TS3

Construction

Công ty Cổ phần Trường Sơn 532

Xây dựng và Vật liệuCT

6.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

6.859

Current

6.100

Gap

+12.4%

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)

3.03%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.793

50%DCF Value

11.924

Blended Intrinsic

6.859

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — TS3

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2020

-2.20

Moderate

DSRI

1.317

GMI

1.157

AQI

0.620

SGI

1.045

DEPI

0.000

SGAI

1.037

TATA

0.033

LVGI

1.047

The Beneish M-Score of -2.1999 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 42.1/100, particularly the low cash conversion and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 42.1/100, with a cash conversion score of 0.0/100 indicating severe issues in converting earnings into cash.
DSRI of 1.3168 suggests potential issues with inventory management, which could lead to overstatement of revenue.

Positive Signals

Beneish M-Score of -2.1999 indicates a lower likelihood of earnings manipulation compared to the threshold of -1.78.
Strong receivables score of 100.0/100 suggests effective management of accounts receivable, which is a positive indicator.

Ownership Risk

The majority ownership by Tổng Công ty Xây Dựng Trường Sơn (68.5%) indicates a strong influence over corporate governance, which can mitigate risks associated with minority shareholder interests but may also lead to potential conflicts of interest.

Recommendation

Investors should closely monitor cash flow performance and inventory management practices. Given the elevated risk level, a cautious approach is advised, possibly waiting for improved earnings quality metrics before making significant investments.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

0.93

Distress Zone

Sharpe

0.15

Positive

Composite

Weak

Price Risk

Momentum

+11.5%

Volatility

49.2%

Max Drawdown

-28.4%

Key Ratios

Fiscal year 2024

86.37P/E

P/B0.59

P/S0.13

ROE0.8%

ROA0.1%

EPS84.15

BVPS10410.54

Gross Margin8.9%

Net Margin0.2%

D/E5.04

Current Ratio1.12

Rev Growth144.5%

Profit Growth206.0%

EV/EBITDA11.63

Div Yield0.0%

Company Overview

Issued Shares

3.9M

Charter Capital

38.5B 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 TS3 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Xây Dựng Trường Sơn

Inst

68.5%

2.6 trieu

Cao Thị Thu Thủy

Indiv

12.0%

462.200

Ngô Văn Hoàn

Indiv

0.9%

36.100

Phạm Phú Đại

Indiv

0.4%

16.110

Vũ Đức Dũng

Indiv

0.3%

13.000

Phạm Văn Sơn

Indiv

0.2%

9.100

Trần Văn Hùng

Indiv

0.2%

9.100

Trần Văn Hiếu

Indiv

0.2%

7.600

Lê Minh Hoàng

Indiv

0.1%

5.500

Trần Đức Tú

Indiv

0.1%

5.000

Hoàng Việt Dũng

Indiv

0.1%

5.000

Board & Management

Ngô Văn Hoàn0.9%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Phạm Phú Đại0.4%

Thành viên Ban kiểm soát

Vũ Đức Dũng0.3%

Chủ tịch Hội đồng Quản trị

Phạm Văn Sơn0.2%

Trưởng Ban kiểm soát

Hoàng Việt Dũng0.1%

Người phụ trách quản trị công ty/Phó Giám đốc

Nguyễn Văn Toản

Thành viên Ban kiểm soát

Bùi Xuân Chiến

Thành viên Hội đồng Quản trị/Kế toán trưởng

Nguyễn Văn Toàn

Thành viên Hội đồng Quản trị/Giám đốc

Trương Xuân Thành

Phó Giám đốc/Thành viên Hội đồng Quản trị

Top connections

MIG68.5%VTH24.1%SDP12.5%CDG12.4%DC412.0%CET12.0%TSD12.0%PLP6.7%PEN5.0%BCA4.8%TLD4.3%MEF4.3%

Computed 12/04/2026