VE4

Construction

Công ty Cổ phần Xây dựng điện VNECO4

Xây dựng và Vật liệuCT

260.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

4.856

Current

260.000

Gap

-98.1%

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 Intrinsic Value

BVPS

9.712

Discount

50%

Floor Value

9.712

Valuation Track Record

Retroactive intrinsic value vs actual close price — VE4

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 · 2020

-1.07

High Risk

DSRI

1.279

GMI

1.560

AQI

1.215

SGI

1.940

DEPI

1.104

SGAI

0.660

TATA

0.023

LVGI

1.758

VE4 exhibits several concerning indicators of potential earnings manipulation, as suggested by its Beneish M-Score of -1.0711, which is above the threshold for manipulation. Additionally, the earnings quality score of 43.5/100, particularly low cash conversion metrics, raises further red flags regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.0711, indicating potential earnings manipulation risk as it's above the -1.78 threshold.
Earnings Quality Score of 43.5/100, with a cash conversion score of 0.0/100, suggesting poor quality of earnings.
SGI of 1.9399 indicates aggressive growth that may not be supported by underlying fundamentals.

Positive Signals

High receivables quality score of 100.0/100, indicating strong management of receivables.
Low SGAI of 0.6602 suggests effective cost management relative to sales growth.

Ownership Risk

The ownership structure is heavily concentrated, with Trần Quang Đức holding 66.0% of shares, which may lead to governance risks and potential conflicts of interest. Such concentration can limit minority shareholders' influence and oversight.

Recommendation

Investors should proceed with caution and consider conducting further due diligence on VE4's financial practices and governance structure. Monitoring future earnings reports for improvements in cash conversion and overall earnings quality is advisable.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

4.05

Safe Zone

Sharpe

1.43

Excellent

Composite

Weak

Price Risk

Momentum

+73.4%

Volatility

17.5%

Max Drawdown

-10.1%

Key Ratios

Fiscal year 2025

3351.95P/E

P/B26.77

P/S4.48

ROE0.8%

ROA0.1%

EPS77.57

BVPS9711.94

Gross Margin5.0%

Net Margin0.1%

D/E5.08

Current Ratio1.08

Rev Growth-18.2%

Profit Growth-82.9%

EV/EBITDA297.24

Div Yield0.0%

Company Overview

Issued Shares

3.0M

Charter Capital

30.3B 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 VE4 — hover nodes for intel, click to navigate

Shareholders

Trần Quang Đức

Indiv

66.0%

2.0 trieu

Tổng Công ty Cổ phần Xây dựng điện Việt Nam

Inst

18.6%

562.602

Công ty Cổ phần Đầu Tư SPX

Inst

3.3%

101.000

Công ty Cổ phần Vinaconex 39

Inst

2.6%

77.400

Lê Thị Hồng Vân

Indiv

2.4%

25.000

Phan Huy Thành

Indiv

2.4%

24.486

Đinh Mã Lương

Indiv

1.7%

51.600

Nguyễn Thế Hưng

Indiv

0.9%

9.500

Nguyễn Ngọc Ân

Indiv

0.8%

8.582

Nguyễn Năng Đồng

Indiv

0.7%

6.820

Lê Văn Huyên

Indiv

0.5%

5.144

Nguyễn Thế Tam

Indiv

0.4%

4.500

Nguyễn Huy Toàn

Indiv

0.2%

2.500

Trần Thị Thúy Vân

Indiv

0.2%

2.300

Nguyễn Thị Thúy Hà

Indiv

0.2%

2.027

Nguyễn Văn Bốn

Indiv

0.1%

1.446

Board & Management

NGUYỄN THẾ HÙNG0.9%

Trưởng Ban kiểm soát

Nguyễn Ngọc Ân0.8%

Phó Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thế Tam0.4%

Kế toán trưởng/Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị

Nguyễn Văn Bốn0.1%

Thành viên Hội đồng Quản trị

Trần Thị Thu Lan

Thành viên Ban kiểm soát

Võ Hồng Quân

Thành viên Ban kiểm soát

Trần Văn Huy

Chủ tịch Hội đồng Quản trị

Hồ Hữu Phước

Thành viên Hội đồng Quản trị/Giám đốc

Top connections

VE82 links E1265.7%VE318.6%VE118.6%VE918.6%VE218.6%SSN5.0%SKN2.4%SKH2.4%CMC2.4%BTU2.4%VHE1.6%

Computed 12/04/2026