S99

Construction

Công ty Cổ phần SCI

Xây dựng và Vật liệuCT

9.200

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

34.733

Current

9.200

Gap

+277.5%

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)

38.28%

Kd(1-t)

6.12%

D/(D+E)

61.72%

WACC

10.00%

Growth Estimate

fundamental firm blend2.43%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.785

50%DCF Value

65.680

Blended Intrinsic

34.733

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — S99

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.38

Low Risk

DSRI

0.937

GMI

0.622

AQI

0.927

SGI

1.018

DEPI

0.946

SGAI

1.027

TATA

-0.135

LVGI

0.971

S99 exhibits a Beneish M-Score of -3.3838, indicating a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 62.9/100, particularly low scores in margin and revenue metrics, suggest potential concerns regarding the sustainability of earnings.

Red Flags

Earnings quality score of 29.7/100 in margin indicates significant concerns about profitability.
Revenue quality score of 5.4/100 raises alarms about the reliability of reported revenue figures.

Positive Signals

Beneish M-Score of -3.3838 suggests a low likelihood of earnings manipulation.
Cash conversion score of 100.0/100 indicates strong cash generation relative to earnings.

Ownership Risk

The ownership structure is concentrated with the top shareholder holding 21.8%, which could lead to governance risks and potential conflicts of interest. The presence of multiple individual shareholders may also indicate a lack of institutional oversight.

Recommendation

Investors should closely monitor earnings quality metrics, particularly margins and revenue, while considering the implications of concentrated ownership. A cautious approach is advised until improvements in earnings sustainability are observed.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

0.94

Distress Zone

Sharpe

0.32

Positive

Composite

Strong

Price Risk

Momentum

+19.6%

Volatility

18.4%

Max Drawdown

-33.7%

Key Ratios

Fiscal year 2025

9.55P/E

P/B0.64

P/S0.66

ROE6.9%

ROA2.2%

EPS942.26

BVPS13984.27

Gross Margin21.9%

Net Margin6.9%

D/E1.50

Current Ratio1.85

Rev Growth1.8%

Profit Growth145.3%

EV/EBITDA5.12

Div Yield0.0%

Company Overview

Issued Shares

104.1M

Charter Capital

1040.9B 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 S99 — hover nodes for intel, click to navigate

Shareholders

nguyen-cong-hung

Indiv

21.8%

22.6 trieu

Nguyễn Thị Thu Hường

Indiv

10.4%

10.9 trieu

Lê Tuấn Anh

Indiv

4.9%

1.8 trieu

Phan Văn Hùng

Indiv

1.7%

635.022

Nguyễn Văn Yên

Indiv

1.6%

607.700

Lương Thanh Tùng

Indiv

0.8%

315.000

nguyen-minh-hung

Indiv

0.1%

62.070

Board & Management

Nguyễn Công Hùng20.9%

Phó Giám đốc/Chủ tịch Hội đồng Quản trị

Nguyễn Minh Hùng0.1%

Thành viên Hội đồng Quản trị/Trưởng Ban kiểm soát

Phạm Văn Nghĩa

Phó Tổng Giám đốc

Vũ An Minh

Phó Tổng Giám đốc

Nguyễn Văn Độ

Phó Tổng Giám đốc

Nguyễn Văn Phúc

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Chính Đại

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

Đoàn Thế Anh

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đỗ Xuân Thắng

Người phụ trách quản trị công ty

Nguyễn Việt Anh

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

Phan Dương Mạnh

Phụ trách Công bố thông tin/Kế toán trưởng

Quản Thanh Sơn

Thành viên Ban kiểm soát

Quách Thị Thanh Thủy

Thành viên Ban kiểm soát

Top connections

VCT24.0%GEX3 links SCI21.8%VTZ20.2%VIT18.4%ASM11.3%BLF10.4%HQC10.4%EME10.4%CTA10.4%SSB2 links DBC2 links

Computed 12/04/2026