VIT

Construction

Công ty Cổ phần Viglacera Tiên Sơn

Xây dựng và Vật liệuCT

25.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

28.266

Current

25.900

Gap

+9.1%

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.

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)

29.81%

Kd(1-t)

4.34%

D/(D+E)

70.19%

WACC

10.00%

Growth Estimate

fundamental firm blend2.96%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

16.992

50%DCF Value

39.541

Blended Intrinsic

28.266

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VIT

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.19

High Risk

DSRI

2.740

GMI

0.921

AQI

1.054

SGI

1.077

DEPI

0.919

SGAI

1.310

TATA

-0.065

LVGI

0.987

VIT exhibits several concerning financial indicators, particularly in earnings quality and the potential for manipulation as indicated by its Beneish M-Score. While institutional ownership is strong, the earnings quality metrics suggest significant risks that could affect future performance.

Red Flags

Beneish M-Score of -1.1937, indicating potential earnings manipulation risk as it is close to the threshold of -1.78.
Earnings Quality Score of 47.2/100, with particularly low scores in receivables (0.0/100) and revenue (25.1/100), suggesting poor revenue recognition practices.

Positive Signals

Strong institutional ownership at 51.0% by Tổng Công ty Viglacera, which may provide stability and oversight.
High cash conversion score of 100.0/100, indicating that the company is effectively converting its earnings into cash.

Ownership Risk

The high concentration of institutional ownership (over 83%) may mitigate some risks associated with management decisions, but it also raises concerns about potential conflicts of interest and lack of shareholder diversity.

Recommendation

Investors should closely monitor VIT's earnings quality and consider a cautious approach, potentially waiting for improved financial transparency and performance metrics before making significant investments.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.62

Distress Zone

Sharpe

0.41

Positive

Composite

Fair

Price Risk

Momentum

+17.2%

Volatility

61.8%

Max Drawdown

-19.7%

Key Ratios

Fiscal year 2025

16.67P/E

P/B1.88

P/S0.53

ROE11.5%

ROA3.5%

EPS1469.30

BVPS13030.14

Gross Margin10.1%

Net Margin3.2%

D/E2.25

Current Ratio0.97

Rev Growth8.3%

Profit Growth40.1%

EV/EBITDA6.45

Div Yield0.0%

Company Overview

Issued Shares

50.0M

Charter Capital

688.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for VIT — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Viglacera

Inst

51.0%

25.5 trieu

Công ty Cổ phần Ống sợi thủy tinh Vinaconex

Inst

33.7%

5.0 trieu

Công ty Cổ phần Chứng khoán VIX

Inst

18.4%

9.2 trieu

Nguyễn Thu Cúc

Indiv

5.0%

2.5 trieu

Đinh Quang Huy

Indiv

4.5%

2.2 trieu

nguyen-thi-minh

Indiv

4.0%

607.222

Quỹ Đầu tư Lợi Thế Cạnh Tranh Bền Vững SSI

Inst

2.6%

504.937

Nguyễn Văn Sinh

Indiv

1.8%

268.400

Nguyễn Thị Thu Trang

Indiv

1.7%

325.000

nguyen-thi-yen

Indiv

1.2%

588.194

Nguyễn Thế Vinh

Indiv

0.4%

61.784

Quách Hữu Thuận

Indiv

0.3%

158.154

nguyen-thanh-hai

Indiv

0.3%

40.025

Ngô Trọng Toán

Indiv

0.3%

124.995

Nguyễn Duy Trúc

Indiv

0.2%

110.212

Trương Ngọc Minh

Indiv

0.2%

103.669

Nguyễn Thị Thúy Hà

Indiv

0.2%

79.285

Board & Management

Quách Hữu Thuận0.3%

Thành viên Hội đồng Quản trị/Giám đốc

Nguyễn Duy Trúc0.2%

Thành viên Hội đồng Quản trị

Trương Ngọc Minh0.2%

Phó Giám đốc

Nguyễn Thị Thúy Hà0.2%

Kế toán trưởng/Phụ trách Công bố thông tin

Đặng Quốc Tuấn

Thành viên Ban kiểm soát

Phan Văn Huyên

Thành viên Ban kiểm soát

Nguyễn Anh Tuấn

Chủ tịch Hội đồng Quản trị

Nguyễn Mạnh Hiếu

Thành viên Hội đồng Quản trị

Nguyễn Thị Cẩm Vân

Trưởng Ban kiểm soát

Top connections

VGC2 links DSG86.4%DTC2 links TLT4 links DAC2 links VIH2 links VIM4 links VHL3 links HLY2 links VTS2 links STS24.5%GTS18.6%

Computed 12/04/2026