VC2

Construction

Công ty Cổ phần Đầu tư và Xây dựng VINA2

Xây dựng và Vật liệuCT

4.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

1.838

Current

4.900

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)

32.14%

Kd(1-t)

5.78%

D/(D+E)

67.86%

WACC

10.00%

Growth Estimate

fundamental firm blend2.29%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

8.351

50%DCF Value

-4.674

Blended Intrinsic

1.838

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VC2

Earnings Quality

Fiscal year 2025

Weak

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 · 2025

-1.92

Moderate

DSRI

1.247

GMI

1.271

AQI

0.897

SGI

0.924

DEPI

1.137

SGAI

0.904

TATA

0.061

LVGI

1.039

VC2 displays several concerning indicators suggesting potential earnings manipulation, as evidenced by a Beneish M-Score of -1.9158, which is below the manipulation threshold of -1.78. Additionally, the earnings quality score of 32.2/100, particularly low cash conversion metrics, raises significant red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.9158 indicates potential earnings manipulation, exceeding the threshold of -1.78.
Earnings Quality Score of 32.2/100, with cash conversion metric at 0.0/100, suggests severe issues in converting earnings to cash.

Positive Signals

DSRI of 1.2469 indicates a modest increase in receivables relative to sales, which could suggest growth, albeit with caution.
Ownership concentration with top institutional shareholder holding 36.2% may provide stability in governance.

Ownership Risk

The significant ownership by institutional investors (36.2%) may mitigate some governance risks, but the presence of several individual shareholders could lead to potential conflicts of interest.

Recommendation

Investors should exercise caution and closely monitor VC2's financial disclosures and cash flow statements. A thorough analysis of operational performance and potential corrective actions is recommended before making investment decisions.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

0.80

Distress Zone

Sharpe

-0.94

Negative

Composite

Poor

Price Risk

Momentum

-27.1%

Volatility

33.0%

Max Drawdown

-40.7%

Key Ratios

Fiscal year 2025

24.84P/E

P/B0.46

P/S0.37

ROE1.9%

ROA0.6%

EPS225.40

BVPS12260.75

Gross Margin9.2%

Net Margin1.5%

D/E2.25

Current Ratio1.37

Rev Growth-7.5%

Profit Growth-70.4%

EV/EBITDA20.11

Div Yield0.0%

Company Overview

Issued Shares

75.6M

Charter Capital

756.5B 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 VC2 — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Đầu tư MST

Inst

36.2%

27.4 trieu

Đỗ Trọng Quỳnh

Indiv

5.3%

4.0 trieu

Quỹ Đầu tư Chứng Khoán Năng động DC

Inst

4.9%

580.460

Đỗ Thị Quyên

Indiv

4.2%

633.296

Đỗ Thị Minh

Indiv

3.4%

514.570

Tạ Ngọc Phúc

Indiv

2.8%

1.9 trieu

Trần Ngọc Long

Indiv

1.1%

171.205

Nguyễn Quang Lân

Indiv

1.1%

165.692

Vũ Quý Hà

Indiv

0.6%

75.088

Lò Hồng Hiệp

Indiv

0.5%

70.572

Vũ Trọng Hùng

Indiv

0.4%

319.000

Nguyễn Đăng Gô Ganh

Indiv

0.4%

310.433

Nguyễn Quang Nguyên

Indiv

0.4%

286.000

Trịnh Văn Hưng

Indiv

0.4%

286.000

Phạm Thị Liên

Indiv

0.4%

42.121

Hoàng Việt Thanh

Indiv

0.4%

264.000

Quách Bá Vương

Indiv

0.4%

264.000

Trần Đăng Lợi

Indiv

0.2%

25.730

Trịnh Thị Hồng

Indiv

0.1%

12.173

Board & Management

Đỗ Trọng Quỳnh5.3%

Thành viên Hội đồng Quản trị

Nguyễn Đăng Gô Ganh0.4%

Phó Tổng Giám đốc

Trịnh Văn Hưng0.4%

Phó Tổng Giám đốc

Nguyễn Việt Cường

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thị Thanh Hằng

Thành viên Ban kiểm soát

Đỗ Trọng Huân

Phó Tổng Giám đốc

Nguyễn Văn Chính

Phó Tổng Giám đốc

Trần Xuân Trường

Thành viên Ban kiểm soát

Nguyễn Cường

Phó Tổng Giám đốc

Lê Thị Tuyết Anh

Trưởng Ban kiểm soát

Đỗ Quang Việt

Giám đốc Tài chính/Phụ trách Công bố thông tin/Kế toán trưởng

Nguyễn Huy Quang

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thanh Tuyên

Chủ tịch Hội đồng Quản trị

Ngô Việt Hậu

Thành viên Hội đồng Quản trị

Top connections

KOS35.4%LCD23.4%VCT9.1%GGG8.3%L627.9%SC56.7%KSB5.9%IHK5.1%MST4.9%SDT4.9%C324.9%NTL4.9%

Computed 12/04/2026