SC5

Construction

Công ty Cổ phần Xây dựng số 5

Xây dựng và Vật liệuCT

15.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

145.747

Current

15.000

Gap

+500.0%

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)

16.67%

Kd(1-t)

5.99%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend3.93%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.127

50%DCF Value

288.367

Blended Intrinsic

145.747

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SC5

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.17

Low Risk

DSRI

1.086

GMI

0.788

AQI

0.728

SGI

0.908

DEPI

0.873

SGAI

1.033

TATA

-0.094

LVGI

1.031

The Beneish M-Score of -3.1721 indicates a low likelihood of earnings manipulation, as it is well below the manipulation threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in receivables and revenue recognition, which could pose risks in the context of Vietnamese accounting practices.

Red Flags

Earnings Quality Score of 57.4/100 indicates moderate concerns, particularly with an eq_receivables score of 11.0/100, suggesting potential issues in revenue recognition.
SGAI at 1.0331 indicates higher selling, general, and administrative expenses relative to sales, which could signal inefficiencies or aggressive expense recognition.

Positive Signals

The cash conversion score of 100.0/100 indicates strong cash flow relative to earnings, which is a positive sign for liquidity.
A low DSRI of 1.0864 suggests that inventory levels are well managed relative to sales, which is a favorable operational indicator.

Ownership Risk

The ownership structure is heavily concentrated, with Nguyễn Đình Dũng holding 58.0%, which may lead to governance risks and potential conflicts of interest. This concentration could also limit minority shareholders' influence.

Recommendation

Investors should closely monitor the company's revenue recognition practices and consider the implications of concentrated ownership on governance. It may be prudent to adopt a cautious approach until clearer signals of operational stability and transparency emerge.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.25

Distress Zone

Sharpe

-0.26

Negative

Composite

Fair

Price Risk

Momentum

-12.2%

Volatility

49.4%

Max Drawdown

-36.6%

Key Ratios

Fiscal year 2025

5.58P/E

P/B0.54

P/S0.09

ROE10.2%

ROA1.7%

EPS2743.95

BVPS28252.13

Gross Margin5.7%

Net Margin1.6%

D/E5.50

Current Ratio1.16

Rev Growth-9.2%

Profit Growth11.0%

EV/EBITDA5.76

Div Yield0.0%

Company Overview

Issued Shares

15.0M

Charter Capital

149.8B 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 SC5 — hover nodes for intel, click to navigate

Shareholders

Nguyễn Đình Dũng

Indiv

58.0%

8.7 trieu

Công ty TNHH Đầu tư SATO

Inst

26.6%

4.0 trieu

Phạm Văn Tư

Indiv

20.0%

3.0 trieu

Phạm Thị Liên

Indiv

6.7%

1.0 trieu

Nguyễn Thị Hạnh Liên

Indiv

5.0%

564.800

Nguyễn Xuân Hồng

Indiv

3.4%

506.100

Dương Thị Trinh

Indiv

3.3%

500.000

Nguyễn Xuân Hòa

Indiv

3.2%

485.480

Lê Hữu Hoè

Indiv

0.6%

87.120

Vũ Thị Hương

Indiv

0.5%

77.132

Vũ Khắc Giang

Indiv

0.5%

75.810

Hoàng Văn Hoan

Indiv

0.4%

56.628

Trần Chính Diệp

Indiv

0.3%

48.787

Hà Văn Khanh

Indiv

0.3%

42.900

Nguyễn Văn Cường

Indiv

0.2%

34.848

Nguyễn Kinh Kha

Indiv

0.2%

34.993

Phạm Thị Kim Xuân

Indiv

0.1%

20.000

Board & Management

Nguyễn Đình Dũng58.0%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Văn Cường0.2%

Phó Tổng Giám đốc

Nguyễn Kinh Kha0.2%

Chủ tịch Hội đồng Quản trị

Phạm Thị Thùy Phương

Thành viên Ban Kiểm toán nội bộ

Nguyễn Hoài Thanh

Phó Tổng Giám đốc

Đặng Văn Dũng

Phó Tổng Giám đốc

Bùi Đức Hanh

Phó Tổng Giám đốc

Vũ Văn Hùng

Trưởng Ban kiểm soát

Phan Chí Hiếu

Kế toán trưởng

Trần Đạt Thịnh

Thành viên Hội đồng Quản trị

Trần Minh Hải

Người phụ trách quản trị công ty/Phụ trách Công bố thông tin

Phạm Văn Từ

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Phạm Văn Tuấn

Phó Tổng Giám đốc

Phạm Quốc Tuấn

Thành viên Hội đồng Quản trị độc lập

Lê Thụy Thanh Quyên

Thành viên Ban kiểm soát

Nguyễn Thị Ngọc Hòa

Trưởng Ban Kiểm toán nội bộ

Vũ Thị Hằng

Thành viên Ban kiểm soát

Top connections

THN20.9%QHD20.0%PVH20.0%DTA10.1%VC26.7%HMC6.7%PVR5.6%CTI5.1%CAP3.4%HJS3.4%VSG3.2%BID3.2%

Computed 12/04/2026