TVA

Construction

Công ty cổ phần Sứ Viglacera Thanh Trì

Xây dựng và Vật liệuCT

14.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

22.753

Current

14.000

Gap

+62.5%

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)

65.30%

Kd(1-t)

5.32%

D/(D+E)

34.70%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

18.154

50%DCF Value

27.352

Blended Intrinsic

22.753

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — TVA

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

-2.07

Moderate

DSRI

0.717

GMI

0.458

AQI

3.084

SGI

1.244

DEPI

0.936

SGAI

1.251

TATA

-0.020

LVGI

0.871

TVA exhibits a Beneish M-Score of -2.0691, indicating a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue and margin quality, which could raise concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score is low at 68.0/100, with revenue and margin quality both at 0.0/100, indicating potential issues in revenue recognition and profitability.
SGI at 1.2438 suggests aggressive growth that may not be supported by actual sales, posing a risk of overstatement.

Positive Signals

The DSRI of 0.7166 indicates that accounts receivable are well-managed relative to sales, which is a positive sign for cash flow.
High accrual quality score of 92.0/100 suggests that earnings are backed by actual cash flows.

Ownership Risk

The top shareholder, Công Ty Tnhh Một Thành Viên Thiết Bị Vệ Sinh Viglacera, holds a significant 60.0% stake, which may lead to potential governance issues and lack of minority shareholder influence.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of concentrated ownership on corporate governance. A cautious approach is recommended until further clarity on earnings sustainability is achieved.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

3.55

Safe Zone

Sharpe

-0.10

Negative

Composite

Weak

Price Risk

Momentum

-54.3%

Volatility

114.2%

Max Drawdown

-63.4%

Key Ratios

Fiscal year 2025

8.16P/E

P/B0.88

P/S0.41

ROE11.3%

ROA7.7%

EPS1714.87

BVPS15997.33

Gross Margin14.2%

Net Margin5.0%

D/E0.43

Current Ratio2.32

Rev Growth25.1%

Profit Growth762.4%

EV/EBITDA5.82

Div Yield0.0%

Company Overview

Issued Shares

6.3M

Charter Capital

63.0B 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 TVA — hover nodes for intel, click to navigate

Shareholders

Công Ty Tnhh Một Thành Viên Thiết Bị Vệ Sinh Viglacera

Inst

60.0%

3.8 trieu

Đinh Quang Huy

Indiv

6.8%

430.400

Nguyễn Minh Tuấn

Indiv

5.6%

350.700

nguyen-van-ly

Indiv

3.4%

212.647

Nguyễn Thế Anh

Indiv

3.3%

205.173

nguyen-thi-hong-hanh

Indiv

1.7%

108.648

Ngô Thị Reo

Indiv

0.7%

11.052

Ngô Trung Dũng

Indiv

0.7%

11.007

Ngô Trọng Toán

Indiv

0.4%

24.400

Trần Huy Vĩnh

Indiv

0.3%

21.400

Nguyễn Hồng Dung

Indiv

0.3%

5.000

Lê Anh Tuấn

Indiv

0.2%

14.400

Nguyễn Thị Hương Giang

Indiv

0.1%

7.000

Lê Đăng Chung

Indiv

0.1%

6.600

Board & Management

Đinh Quang Huy6.8%

Thành viên Hội đồng Quản trị

Nguyễn Thị Hồng Hạnh1.7%

Kế toán trưởng/Phụ trách Công bố thông tin

Trần Huy Vĩnh0.3%

Thành viên Hội đồng Quản trị

Lê Anh Tuấn0.2%

Thành viên Hội đồng Quản trị

Lê Đăng Chung0.1%

Thành viên Ban kiểm soát

Nguyễn Minh Khoa

Chủ tịch Hội đồng Quản trị

KHUẤT QUANG THỨC

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Mạnh Hiếu

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Hồ

Thành viên Ban kiểm soát

Nguyễn Thị Cẩm Vân

Trưởng Ban kiểm soát

Top connections

THS79.0%V1215.5%TLT2 links ASG13.4%VIH2 links HLY10.3%VIT6.8%VHL6.8%DFC5.6%AGM5.6%VC65.6%L125.6%

Computed 12/04/2026