QCC

Construction

Công ty Cổ phần Đầu tư Xây dựng và Phát triển Hạ tầng Viễn Thông

Xây dựng và Vật liệuCT

21.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

34.195

Current

21.000

Gap

+62.8%

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)

67.31%

Kd(1-t)

5.97%

D/(D+E)

32.69%

WACC

10.16%

Growth Estimate

fundamental firm blend2.85%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

14.270

50%DCF Value

54.120

Blended Intrinsic

34.195

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — QCC

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2019

-2.17

Moderate

DSRI

0.835

GMI

0.985

AQI

4.490

SGI

0.854

DEPI

0.000

SGAI

1.163

TATA

-0.159

LVGI

0.773

The Beneish M-Score of -2.1706 indicates a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 47.6/100, particularly low scores in receivables and revenue, raise concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 47.6/100, with 0.0/100 in eq_receivables and eq_revenue indicating potential issues in revenue recognition and collection efficiency.
SGAI of 1.1628 suggests higher selling, general, and administrative expenses relative to sales, which could indicate inefficiencies or potential mismanagement.

Positive Signals

DSRI of 0.8354 indicates that the company has a lower inventory relative to sales, which is a positive sign of inventory management.
Cash conversion score of 100.0/100 shows strong cash flow generation from operations, indicating good liquidity.

Ownership Risk

The top shareholder, Lê Minh Hải, holds a significant 31.6% stake, which may lead to potential governance risks if decisions favor personal interests over minority shareholders. The lack of institutional ownership may also limit external oversight.

Recommendation

Investors should closely monitor QCC's earnings quality metrics and management efficiency. Consider a cautious approach, potentially waiting for improved transparency and governance before making significant investments.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.38

Safe Zone

Sharpe

1.15

Excellent

Composite

Fair

Price Risk

Momentum

+167.7%

Volatility

156.3%

Max Drawdown

-46.4%

Key Ratios

Fiscal year 2024

62.97P/E

P/B2.13

P/S1.63

ROE4.0%

ROA2.9%

EPS564.89

BVPS13943.46

Gross Margin14.2%

Net Margin3.1%

D/E0.28

Current Ratio4.34

Rev Growth-52.7%

Profit Growth-46.3%

EV/EBITDA28.47

Div Yield1.7%

Company Overview

Issued Shares

1.5M

Charter Capital

15.0B 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 QCC — hover nodes for intel, click to navigate

Shareholders

Lê Minh Hải

Indiv

31.6%

420.000

Huỳnh Tấn Chung

Indiv

3.5%

52.500

Đinh Công Khánh

Indiv

3.0%

40.000

Võ Tường Vĩnh

Indiv

2.7%

36.500

Công ty Cổ Phần Tập Đoàn Quốc Tế Abc

Inst

2.2%

32.000

Phạm Thị Trúc Linh

Indiv

1.5%

22.200

Trần Hoài Thanh

Indiv

1.4%

20.500

Trần Đình Chinh

Indiv

1.3%

20.000

Lê Kông Sơn

Indiv

0.9%

14.000

nguyen-viet-ha

Indiv

0.8%

12.450

Châu Quang Trịnh

Indiv

0.8%

12.000

Nguyễn Thị Hoài Nhân

Indiv

0.7%

10.000

Nguyễn Hoàng Phú Sĩ

Indiv

0.7%

10.000

Trà Thanh Tuấn

Indiv

0.6%

8.338

Lưu Văn Minh Thành

Indiv

0.5%

8.000

Lê Tấn Long

Indiv

0.5%

8.000

Trần Quốc Trân

Indiv

0.4%

5.250

Phạm Ngọc Hiệp

Indiv

0.4%

5.250

Trần Như Hoàng

Indiv

0.3%

5.000

Nguyễn Đồng

Indiv

0.3%

3.750

Phạm Thị Phương Thảo

Indiv

0.2%

3.500

Quảng Thị Thu An

Indiv

0.2%

2.850

Nguyễn Trí Bảy

Indiv

0.2%

2.750

Trần Đình Chiến

Indiv

0.2%

2.600

Đoàn Thị Tố Trinh

Indiv

0.1%

2.087

Board & Management

Phạm Thị Trúc Linh1.5%

Thành viên Ban kiểm soát

Trần Hoài Thanh1.4%

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Trần Đình Chinh1.3%

Tổng Giám đốc

Nguyễn Thị Hoài Nhân0.7%

Kế toán trưởng

Lưu Văn Minh Thành0.5%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Lê Tấn Long0.5%

Thành viên Hội đồng Quản trị

Trần Như Hoàng0.3%

Thành viên Hội đồng Quản trị

Phạm Thị Phương Thảo0.2%

Chủ tịch Hội đồng Quản trị

Đoàn Thị Tố Trinh0.1%

Thành viên Ban kiểm soát

Nguyễn Thị Bích Ngọc

Trưởng Ban kiểm soát

Top connections

VGS31.6%MEL31.6%NKG31.6%HLS3.6%VHG2 links HAS3.5%GKM2.3%PRC2.2%CTI2.0%

Computed 12/04/2026