SIV

Construction

Công ty Cổ phần SIVICO

Xây dựng và Vật liệuCT

41.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

91.544

Current

41.800

Gap

+119.0%

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)

73.33%

Kd(1-t)

7.68%

D/(D+E)

26.67%

WACC

11.00%

Growth Estimate

fundamental firm blend3.05%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

54.804

50%DCF Value

128.284

Blended Intrinsic

91.544

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SIV

Earnings Quality

Fiscal year 2025

Good

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.57

Low Risk

DSRI

0.894

GMI

0.932

AQI

1.063

SGI

1.140

DEPI

0.890

SGAI

1.131

TATA

-0.042

LVGI

0.633

SIV exhibits a Beneish M-Score of -2.5737, indicating a low likelihood of earnings manipulation, which is a positive signal. However, the earnings quality metrics reveal significant weaknesses in revenue recognition, suggesting potential volatility in future earnings.

Red Flags

Earnings Quality Score of 14.6/100 for eq_revenue indicates poor revenue recognition practices, which could lead to future earnings surprises.

Positive Signals

Beneish M-Score of -2.5737, well below the manipulation threshold of -1.78, suggests a lower risk of earnings manipulation.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a controlling stake, which may lead to governance challenges and potential conflicts of interest.

Recommendation

Investors should closely monitor revenue recognition practices and consider a cautious approach to investment in SIV, focusing on future earnings reports for signs of improvement.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.63

Safe Zone

Sharpe

0.22

Positive

Composite

Strong

Price Risk

Momentum

+16.8%

Volatility

42.1%

Max Drawdown

-25.3%

Key Ratios

Fiscal year 2025

4.76P/E

P/B0.57

P/S0.57

ROE12.6%

ROA9.8%

EPS8783.28

BVPS72783.88

Gross Margin26.3%

Net Margin12.0%

D/E0.20

Current Ratio3.26

Rev Growth14.0%

Profit Growth23.5%

EV/EBITDA3.13

Div Yield3.6%

Company Overview

Issued Shares

3.5M

Charter Capital

34.6B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for SIV — hover nodes for intel, click to navigate

Shareholders

HÒA QUANG THIỆP

Indiv

9.2%

318.046

Công ty Cổ phần Sơn Hải Phòng

Inst

6.7%

202.500

nguyen-van-vien

Indiv

6.7%

231.796

nguyen-thuy-nguyen

Indiv

6.6%

228.562

Trần Bình Ân

Indiv

6.6%

228.562

Công ty trách nhiệm hữu hạn VICO

Inst

6.2%

187.500

Trần Thị Lưu Ly

Indiv

6.2%

187.500

Reverie LTD

Inst

5.4%

163.700

Đinh Văn Ước

Indiv

5.1%

177.243

Nguyễn Mộng Lân

Indiv

5.0%

172.500

america limited liability company

Inst

5.0%

149.300

nguyen-luu-danh

Indiv

3.1%

107.812

Phạm Thị Hương Lan

Indiv

2.6%

91.856

Phạm Thị Thu Hương

Indiv

1.4%

43.400

Vi Thị Nhình

Indiv

0.7%

20.000

Hoàng Văn Hưng

Indiv

0.3%

8.625

Nguyễn Thị Thanh Hương

Indiv

0.2%

5.625

Nguyễn Thị Lan

Indiv

0.2%

5.625

Lại Thị Liên

Indiv

0.2%

7.500

Đào Lệ Hoàng

Indiv

0.2%

7.500

Dương Thị Thanh Thủy

Indiv

0.1%

5.330

Bùi Kim Ngọc

Indiv

0.1%

4.312

Đinh Văn Thắng

Indiv

0.1%

3.750

Board & Management

HÒA QUANG THIỆP9.2%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Viện6.7%

Chủ tịch Hội đồng Quản trị

Trần Bình Ân6.6%

Thành viên Hội đồng Quản trị

Nguyễn Thủy Nguyên6.6%

Thành viên Hội đồng Quản trị

Đinh Văn Ước5.1%

Thành viên Ban kiểm soát

Nguyễn Mộng Lân5.0%

Thành viên Hội đồng Quản trị

Nguyễn Văn Dũng3.1%

Thành viên Hội đồng Quản trị

Phạm Thị Hương Lan2.6%

Thành viên Hội đồng Quản trị

Hoàng Văn Hùng0.3%

Thành viên Ban kiểm soát

Dương Thị Thanh Thủy0.1%

Kế toán trưởng

Bùi Kim Ngọc0.1%

Trưởng Ban kiểm soát

Top connections

SGN25.0%WCS23.6%DNM22.7%IDV18.0%SZL16.1%BAX16.1%TIP15.3%MTH13.6%QBS13.3%ILB12.8%NCT11.0%PPS9.0%

Computed 12/04/2026