RCC

Construction

Công ty Cổ phần Tổng Công ty Công trình Đường sắt Việt Nam

Xây dựng và Vật liệuCT

18.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

660

Current

18.000

Gap

-96.3%

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)

35.05%

Kd(1-t)

3.98%

D/(D+E)

64.95%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

10.865

50%DCF Value

-9.545

Blended Intrinsic

660

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — RCC

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.58

Elevated

DSRI

1.586

GMI

1.486

AQI

0.775

SGI

0.843

DEPI

0.848

SGAI

1.301

TATA

0.091

LVGI

1.070

RCC exhibits several concerning financial metrics indicating potential manipulation, particularly with a Beneish M-Score of -1.5796, which is close to the manipulation threshold. Additionally, the earnings quality score of 15.9/100 highlights significant issues in cash conversion and revenue recognition, raising further red flags.

Red Flags

Beneish M-Score of -1.5796, indicating potential earnings manipulation as it is close to the threshold of -1.78.
Earnings Quality Score of 15.9/100, with cash conversion and revenue metrics at 0.0/100, suggesting severe issues in financial reporting.
DSRI of 1.5864 indicates a significant increase in receivables relative to sales, which may signal aggressive revenue recognition practices.

Positive Signals

SGI of 0.8429 suggests a decrease in sales growth, which could indicate a more conservative approach in a slowing market.
Ownership concentration with top shareholders holding significant stakes (e.g., Nguyễn Đức Giang at 13.0%) may align interests with minority shareholders.

Ownership Risk

The ownership structure is heavily concentrated among a few individuals, which can lead to governance risks and potential conflicts of interest, especially in a market where SOEs and conglomerates dominate.

Recommendation

Investors should exercise caution and conduct further due diligence on RCC, particularly focusing on cash flow statements and revenue recognition practices before making investment decisions.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

1.20

Distress Zone

Sharpe

0.13

Positive

Composite

Poor

Price Risk

Momentum

+20.5%

Volatility

127.3%

Max Drawdown

-52.3%

Key Ratios

Fiscal year 2025

397.45P/E

P/B1.80

P/S1.03

ROE0.5%

ROA0.2%

EPS52.84

BVPS11646.22

Gross Margin6.6%

Net Margin0.3%

D/E1.85

Current Ratio1.22

Rev Growth-15.7%

Profit Growth29.0%

EV/EBITDA54.56

Div Yield0.0%

Company Overview

Issued Shares

32.1M

Charter Capital

320.6B 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 RCC — hover nodes for intel, click to navigate

Shareholders

Nguyễn Đức Giang

Indiv

13.0%

4.2 trieu

Trương Minh Ngọc

Indiv

11.8%

3.8 trieu

Nguyễn Duy Kiên

Indiv

10.1%

3.2 trieu

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội

Inst

9.7%

3.1 trieu

nguyen-hai-duy

Indiv

8.5%

2.7 trieu

Lê Thị Thanh Thủy

Indiv

6.1%

1.9 trieu

nguyen-xuan-cuong

Indiv

5.5%

1.8 trieu

Công ty CP Đầu Tư Và Năng Lượng Nhân Luật

Inst

5.4%

833.823

Công ty Cổ Phần Thương Mại Nước Giải Khát Khánh An

Inst

4.9%

761.823

Phạm Ngọc Quốc Cường

Indiv

4.7%

1.5 trieu

Tạ Hữu Diễn

Indiv

4.0%

1.3 trieu

Mai Lâm Vũ

Indiv

3.0%

460.000

Mai Thanh Phương

Indiv

3.0%

952.430

Nguyễn Thùy Linh

Indiv

1.4%

440.239

nguyen-thanh-long

Indiv

1.1%

169.782

Võ Văn Phúc

Indiv

0.3%

102.640

NGUYỄN HỮU ĐIỂM

Indiv

0.3%

48.351

Vũ Thị Hải Yến

Indiv

0.3%

94.414

Nguyễn Công Bình

Indiv

0.1%

21.780

Nguyễn Văn Tuấn

Indiv

0.1%

17.009

Vũ Huyền Trang

Indiv

0.1%

35.198

Board & Management

Phạm Ngọc Quốc Cường4.7%

Thành viên Hội đồng Quản trị/Thành viên Ban Kiểm toán nội bộ

Tạ Hữu Diễn4.0%

Chủ tịch Hội đồng Quản trị

Mai Thanh Phương3.0%

Phó Chủ tịch Hội đồng Quản trị

Võ Văn Phúc0.3%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

NGUYỄN HỮU ĐIỂM0.3%

Phó Tổng Giám đốc

Nguyễn Công Bình0.1%

Phó Tổng Giám đốc

Nguyễn Văn Tuấn0.1%

Phó Tổng Giám đốc

Trương Thị Thanh Hương

Trưởng phòng Tài chính - Kế toán

Lê Phước Quý Châu

Phó Tổng Giám đốc

Nguyễn Thị Thanh Huyền

Kế toán trưởng

Kiều Nghị

Phó Tổng Giám đốc

Phạm Hồng Thắng

Trưởng Ban Kiểm toán nội bộ /Thành viên Hội đồng Quản trị độc lập

Phạm Duy Tuyên

Phó Tổng Giám đốc

Top connections

GEX23.6%VTZ20.2%PLP3 links VCT14.8%PVH14.8%VRC14.5%KTL14.4%VPB2 links FT113.0%GGG10.1%SHS10.1%LGL3 links

Computed 12/04/2026