VSI

Construction

Công ty Cổ phần Đầu tư và Xây dựng Cấp thoát nước

Xây dựng và Vật liệuCT

28.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

55.075

Current

28.500

Gap

+93.3%

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)

37.46%

Kd(1-t)

6.29%

D/(D+E)

62.54%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

29.760

50%DCF Value

80.391

Blended Intrinsic

55.075

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — VSI

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2020

-3.27

Low Risk

DSRI

1.198

GMI

0.613

AQI

0.979

SGI

0.653

DEPI

0.000

SGAI

1.481

TATA

-0.054

LVGI

0.994

VSI exhibits several concerning indicators, particularly in its earnings quality and Beneish M-Score, which suggest potential financial manipulation. The high institutional ownership concentration may also pose risks related to governance and transparency.

Red Flags

Beneish M-Score of -3.2689, well below the manipulation threshold of -1.78, indicating a strong likelihood of earnings manipulation.
Earnings Quality Score of 54.6/100, with particularly low scores in receivables (0.0/100) and revenue (0.0/100), suggesting issues with revenue recognition and cash flow management.

Positive Signals

Strong cash conversion rate of 100.0/100, indicating effective cash flow management despite other earnings quality concerns.
DSRI of 1.1976, while above 1, indicates that the company is not excessively inflating its receivables relative to sales, which is a positive sign in the context of its low receivables quality score.

Ownership Risk

The top shareholder, Tổng công ty Đầu tư Nước và Môi trường Việt Nam, holds 60.0% of the shares, which may lead to potential governance issues and reduced accountability for minority shareholders.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices and the implications of high institutional ownership. Monitoring future earnings reports for consistency with cash flow will be crucial.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.05

Grey Zone

Sharpe

1.10

Excellent

Composite

Strong

Price Risk

Momentum

+46.1%

Volatility

45.4%

Max Drawdown

-20.2%

Key Ratios

Fiscal year 2025

8.98P/E

P/B1.60

P/S0.56

ROE18.4%

ROA6.6%

EPS2707.26

BVPS15144.37

Gross Margin14.3%

Net Margin6.2%

D/E1.67

Current Ratio1.23

Rev Growth127.6%

Profit Growth36.7%

EV/EBITDA3.80

Div Yield4.1%

Company Overview

Issued Shares

13.2M

Charter Capital

132.0B 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 VSI — hover nodes for intel, click to navigate

Shareholders

Tổng công ty Đầu tư Nước và Môi trường Việt Nam

Inst

60.0%

7.9 trieu

Công ty TNHH Tập Đoàn Đông Dương

Inst

3.6%

474.100

Công ty Cổ phần SJ Group

Inst

0.5%

72.000

Trần Văn Thành

Indiv

0.2%

31.300

nguyen-duy-hung

Indiv

0.2%

20.000

Board & Management

Nguyễn Duy Hùng0.1%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Chu Xuân Lăng

Phó Tổng Giám đốc

Nguyễn Quốc Tuấn

Kế toán trưởng/Phụ trách Công bố thông tin

Nguyễn Văn Tứ

Phó Tổng Giám đốc

Huỳnh Bá Đức

Thành viên Ban kiểm soát

Nguyễn Văn Lộc

Thành viên Hội đồng Quản trị

Nguyễn Duy Dương

Phó Tổng Giám đốc

Bùi Khánh Linh

Trưởng Ban kiểm soát

Phạm Phước Thịnh

Thành viên Ban kiểm soát

Vũ Thị Khiêm

Người phụ trách quản trị công ty

Nguyễn Đức Bôn

Chủ tịch Hội đồng Quản trị

Vũ Đoàn Chung

Phó Chủ tịch Hội đồng Quản trị

Lê Văn Nghĩa

Thành viên Hội đồng Quản trị độc lập

Top connections

VW360.0%VHH60.0%PWA60.0%UTT17.0%BTD2 links SBL2 links SZE2 links VHE5.9%PLA5.0%GVT2 links MFS2 links TST2 links

Computed 12/04/2026