TTC

Construction

Công ty Cổ phần Gạch men Thanh Thanh

Xây dựng và Vật liệuCT

10.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

61.847

Current

10.000

Gap

+500.0%

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)

72.29%

Kd(1-t)

6.25%

D/(D+E)

27.71%

WACC

10.55%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

30.886

50%DCF Value

92.807

Blended Intrinsic

61.847

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TTC

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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

100

Financial Forensics

Beneish M-Score · 2024

-2.25

Moderate

DSRI

1.258

GMI

0.982

AQI

1.137

SGI

0.758

DEPI

0.879

SGAI

1.118

TATA

0.027

LVGI

0.772

TTC exhibits several concerning signs of potential financial manipulation, as indicated by a Beneish M-Score of -2.2471, which is below the manipulation threshold of -1.78. The earnings quality score of 28.4/100, particularly low cash conversion and receivables metrics, further raises red flags regarding the reliability of reported earnings.

Red Flags

Beneish M-Score of -2.2471 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 28.4/100, with cash conversion and receivables both at 0.0/100, suggests severe issues with earnings sustainability.

Positive Signals

DSRI of 1.2585 indicates that inventory growth is relatively aligned with sales, which could suggest operational stability.
SGI of 0.7580 indicates a decrease in sales growth, which may reflect a conservative approach to revenue recognition.

Ownership Risk

The ownership structure is heavily concentrated, with the top two institutional shareholders holding a combined 93.8%, which may lead to governance risks and reduced accountability for minority shareholders.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow and receivables management. Consider monitoring any changes in ownership dynamics or governance practices that may impact financial transparency.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.00

Safe Zone

Sharpe

-0.07

Negative

Composite

Fair

Price Risk

Momentum

-4.9%

Volatility

68.7%

Max Drawdown

-45.1%

Key Ratios

Fiscal year 2025

21.60P/E

P/B0.52

P/S0.46

ROE2.4%

ROA1.9%

EPS462.95

BVPS19396.73

Gross Margin-2.6%

Net Margin2.1%

D/E0.19

Current Ratio6.53

Rev Growth-25.2%

Profit Growth-8.9%

EV/EBITDA1.86

Div Yield0.0%

Company Overview

Issued Shares

6.0M

Charter Capital

59.9B 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 TTC — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Vật liệu Xây dựng số 1

Inst

51.0%

3.1 trieu

Công ty Cổ phần Đầu tư tài chính, thương mại dịch vụ Fico

Inst

42.8%

2.6 trieu

Trần Thị Xuân Anh

Indiv

9.8%

590.100

Trần Hưng Lương

Indiv

0.2%

14.350

Võ Thị Thu Thủy

Indiv

0.2%

11.000

Hồ Hữu Phước

Indiv

0.2%

9.060

Board & Management

Trần Hưng Lương0.2%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Võ Thị Thu Thủy0.2%

Kế toán trưởng/Thành viên Hội đồng Quản trị

Lê Xuân Thái

Phó Tổng Giám đốc

Nguyễn Thừa Vũ

Thành viên Ban kiểm soát

Lê Nguyễn Quốc Trung

Thành viên Ban kiểm soát

Phạm Việt Thắng

Thành viên Hội đồng Quản trị

Cao Trường Thụ

Chủ tịch Hội đồng Quản trị

Ngô Xuân Chính

Thành viên Hội đồng Quản trị

Đào Quang Sơn

Trưởng Ban kiểm soát

Top connections

VTA2 links DHA51.0%NAC51.0%VCG42.8%DAD18.9%EVE14.0%HPP10.1%LBM8.6%ABI6.0%DXP5.0%NST5.0%EID4.9%

Computed 12/04/2026