VE1

Construction

Công ty Cổ phần Xây dựng điện VNECO 1

Xây dựng và Vật liệuCT

3.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

14.380

Current

3.600

Gap

+299.4%

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)

92.07%

Kd(1-t)

4.64%

D/(D+E)

7.93%

WACC

11.60%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

14.380

Blended Intrinsic

14.380

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VE1

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 · 2020

-1.94

Moderate

DSRI

1.252

GMI

2.191

AQI

1.293

SGI

0.587

DEPI

1.106

SGAI

2.214

TATA

-0.003

LVGI

0.557

The Beneish M-Score of -1.9355 indicates a potential risk of earnings manipulation, as it exceeds the threshold of -1.78. Additionally, the earnings quality score of 34.7/100 reflects significant weaknesses, particularly in cash conversion and receivables management, which raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.9355 indicates potential earnings manipulation, exceeding the threshold of -1.78.
Earnings Quality Score of 34.7/100, with cash conversion at only 40.0/100 and receivables at 0.0/100, suggests severe issues in revenue recognition and cash flow.

Positive Signals

DSRI of 1.2515 indicates a manageable level of inventory relative to sales, which could suggest operational efficiency.

Ownership Risk

The top shareholders include a significant institutional player (Công ty TNHH Đỗ Huấn at 21.6%), which may provide stability, but the high concentration of individual shareholders (totaling 40.0%) could lead to governance challenges and potential conflicts of interest.

Recommendation

Investors should approach VE1 with caution, closely monitoring future earnings reports and cash flow statements. It may be prudent to wait for improved earnings quality metrics and a more transparent ownership structure before considering an investment.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.28

Distress Zone

Sharpe

-0.17

Negative

Composite

Fair

Price Risk

Momentum

-2.9%

Volatility

39.8%

Max Drawdown

-37.7%

Key Ratios

Fiscal year 2025

5.41P/E

P/B0.65

P/S1.58

ROE12.7%

ROA10.6%

EPS610.51

BVPS5100.72

Gross Margin6.6%

Net Margin29.2%

D/E0.31

Current Ratio4.15

Rev Growth1465.7%

Profit Growth642.4%

EV/EBITDA-7.15

Div Yield0.0%

Company Overview

Issued Shares

6.0M

Charter Capital

60.0B 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 VE1 — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Đỗ Huấn

Inst

21.6%

1.3 trieu

Hao Dan

Indiv

14.8%

889.300

Lê Đình Chiến

Indiv

13.2%

781.200

Nguyễn Thị Miền

Indiv

6.2%

368.700

Yang Xiao Dong

Indiv

5.8%

171.000

Xu Xiu Li

Indiv

5.5%

333.100

Zhang Hua

Indiv

5.5%

162.500

Công ty Cổ phần Đầu tư Quốc tế Trung Kim

Inst

5.0%

146.800

Công ty TNHH Đầu Tư Việt Tú

Inst

4.9%

289.900

Chen Duxiong

Indiv

4.8%

142.000

Xu Sheng

Indiv

4.8%

284.800

Nguyễn Duy Sửu

Indiv

4.4%

130.000

Đỗ Văn Huấn

Indiv

3.3%

198.600

Nguyễn Thị Tuệ

Indiv

2.4%

71.600

Nguyễn Thị Tiếp

Indiv

2.4%

140.300

Tổng Công ty Cổ phần Xây dựng điện Việt Nam

Inst

2.3%

70.490

Trần Hoàng Bính

Indiv

1.9%

57.320

Phạm Anh Tuấn

Indiv

1.7%

50.000

Hoàng Văn Thọ

Indiv

1.6%

46.990

Đỗ Như Hiệp

Indiv

1.4%

83.653

Nguyễn Trường Thành

Indiv

1.4%

40.020

Đỗ Văn Đạt

Indiv

0.9%

54.700

Trần Đình Điệp

Indiv

0.7%

21.360

nguyen-thanh-tu

Indiv

0.7%

41.200

Đỗ Văn Chính

Indiv

0.7%

20.000

Zhang Xijin

Indiv

0.5%

13.800

Zheng Hai Xiao

Indiv

0.2%

5.000

Vũ Danh Khánh

Indiv

0.1%

3.480

Board & Management

Đỗ Văn Huấn3.3%

Thành viên Hội đồng Quản trị

Đỗ Như Hiệp1.4%

Thành viên Hội đồng Quản trị/Giám đốc

Đỗ Văn Đạt0.9%

Chủ tịch Hội đồng Quản trị

Phạm Thị Thu Hằng

Thành viên Ban kiểm soát

Nguyễn Thị Vân Anh

Phụ trách Công bố thông tin/Người phụ trách quản trị công ty/Thành viên Hội đồng Quản trị

Nguyễn Văn Đài

Thành viên Ban kiểm soát

Lã Bá Độ

Thành viên Hội đồng Quản trị

Đỗ Thị Hoàng Hà

Kế toán trưởng

Nguyễn Thị Ngọc

Thành viên Ban kiểm soát

Phan Đức Vinh

Phó Giám đốc

Top connections

E1265.7%VE855.9%PCG2 links VE418.6%TST17.0%IVS2 links PLA14.1%PPI8.3%VE37.8%LPT7.4%TNG2 links CCL6.0%

Computed 12/04/2026