QCC
Công ty Cổ phần Đầu tư Xây dựng và Phát triển Hạ tầng Viễn Thông
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 9.500
- Calibrated intrinsic value (VND)
- 9.781
Last close × (1 + calibrated gap / 100)
Earnings-capitalised value
Not available: the company reported a loss last year or its shares have too short a price history.
How it is calculated
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply to the close
That return is applied to the last close.
Keep in mind
- For illustration only: not a validated forecast.
- No uncertainty range: the estimate is a single figure.
- Older record: it has not been re-measured on the current data.
Why it needs review
- Trading liquidity is below the comparison threshold.
This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.
Comparison assessed 3 Nov 2026Valid through 26 Nov 2026
- Model reliability
- Low
- Model fitInput stabilityRisk checks
- High requires the model’s diagnostic criteria to be met.
- Probability of outperforming peers
- Not assessed
- A separate peer-outperformance probability is unavailable for this valuation.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.
Technical details
Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.
Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.
Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.
We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.
Last close × (1 + calibrated gap / 100)
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- 1.0949th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 4.5%65th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- None
- Consecutive years of net lossProfit after tax of the parent
- 0
- Owner's equityWithout the non-controlling interest
- Positive
Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.
Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.
The company's Beneish M-Score is -0.899, which is above the US-based -1.78 cutoff but sits in the 88th percentile versus Vietnamese peers and has risen by +2.40 year-over-year; these numbers point to comparatively aggressive accounting metrics among Vietnamese companies and a notable year-over-year shift. Earnings-quality metrics are mixed: an overall Earnings Quality Score of 31.2/100 with very weak cash-conversion (0.0/100) and accruals quality (21.2/100) contrasts with a relatively stronger receivables quality (68.6/100); solvency-distance is large (Altman Z-Score 7.72) and operating fundamentals are neutral (Piotroski F-Score 5/9).
- Beneish M-Score -0.899 (88th percentile vs Vietnamese peers; YoY change +2.40) — the M-Score measures a composite likelihood of earnings manipulation using eight financial ratios; the peer percentile and the positive YoY move indicate the company is more aggressive on accounting metrics than most Vietnamese peers and that the metrics have trended toward greater aggressiveness this year.
- TATA (Total Accruals to Total Assets) = 0.2456 — this component measures the extent of accruals in reported earnings; a positive and sizable TATA indicates earnings are being supported by accruals rather than cash.
- Cash-conversion component of Earnings Quality = 0.0/100 and three-year cash conversion (operating cash flow / net profit) = 1.09 (49th percentile) — these measure how much reported profit translates into operating cash; the very low score and middling percentile suggest profit is not reliably converting into cash.
- GMI (Gross Margin Index) = 1.2896 and SGI (Sales Growth Index) = 1.2758 — GMI > 1 signals deteriorating gross margins year-over-year and SGI > 1 signals sales growth; together they can reflect margin pressure amid growth, which is one of Beneish's inputs associated with manipulation risk.
- Director-deal registrations: 2 sale registrations (2 traders; 924,500 shares) and 2 purchase registrations (2 traders; 320,000 shares, one registration without a volume) between 2025-10-30 and 2026-10-30 — these are exchange filings of intended trades (registrations), not evidence of executed market trades, but show insider intent to transact during the year.
- Altman Z-Score = 7.72 (safe zone) — this measures bankruptcy distance; a value this high indicates low bankruptcy risk under the Altman framework.
- Receivables-quality 68.6/100 and receivables outside the trade cycle = 4.5% of total assets (65th percentile) — the receivables-quality score and a modest level of non-trade receivables suggest receivables are not unusually large relative to assets for Vietnamese peers.
- AQI (Asset Quality Index) = 0.7080 and SGAI (Sales, General & Administrative Expense Index) = 0.6795 — AQI < 1 indicates no large shift toward capitalising costs or rising long-lived asset ratios that Beneish flags, and SGAI < 1 indicates SG&A expenses did not rise relative to sales; both can be interpreted as counters to certain manipulation signals.
- No accumulated losses, owner’s equity (excluding minority interest) positive, and parent profit not in net loss for any of the last three years — these are factual signals from the statements that the company is not showing statutory loss indicators in its reported equity or parent profit series.
Ownership is concentrated: the top individual shareholder, Kỳ Minh Khương, holds 21.3%, with the next largest holders at 3.5%, 3.1%, 2.7% and 2.7%. This concentration implies a dominant individual shareholder presence; director-deal registrations (2 sales totalling 924,500 shares and 2 purchase registrations totalling 320,000 shares, one without a volume) were disclosed in the past year and are registrations of intended trades, not evidence of executed transactions.
- Compare the 2025 operating cash flow (statement of cash flows) with net profit in the parent income statement and the notes to cash flow to reconcile the three-year cash-conversion ratio cited (operating cash flow / net profit = 1.09).
- Inspect the breakdown of 'receivables and other long-term receivables' in the notes (trade receivables vs prepayments to suppliers vs loans receivable) to verify the 4.5% of total assets classified as receivables outside the trade cycle.
- Review the accruals and provisioning notes and reconcile the components used to compute TATA = 0.2456 (total accruals / total assets) — check depreciation, changes in working capital, provisions and any non-cash adjustments.
- Check the director/insider transaction registry entries and related-party transaction schedule in the annual report to confirm the nature and counterparty relationships behind the registered sales and purchase intentions disclosed between 2025-10-30 and 2026-10-30.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 0.60
- P/S
- 0.36
- ROE
- 5.1%
- ROA
- 4.0%
- EPS
- 805
- BVPS
- 15.898
- Gross Margin
- 11.0%
- Net Margin
- 3.1%
- D/E
- 0.00
- Current Ratio
- 5.12
- EV/EBITDA
- 6.06
- Div Yield
- 5.3%
Company Overview
- Shares outstanding
- 1.3M
- Charter Capital
- 13.3B VND
- Sector (ICB L2)
- Xây dựng và Vật liệu
- Industry (ICB L3)
- Xây dựng và Vật liệu
- Sub-industry
- Xây dựng
- Company Type
- CT