WCS

Construction

Công ty Cổ phần Bến xe Miền Tây

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

275.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

220.798

Current

275.000

Gap

-19.7%

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)

86.34%

Kd(1-t)

6.38%

D/(D+E)

13.66%

WACC

11.40%

Growth Estimate

fundamental firm blend3.83%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

202.694

50%DCF Value

238.903

Blended Intrinsic

220.798

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — WCS

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.19

High Risk

DSRI

1.456

GMI

0.999

AQI

2.020

SGI

1.086

DEPI

0.802

SGAI

0.999

TATA

0.084

LVGI

0.967

WCS exhibits a moderate risk profile with a Beneish M-Score of -1.1917, indicating a low likelihood of earnings manipulation. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition and cash conversion, which warrant caution.

Red Flags

Earnings Quality Score of 67.9/100 is below the industry average, indicating potential issues with revenue recognition (eq_revenue at 19.1/100).
DSRI of 1.4560 suggests that accounts receivable are growing faster than revenue, which could indicate aggressive revenue recognition practices.

Positive Signals

Strong institutional ownership with Tổng Công ty Cơ khí Giao thông Vận tải Sài Gòn holding 51.0%, providing stability and potential support for corporate governance.
High receivables quality score of 100.0/100 indicates effective management of receivables, which is a positive sign for cash flow.

Ownership Risk

The concentrated ownership structure, with the largest shareholder holding 51.0%, presents risks of governance issues and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should closely monitor WCS's revenue recognition practices and cash conversion metrics while considering the strong institutional backing as a stabilizing factor. A cautious approach is advised until improvements in earnings quality are observed.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

14.59

Safe Zone

Sharpe

-0.27

Negative

Composite

Weak

Price Risk

Momentum

-1.2%

Volatility

33.4%

Max Drawdown

-26.8%

Key Ratios

Fiscal year 2025

10.19P/E

P/B2.97

P/S4.95

ROE30.3%

ROA26.2%

EPS27897.53

BVPS95374.50

Gross Margin60.3%

Net Margin48.7%

D/E0.15

Current Ratio7.56

Rev Growth8.6%

Profit Growth10.9%

EV/EBITDA9.41

Div Yield0.0%

Company Overview

Issued Shares

3.0M

Charter Capital

30.0B 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 WCS — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cơ khí Giao thông Vận tải Sài Gòn

Inst

51.0%

1.3 trieu

america limited liability company

Inst

23.6%

590.200

Công Ty Cổ Phần Đầu Tư Thái Bình

Inst

10.0%

250.500

Ctcp Đầu Tư Thái Bình

Inst

10.0%

250.500

Bùi Việt

Indiv

9.3%

232.790

Kiều Nam Thành

Indiv

0.2%

3.900

Huỳnh Hải Oanh

Indiv

0.2%

3.900

Phạm Văn Thông

Indiv

0.1%

2.600

Board & Management

Trần Văn Phương

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Văn Thành

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

Bùi Công Hiệp

Thành viên Hội đồng Quản trị

Mai Thanh Bình

Thành viên Hội đồng Quản trị

Lê Thị Mỹ Hạnh

Chủ tịch Hội đồng Quản trị

Đặng Nguyễn Nguyên Huân

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Vân Hà

Thành viên Ban kiểm soát

Trương Nguyễn Thiên Kim

Thành viên Ban kiểm soát

Nguyễn Xuân Tùng

Trưởng Ban kiểm soát

Top connections

SGS51.0%TPS51.0%BSG51.0%SGN25.0%DNM23.6%IDV23.6%SZL23.6%BAX23.6%NNC2 links TIP23.6%MTH23.6%ILB23.6%

Computed 12/04/2026