VTS

Construction

Công ty Cổ phần Gạch Ngói Từ Sơn

Xây dựng và Vật liệuCT

4.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

19.013

Current

4.200

Gap

+352.7%

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)

72.41%

Kd(1-t)

6.40%

D/(D+E)

27.59%

WACC

10.60%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

19.013

Blended Intrinsic

19.013

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — VTS

Earnings Quality

Fiscal year 2025

Fair

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 · 2025

-3.79

Low Risk

DSRI

1.009

GMI

0.301

AQI

0.038

SGI

1.066

DEPI

0.406

SGAI

0.738

TATA

-0.130

LVGI

0.970

VTS presents a moderate risk profile with a Beneish M-Score of -3.7934, indicating no significant signs of earnings manipulation. However, the earnings quality score of 58.0 suggests potential concerns in revenue recognition and margin quality, which could impact investor confidence.

Red Flags

Earnings Quality Score of 58.0 indicates potential issues with revenue recognition, particularly with eq_margin and eq_revenue both scoring 0.0/100.
The SGI of 1.0658 suggests that sales growth may not be sustainable, indicating potential overstatement of revenue.

Positive Signals

The Beneish M-Score of -3.7934 is well below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
High cash conversion metrics (eq_cash_conv and eq_receivables both at 100.0/100) indicate strong cash management relative to earnings.

Ownership Risk

The concentrated ownership structure, with the top two institutional shareholders holding 49.8%, may lead to governance risks and potential conflicts of interest, especially in decision-making processes.

Recommendation

Investors should closely monitor revenue recognition practices and the sustainability of sales growth. It may be prudent to conduct further due diligence on the company's governance structure and financial reporting practices.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

-0.89

Distress Zone

Sharpe

-1.04

Negative

Composite

Fair

Price Risk

Momentum

-15.5%

Volatility

169.2%

Max Drawdown

-82.0%

Key Ratios

Fiscal year 2025

19.23P/E

P/B1.14

P/S2.01

ROE6.1%

ROA4.4%

EPS364.03

BVPS6161.13

Gross Margin20.4%

Net Margin10.5%

D/E0.37

Current Ratio3.67

Rev Growth6.6%

Profit Growth114.4%

EV/EBITDA-12.89

Div Yield0.0%

Company Overview

Issued Shares

2.0M

Charter Capital

20.0B 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 VTS — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Ống sợi thủy tinh Vinaconex

Inst

24.9%

498.712

Tổng Công ty Viglacera

Inst

24.9%

498.712

Nguyễn Văn Dụy

Indiv

14.6%

291.337

Nguyễn Văn Cơ

Indiv

9.6%

192.392

Nguyễn Quốc Hòa

Indiv

9.3%

185.019

Nguyễn Văn Thân

Indiv

8.8%

176.700

Nguyễn Thị Mơ

Indiv

5.0%

99.919

Nguyễn Văn Quang

Indiv

5.0%

99.810

Vũ Thị Nhung

Indiv

1.6%

31.034

Nguyễn Như Kiến

Indiv

0.8%

16.000

Doãn Thị Chung

Indiv

0.6%

11.210

Tạ Vũ Nam Giang

Indiv

0.4%

8.976

Đặng Văn Phương

Indiv

0.4%

8.892

Trần Xuân Hùng

Indiv

0.4%

7.821

Phùng Văn Cần

Indiv

0.3%

6.500

Trần Văn Nghĩa

Indiv

0.2%

4.006

Quyền Văn Sinh

Indiv

0.2%

3.965

Board & Management

Nguyễn Văn Duy14.6%

Thành viên Hội đồng Quản trị

Nguyễn Văn Cơ9.6%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Mơ5.0%

Kế toán trưởng

Tạ Vũ Nam Giang0.4%

Thành viên Hội đồng Quản trị

Trần Xuân Hùng0.4%

Giám đốc/Phó Giám đốc/Thành viên Hội đồng Quản trị

Lê Ngân Bình

Trưởng Ban kiểm soát

Nguyễn Thị Thanh Hương

Thành viên Ban kiểm soát

Đặng Thị Duyên

Thành viên Ban kiểm soát

Nguyễn Huy Thuật

Thành viên Hội đồng Quản trị

Nguyễn Văn Hiếu

Phó Giám đốc

Top connections

VGC99.9%DSG86.4%DTC67.5%TLT2 links DAC2 links VIH51.0%VIM51.0%VIT2 links VHL2 links HLY2 links SGN25.0%WCS23.6%

Computed 12/04/2026