V12

Construction

Công ty Cổ phần Xây dựng số 12

Xây dựng và Vật liệuCT

9.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

74.263

Current

9.800

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)

25.76%

Kd(1-t)

5.93%

D/(D+E)

74.24%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

31.360

50%DCF Value

117.166

Blended Intrinsic

74.263

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — V12

Earnings Quality

Fiscal year 2025

Good

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

-2.88

Low Risk

DSRI

1.207

GMI

0.701

AQI

0.715

SGI

1.196

DEPI

0.818

SGAI

1.780

TATA

-0.066

LVGI

1.094

V12 exhibits a Beneish M-Score of -2.8811, indicating a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the high SGAI of 1.7800 and a relatively high DSRI of 1.2067 suggest potential concerns regarding sales growth and inventory management.

Red Flags

SGAI of 1.7800 indicates aggressive spending on selling, general, and administrative expenses relative to sales, which could pressure margins.
DSRI of 1.2067 suggests that the company's receivables are increasing faster than sales, which may indicate potential revenue recognition issues.

Positive Signals

Earnings Quality Score of 87.3/100 indicates strong overall earnings quality, particularly with a cash conversion score of 100.0/100, suggesting effective cash management.
Beneish M-Score of -2.8811 is significantly below the manipulation threshold, indicating a lower risk of earnings manipulation.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the top four shareholders holding a combined 59.2%. This concentration can lead to governance risks and potential conflicts of interest.

Recommendation

Monitor the company's sales growth and inventory management closely, particularly the high SGAI and DSRI ratios. Consider a cautious investment approach, balancing the strong earnings quality against the identified red flags.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.02

Distress Zone

Sharpe

-0.20

Negative

Composite

Strong

Price Risk

Momentum

-9.7%

Volatility

51.4%

Max Drawdown

-21.5%

Key Ratios

Fiscal year 2025

11.81P/E

P/B0.81

P/S0.24

ROE6.9%

ROA1.5%

EPS965.31

BVPS14123.27

Gross Margin8.9%

Net Margin2.0%

D/E4.32

Current Ratio1.19

Rev Growth19.6%

Profit Growth23.9%

EV/EBITDA-9.53

Div Yield0.0%

Company Overview

Issued Shares

11.6M

Charter Capital

116.4B 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 V12 — hover nodes for intel, click to navigate

Shareholders

Lê Phùng Hòa

Indiv

19.9%

2.3 trieu

Nguyễn Minh Tuấn

Indiv

15.5%

1.8 trieu

Nguyễn Hữu Tới

Indiv

13.1%

1.5 trieu

Đinh Thị Hằng

Indiv

10.7%

1.2 trieu

Ngô Văn Dũng

Indiv

3.1%

182.175

Tổng Công ty Cổ phần Xuất nhập khẩu và Xây dựng Việt Nam

Inst

2.5%

290.900

Phạm Thành Nhâm

Indiv

1.1%

64.600

Nguyễn Duy Ước

Indiv

0.5%

30.800

Trần Ngọc Hùng

Indiv

0.5%

26.500

Lê Ngọc Anh

Indiv

0.3%

28.840

nguyen-dinh-thiet

Indiv

0.2%

14.500

nguyen-thi-hang

Indiv

0.2%

22.500

Đào Văn Tuyến

Indiv

0.2%

10.000

Hoàng Đức Minh

Indiv

0.2%

9.393

Vũ Chí Dũng

Indiv

0.1%

14.160

Nguyễn Văn Bộ

Indiv

0.1%

11.500

Board & Management

Lê Phùng Hòa19.9%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Hữu Tới13.1%

Chủ tịch Hội đồng Quản trị

Nguyễn Duy Ước0.5%

Phó Tổng Giám đốc

Lê Ngọc Anh0.3%

Kế toán trưởng/Phó phòng Chiến lược/Trưởng phòng Tài chính - Kế toán

Nguyễn Thị Hằng0.2%

Thành viên Ban kiểm soát

Vũ Chí Dũng0.1%

Phó Tổng Giám đốc

Nguyễn Thị Quỳnh Trang

Trưởng Ban kiểm soát

Vũ Viết Đô

Phó Tổng Giám đốc

Nguyễn Tiến Quân

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Vũ Mạnh Hùng

Thành viên Hội đồng Quản trị

Chu Quang Minh

Thành viên Ban kiểm soát

Vũ Nam Hà

Phụ trách Công bố thông tin

Top connections

VIW2 links VCC71.1%VC155.1%ND251.1%VAV51.0%TLT15.5%ASG15.5%VIH15.5%HLY15.5%TVA15.5%DFC15.5%AGM15.5%

Computed 12/04/2026