SCG

Construction

Công ty Cổ phần Tập đoàn Xây dựng SCG

Xây dựng và Vật liệuCT

63.600

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

147.766

Current

63.600

Gap

+132.3%

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)

16.67%

Kd(1-t)

6.73%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

34.951

50%DCF Value

260.582

Blended Intrinsic

147.766

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SCG

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

-2.22

Moderate

DSRI

0.638

GMI

1.250

AQI

0.003

SGI

2.411

DEPI

1.123

SGAI

0.493

TATA

-0.105

LVGI

1.021

SCG exhibits several concerning indicators that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.222, which is below the manipulation threshold. Despite a relatively strong earnings quality score of 59.7, the high SGI of 2.4105 raises concerns about revenue growth sustainability.

Red Flags

Beneish M-Score of -2.222 indicates potential earnings manipulation, as it is below the threshold of -1.78.
SGI of 2.4105 suggests aggressive revenue growth that may not be sustainable.

Positive Signals

Earnings Quality Score of 59.7/100 indicates a reasonable level of earnings quality, particularly with perfect scores in cash conversion and receivables.

Ownership Risk

The ownership structure is highly concentrated, with the top three shareholders holding 38% of the company, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor SCG's revenue growth and earnings quality metrics, and consider a cautious approach until clearer signs of sustainable performance emerge.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.32

Distress Zone

Sharpe

-0.29

Negative

Composite

Fair

Price Risk

Momentum

-2.1%

Volatility

11.1%

Max Drawdown

-25.2%

Key Ratios

Fiscal year 2025

3767959.08P/E

P/B3.28

P/S0.84

ROE0.0%

ROA0.0%

EPS0.02

BVPS19577.24

Gross Margin7.7%

Net Margin0.0%

D/E6.02

Current Ratio1.25

Rev Growth141.1%

Profit Growth-100.0%

EV/EBITDA18.96

Div Yield0.0%

Company Overview

Issued Shares

85.0M

Charter Capital

850.0B 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 SCG — hover nodes for intel, click to navigate

Shareholders

Đỗ Anh Tuấn

Indiv

23.0%

19.5 trieu

Đỗ Văn Trường

Indiv

10.0%

8.5 trieu

Lê Văn Nam

Indiv

5.0%

2.5 trieu

Công ty Cổ phần Chứng khoán SmartMind

Inst

4.9%

4.2 trieu

Đỗ Thị Định

Indiv

4.5%

3.8 trieu

Bùi Văn Tư

Indiv

4.5%

3.8 trieu

Đỗ Thị Lựa

Indiv

4.3%

3.6 trieu

nguyen-xuan-anh

Indiv

4.2%

3.6 trieu

nguyen-dinh-duc

Indiv

2.3%

1.9 trieu

Công ty Cổ phần Tập đoàn Sunshine

Inst

2.3%

1.9 trieu

Công ty Cổ Phần Sunshine Sky Villa

Inst

2.2%

1.9 trieu

Nghiêm Hải Anh

Indiv

2.0%

1.0 trieu

Nguyễn Ngọc Sơn

Indiv

0.5%

431.000

Nguyễn Văn Minh

Indiv

0.2%

100.000

Huỳnh Tấn Quốc

Indiv

0.2%

100.000

Lưu Trần Phước Đức

Indiv

0.2%

100.000

Board & Management

Đỗ Anh Tuấn23.0%

Chủ tịch Hội đồng Quản trị

Đỗ Văn Trường10.0%

Thành viên Hội đồng Quản trị

Lê Văn Nam5.0%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Ngọc Sơn0.5%

Thành viên Hội đồng Quản trị

Lưu Trần Phước Đức0.2%

Phó Tổng Giám đốc

Huỳnh Tấn Quốc0.2%

Phó Tổng Giám đốc

Lê Tiến Dũng

Kế toán trưởng

Nguyễn Khắc Trung

Phó Tổng Giám đốc

Vũ Anh Phương

Thành viên Hội đồng Quản trị

Vũ Hạnh Ngân

Người phụ trách quản trị công ty

Nguyễn Thị Hồng Nhung

Thành viên Ban kiểm soát

Nguyễn Hoàng Anh

Thành viên Ban kiểm soát

Nguyễn Thị Thanh Huyền

Trưởng Ban kiểm soát

Tống Thị Thu Huyền

Giám đốc Tài chính

Top connections

SSH4 links KSF5 links SCC39.3%KLB3 links PTI23.0%MGC10.0%CDG5.0%ODE2 links DNM5.0%LCM5.0%PAC5.0%NRC4.3%

Computed 12/04/2026