TV3

Construction

Công ty Cổ phần Tư vấn Xây dựng Điện 3

Xây dựng và Vật liệuCT

17.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

12.553

Current

17.600

Gap

-28.7%

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)

57.10%

Kd(1-t)

6.90%

D/(D+E)

42.90%

WACC

10.00%

Growth Estimate

fundamental firm blend2.75%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

13.840

50%DCF Value

11.267

Blended Intrinsic

12.553

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — TV3

Earnings Quality

Fiscal year 2025

Fair

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 · 2025

-1.77

Elevated

DSRI

0.818

GMI

1.031

AQI

0.926

SGI

1.704

DEPI

1.295

SGAI

0.950

TATA

0.048

LVGI

1.027

TV3 exhibits a Beneish M-Score of -1.7746, which is close to the threshold indicating potential earnings manipulation. The earnings quality score of 56.2 suggests moderate concerns, particularly with cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -1.7746 is just above the manipulation threshold of -1.78, indicating potential earnings manipulation.
Earnings quality score of 14.4/100 for cash conversion raises concerns about the company's ability to convert earnings into actual cash flow.

Positive Signals

Strong receivables quality score of 100.0/100 indicates effective management of receivables.
DSRI of 0.8181 suggests that inventory levels are well-managed relative to sales.

Ownership Risk

The top shareholder, Tập đoàn Điện lực Việt Nam, holds a significant 48.8% stake, which may lead to potential conflicts of interest and limit minority shareholder influence.

Recommendation

Investors should closely monitor cash flow metrics and consider a deeper analysis of revenue recognition practices before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

2.53

Grey Zone

Sharpe

0.99

Positive

Composite

Fair

Price Risk

Momentum

+54.2%

Volatility

68.3%

Max Drawdown

-21.4%

Key Ratios

Fiscal year 2025

9.88P/E

P/B1.01

P/S0.53

ROE10.6%

ROA6.1%

EPS1780.90

BVPS17382.60

Gross Margin27.3%

Net Margin5.4%

D/E0.75

Current Ratio1.42

Rev Growth70.4%

Profit Growth44.2%

EV/EBITDA13.80

Div Yield0.0%

Company Overview

Issued Shares

9.5M

Charter Capital

95.2B 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 TV3 — hover nodes for intel, click to navigate

Shareholders

Tập đoàn Điện lực Việt Nam

Inst

48.8%

4.6 trieu

Công ty TNHH VPInvest

Inst

19.1%

1.8 trieu

Bùi Thị Kim Yến

Indiv

11.0%

1.0 trieu

Thái Tuấn Tài

Indiv

3.8%

358.800

Tổng Công Ty Điện Lực Thành Phố Hồ Chí Minh

Inst

2.1%

101.313

Đỗ Văn Cảnh

Indiv

0.5%

48.000

Lê Văn Thư

Indiv

0.3%

9.775

nguyen-minh-chien

Indiv

0.3%

9.700

Tôn Thất Hưng

Indiv

0.3%

21.573

Phạm Hoàng Vinh

Indiv

0.2%

23.631

Nguyễn Phú Gia

Indiv

0.2%

21.904

Nguyễn Ngọc Kế

Indiv

0.2%

14.922

Đặng Thị Khánh Bình

Indiv

0.1%

3.500

Phạm Duy Hải

Indiv

0.1%

3.450

Board & Management

Thái Tuấn Tài3.8%

Chủ tịch Hội đồng Quản trị

Phạm Hoàng Vinh0.2%

Kế toán trưởng

Nguyễn Phú Gia0.2%

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Kế0.2%

Thành viên Hội đồng Quản trị

Nguyễn Văn Long

Phụ trách Công bố thông tin

Trần Lê Minh

Phó Tổng Giám đốc

Nguyễn Văn Thiện

Thành viên Ban kiểm soát

Nguyễn Như Hoàng Tuấn

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trương Thị Anh Đào

Trưởng Ban kiểm soát

Nguyễn Trí Trinh

Phó Tổng Giám đốc

Nguyễn Minh Hiếu

Thành viên Ban kiểm soát

Trần Quốc Điền

Phó Tổng Giám đốc

Top connections

PGV99.2%TV471.9%TV154.3%TV251.3%TBD48.8%ABB48.8%NT248.8%EME28.3%C4724.9%PTB11.0%L405.6%BWE4.6%

Computed 12/04/2026