustainability.

Positive Signals

Earnings quality score of 66.0/100 indicates moderate overall earnings quality.
Cash conversion score of 100.0/100 suggests strong cash flow generation relative to earnings.

Ownership Risk

The top shareholder, Trịnh Văn Tuấn, holds a significant 21.4% stake, which may lead to concentrated control risks. However, the presence of institutional investors like VIX and Vietnam Holding Ltd provides some level of oversight.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of the low revenue quality score. It may be prudent to adopt a cautious approach until further clarity on earnings sustainability is provided.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.37

Distress Zone

Sharpe

0.54

Positive

Composite

Fair

Price Risk

Momentum

+19.4%

Volatility

39.9%

Max Drawdown

-30.7%

Key Ratios

Fiscal year 2025

10.28P/E

P/B1.66

P/S0.83

ROE17.4%

ROA4.6%

EPS2553.37

BVPS15852.40

Gross Margin20.8%

Net Margin8.0%

D/E1.76

Current Ratio1.46

Rev Growth29.7%

Profit Growth124.6%

EV/EBITDA6.34

Div Yield0.0%

Company Overview

Issued Shares

411.3M

Charter Capital

4112.9B 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 PC1 — hover nodes for intel, click to navigate

Shareholders

Trịnh Văn Tuấn

Indiv

21.4%

87.9 trieu

Công ty Cổ phần Chứng khoán VIX

Inst

5.0%

17.7 trieu

Vietnam Holding Ltd

Inst

4.1%

4.8 trieu

Phan Ngọc Hiếu

Indiv

2.2%

9.2 trieu

Võ Hồng Quang

Indiv

1.9%

7.7 trieu

Lê Thị Thoi

Indiv

1.9%

7.7 trieu

Trịnh Khánh Linh

Indiv

1.0%

4.0 trieu

Nguyễn Minh Đệ

Indiv

0.9%

3.8 trieu

nguyen-thi-huong

Indiv

0.8%

1.3 trieu

Norges Bank

Inst

0.5%

801.000

Nguyễn Nhật Tân

Indiv

0.5%

1.9 trieu

Quỹ Đầu tư Lợi Thế Cạnh Tranh Bền Vững SSI

Inst

0.4%

601.042

Vũ Ánh Dương

Indiv

0.3%

1.2 trieu

Đặng Quốc Tưởng

Indiv

0.2%

818.709

Đặng Văn Nghĩa

Indiv

0.2%

233.796

Trần Thị Minh Việt

Indiv

0.1%

517.594

Board & Management

Trịnh Văn Tuấn21.4%

Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Võ Hồng Quang1.9%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Minh Đệ0.9%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Nhật Tân0.5%

Phó Tổng Giám đốc

Vũ Ánh Dương0.3%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đặng Quốc Tưởng0.2%

Phó Tổng Giám đốc

Trần Thị Minh Việt0.1%

Kế toán trưởng

Nguyễn Thị Hải Hà

Trưởng Ban kiểm soát

Nguyễn Thanh Hương

Phụ trách Công bố thông tin

Vũ Văn Tứ

Phó Tổng Giám đốc

Hoàng Văn Sáng

Thành viên Ban kiểm soát

Vũ Thị Lan Mỹ

Người phụ trách quản trị công ty

Hoàng Văn Cường

Người phụ trách quản trị công ty/Thành viên Ban kiểm soát

Mai Lương Việt

Thành viên Hội đồng Quản trị

Lê Thanh Nghị

Phó Tổng Giám đốc

Top connections

HPO24.4%OCB21.4%DHM20.1%VIT2 links VCM11.1%THS10.8%AMP8.6%DBC6.2%CLM6.0%HPH5.9%AFX5.7%GDT5.0%

Computed 12/04/2026