VC1

Construction

Công ty Cổ phần Xây dựng số 1

Xây dựng và Vật liệuCT

14.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

50.556

Current

14.900

Gap

+239.3%

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)

35.26%

Kd(1-t)

5.03%

D/(D+E)

64.74%

WACC

10.00%

Growth Estimate

fundamental firm blend3.08%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

11.207

50%DCF Value

89.904

Blended Intrinsic

50.556

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VC1

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

-3.01

Low Risk

DSRI

1.049

GMI

0.845

AQI

0.939

SGI

1.095

DEPI

0.895

SGAI

1.695

TATA

-0.091

LVGI

1.004

VC1 exhibits several concerning indicators of potential financial manipulation, particularly with a Beneish M-Score of -3.0126, well below the manipulation threshold of -1.78. Despite a relatively strong earnings quality score of 69.1, the high SGAI of 1.6955 and a revenue quality score of 0.0 raise significant red flags regarding revenue recognition practices.

Red Flags

Beneish M-Score of -3.0126 indicates potential earnings manipulation, significantly below the threshold of -1.78.
SGAI of 1.6955 suggests excessive spending on sales and marketing, which could be unsustainable.
Revenue quality score of 0.0 indicates potential issues with revenue recognition, raising concerns about the reliability of reported revenues.

Positive Signals

Earnings quality score of 69.1/100 indicates a reasonable level of earnings quality, with strong cash conversion metrics (eq_cash_conv: 100.0/100).
High institutional ownership (76.3% combined) suggests a level of confidence from professional investors, which may provide stability.

Ownership Risk

The high concentration of ownership among institutions (76.3%) may lead to governance risks, as decisions may favor institutional interests over minority shareholders. However, this also provides a level of oversight.

Recommendation

Investors should closely monitor VC1's financial disclosures and consider a cautious approach given the elevated risk of earnings manipulation. It may be prudent to wait for clearer signals of financial stability before making significant investments.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.43

Distress Zone

Sharpe

0.47

Positive

Composite

Strong

Price Risk

Momentum

+92.3%

Volatility

80.9%

Max Drawdown

-30.3%

Key Ratios

Fiscal year 2025

21.44P/E

P/B0.57

P/S0.26

ROE2.7%

ROA1.0%

EPS573.83

BVPS21412.25

Gross Margin7.2%

Net Margin1.2%

D/E1.84

Current Ratio1.38

Rev Growth9.5%

Profit Growth91.9%

EV/EBITDA11.37

Div Yield0.0%

Company Overview

Issued Shares

12.0M

Charter Capital

120.0B 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 VC1 — hover nodes for intel, click to navigate

Shareholders

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

Inst

55.1%

6.6 trieu

Công ty Cổ phần Quản lý quỹ đầu tư MB

Inst

13.4%

1.6 trieu

Quỹ Đầu tư Cổ phần MB Capital 1

Inst

7.8%

579.000

Công ty Cổ Phần Hipt

Inst

5.0%

601.000

Nguyễn Thị Thúy Hồng

Indiv

2.5%

180.000

Nguyễn Thạc Kim

Indiv

0.8%

58.458

Vũ Đình Chầm

Indiv

0.5%

39.192

Đỗ Thanh Xuân

Indiv

0.5%

40.000

Thạch Anh Đức

Indiv

0.3%

38.241

Hoàng Văn Trình

Indiv

0.1%

17.245

Nguyễn Phúc Hưởng

Indiv

0.1%

10.000

Quỹ Đầu tư Trái phiếu MB

Inst

0.1%

14.200

Đào Thị Bích Hợp

Indiv

0.1%

8.000

Nguyễn Sỹ Toàn

Indiv

0.1%

7.876

Board & Management

Hoàng Văn Trình0.1%

Phụ trách Công bố thông tin/Tổng Giám đốc/Thành viên Hội đồng Quản trị

Đỗ Lê Tân

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Chu Quang Minh

Thành viên Ban kiểm soát

Vũ Văn Mạnh

Trưởng Ban kiểm soát

Nguyễn Xuân Thọ

Phó Tổng Giám đốc

Trần Thị Kim Oanh

Thành viên Ban kiểm soát

Nguyễn Khắc Hải

Thành viên Hội đồng Quản trị/Chủ tịch Hội đồng Quản trị

Nguyễn Minh Thắng

Thành viên Hội đồng Quản trị

Nguyễn Văn Hà

Kế toán trưởng

Hoàng Thiệu Bảo

Thành viên Hội đồng Quản trị

Top connections

VIW98.2%VCC71.1%ND255.1%VAV2 links EIC55.1%VCT55.1%VMC55.1%V1255.1%BMI55.1%QTP55.1%V2155.1%ICG17.0%

Computed 12/04/2026