USC

Construction

Công ty Cổ phần Khảo sát và Xây dựng - USCO

Xây dựng và Vật liệuCT

12.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

10.491

Current

12.000

Gap

-12.6%

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)

30.13%

Kd(1-t)

5.71%

D/(D+E)

69.87%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

9.827

50%DCF Value

11.156

Blended Intrinsic

10.491

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — USC

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.27

Moderate

DSRI

1.235

GMI

0.733

AQI

1.013

SGI

0.834

DEPI

0.975

SGAI

1.338

TATA

0.072

LVGI

0.993

USC exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -2.2682, which suggests a likelihood of financial statement manipulation. Additionally, the low earnings quality score of 23.1/100, particularly the 0.0/100 in cash conversion and receivables, raises significant red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.2682 indicates potential manipulation, exceeding the threshold of -1.78.
Earnings Quality Score of 23.1/100, with 0.0/100 in cash conversion and receivables, suggests poor earnings quality.

Positive Signals

DSRI of 1.2350 indicates a reasonable level of inventory growth relative to sales, which may suggest operational stability.

Ownership Risk

The high concentration of ownership, with Tổng Công ty Tư vấn Xây dựng Việt Nam holding 57.8%, presents a risk of governance issues and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should exercise caution and conduct further due diligence on USC, focusing on cash flow sustainability and governance practices, before considering any investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.03

Distress Zone

Sharpe

0.17

Positive

Composite

Weak

Price Risk

Momentum

+6.1%

Volatility

115.9%

Max Drawdown

-39.8%

Key Ratios

Fiscal year 2024

107.34P/E

P/B1.11

P/S0.76

ROE1.3%

ROA0.4%

EPS133.60

BVPS10493.51

Gross Margin16.8%

Net Margin0.9%

D/E2.27

Current Ratio1.38

Rev Growth-16.6%

Profit Growth3.7%

EV/EBITDA40.86

Div Yield0.9%

Company Overview

Issued Shares

5.5M

Charter Capital

55.0B 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 USC — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Tư vấn Xây dựng Việt Nam

Inst

57.8%

3.2 trieu

Trần Linh Trang

Indiv

10.3%

564.565

nguyen-van-ton

Indiv

10.3%

564.565

Nguyễn Minh Thúy

Indiv

5.0%

272.867

Trần Ngọc Sang

Indiv

0.7%

40.084

Vũ Văn Định

Indiv

0.7%

37.538

Nguyễn Trọng Thoáng

Indiv

0.7%

36.700

Doãn Đoàn

Indiv

0.4%

24.384

Lư Tuấn Anh

Indiv

0.1%

6.176

Board & Management

Trần Linh Trang10.3%

Thành viên Hội đồng Quản trị

Nguyễn Minh Thúy5.0%

Thành viên Ban kiểm soát

Trần Ngọc Sang0.7%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Vũ Văn Định0.7%

Chủ tịch Hội đồng Quản trị

Nguyễn Trọng Thoáng0.7%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Vũ Thị Thanh Huyền

Kế toán trưởng

Trần Minh Đức

Phó Tổng Giám đốc

Lê Thị Chuyên

Thành viên Ban kiểm soát

Lương Ngọc Sang

Trưởng Ban kiểm soát

Top connections

CCV57.8%NAC57.8%VWS57.8%CNN57.8%VDN2 links MNB3 links C4710.3%HAG10.3%BDG5.0%NVB4.8%

Computed 12/04/2026