VCS

Construction

Công ty Cổ phần VICOSTONE

Xây dựng và Vật liệuCT

41.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

72.287

Current

41.000

Gap

+76.3%

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)

79.01%

Kd(1-t)

6.74%

D/(D+E)

20.99%

WACC

11.05%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

72.401

50%DCF Value

72.174

Blended Intrinsic

72.287

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VCS

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.56

Low Risk

DSRI

1.080

GMI

1.077

AQI

0.184

SGI

0.955

DEPI

1.075

SGAI

1.130

TATA

0.007

LVGI

0.512

VCS exhibits a Beneish M-Score of -2.5554, indicating a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly with a low receivables score of 29.5/100 and a revenue score of 0.0/100, suggesting potential issues in revenue recognition and cash flow management.

Red Flags

Low receivables quality score of 29.5/100 indicates potential issues in collecting receivables, which could affect cash flow.
Revenue quality score of 0.0/100 raises concerns about the legitimacy of reported revenues.

Positive Signals

Beneish M-Score of -2.5554 suggests a low likelihood of earnings manipulation, which is a positive signal for investors.
Earnings quality score of 64.0/100 indicates reasonable overall earnings quality, particularly strong accruals at 97.1/100.

Ownership Risk

The high concentration of ownership, with 84.2% held by Công ty Cổ phần Tập đoàn Phượng Hoàng Xanh A&A, poses risks related to governance and potential conflicts of interest, limiting minority shareholder influence.

Recommendation

Investors should closely monitor VCS's cash flow and revenue recognition practices due to the identified red flags, while considering the overall low likelihood of earnings manipulation as a mitigating factor.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

9.59

Safe Zone

Sharpe

-0.71

Negative

Composite

Fair

Price Risk

Momentum

-15.7%

Volatility

20.2%

Max Drawdown

-33.2%

Key Ratios

Fiscal year 2025

10.21P/E

P/B1.38

P/S1.72

ROE13.6%

ROA11.4%

EPS4340.39

BVPS32079.34

Gross Margin25.3%

Net Margin16.8%

D/E0.12

Current Ratio9.18

Rev Growth-4.5%

Profit Growth-14.0%

EV/EBITDA6.98

Div Yield8.6%

Company Overview

Issued Shares

160.0M

Charter Capital

1600.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for VCS — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Tập đoàn Phượng Hoàng Xanh A&A

Inst

84.2%

134.6 trieu

Phạm Thị Thanh Hương

Indiv

4.5%

2.7 trieu

Ninh Quốc Cường

Indiv

4.2%

2.5 trieu

Hồ Xuân Năng

Indiv

3.7%

6.0 trieu

Công ty Cổ phần Chứng khoán SSI

Inst

1.4%

731.611

Công ty Cổ phần Tập đoàn Đầu tư I.P.A

Inst

1.1%

585.000

Vietnam Holding Ltd

Inst

1.1%

568.000

Quỹ tầm nhìn SSI

Inst

0.9%

470.083

Công ty Cổ phần Quản Lý Quỹ Sài Gòn

Inst

0.5%

265.000

Phạm Trí Dũng

Indiv

0.2%

353.391

Lưu Công An

Indiv

0.1%

206.261

Nguyễn Đức Lưu

Indiv

0.1%

49.286

Board & Management

Hồ Xuân Năng3.7%

Chủ tịch Hội đồng Quản trị

Phạm Trí Dũng0.2%

Phó Tổng Giám đốc

Phạm Anh Tuấn

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

Nguyễn Chí Công

Phó Tổng Giám đốc

Phạm Thị Bích Thủy

Phó Tổng Giám đốc

Đồng Quang Thức

Phó Tổng Giám đốc

Nguyễn Thị Nga

Kế toán trưởng

Nguyễn Diệu Thúy Ngọc

Thành viên Ban Kiểm toán nội bộ/Thành viên Hội đồng Quản trị độc lập

Trần Lan Phương

Thành viên Hội đồng Quản trị

Nguyễn Quang Hưng

Trưởng Ban Kiểm toán nội bộ /Thành viên Hội đồng Quản trị độc lập

Top connections

VCK39.9%VND25.8%FUESSV5025.6%HOT20.0%TST17.0%SSC2 links PLA14.1%PAN12.8%CRE10.9%PPI2 links LPT7.4%ND27.2%

Computed 12/04/2026