VE2

Construction

Công ty Cổ phần Xây dựng Điện VNECO 2

Xây dựng và Vật liệuCT

7.100

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

9.459

Current

7.100

Gap

+33.2%

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

—

50%DCF Value

9.459

Blended Intrinsic

9.459

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VE2

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2020

0.74

High Risk

DSRI

1.473

GMI

1.448

AQI

0.888

SGI

1.824

DEPI

0.631

SGAI

0.670

TATA

0.472

LVGI

2.124

The Beneish M-Score of 0.7366 indicates a significant likelihood of earnings manipulation, as it is well above the threshold of -1.78. Additionally, the low Earnings Quality Score of 20.0/100, particularly the zero scores in accruals, cash conversion, and margins, raises serious concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of 0.7366 indicates potential earnings manipulation, significantly above the threshold of -1.78.
Earnings Quality Score of 20.0/100, with zero scores in eq_accrual, eq_cash_conv, and eq_margin, suggests poor earnings quality and potential financial misrepresentation.

Positive Signals

High receivables score of 100.0/100 indicates strong collection practices, which could be a positive aspect of the financial health.

Ownership Risk

The ownership structure is heavily concentrated among a few individuals, with the top five shareholders holding over 70% of the company. This concentration could lead to governance issues and potential conflicts of interest.

Recommendation

Investors should approach VE2 with caution, considering the high risk of earnings manipulation and poor earnings quality. It is advisable to conduct further due diligence and monitor any changes in financial reporting practices.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

-0.84

Distress Zone

Sharpe

0.09

Positive

Composite

Fair

Price Risk

Momentum

+53.8%

Volatility

92.8%

Max Drawdown

-42.6%

Key Ratios

Fiscal year 2025

-9.49P/E

P/B25.22

P/S26.80

ROE-114.1%

ROA-3.1%

EPS-748.31

BVPS281.56

Gross Margin86.9%

Net Margin-282.5%

D/E81.16

Current Ratio0.70

Rev Growth-13.7%

Profit Growth-17.7%

EV/EBITDA-16.77

Div Yield0.0%

Company Overview

Issued Shares

2.2M

Charter Capital

21.6B 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 VE2 — hover nodes for intel, click to navigate

Shareholders

Phan Thúy Phương

Indiv

20.1%

422.200

Chung Việt Hà

Indiv

19.1%

400.000

Khuất Văn Đăng

Indiv

13.3%

279.000

Lê Minh Đức

Indiv

11.9%

250.000

Mạnh Thị Bích Thuỷ

Indiv

6.0%

127.000

Nguyễn Đậu Thảo

Indiv

5.9%

127.542

Lê Thị Hoa

Indiv

5.1%

107.681

Lê Thị Thu Phượng

Indiv

2.2%

46.400

Lê Thị Thúy Xoan

Indiv

1.6%

33.821

Trần Thái Hưng

Indiv

1.6%

33.510

Nguyễn Đẩu Hào

Indiv

1.2%

25.137

nguyen-dinh-thanh

Indiv

1.0%

20.000

Trần Vĩnh Phuơng

Indiv

0.9%

19.200

Phạm Văn Tạo

Indiv

0.6%

11.798

Trần Đình Quý

Indiv

0.6%

11.600

Mạnh Xuân Kỳ

Indiv

0.5%

11.600

Nguyễn Huy Hoài

Indiv

0.5%

10.208

Board & Management

Lê Thị Thu Phượng2.2%

Phụ trách Công bố thông tin

Nguyễn Đẩu Hào1.2%

Thành viên Hội đồng Quản trị

Mạnh Xuân Kỳ0.5%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Lê Thị Hải Yến

Thành viên Ban kiểm soát

Nguyễn Thị Thanh Tâm

Kế toán trưởng

Nguyễn Mạnh Hùng

Phó Giám đốc

Trần Thị Thiện

Thành viên Hội đồng Quản trị

VÕ THÀNH LƯƠNG

Thành viên Hội đồng Quản trị

Lê Ngọc Toàn

Chủ tịch Hội đồng Quản trị

Võ Quang

Thành viên Ban kiểm soát

Hoàng Thanh Sơn

Thành viên Ban kiểm soát

Top connections

E1265.7%VE855.9%VE418.6%DSD11.9%PVP11.9%PMW11.9%HLY11.9%HPO11.9%BWS11.9%GND11.9%VIW11.9%VE37.8%

Computed 12/04/2026