PHH

Construction

Công ty Cổ phần Hồng Hà Việt Nam

Xây dựng và Vật liệuCT

4.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

2.779

Current

4.600

Gap

-39.6%

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)

50.32%

Kd(1-t)

7.75%

D/(D+E)

49.68%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

2.779

Blended Intrinsic

2.779

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PHH

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-0.65

High Risk

DSRI

6.188

GMI

0.369

AQI

1.002

SGI

0.168

DEPI

0.906

SGAI

12.103

TATA

0.010

LVGI

0.998

The Beneish M-Score of -0.6536 indicates that PHH is not likely engaging in earnings manipulation, as it is above the manipulation threshold of -1.78. However, the high DSRI of 6.1879 and low earnings quality score of 49.0 suggest significant concerns regarding revenue recognition and cash conversion.

Red Flags

DSRI of 6.1879 indicates a potential overstatement of receivables relative to sales, which is a significant red flag in the context of revenue recognition.
Earnings Quality Score of 49.0/100, particularly the eq_receivables and eq_margin scores of 0.0/100, highlight severe issues in the quality of earnings.

Positive Signals

The GMI of 0.3687 is relatively low, suggesting that gross margins are stable and not indicative of manipulation.
The eq_revenue score of 100.0/100 indicates that revenue recognition practices are strong, which is a positive signal despite other concerns.

Ownership Risk

The ownership structure is highly concentrated, with the top five shareholders holding a combined 77.4%. This concentration raises risks of potential conflicts of interest and governance issues, particularly in decision-making processes.

Recommendation

Investors should closely monitor cash flow statements and receivables management to assess the sustainability of revenue. It may be prudent to adopt a cautious approach until further clarity on earnings quality is achieved.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.06

Distress Zone

Sharpe

0.05

Positive

Composite

Weak

Price Risk

Momentum

+40.9%

Volatility

118.3%

Max Drawdown

-61.4%

Key Ratios

Fiscal year 2025

2.40P/E

P/B0.35

P/S5.12

ROE15.8%

ROA8.1%

EPS1919.18

BVPS13105.62

Gross Margin-228.7%

Net Margin213.4%

D/E0.86

Current Ratio1.89

Rev Growth2019.6%

Profit Growth1699.8%

EV/EBITDA-1.17

Div Yield0.0%

Company Overview

Issued Shares

20.0M

Charter Capital

200.0B 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 PHH — hover nodes for intel, click to navigate

Shareholders

Nguyễn Thị Huyền Trang

Indiv

19.8%

3.6 trieu

Nguyễn Tuấn Anh

Indiv

15.9%

2.9 trieu

Trương Mỹ Hạnh

Indiv

13.9%

2.5 trieu

Nguyễn Thị Thúy Huyền

Indiv

13.7%

2.5 trieu

Hà Vân Anh

Indiv

13.1%

2.4 trieu

Phạm Ngọc Dũng

Indiv

12.4%

2.2 trieu

Công ty Cổ phần Đầu tư và Quản lý mặt bằng Hà Nội

Inst

11.8%

2.1 trieu

Trần Thị Thanh Bình

Indiv

5.5%

1.0 trieu

nguyen-thanh-duc

Indiv

4.9%

882.000

asean small cap fund

Inst

4.6%

916.900

Tổng Công ty Cổ phần Xây lắp Dầu khí Việt Nam

Inst

4.5%

891.200

Trần Tùng Anh

Indiv

4.2%

753.800

Tổng Công ty Cổ phần Bảo hiểm Bưu điện

Inst

1.5%

273.930

Lê Hoàng Anh

Indiv

1.4%

257.100

Nguyễn Văn Thạnh

Indiv

0.8%

135.700

Phạm Vinh Hiển

Indiv

0.6%

109.996

Lê Quang Việt

Indiv

0.5%

85.700

Bùi Thị Hải

Indiv

0.3%

61.000

Nguyễn Phúc Thịnh

Indiv

0.3%

50.000

TRỊNH THANH GIẢNG

Indiv

0.2%

39.000

Trần Văn Long

Indiv

0.2%

30.000

Nguyễn Thị Mỹ Hạnh

Indiv

0.2%

28.800

Board & Management

Nguyễn Thị Huyền Trang19.8%

Thành viên Hội đồng Quản trị

Trần Thị Thanh Bình5.5%

Thành viên Hội đồng Quản trị

Phạm Thị Hải Yến

Thành viên Ban kiểm soát

Đỗ Quang Thuận

Trưởng Ban kiểm soát

Lê Vinh Việt

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Đoàn Thị Bích Hà

Phó Tổng Giám đốc

Nguyễn Thị Thúy Huyền

Thành viên Hội đồng Quản trị

Đỗ Thị Hạnh

Thành viên Ban kiểm soát

Lê Hoài Thu

Phó Tổng Giám đốc/Kế toán trưởng

Phạm Tiến Đạt

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Cao Tiến Lam Giang

Phó Tổng Giám đốc

Huỳnh Thanh Quyết

Phó Tổng Giám đốc

Phạm Thị Thủy

Phụ trách Công bố thông tin

Top connections

PXI51.0%PXT51.0%PXS51.0%PID50.0%PXM48.3%PVH36.0%PSG24.7%HCT24.7%ONW24.5%HPO24.4%KST21.3%CVN19.8%

Computed 12/04/2026