RCD

Construction

Công ty Cổ phần Xây dựng - Địa ốc Cao su

Xây dựng và Vật liệuCT

1.700

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

1.987

Current

1.700

Gap

+16.9%

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)

60.18%

Kd(1-t)

6.40%

D/(D+E)

39.82%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

1.987

Blended Intrinsic

1.987

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — RCD

Earnings Quality

Fiscal year 2022

Weak

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

100

Financial Forensics

Beneish M-Score · 2016

4.59

High Risk

DSRI

0.044

GMI

0.261

AQI

1.282

SGI

10.427

DEPI

0.660

SGAI

0.105

TATA

-0.091

LVGI

0.613

The Beneish M-Score of 4.5885 significantly exceeds the threshold of -1.78, indicating a high likelihood of earnings manipulation. Coupled with a concerning SGI of 10.4270, which suggests unsustainable growth, these factors raise substantial red flags regarding the company's financial integrity.

Red Flags

Beneish M-Score of 4.5885 indicates likely earnings manipulation.
SGI of 10.4270 suggests unsustainable growth that may not be supported by underlying fundamentals.
Earnings Quality Score of 61.1/100 is relatively low, particularly driven by an eq_margin of 1.4/100 and eq_revenue of 0.0/100, indicating potential issues in revenue recognition.

Positive Signals

Cash conversion metrics are strong, with eq_cash_conv at 100.0/100, indicating effective cash generation from earnings.
Low DSRI of 0.0442 suggests that inventory levels are well-managed relative to sales.

Ownership Risk

The concentrated ownership structure, with the top two shareholders holding a combined 47.3%, poses risks related to governance and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on the company's growth sustainability and financial reporting practices before considering any investment.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.32

Distress Zone

Sharpe

-0.26

Negative

Composite

Weak

Price Risk

Momentum

-14.3%

Volatility

122.6%

Max Drawdown

-55.2%

Key Ratios

Fiscal year 2022

8.27P/E

P/B0.19

P/S19.10

ROE2.3%

ROA1.4%

EPS241.91

BVPS10736.46

Gross Margin100.0%

Net Margin231.0%

D/E0.64

Current Ratio14.94

Rev Growth-72.7%

Profit Growth170.4%

EV/EBITDA-62.89

Div Yield0.0%

Company Overview

Issued Shares

5.3M

Charter Capital

53.0B 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 RCD — hover nodes for intel, click to navigate

Shareholders

Phạm Văn Khương

Indiv

24.9%

1.3 trieu

Trần Xuân Lực

Indiv

22.4%

1.1 trieu

CÔNG TY TNHH ĐẦU TƯ TOÀN THÀNH VINA NHA TRANG

Inst

4.9%

236.000

Nguyễn Thị Thu Hằng

Indiv

4.4%

212.500

Trần Xuân Chương

Indiv

1.9%

100.000

Trịnh Thị Hồng Hạnh

Indiv

1.8%

88.500

Nguyễn Quốc Việt

Indiv

0.6%

30.007

Board & Management

Trần Xuân Chương1.9%

Tổng Giám đốc

Nguyễn Quốc Việt0.6%

Phó Tổng Giám đốc

Nguyễn Mai Hoàng

Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Hoàng Công

Trưởng Ban kiểm soát

Trương Thị Hòa

Thành viên Ban kiểm soát

Nguyễn Khánh Hoàng

Phụ trách Công bố thông tin

Hà Tài Bảy

Thành viên Hội đồng Quản trị

Vũ Văn Tuân

Thành viên Ban kiểm soát

Top connections

VIC24.9%TLD6.7%PPI4.8%SHA4.4%CAP4.4%VFS4.4%HNA4.4%DBT4.4%HDW4.4%GIL4.4%MIG4.4%VPB4.4%

Computed 12/04/2026