PTD

Construction

Công ty Cổ phần Thiết kế - Xây dựng - Thương mại Phúc Thịnh

Xây dựng và Vật liệuCT

7.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

42.882

Current

7.400

Gap

+479.5%

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)

22.95%

Kd(1-t)

4.93%

D/(D+E)

77.05%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

7.890

50%DCF Value

77.874

Blended Intrinsic

42.882

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PTD

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

-0.54

High Risk

DSRI

2.670

GMI

0.696

AQI

0.284

SGI

2.069

DEPI

0.920

SGAI

0.407

TATA

-0.053

LVGI

0.833

PTD exhibits several concerning financial metrics, particularly in its Beneish M-Score components, which suggest potential earnings manipulation. The high DSRI (2.6701) and SGI (2.0694) indicate significant growth in receivables and sales, raising red flags about revenue recognition practices.

Red Flags

DSRI of 2.6701 indicates a significant increase in receivables relative to sales, suggesting potential revenue recognition issues.
SGI of 2.0694 shows rapid sales growth that may not be supported by actual cash flow, raising concerns about sustainability.
Earnings Quality Score of 64.7/100 is relatively low, particularly with an eq_margin and eq_revenue both at 0.0/100, indicating poor earnings quality.

Positive Signals

The eq_cash_conv score of 100.0/100 indicates strong cash conversion, suggesting that cash flows from operations are healthy.
The low GMI of 0.6965 suggests that gross margins are stable, which is a positive sign in terms of cost management.

Ownership Risk

The high concentration of ownership (75.0% by Công ty TNHH Hoàng Cát Tường) poses a risk of potential conflicts of interest and lack of independent oversight, which could exacerbate issues of transparency and accountability.

Recommendation

Investors should approach PTD with caution, closely monitoring future earnings reports and cash flow statements. It may be prudent to wait for clearer signs of financial stability and improved earnings quality before considering an investment.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.10

Distress Zone

Sharpe

0.42

Positive

Composite

Strong

Price Risk

Momentum

+116.0%

Volatility

115.1%

Max Drawdown

-55.6%

Key Ratios

Fiscal year 2025

81.83P/E

P/B0.86

P/S0.29

ROE1.9%

ROA0.4%

EPS90.43

BVPS8591.34

Gross Margin9.5%

Net Margin0.3%

D/E2.98

Current Ratio1.46

Rev Growth106.9%

Profit Growth105.4%

EV/EBITDA14.77

Div Yield0.0%

Company Overview

Issued Shares

5.0M

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 PTD — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Hoàng Cát Tường

Inst

75.0%

15.0 trieu

Ngô Liên Đồng Hoàng Lan

Indiv

10.0%

500.000

Trần Ngọc Linh

Indiv

8.2%

262.793

Phùng Nghĩa Minh Trí

Indiv

5.9%

1.2 trieu

Nguyễn Trọng Nghĩa

Indiv

5.3%

169.840

Lê Vũ Nguyên Khang

Indiv

5.1%

163.000

HỒ THANH ĐỨC

Indiv

5.0%

250.000

Hà Năng Nam

Indiv

0.3%

11.190

Hoàng Trường Giang

Indiv

0.2%

6.000

Trần Thị Bích Ngọc

Indiv

0.1%

4.640

Trần Ngọc Tú

Indiv

0.1%

4.000

Board & Management

HỒ THANH ĐỨC5.0%

Thành viên Hội đồng Quản trị

Hoàng Trường Giang0.2%

Thành viên Ban kiểm soát

Trần Ngọc Tú0.1%

Thành viên Ban kiểm soát

Dương Thị Ngọc Thùy

Trưởng Ban kiểm soát

Nguyễn Hoàng Vũ

Kế toán trưởng

Yang Pei Long

Thành viên Hội đồng Quản trị

Tô Khải Đạt

Tổng Giám đốc

Trần Minh Trúc

Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

BÙI QUANG HUÂN

Thành viên Hội đồng Quản trị

Top connections

CJC8.3%SHB8.2%SJF5.3%SCO5.3%NKG5.3%MCG5.3%KSD5.3%SDA5.3%VTO5.3%AVF5.3%

Computed 12/04/2026