VE3

Construction

Công ty Cổ phần Xây dựng điện VNECO 3

Xây dựng và Vật liệuCT

6.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

5.909

Current

6.900

Gap

-14.4%

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.

Distressed Valuation

Negative Enterprise Value

BVPS

11.819

Discount

50%

Floor Value

11.819

Valuation Track Record

Retroactive intrinsic value vs actual close price — VE3

Earnings Quality

Fiscal year 2025

Poor

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 · 2024

-1.39

High Risk

DSRI

0.848

GMI

1.368

AQI

0.635

SGI

1.914

DEPI

0.000

SGAI

0.819

TATA

0.102

LVGI

1.062

The Beneish M-Score of -1.3854 indicates a low likelihood of earnings manipulation, as it is above the threshold of -1.78. However, the Earnings Quality Score of 34.9/100, particularly the cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 34.9/100 indicates poor earnings quality, particularly with cash conversion at 0.0/100.
SGI of 1.9136 suggests aggressive revenue growth that may not be supported by actual cash flows.

Positive Signals

Beneish M-Score of -1.3854 suggests a lower risk of earnings manipulation.
Receivables quality score of 100.0/100 indicates strong management of receivables.

Ownership Risk

The high concentration of ownership with Lê Thị Hồng Thủy holding 70.5% poses a risk of governance issues and lack of minority shareholder protection.

Recommendation

Investors should closely monitor cash flow metrics and consider the implications of high ownership concentration. A deeper analysis into revenue recognition practices is recommended.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

0.81

Distress Zone

Sharpe

-0.61

Negative

Composite

Poor

Price Risk

Momentum

-15.6%

Volatility

122.1%

Max Drawdown

-52.2%

Key Ratios

Fiscal year 2025

142.76P/E

P/B0.46

P/S0.11

ROE0.4%

ROA0.1%

EPS37.83

BVPS11818.56

Gross Margin8.2%

Net Margin0.1%

D/E4.62

Current Ratio0.98

Rev Growth-0.8%

Profit Growth-49.5%

EV/EBITDA8.05

Div Yield0.0%

Company Overview

Issued Shares

1.3M

Charter Capital

34.0B 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 VE3 — hover nodes for intel, click to navigate

Shareholders

Lê Thị Hồng Thủy

Indiv

70.5%

2.4 trieu

Tổng Công ty Cổ phần Xây dựng điện Việt Nam

Inst

7.8%

263.942

Lâm Quốc Cường

Indiv

5.9%

78.200

america limited liability company

Inst

4.9%

65.000

Tăng Phước Thắng

Indiv

4.6%

60.200

Đào Phương Nam

Indiv

4.5%

60.000

Nguyễn Thế Chính

Indiv

4.2%

54.800

Huỳnh Khôi Việt

Indiv

4.1%

54.500

Cao Như Kỷ

Indiv

3.1%

41.200

Công ty Cổ Phần Xây Dựng Và Phát Triển Tbg

Inst

2.9%

100.000

Hoàng Cao Sơn

Indiv

2.7%

92.666

nguyen-van-tu

Indiv

1.8%

24.404

Đào Ngọc Quỳnh

Indiv

1.6%

55.364

Trần Thị Phương Mai

Indiv

0.9%

11.437

nguyen-khac-than

Indiv

0.8%

10.912

Đậu Ngọc Thanh

Indiv

0.6%

7.400

Tống Đình Thắng

Indiv

0.5%

15.800

Nguyễn Trung Hiếu

Indiv

0.4%

12.600

Phạm Thị Tuyết

Indiv

0.3%

3.580

Nguyễn Thế Hưng

Indiv

0.2%

2.900

Nguyễn Thế Dũng

Indiv

0.2%

2.753

Trần Thị Lương

Indiv

0.2%

2.557

Hồ Hữu Phước

Indiv

0.2%

2.100

Board & Management

Đậu Ngọc Thanh0.6%

Thành viên Hội đồng Quản trị

Nguyễn Thế Hùng0.2%

Trưởng Ban kiểm soát

Trần Thị Lương0.2%

Thành viên Hội đồng Quản trị

Nguyễn Thị Hồng Vinh

Thành viên Ban kiểm soát

TRẦN ĐỨC THANH

Giám đốc/Thành viên Hội đồng Quản trị

Bùi Đức Long

Người phụ trách quản trị công ty/Trưởng phòng Tài chính - Kế toán/Phụ trách Công bố thông tin

Văn Anh Hùng

Chủ tịch Hội đồng Quản trị

Nguyễn Văn Tuấn

Thành viên Ban kiểm soát

Võ Thành Lương

Thành viên Hội đồng Quản trị

Top connections

SKN70.5%E1265.7%VE855.9%SGN25.0%WCS23.6%DNM22.7%VE418.6%IDV18.0%SZL16.1%BAX16.1%TIP15.3%MTH13.6%

Computed 12/04/2026