VSC

Construction

Công ty Cổ phần Container Việt Nam

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

23.750

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

6.699

Current

23.750

Gap

-71.8%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

62.81%

Kd(1-t)

6.27%

D/(D+E)

37.19%

WACC

10.00%

Growth Estimate

fundamental firm blend4.10%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

-2.291

50%DCF Value

6.699

Blended Intrinsic

6.699

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VSC

Earnings Quality

Fiscal year 2025

Good

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

0.26

High Risk

DSRI

4.003

GMI

0.850

AQI

1.381

SGI

1.150

DEPI

0.671

SGAI

1.192

TATA

-0.008

LVGI

1.364

VSC exhibits several concerning indicators of potential earnings manipulation, particularly highlighted by a Beneish M-Score of 0.2644, which is above the threshold indicating possible manipulation. While the earnings quality score is relatively strong at 82.9/100, the high DSRI of 4.0031 and low margin score of 39.0/100 raise significant red flags regarding revenue recognition and sustainability.

Red Flags

Beneish M-Score of 0.2644 indicates potential earnings manipulation, as it exceeds the threshold of -1.78.
DSRI of 4.0031 suggests significant growth in receivables relative to sales, indicating potential revenue recognition issues.
Low earnings quality margin score of 39.0/100 raises concerns about the sustainability of profit margins.

Positive Signals

Earnings Quality Score of 82.9/100 indicates overall strong earnings quality, particularly in cash conversion (99.4/100) and receivables management (100.0/100).
Strong accrual score of 96.9/100 suggests that the company is effectively converting earnings into cash.

Ownership Risk

The ownership structure is relatively fragmented, with the largest shareholder holding only 10.7%. This could lead to governance challenges and potential misalignment of interests among shareholders.

Recommendation

Investors should closely monitor VSC's revenue recognition practices and consider conducting further due diligence on the management's integrity and operational transparency before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.33

Distress Zone

Sharpe

0.81

Positive

Composite

Fair

Price Risk

Momentum

+90.7%

Volatility

49.3%

Max Drawdown

-45.9%

Key Ratios

Fiscal year 2025

27.23P/E

P/B1.71

P/S2.90

ROE6.9%

ROA3.3%

EPS910.81

BVPS14463.12

Gross Margin35.6%

Net Margin10.6%

D/E1.03

Current Ratio1.30

Rev Growth15.0%

Profit Growth1.4%

EV/EBITDA12.93

Div Yield0.0%

Company Overview

Issued Shares

374.4M

Charter Capital

3743.7B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Thái Thị Nga

Indiv

10.7%

400.000

Lê Thị Thu Trang

Indiv

6.2%

8.3 trieu

Đàm Văn Huy

Indiv

5.8%

7.8 trieu

Công ty Cổ phần Đầu Tư Sao Á D.C

Inst

5.0%

2.7 trieu

Forum One-vcg Partners Vietnam Fund

Inst

4.9%

2.0 trieu

Vietnam Holding Ltd

Inst

4.9%

2.2 trieu

Công ty Cổ phần Đại lý Vận tải SAFI

Inst

4.5%

5.0 trieu

Công ty TNHH Đầu tư TM

Inst

4.3%

2.4 trieu

PXP Vietnam Emerging Equity Fund

Inst

4.2%

2.3 trieu

Công ty Cổ phần Sao Á

Inst

3.6%

2.0 trieu

DC Developing Markets Strategies Public Limited Company

Inst

3.4%

1.7 trieu

Deutsche Asset Management (Asia) Limited

Inst

3.0%

1.2 trieu

tgit-templeton emerging markets small cap fund

Inst

2.9%

1.6 trieu

Quỹ đầu tư chứng khoán Bản Việt

Inst

2.8%

1.2 trieu

Đoàn Quang Huy

Indiv

2.8%

3.4 trieu

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

2.8%

10.5 trieu

Norges Bank

Inst

2.5%

1.3 trieu

swiftcurrent partners, l.p

Inst

2.0%

1.1 trieu

Lionel Hill Limited

Inst

1.9%

783.465

Pxp Vietnam Fund Limited

Inst

1.9%

779.112

Ftif - Templeton Frontier Markets Fund

Inst

1.8%

995.836

Swift Current Offshore Ltd.

Inst

1.8%

970.150

Lương Hoài Trân

Indiv

1.3%

558.228

nguyen-viet-hoa

Indiv

1.2%

1.3 trieu

Nguyễn Viết Lãng

Indiv

1.2%

481.231

Lương Quốc Trọng

Indiv

1.0%

404.234

Bùi Thị Bích Loan

Indiv

1.0%

401.866

Công ty Cổ Phần Cánh Đồng Xanh

Inst

0.9%

1.1 trieu

PXP Vietnam Smaller Companies Fund Limited

Inst

0.8%

414.270

nguyen-anh-tuan

Indiv

0.7%

205.608

Vietnam Emerging Equity Fund Limited

Inst

0.6%

235.864

Wareham Group Limited

Inst

0.5%

235.000

Epsom Limited

Inst

0.4%

176.184

Hoàng Thị Hà

Indiv

0.4%

199.684

Dương Minh Hảo

Indiv

0.3%

288.410

Nguyễn Hoàng An

Indiv

0.2%

248.630

Trần Xuân Bạo

Indiv

0.2%

124.197

Đoàn Thị Tơ

Indiv

0.2%

272.000

tgit-templeton frontier markets fund

Inst

0.2%

123.138

Nguyễn Hoàng Linh

Indiv

0.2%

208.834

Tạ Công Thông

Indiv

0.2%

685.462

Nguyễn Đức Dũng

Indiv

0.2%

600.000

Franklin Templeton Frontier Markets Equity Master Fund

Inst

0.2%

63.470

Đặng Dưỡng

Indiv

0.1%

74.585

Deutsche Bank Aktiengesellchaft, London Branch

Inst

0.1%

56.397

Nguyễn Văn Tiến

Indiv

0.1%

66.998

Lê Thế Trung

Indiv

0.1%

351.656

Board & Management

Thái Thị Nga10.7%

Chủ tịch Hội đồng Quản trị

Tạ Công Thông0.2%

Thành viên Hội đồng Quản trị

Lê Thế Trung0.1%

Phụ trách Công bố thông tin/Người phụ trách quản trị công ty/Kế toán trưởng

Nguyễn Thị Kim Nhã

Trưởng Ban kiểm soát

Nghiêm Thị Thùy Dương

Thành viên Ban kiểm soát

Bùi Minh Hưng

Tổng Giám đốc

Nguyễn Việt Trung

Thành viên Hội đồng Quản trị

Nguyễn Thế Trọng

Phó Tổng Giám đốc

Dương Tiến Dũng

Thành viên Hội đồng Quản trị

Nguyễn Thị Minh Lan

Thành viên Ban kiểm soát

Văn Trần Hoàn

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Anh

Thành viên Hội đồng Quản trị

Top connections

QNT77.3%MAC3 links VNY24.6%HCD20.5%HHC18.3%VMS16.1%DC115.5%FIR15.2%GMH14.5%GND2 links XLV11.0%HMH3 links

Computed 12/04/2026