TA9
ConstructionValuation Breakdown
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.
Valuation Track Record
Retroactive intrinsic value vs actual close price — TA9
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2024
The Beneish M-Score of -1.8948 indicates a potential risk of earnings manipulation, as it exceeds the threshold of -1.78. Additionally, the earnings quality score of 51.9 suggests moderate concerns regarding the sustainability of earnings, particularly highlighted by a cash conversion score of 0.0, indicating significant reliance on accruals.
- Beneish M-Score of -1.8948 exceeds the manipulation threshold of -1.78, suggesting potential earnings manipulation.
- Earnings quality cash conversion score of 0.0 indicates a complete lack of cash generation from reported earnings.
- Strong receivables quality score of 100.0 suggests effective management of accounts receivable.
- Earnings quality margin score of 100.0 indicates strong profitability relative to revenue.
The ownership structure is heavily concentrated, with Tổng Công ty Thành An holding 51.0%, which may lead to potential governance issues and reduced minority shareholder influence.
Investors should exercise caution and closely monitor cash flow performance and earnings sustainability before considering any investment in TA9. A deeper analysis of operational efficiency and governance practices is recommended.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TA9 — hover nodes for intel, click to navigate