VE9

Construction

Công ty Cổ phần Đầu tư và Xây dựng VNECO 9

Xây dựng và Vật liệuCT

3.700

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

2.231

Current

3.700

Gap

-39.7%

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)

49.21%

Kd(1-t)

6.40%

D/(D+E)

50.79%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

2.231

Blended Intrinsic

2.231

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VE9

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-4.44

Low Risk

DSRI

0.132

GMI

-1.855

AQI

0.181

SGI

1.404

DEPI

0.968

SGAI

2.298

TATA

0.084

LVGI

0.549

The Beneish M-Score of -4.4406 indicates a low likelihood of earnings manipulation, as it is significantly below the threshold of -1.78. However, the earnings quality score of 46.4/100, particularly low cash conversion (39.5) and zero scores for revenue and margin quality, raise concerns about the sustainability of earnings.

Red Flags

Earnings Quality Score of 46.4/100 indicates potential issues with earnings sustainability, particularly with cash conversion at 39.5/100.
SGAI of 2.2976 suggests aggressive growth in selling, general, and administrative expenses, which may not align with revenue growth.

Positive Signals

Beneish M-Score of -4.4406 is well below the manipulation threshold, indicating a lower risk of earnings manipulation.
Receivables quality score of 100.0/100 suggests effective management of receivables, which is a positive indicator for cash flow.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a majority stake, which may lead to potential conflicts of interest and governance challenges.

Recommendation

Investors should closely monitor cash flow and revenue quality metrics, and consider a cautious approach given the elevated risks associated with earnings quality despite the low manipulation risk.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

-2.70

Distress Zone

Sharpe

0.72

Positive

Composite

Fair

Price Risk

Momentum

+73.9%

Volatility

60.3%

Max Drawdown

-39.1%

Key Ratios

Fiscal year 2025

17.08P/E

P/B3.99

P/S196.08

ROE26.5%

ROA15.6%

EPS225.71

BVPS966.08

Gross Margin24.6%

Net Margin1148.1%

D/E0.40

Current Ratio3.15

Rev Growth40.4%

Profit Growth3956.6%

EV/EBITDA30.78

Div Yield0.0%

Company Overview

Issued Shares

12.5M

Charter Capital

125.2B 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 VE9 — hover nodes for intel, click to navigate

Shareholders

Phạm Minh Toán

Indiv

12.0%

1.4 trieu

Nguyễn Chí Linh

Indiv

5.9%

713.200

Nguyễn Văn Dụy

Indiv

4.8%

604.955

america limited liability company

Inst

4.6%

578.100

nguyen-tien-cong

Indiv

3.6%

285.300

Thái Bá Tuấn

Indiv

1.7%

194.923

Vũ Thị Thu Trang

Indiv

1.6%

193.832

Tổng Công ty Cổ phần Xây dựng điện Việt Nam

Inst

1.3%

104.035

Nguyễn Công Quyền

Indiv

0.2%

30.072

Phạm Trung Lân

Indiv

0.2%

49.191

Board & Management

Đặng Văn Nguyên

Thành viên Ban kiểm soát

Nguyễn Văn Cải

Thành viên Hội đồng Quản trị

Phạm Thị Thương

Trưởng Ban kiểm soát

Vương Thị Thanh Huyền

Thành viên Ban kiểm soát

Vũ Thị Thanh Nga

Chủ tịch Hội đồng Quản trị

Hồ Ngọc Quốc Thái

Kế toán trưởng

Nguyễn Thị Ngọc Lan

Thành viên Hội đồng Quản trị/Giám đốc

Trần Ngọc Anh

Phụ trách Công bố thông tin

Top connections

E1265.7%VE855.9%SGN25.0%WCS23.6%DNM22.7%VE418.6%IDV18.0%SZL16.1%BAX16.1%TIP15.3%VTS2 links MTH13.6%

Computed 12/04/2026