PNT

Construction

Công ty Cổ phần Kỹ thuật Xây dựng Phú Nhuận

Xây dựng và Vật liệuCT

8.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

7.164

Current

8.000

Gap

-10.4%

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)

60.25%

Kd(1-t)

6.30%

D/(D+E)

39.75%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.864

50%DCF Value

10.465

Blended Intrinsic

7.164

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PNT

Earnings Quality

Fiscal year 2024

Fair

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 · 2020

-2.40

Moderate

DSRI

1.527

GMI

0.681

AQI

0.845

SGI

0.672

DEPI

1.106

SGAI

1.099

TATA

0.022

LVGI

0.933

PNT exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.3983, which is below the manipulation threshold. The low earnings quality score of 22.8/100, combined with a complete lack of cash conversion and revenue quality, raises significant red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.3983 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 22.8/100, with cash conversion and revenue quality both at 0.0/100, suggests severe issues in earnings sustainability.

Positive Signals

DSRI of 1.5272 indicates a potential increase in sales relative to receivables, which could suggest growth, although this is tempered by other negative signals.

Ownership Risk

The top shareholders include significant institutional ownership, with Tổng Công ty Xây dựng Sài Gòn holding 39.2%, which may provide some stability. However, high concentration in a few institutions could lead to governance risks if interests diverge.

Recommendation

Investors should exercise caution and closely monitor PNT's financial disclosures and operational performance. It may be prudent to wait for improved earnings quality metrics and clearer financial reporting before considering an investment.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.76

Distress Zone

Sharpe

0.55

Positive

Composite

Fair

Price Risk

Momentum

+2.1%

Volatility

120.4%

Max Drawdown

-35.0%

Key Ratios

Fiscal year 2024

9.74P/E

P/B0.55

P/S1.43

ROE5.6%

ROA3.5%

EPS800.35

BVPS12854.75

Gross Margin45.0%

Net Margin16.3%

D/E0.52

Current Ratio8.60

Rev Growth186.7%

Profit Growth172.5%

EV/EBITDA6.30

Div Yield7.1%

Company Overview

Issued Shares

9.3M

Charter Capital

92.8B 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 PNT — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Xây dựng Sài Gòn

Inst

39.2%

3.6 trieu

Công ty Cổ phần Đầu Tư Xây Dựng Kinh Doanh Nhà Bến Thành

Inst

10.1%

940.200

Lê Hữu Sơn

Indiv

2.9%

266.446

Văn Bá Tuấn

Indiv

2.7%

249.875

Nguyễn Thành Nhơn

Indiv

1.5%

138.904

Văn Bá Dương

Indiv

1.5%

137.574

Trần Thúy Vân

Indiv

1.1%

106.699

Đỗ Quý Nhật Quang

Indiv

1.1%

102.800

Nghiêm Bá Bích

Indiv

0.9%

80.501

Văn Bá Duy An

Indiv

0.8%

75.911

Vũ Hoàng Phương

Indiv

0.7%

60.183

Board & Management

Lê Hữu Sơn2.9%

Thành viên Hội đồng Quản trị

Nguyễn Thành Nhơn1.5%

Thành viên Hội đồng Quản trị

Văn Bá Dương1.5%

Thành viên Hội đồng Quản trị

Đỗ Quý Nhật Quang1.1%

Thành viên Ban kiểm soát

Nghiêm Bá Bích0.9%

Phó Tổng Giám đốc

Lê Hoàng Phi

Thành viên Ban kiểm soát

Ngô Như Hùng

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Huỳnh Thị Hoàng Yến

Kế toán trưởng

Trần Kim Hoàn

Trưởng Ban kiểm soát

Dương Dũng Nhân

Chủ tịch Hội đồng Quản trị

Top connections

NAV39.2%OCB10.1%TIN3.9%

Computed 12/04/2026