VC6

Construction

Công ty cổ phần Xây dựng và Đầu tư Visicons

Xây dựng và Vật liệuCT

25.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

80.962

Current

25.800

Gap

+213.8%

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)

16.67%

Kd(1-t)

6.40%

D/(D+E)

83.33%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

35.568

50%DCF Value

126.356

Blended Intrinsic

80.962

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VC6

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

-2.75

Low Risk

DSRI

0.680

GMI

1.074

AQI

0.623

SGI

1.340

DEPI

0.915

SGAI

0.810

TATA

-0.041

LVGI

1.003

VC6 exhibits a low risk of earnings manipulation based on a Beneish M-Score of -2.7544, significantly below the manipulation threshold of -1.78. The earnings quality score of 89.8/100 further supports the integrity of its financial reporting.

Positive Signals

Earnings Quality Score of 89.8/100 indicates strong overall earnings quality.
Cash conversion rate at 100.0/100 suggests excellent cash flow management.

Ownership Risk

The ownership structure is concentrated, with the top three shareholders holding a combined 73.4%, which may lead to governance risks and potential conflicts of interest.

Recommendation

Maintain a cautious investment stance, monitoring for any changes in ownership dynamics or earnings quality metrics, while considering the strong earnings quality indicators as a positive sign.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.28

Grey Zone

Sharpe

0.06

Positive

Composite

Strong

Price Risk

Momentum

+19.3%

Volatility

77.1%

Max Drawdown

-53.8%

Key Ratios

Fiscal year 2025

6.68P/E

P/B1.32

P/S0.10

ROE21.2%

ROA3.2%

EPS3172.73

BVPS16113.28

Gross Margin5.5%

Net Margin1.6%

D/E5.36

Current Ratio1.11

Rev Growth34.0%

Profit Growth42.6%

EV/EBITDA2.68

Div Yield0.0%

Company Overview

Issued Shares

10.8M

Charter Capital

108.4B 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 VC6 — hover nodes for intel, click to navigate

Shareholders

Nguyễn Ngọc Điệp

Indiv

36.3%

2.9 trieu

Trần Văn Khánh

Indiv

19.1%

2.1 trieu

Hoàng Hoa Cương

Indiv

18.1%

1.7 trieu

Maeda Corporation

Inst

10.0%

968.000

Nguyễn Phấn Tuấn

Indiv

7.0%

679.294

Phùng Thị Kim Oanh

Indiv

5.8%

561.275

Mai Phương Anh

Indiv

5.1%

498.411

Trịnh Thị Ngọc Khanh

Indiv

5.0%

436.810

Nguyễn Minh Tuấn

Indiv

3.1%

270.561

NGUYỄN XUÂN QUỲNH

Indiv

2.4%

212.800

Trần Văn Lượng

Indiv

2.0%

160.600

Vũ Thị Thu Hiền

Indiv

1.6%

140.363

Trịnh Văn Lịch

Indiv

1.2%

96.065

Hoàng Duy Hải

Indiv

1.1%

86.120

Nguyễn Hữu Ngọc

Indiv

1.0%

80.000

Đỗ Đình Hùng

Indiv

0.8%

61.254

Lê Thành Diệp

Indiv

0.7%

54.587

Nguyễn Lai Thọ

Indiv

0.4%

42.815

Trần Hồng Vân

Indiv

0.3%

25.000

Nguyễn Đức Lưu

Indiv

0.2%

19.764

Cao Quang Trường

Indiv

0.2%

14.525

Nguyễn Thị Minh Phượng

Indiv

0.1%

11.000

Phan Đình Phong

Indiv

0.1%

10.380

Trần Văn Tám

Indiv

0.1%

10.100

Phạm Thị Hoa

Indiv

0.1%

10.000

Trần Thanh Thủy

Indiv

0.1%

10.670

Board & Management

Trần Văn Khánh19.1%

Chủ tịch Hội đồng Quản trị

Hoàng Hoa Cương18.1%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Phấn Tuấn7.0%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Mai Phương Anh5.1%

Kế toán trưởng

Nguyễn Minh Tuấn3.1%

Phó Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

NGUYỄN XUÂN QUỲNH2.4%

Phó Tổng Giám đốc

Trần Thanh Thủy0.1%

Phó Tổng Giám đốc

Đặng Thanh Huấn

Trưởng Ban kiểm soát

Nguyễn Kiến Trung

Thành viên Ban kiểm soát

Toda Koji

Thành viên Hội đồng Quản trị

Trần Tuấn Khanh

Thành viên Ban kiểm soát

Top connections

API36.3%SGI36.3%VCG36.3%DHG36.3%SD219.4%CVN2 links KPF19.1%SVN19.1%V1215.5%TLT15.5%ASG13.4%VIH10.7%

Computed 12/04/2026