TTB

Construction

Công ty Cổ phần TTBGROUP

Xây dựng và Vật liệuCT

1.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

5.890

Current

1.800

Gap

+227.2%

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)

52.91%

Kd(1-t)

6.40%

D/(D+E)

47.09%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.237

50%DCF Value

8.543

Blended Intrinsic

5.890

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — TTB

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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-0.36

High Risk

DSRI

0.253

GMI

0.584

AQI

1.028

SGI

4.442

DEPI

1.093

SGAI

0.052

TATA

-0.062

LVGI

0.806

TTB exhibits a moderate risk profile with a Beneish M-Score of -0.3596, indicating no immediate signs of earnings manipulation. However, the SGI of 4.4420 suggests aggressive growth that may not be sustainable, warranting caution.

Red Flags

SGI of 4.4420 indicates aggressive revenue growth that may not be supported by underlying fundamentals.
Earnings Quality Score of 63.8/100, particularly low scores in eq_margin (0.0/100) and eq_revenue (0.0/100) raise concerns about the quality of reported earnings.

Positive Signals

Strong cash conversion metrics with eq_cash_conv at 100.0/100, indicating effective cash generation from operations.
Low DSRI of 0.2526 suggests that accounts receivable are well-managed relative to sales, reducing the risk of revenue recognition issues.

Ownership Risk

The ownership structure is relatively fragmented among institutions, with no single entity holding a controlling stake, which may reduce the risk of undue influence but could also lead to governance challenges.

Recommendation

Monitor TTB closely for signs of sustainability in revenue growth and consider a cautious investment approach, focusing on cash flow performance and earnings quality metrics.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

0.37

Distress Zone

Sharpe

-3.64

Negative

Composite

Fair

Price Risk

Momentum

-1.6%

Volatility

0.0%

Max Drawdown

-1.6%

Key Ratios

Fiscal year 2025

964.23P/E

P/B0.17

P/S0.94

ROE0.0%

ROA0.0%

EPS1.87

BVPS10353.17

Gross Margin12.5%

Net Margin0.1%

D/E0.95

Current Ratio1.26

Rev Growth344.2%

Profit Growth100.2%

EV/EBITDA36.79

Div Yield0.0%

Company Overview

Issued Shares

101.5M

Charter Capital

1015.1B 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 TTB — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội

Inst

8.8%

643.700

Công ty TNHH Một thành viên Quyết Thắng QT

Inst

7.9%

8.0 trieu

Công ty TNHH Bắc Nam Thái Nguyên

Inst

7.9%

8.0 trieu

Công ty TNHH Công nghiệp Anh Thảo

Inst

6.9%

7.0 trieu

Công ty TNHH Ngọc Bích

Inst

6.4%

6.5 trieu

Công ty TNHH TPVA Hà Nội

Inst

5.9%

6.0 trieu

Công ty Cổ phần Blue Investments

Inst

5.4%

5.5 trieu

Dương Văn Linh

Indiv

4.8%

1.8 trieu

Lường Thị Huyền Trang

Indiv

4.4%

631.530

Dương Thị Vân

Indiv

4.0%

4.1 trieu

Trần Thanh Hà

Indiv

4.0%

4.1 trieu

Thân Thanh Dũng

Indiv

3.5%

1.8 trieu

Trần Đỗ Quyên

Indiv

2.2%

160.800

Công ty Cổ phần Chứng khoán BIDV

Inst

1.6%

120.500

Phùng Văn Bộ

Indiv

1.6%

1.6 trieu

Dương Diễm Hằng

Indiv

1.0%

1.0 trieu

Phùng Thị Nam

Indiv

0.5%

518.403

Trần Thị Bích Huệ

Indiv

0.3%

133.100

Thân Thị Thu Thủy

Indiv

0.1%

146.564

Board & Management

Trần Thanh Hà4.0%

Kế toán trưởng

Dương Thị Vân4.0%

Trưởng Ban kiểm soát

Phùng Văn Bộ1.6%

Chủ tịch Hội đồng Quản trị

Dương Diễm Hằng1.0%

Thành viên Hội đồng Quản trị độc lập

Phùng Thị Nam0.5%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Thân Thị Thu Thủy0.1%

Thành viên Ban kiểm soát

Phùng Văn Thái

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Hoang D.Quan

Thành viên Hội đồng Quản trị độc lập

Trần Thị Thịnh

Thành viên Ban kiểm soát

Top connections

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Computed 12/04/2026