PTE

Construction

Công ty Cổ phần Xi măng Phú Thọ

Xây dựng và Vật liệuCT

4.200

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

Current

4.200

Gap

-100.0%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

—

Discount

50%

Floor Value

—

Valuation Track Record

Retroactive intrinsic value vs actual close price — PTE

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 · 2022

83.68

High Risk

DSRI

1.195

GMI

165.245

AQI

0.997

SGI

0.992

DEPI

0.924

SGAI

0.751

TATA

-0.157

LVGI

1.100

The Beneish M-Score of 83.681 significantly exceeds the manipulation threshold, indicating a high likelihood of earnings manipulation. Coupled with a low earnings quality score of 36.5/100, particularly poor cash conversion metrics, this raises substantial concerns about the reliability of reported financials.

Red Flags

Beneish M-Score of 83.681 indicates likely earnings manipulation as it is well above the threshold of -1.78.
Earnings Quality Score of 36.5/100, with an alarming eq_cash_conv of only 13.2/100, suggests significant issues with cash flow relative to earnings.
Revenue quality metric at 0.0/100 indicates no reliable revenue recognition, raising questions about the sustainability of reported sales.

Positive Signals

DSRI of 1.1948 suggests that inventory levels are not excessively high relative to sales, which could indicate stable operations.
Receivables quality metric at 84.0/100 indicates relatively strong management of receivables, which may mitigate some cash flow concerns.

Ownership Risk

The ownership structure is heavily concentrated among a few individuals, with the top four shareholders holding a combined 31% stake. This concentration could lead to governance risks, as decisions may favor the interests of a few over minority shareholders.

Recommendation

Given the high risk of earnings manipulation and poor earnings quality, it is advisable to exercise caution and consider avoiding investment in PTE until clearer financial transparency and governance improvements are demonstrated.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

-4.67

Distress Zone

Sharpe

0.72

Positive

Composite

Poor

Price Risk

Momentum

+0.0%

Volatility

89.7%

Max Drawdown

-38.2%

Key Ratios

Fiscal year 2025

-1.24P/E

P/B0.00

P/S0.34

ROE12.5%

ROA-14.0%

EPS-3387.09

BVPS0.00

Gross Margin-3.3%

Net Margin-27.7%

D/E-1.79

Current Ratio0.09

Rev Growth-4.2%

Profit Growth-1667.8%

EV/EBITDA51.86

Div Yield0.0%

Company Overview

Issued Shares

12.5M

Charter Capital

125.0B 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 PTE — hover nodes for intel, click to navigate

Shareholders

Triệu Quang Thuận

Indiv

12.0%

1.5 trieu

Triệu Quốc Hoàn

Indiv

8.3%

1.0 trieu

Trần Tuấn Đạt

Indiv

7.3%

885.550

nguyen-thanh-phu

Indiv

4.1%

502.650

Trần Thị Phương Linh

Indiv

1.5%

180.560

Triệu Quang Thắng

Indiv

1.5%

176.500

Nguyễn Khắc Lâm

Indiv

1.2%

145.000

Trần Quốc Huy

Indiv

1.0%

126.950

Phạm Quang Anh

Indiv

1.0%

125.682

Triệu Quang Nhân

Indiv

0.8%

91.400

Tạ Đức Thiệm

Indiv

0.3%

36.309

Bùi Văn Khang

Indiv

0.2%

19.200

Board & Management

Triệu Quang Thuận12.0%

Chủ tịch Hội đồng Quản trị

Trần Tuấn Đạt7.3%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thành Phú4.1%

Thành viên Hội đồng Quản trị

Trần Thị Phương Linh1.5%

Phó Tổng Giám đốc

Nguyễn Khắc Lâm1.2%

Thành viên Hội đồng Quản trị

Phạm Quang Anh1.0%

Thành viên Hội đồng Quản trị

Tạ Đức Thiệm0.3%

Thành viên Ban kiểm soát

Vũ Anh Phương

Trưởng phòng Tài chính - Kế toán

Trần Xuân Lâm

Thành viên Ban kiểm soát

Đỗ Thị Thanh Yên

Thành viên Ban kiểm soát

Nguyễn Lam

Phụ trách Công bố thông tin

Dương Việt Hoàn

Kế toán trưởng

Bùi Song Hào

Phó Tổng Giám đốc

Top connections

LM39.7%VTV7.3%DAH4.2%NUE4.1%TMP4.1%HHG3.7%TDP1.4%ABB1.1%PVL1.0%NJC1.0%HUG1.0%

Computed 12/04/2026