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CC1

Tổng Công ty Xây dựng số 1 - CTCP

VietnamConstructionXây dựng và Vật liệuUPCOMCT
33.500
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+3.0%Calibrated value vs last close
Last close (VND)
33.500
Calibrated intrinsic value (VND)
34.490

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply to the close

    That return is applied to the last close.

Keep in mind

  • For illustration only: not a validated forecast.
  • No uncertainty range: the estimate is a single figure.
  • Older record: it has not been re-measured on the current data.

Why it needs review

  • Trading liquidity is below the comparison threshold.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
Not assessed
A separate peer-outperformance probability is unavailable for this valuation.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

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 Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.

Technical details
Why this model

Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.

How it works

Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.

1
Model Inputs
Mid-Cycle EBITDA→266.55B
Fair EV/EBITDA→38.7x
Years of data→7
2
Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→33.500
Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
34.490
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA266.5 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·13,51610,3829,90710,4898,1766,6347,2456,1044,9965,1454,6843,8452,338
Cash and cash equivalents (Bn. VND)Net debt bridge
·2,2832,6252,7211,6391,3238571,8991,4971,2961,0851,028803308
Short-term investments (Bn. VND)Net debt bridge
·25191132205365572103324433525641986
Accounts receivable (Bn. VND)
·8,0075,8005,8817,3014,9274,1733,5242,9542,3872,2381,9451,7231,292
Prepayments to suppliers (Bn. VND)
·5,1433,5203,3103,6672,3211,3101,234894728995397410188
Net Inventories
·2,5151,4959281,0061,2561,3681,4211,1751,0921,1861,186682510
Inventories, Net (Bn. VND)
·2,5161,4959281,0071,2571,3681,4211,1761,0921,1861,186682512
Other current assets
·460372245337305179191146178302269218142
Other current assets (Bn. VND)
·000000000336382
LONG-TERM ASSETS (Bn. VND)
·3,6106,3465,0435,0943,4913,2523,1953,3383,3504,2545,7905,6145,042
Long-term trade receivables (Bn. VND)
·6962,0411,2161,201867921061389517474670
Other long-term receivables (Bn. VND)
·6651,9011,1691,1468042022483511474670
Fixed assets (Bn. VND)
·1862061603873601,1571,2389711,2044883,2735,3624,796
Tangible fixed assets
·6376933092738191,0848261,1003812,8053,1593,245
Leased assets
·808623303440161242330
Intagible fixed assets
·4343434953298138134101105465447455
Investment in properties
·398431489514540149154161150000
Long-term investments (Bn. VND)
·1,6457545297682511,2221,138954778805224143191
Investments in associate companies
·1,0017014606501161,0991,024853686731887497
Other long-term assets (Bn. VND)
·653476410912611211110192741376998
Less: Provision for diminuation in value of long term investments
·−900−2−2−1−1−100−0.07−0.07−4
Other non-current assets
·1660641051031611021135543294355
Long-term prepayments (Bn. VND)
·1644499093160971075043284049
TOTAL ASSETS (Bn. VND)
·17,12616,72814,95015,58311,6679,88610,4399,4428,3479,39910,4749,4587,380
LIABILITIES (Bn. VND)
·12,63812,16410,70311,4219,8158,0378,6067,5906,7127,6308,2607,5985,769
Current liabilities (Bn. VND)
·9,9718,3707,3466,0965,7105,7096,1384,9023,5184,2774,3393,4622,285
Short-term borrowings (Bn. VND)Net debt bridge
·5,0383,7222,3482,2072,5232,4742,4782,2011,5622,4641,8911,7891,070
Advances from customers (Bn. VND)
·1,3082,2252,7751,6581,4361,4652,0411,4427396471,272544314
Long-term liabilities (Bn. VND)
·2,6673,7933,3575,3254,1052,3282,4682,6883,1943,3543,9224,1363,484
Long-term borrowings (Bn. VND)Net debt bridge
·1,6272,2981,9414,5613,4211,6751,7441,9552,5282,3903,1963,0862,330
OWNER'S EQUITY(Bn.VND)
·4,4894,5644,2474,1621,8521,8491,8331,8521,6341,7692,214858714
Capital and reserves (Bn. VND)
·4,4894,5644,2474,1621,8521,8491,8331,8521,6341,7692,214858714
Paid-in capital (Bn. VND)
·3,9793,5853,5853,2891,1441,1001,1001,1001,1001,100518512416
Other Reserves
·00000000000.30.30.3
Difference upon Assets Revaluation
·−68843−71−75−75−76−813600
Foreign Currency Difference reserve
·−0.080.010.020000000000
Investment and development funds (Bn. VND)
·652020231817139779189135119
Other Reserves
·0000000000122114
Undistributed earnings (Bn. VND)
·294477270347299319344329157272297151104
Minority Interest
·000000000001,003897
TOTAL RESOURCES (Bn. VND)
·17,12616,72814,95015,58311,6679,88610,4399,4428,3479,39910,4749,4587,380
Short-term loans receivables (Bn. VND)
·212530215444129000000
Long-term loans receivables (Bn. VND)
·311414755637281906060000
Common shares (Bn. VND)
·3,9793,5853,5853,2891,1441,1001,1001,1001,1001,100518512416
MINORITY INTERESTSNet debt bridge
·523792694042833773463813352561,12200

Earnings Quality

Fiscal year 2025
10
Poor
Accrual Quality
17
Cash Conversion
0
Receivables
23
Margin Stability
10
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.07 · 87th pctile vs VN companies
YoY ▲ +0.08
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
1.187
GMI
1.057
AQI
0.545
SGI
1.163
DEPI
0.947
SGAI
1.045
TATA
0.274
LVGI
1.062

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−6.255th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
34.2%96th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
None
Consecutive years of net lossProfit after tax of the parent
0
Owner's equityWithout the non-controlling interest
Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them. The company trades on UPCoM, where these tests do not apply.

The company shows several accounting signals associated with aggressive recognition and weak cash conversion: a Beneish M-Score of -1.0702 (87th percentile vs Vietnamese peers) with a small year-over-year increase of +0.08, and an Earnings-Quality Score of 10.3/100. Operating cash flow lags reported profit (three-year cash conversion = -6.25, 4th percentile), and receivables/out-of-cycle assets are large at 34.2% of total assets (96th percentile).

Red Flags
  • Beneish M-Score = -1.0702 (measures likelihood of earnings manipulation using eight ratios); company is at the 87th percentile among Vietnamese peers (higher percentile = more aggressive accounting relative to peers) and M-Score rose by +0.08 year-over-year.
  • DSRI = 1.1872 (days-sales-receivables index; suggests rising receivables relative to sales).
  • TATA = 0.2735 (total accruals to total assets; elevated accruals vs assets).
  • Earnings-Quality Score = 10.3/100 (overall low score measuring multiple aspects of earnings quality).
  • Cash conversion (three-year operating cash flow / net profit) = -6.25 (measures extent profit converts to cash; negative and at the 4th percentile among VN non-financials).
  • Receivables outside the trade cycle = 34.2% of total assets (measures prepayments, loans receivable, other long-term receivables; at the 96th percentile among Vietnamese peers).
  • Revenue quality = 0.0/100 and Cash conversion subscore = 0.0/100 (indicate weak revenue persistence and cash-realisation metrics).
  • Altman Z-Score = 1.67 (measures distance to bankruptcy; falls in the 'distress' zone).
Positive Signals
  • AQI = 0.5448 (asset quality index; lower values can indicate fewer write-offs or lower proportion of long-lived assets being reclassified, but needs context with large receivables-outside-cycle).
  • DEPI = 0.9468 (depreciation index; below 1.0 can indicate depreciation expense rising relative to prior-year depreciable base—consistent with conservative fixed-asset write-down patterns rather than aggressive capitalization).
  • Piotroski F-Score = 4/9 (neutral fundamentals; some internal performance/quality signals are mixed rather than uniformly poor).
  • No accumulated losses and owner's equity (excluding minority interest) positive; parent net loss = 0 consecutive years up to FY2025 (statutory equity and retained earnings are not negative).
Ownership Risk

Ownership is moderately concentrated: the largest individual, Lê Bảo Anh, holds 19.8%, and three other insiders/institutional holders hold 10.5%, 10.3% and smaller stakes. Director-deal registrations in the past year show one purchase registration of 8,000,000 shares (+1.61% of shares outstanding) and zero sale registrations; these are registered intentions with the exchange, not confirmed executed trades.

To check in the filings
  • Compare the FY2025 note(s) on trade receivables, loans receivable and prepayments to suppliers to reconcile the 34.2% of total assets reported as 'receivables outside the trade cycle.'
  • Reconcile the cash-flow statement (operating cash flow) and income statement over the last three years to reproduce the -6.25 cash conversion ratio and identify major non-cash or timing items in operating cash flow.
  • Inspect the related-party disclosures and the schedule of loans/advances to related parties to see if a material share of out-of-cycle receivables are intra-group or related-party balances.
  • Review the fixed-asset and depreciation notes to confirm the components behind DEPI = 0.9468 and any recent changes in useful lives, revaluations or disposals.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
1.67
Distress Zone
Sharpe
0.13
Positive
Composite
17
Below 30
Piotroski F-Score Breakdown
✓Net Income > 0
✗Operating CF > 0
✗ROA Rising
✗OCF > Net Income
✓Lower Leverage
✓Better Liquidity
✗No Dilution
✗Margin Up
✓Turnover Up
DuPont Decomposition
Tax Burden0.70×Interest Burden2.10×Op. Margin0.01×Turnover0.69×Leverage3.82=ROE4.2%
Price Risk
Momentum
+26.9%
Volatility
80.3%
Max Drawdown
−31.8%

Key Ratios

Fiscal year 2025
85.77P/E
P/B
3.82
P/S
1.43
ROE
4.6%
ROA
1.2%
EPS
497
BVPS
11.149
Gross Margin
4.5%
Net Margin
1.6%
D/E
1.48
Current Ratio
1.36
Rev Growth
+16.2%
Profit Growth
+2.1%
EV/EBITDA
82.93
Div Yield
—

Company Overview

Shares outstanding
498M
Charter Capital
4,984B VND
Sector (ICB L2)
Xây dựng và Vật liệu
Industry (ICB L3)
Xây dựng và Vật liệu
Sub-industry
Xây dựng
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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