SCI

Construction

Công ty Cổ phần SCI E&C

Xây dựng và Vật liệuCT

9.200

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

53.796

Current

9.200

Gap

+484.7%

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)

30.94%

Kd(1-t)

2.85%

D/(D+E)

69.06%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

8.753

50%DCF Value

98.839

Blended Intrinsic

53.796

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SCI

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

-3.34

Low Risk

DSRI

1.109

GMI

-0.005

AQI

2.057

SGI

0.840

DEPI

1.096

SGAI

1.188

TATA

-0.148

LVGI

1.000

The Beneish M-Score of -3.3402 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 50.1 suggests significant concerns, particularly in receivables and margins, which could indicate potential issues with revenue recognition.

Red Flags

Earnings Quality Score of 50.1 indicates potential concerns with revenue recognition, especially with a receivables score of only 9.8.
SGAI of 1.1880 suggests aggressive spending on sales and marketing, which may not translate into revenue growth given the SGI of 0.8397.

Positive Signals

Beneish M-Score of -3.3402 is significantly below the manipulation threshold, indicating a lower risk of earnings manipulation.
Cash conversion score of 100.0 suggests strong cash flow management despite other quality concerns.

Ownership Risk

The institutional ownership is high at 68.5%, which may provide stability; however, the concentration in a single institution (Công ty Cổ phần SCI at 55.5%) raises concerns about governance and potential conflicts of interest.

Recommendation

Investors should closely monitor earnings quality metrics and consider a deeper analysis of revenue recognition practices. Given the elevated risk, a cautious approach is advised until improvements in earnings quality are observed.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.14

Distress Zone

Sharpe

0.43

Positive

Composite

Fair

Price Risk

Momentum

+16.3%

Volatility

23.0%

Max Drawdown

-34.8%

Key Ratios

Fiscal year 2025

283.62P/E

P/B0.61

P/S0.36

ROE0.2%

ROA0.1%

EPS34.91

BVPS16335.86

Gross Margin8.9%

Net Margin0.1%

D/E2.23

Current Ratio1.42

Rev Growth-16.0%

Profit Growth4465.7%

EV/EBITDA10.23

Div Yield0.0%

Company Overview

Issued Shares

30.5M

Charter Capital

420.0B 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 SCI — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần SCI

Inst

55.5%

23.3 trieu

Công ty Cổ Phần Giải Pháp Công Nghệ Cao Việt Sifo

Inst

13.0%

1.3 trieu

Nguyễn Công Chiến

Indiv

6.5%

2.0 trieu

Lê Hồng Hà

Indiv

5.3%

646.100

Nguyễn Công Hà

Indiv

1.5%

460.260

nguyen-dang-lanh

Indiv

0.4%

41.200

Hoàng Công Tuấn

Indiv

0.2%

21.000

Đào Gia Thắng

Indiv

0.2%

21.440

nguyen-quang-hung

Indiv

0.1%

12.500

nguyen-thi-le-hang

Indiv

0.1%

10.000

Board & Management

Nguyễn Văn Phúc

Thành viên Hội đồng Quản trị

Phan Thanh Hải

Chủ tịch Hội đồng Quản trị

Nguyễn Công Hùng

Thành viên Hội đồng Quản trị

Nguyễn Cao Hải

Phó Giám đốc

Nguyễn Công Hòa

Phó Giám đốc

Nguyễn Tài Sơn

Thành viên Hội đồng Quản trị độc lập

Nguyễn Văn Hùng

Thành viên Ban Kiểm toán nội bộ

Quách Thị Thanh Thủy

Thành viên Ban kiểm soát

Cao Lữ Phi Hùng

Kế toán trưởng/Người phụ trách quản trị công ty/Thành viên Ban kiểm soát

Nguyễn Chính Đại

Giám đốc điều hành/Thành viên Hội đồng Quản trị/Giám đốc/Phụ trách Công bố thông tin

NGUYỄN ĐỨC DUY

Trưởng Ban Kiểm toán nội bộ

Trần Thị Len

Trưởng Ban kiểm soát

Lê Tuấn Anh

Thành viên Ban Kiểm toán nội bộ

Nguyễn Quang Thiện

Thành viên Hội đồng Quản trị độc lập

Top connections

MHC55.5%PCT55.5%SWC55.5%STG55.5%VTX55.5%S9921.8%HVN5.3%HVA5.0%AGM4.9%LCD2.4%PTS1.7%DAS1.2%

Computed 12/04/2026