VMK

Construction

Công ty Cổ phần Vimarko

Xây dựng và Vật liệuCT

29.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

15.466

Current

29.000

Gap

-46.7%

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)

55.00%

Kd(1-t)

7.75%

D/(D+E)

45.00%

WACC

10.20%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

17.873

50%DCF Value

13.060

Blended Intrinsic

15.466

Value Decomposition

36%

64%

Explicit period (36%)Terminal value (64%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VMK

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2024

-0.96

High Risk

DSRI

2.932

GMI

0.922

AQI

0.989

SGI

1.184

DEPI

0.956

SGAI

1.173

TATA

-0.071

LVGI

1.027

VMK's Beneish M-Score of -0.9594 indicates a low likelihood of earnings manipulation, as it is above the threshold of -1.78. However, the high DSRI of 2.9315 and low AQI of 0.9889 raise concerns about the sustainability of revenue and earnings quality.

Red Flags

DSRI of 2.9315 indicates significant growth in receivables relative to sales, suggesting potential revenue recognition issues.
AQI of 0.9889 is below the ideal threshold of 1.0, indicating potential issues with earnings quality.

Positive Signals

Earnings Quality Score of 64.7/100 suggests a moderate level of earnings quality, with strong cash conversion at 100.0/100.
GMI of 0.9217 indicates a stable gross margin, which is a positive sign for profitability.

Ownership Risk

The ownership structure is concentrated, with 25.8% held by an institutional investor, which may provide some stability. However, the lack of significant individual shareholder stakes raises concerns about governance and accountability.

Recommendation

Monitor VMK closely for changes in receivables and earnings quality metrics. Consider a cautious investment approach, focusing on quarterly earnings reports for signs of improving or declining financial health.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.63

Distress Zone

Sharpe

1.55

Excellent

Composite

Fair

Price Risk

Momentum

+152.4%

Volatility

82.5%

Max Drawdown

-55.4%

Key Ratios

Fiscal year 2024

42.56P/E

P/B5.19

P/S4.67

ROE13.1%

ROA7.1%

EPS1542.59

BVPS12533.72

Gross Margin17.3%

Net Margin11.1%

D/E0.86

Current Ratio0.94

Rev Growth18.4%

Profit Growth61.2%

EV/EBITDA25.95

Div Yield0.0%

Company Overview

Issued Shares

7.9M

Charter Capital

79.1B 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 VMK — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Quang Ngân Việt Nam

Inst

25.8%

1.0 trieu

Top connections

MBG25.8%VCT24.0%S9910.4%BLF8.9%HQC8.4%EME4.8%CTA4.2%HVA4.0%DBC1.1%

Computed 12/04/2026