TNT

Construction

Công ty Cổ phần Tập đoàn TNT

Xây dựng và Vật liệuCT

8.180

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

2.442

Current

8.180

Gap

-70.2%

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)

77.40%

Kd(1-t)

6.54%

D/(D+E)

22.60%

WACC

10.92%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

930

50%DCF Value

3.954

Blended Intrinsic

2.442

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TNT

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.40

Moderate

DSRI

1.127

GMI

0.269

AQI

1.239

SGI

1.106

DEPI

0.727

SGAI

0.552

TATA

0.214

LVGI

3.735

The forensic assessment of TNT indicates significant risks related to earnings manipulation and poor earnings quality. The Beneish M-Score of -2.4032 suggests a low likelihood of manipulation; however, the earnings quality score of 14.2/100 and various metrics indicate substantial concerns regarding revenue recognition and cash conversion.

Red Flags

Earnings Quality Score of 14.2/100 indicates very low earnings quality, particularly concerning cash conversion (0.0/100) and margins (0.0/100).
Beneish M-Score of -2.4032, while below the manipulation threshold, reflects concerning financial metrics such as a high LVGI of 3.7355, suggesting potential liquidity issues.

Positive Signals

DSRI of 1.1271 indicates that inventory levels are in line with sales, which is a positive sign for operational efficiency.
SGI of 1.1061 suggests that sales growth is healthy relative to the previous period, indicating potential revenue growth.

Ownership Risk

The ownership structure is concentrated with the top shareholder holding 23.7%, which may lead to governance risks and potential conflicts of interest. The presence of multiple individual shareholders could also lead to inconsistent strategic directions.

Recommendation

Investors should exercise caution and closely monitor TNT's financial disclosures and operational performance. A deeper analysis of cash flow and revenue recognition practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

3.23

Safe Zone

Sharpe

1.18

Excellent

Composite

Weak

Price Risk

Momentum

+57.9%

Volatility

39.6%

Max Drawdown

-27.1%

Key Ratios

Fiscal year 2025

30.48P/E

P/B0.71

P/S0.41

ROE2.4%

ROA1.8%

EPS268.37

BVPS11505.61

Gross Margin4.1%

Net Margin1.3%

D/E0.29

Current Ratio2.45

Rev Growth10.6%

Profit Growth3664.9%

EV/EBITDA10.42

Div Yield0.0%

Company Overview

Issued Shares

51.0M

Charter Capital

510.0B 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 TNT — hover nodes for intel, click to navigate

Shareholders

Nguyễn Gia Long

Indiv

23.7%

12.1 trieu

Trần Công Minh

Indiv

5.3%

1.3 trieu

Đặng Hồng Nhung

Indiv

5.0%

2.5 trieu

Zheng Lan Ying

Indiv

4.8%

405.010

Zhang Hua

Indiv

4.5%

385.000

Phan Đăng Khoa

Indiv

4.1%

351.150

Lê Quốc Toản

Indiv

2.4%

617.200

Lê Quốc Hưng

Indiv

2.2%

190.000

Công ty Cổ Phần Tập Đoàn Đầu Tư Thời Cơ Việt Nam

Inst

2.0%

1.0 trieu

Hoàng Anh Tuấn

Indiv

0.7%

373.000

Nguyễn Bá Huấn

Indiv

0.6%

299.000

Vũ Tuấn Hoàng

Indiv

0.3%

154.000

Lưu Quang Minh

Indiv

0.2%

100.000

Hoàng Thị Thúy

Indiv

0.2%

94.100

Board & Management

Nguyễn Gia Long23.7%

Chủ tịch Hội đồng Quản trị

Nguyễn Bá Huấn0.6%

Thành viên Hội đồng Quản trị

Vũ Tuấn Hoàng0.3%

Phó Tổng Giám đốc/Người phụ trách quản trị công ty/Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị

Lưu Quang Minh0.2%

Tổng Giám đốc

Nguyễn Gia Minh

Thành viên Hội đồng Quản trị

Trần Thị Trâm

Thành viên Ban kiểm soát

Nguyễn Văn Giáp

Trưởng Ban kiểm soát

Vũ Thị Hồng Nhung

Kế toán trưởng

Nguyễn Thanh Sang

Thành viên Hội đồng Quản trị độc lập

Hà Huyền Trang

Thành viên Ban kiểm soát

Top connections

VTD9.8%PTM6.3%VE15.5%PBP5.3%CDG5.2%DNP5.1%PIV5.0%CLH5.0%SHI5.0%NDX4.9%KSQ2 links CTA4.5%

Computed 12/04/2026