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CIG

Công ty Cổ phần COMA 18

VietnamConstructionXây dựng và Vật liệuHOSECT
5.900
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Close below calibrated value
+9.6%Calibrated value vs last close
At last close+500%
Last close (VND)
5.900
Calibrated intrinsic value (VND)
6.467

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.

Also note

  • Trading liquidity is low.
Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
52.1%
12 monthsHistorical calibration
Chance the return beats the median return of its sector peers.
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.

12-month sector-relative outlook

−0.3percentage points
Construction12 monthsBack-test 2015–2024

Median 12-month return difference versus Construction peers, for model gaps like this one.

  • Not an absolute return forecast.
  • Not a price target.
  • A stock can underperform its sector and still rise.
Computed 30 Oct 2026Not updated with daily prices
Sector calibration span · percentage points
−11.7+5.7
  • The sector’s historical range, not a prediction interval for this stock.
  • Actual returns can fall outside it.

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→5.62B
Fair EV/EBITDA→55.2x
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)→5.900
Calibrated value vs last close→+9.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
6.467
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA5.6 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·1,115343477614291498779737595556386373465
Cash and cash equivalents (Bn. VND)Net debt bridge
·620.51.00.922312799
Accounts receivable (Bn. VND)
·1,106317453559177382395402296245837663
Prepayments to suppliers (Bn. VND)
·9329261624444448622
Net Inventories
·1.0151546112112380329294305296289371
Inventories, Net (Bn. VND)
·1.0151546112112380329294305296289371
Other current assets
·28881113430022
Other current assets (Bn. VND)
·00000000000022
LONG-TERM ASSETS (Bn. VND)
·1,0526392221154161891191157149415336
Long-term trade receivables (Bn. VND)
·1381580021900000555
Other long-term receivables (Bn. VND)
·13815800000000555
Fixed assets (Bn. VND)
·93969910392871718232191015
Tangible fixed assets
·93969910392871718232191010
Intagible fixed assets
·000000000000.070.1
Long-term investments (Bn. VND)
·000079797979250.5366
Investments in associate companies
·00007878787800000
Other long-term assets (Bn. VND)
·11111111251666
Less: Provision for diminuation in value of long term investments
·−1−1−1−1−0.5−0.5−0.5−0.5−0.5−0.5−300
Other non-current assets
·0.010.020022223331210
Long-term prepayments (Bn. VND)
·0.010.020022223331210
TOTAL ASSETS (Bn. VND)
·2,167982699730708687897852667604427426501
LIABILITIES (Bn. VND)
·1,778774545568536531566516461398404372378
Current liabilities (Bn. VND)
·346493545567444438472419363302310224181
Short-term borrowings (Bn. VND)Net debt bridge
·9169185178908386845244452316
Advances from customers (Bn. VND)
·163687549910507742292831
Long-term liabilities (Bn. VND)
·1,4322810.030.292939497979694147197
Long-term borrowings (Bn. VND)Net debt bridge
·0.40.60.010.292939497979694147197
OWNER'S EQUITY(Bn.VND)
·3892091541621711563313362062062255123
Capital and reserves (Bn. VND)
·3892091541621711563313362062062255123
Paid-in capital (Bn. VND)
·510315315315315315315315315315134134134
Other Reserves
·0000000088700
Investment and development funds (Bn. VND)
·0.30.30.30.3333333332
Undistributed earnings (Bn. VND)
·−135−248−302−295−288−305−129−126−128−128−129−90−21
TOTAL RESOURCES (Bn. VND)
·2,167982699730708687897852667604427426501
Short-term loans receivables (Bn. VND)
·000.20021922022000000
Long-term loans receivables (Bn. VND)
·000021900000000
Common shares (Bn. VND)
·510315315315315315315315315315134134134
Good will (Bn. VND)
·00000.030.030.040.0400000
MINORITY INTERESTSNet debt bridge
·112912812812812812812800000

Earnings Quality

Fiscal year 2025
31
Weak
Accrual Quality
45
Cash Conversion
0
Receivables
100
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
Highest band
M 1.67 · 97th pctile vs VN companies
YoY ▲ +2.88
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
0.720
GMI
0.945
AQI
0.801
SGI
4.841
DEPI
1.082
SGAI
0.215
TATA
0.155
LVGI
0.318

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−1.3212th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
49.4%99th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.26×
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 shows multiple accounting signals of elevated aggressiveness by Vietnamese standards: a Beneish M-Score of 1.6721 (97th percentile vs Vietnamese peers) with a year-over-year increase of +2.88, high sales growth influence (SGI 4.8409) and positive discretionary accruals (TATA 0.1551). At the same time, operating liquidity is weak: a three‑year cash conversion of -1.32 (12th percentile) and an Altman Z-Score of 0.96 (distress zone) point to cash and solvency pressure, while the Piotroski F-Score is 4/9 (neutral).

Red Flags
  • Beneish M-Score = 1.6721 (measures likelihood of earnings manipulation using eight ratios); company ranks in the 97th percentile among Vietnamese peers (high relative to VN sample) and M-Score rose by +2.88 year-over-year (a notable trajectory cue).
  • SGI (Sales Growth Index) = 4.8409 (measures sales growth; very large growth can strain controls and inflate M-Score contribution).
  • TATA (Total Accruals to Assets) = 0.1551 (measures accruals as a share of assets; positive value indicates accrual-based earnings rather than cash).
  • DEPI (Depreciation Index) = 1.0822 (measures changes in depreciation policy/estimates; >1 suggests slowing depreciation expense or longer useful lives which can boost profit).
  • Cash conversion (operating cash flow / net profit, 3-year) = -1.32 (12th percentile among Vietnamese non-financials; indicates profits have not translated into operating cash).
  • Receivables outside the trade cycle = 49.4% of total assets (98th percentile; large balance of prepayments, loans receivable and other non-trade receivables).
  • Altman Z-Score = 0.96 (distress zone; measures bankruptcy distance using profitability, leverage, liquidity and activity ratios).
Positive Signals
  • Receivables quality = 100.0/100 (measures likelihood receivables are collectible; score indicates strong quality on that dimension).
  • DSRI (Days Sales Receivable Index) = 0.7198 (measures receivables growth relative to sales; <1 implies receivables growing less than sales, which can be a positive on turnover).
  • AQI (Asset Quality Index) = 0.8009 (measures shift to non-current or other non-operating assets; <1 indicates no large switch into non-operating asset base).
  • SGAI (Sales, General & Admin Index) = 0.2146 (measures change in SGA relative to sales; <1 implies SGA has not risen faster than sales).
  • Receivables outside the trade cycle are explicitly quantified (49.4% of assets) rather than hidden; statutory loss tests: none met (the audited statements do not meet the listed-exchange statutory loss triggers under Decree 155/2020 as amended).
Ownership Risk

Ownership is concentrated in five individuals: top five shareholders hold 55.6% (15.0%, 11.0%, 11.0%, 10.8%, 7.8%), indicating concentrated insider control. No director-deal registrations were provided in the data (registrations would be intentions recorded with the exchange rather than executed trades).

To check in the filings
  • Compare the line items and notes for 'receivables', 'loans receivable' and 'prepayments to suppliers' in the FY2025 balance sheet and related-party disclosures to reconcile the 49.4% of total assets classified as receivables outside the trade cycle.
  • Reconcile the operating cash flow statement (cash from operations) with the income statement to verify the components producing the three‑year cash conversion of -1.32 (inspect reconciling items: changes in working capital, non-cash expenses, and one-off items).
  • Review the fixed-asset reconciliation and depreciation policy note to assess the drivers behind DEPI = 1.0822 (check useful lives, change in depreciation methods, and additions/disposals schedules).
  • Inspect the detailed accrual and reconciliation notes (including 'other receivables' and provisions) and the auditor’s report to validate TATA = 0.1551 and the 100/100 receivables-quality score (look for evidence of write-offs, provisioning policy, and subsequent collections).

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
0.96
Distress Zone
Sharpe
−1.11
Negative
Composite
63
50 to 69
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 Burden0.94×Interest Burden0.70×Op. Margin0.38×Turnover0.21×Leverage5.57=ROE29.2%
Price Risk
Momentum
−24.3%
Volatility
40.7%
Max Drawdown
−38.9%

Key Ratios

Fiscal year 2025
2.75P/E
P/B
0.80
P/S
0.68
ROE
48.3%
ROA
7.2%
EPS
2.212
BVPS
7.593
Gross Margin
30.1%
Net Margin
24.8%
D/E
0.02
Current Ratio
3.22
Rev Growth
+442.7%
Profit Growth
+151.3%
EV/EBITDA
2.38
Div Yield
—

Company Overview

Shares outstanding
51.0M
Charter Capital
510B 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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