Back to Dashboard

H11

Công ty Cổ phần Xây dựng HUD101

VietnamConstructionXây dựng và Vật liệuUPCOMCT
6.600
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+22.2%Calibrated value vs last close
Last close (VND)
6.600
Calibrated intrinsic value (VND)
8.064

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.
  • Under financial distress the model falls back to book value.

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
Very 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→1.51B
Fair EV/EBITDA→13.8x
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)→6.600
Calibrated value vs last close→+22.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
8.064
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA1.5 tỷyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item2026202520242023202220212020201920182017201620152014201320122011
CURRENT ASSETS (Bn. VND)
·1169299100887468615253424655··
Cash and cash equivalents (Bn. VND)Net debt bridge
·237672425620.41··
Short-term investments (Bn. VND)Net debt bridge
·101066554431000··
Accounts receivable (Bn. VND)
·82687078534843372933282226··
Prepayments to suppliers (Bn. VND)
·6560.40.10.10.10.10.20.20.10.07209,421··
Net Inventories
·1910139231816171514121422··
Inventories, Net (Bn. VND)
·1910139231816171514121422··
Other current assets
·20.830.30.50.000.070.080.070.040.1106··
Other current assets (Bn. VND)
·00000000000106··
LONG-TERM ASSETS (Bn. VND)
·0.20.22220.60.70.812122··
Fixed assets (Bn. VND)
·0.10.22220.60.70.812122··
Tangible fixed assets
·0.10.22220.60.70.812122··
Intagible fixed assets
·0000000000000.2··
Other non-current assets
·0.04000000000.20.100.050··
Long-term prepayments (Bn. VND)
·0.04000000000.20.100.050··
TOTAL ASSETS (Bn. VND)
·11693101102917469615355434857··
LIABILITIES (Bn. VND)
·102798990786256494143313646··
Current liabilities (Bn. VND)
·102798990786256494143313646··
Short-term borrowings (Bn. VND)Net debt bridge
·372835353427242421219916··
Advances from customers (Bn. VND)
·10682255530.020.30.0110,491··
OWNER'S EQUITY(Bn.VND)
·14141313121213121213121212··
Capital and reserves (Bn. VND)
·14141313121213121213121212··
Paid-in capital (Bn. VND)
·11111111111111111111111111··
Investment and development funds (Bn. VND)
·111111111110.90.8··
Undistributed earnings (Bn. VND)
·220.70.60.30.20.50.40.20.60.20.10.02··
TOTAL RESOURCES (Bn. VND)
·11693101102917469615355434857··
Common shares (Bn. VND)
·11111111111111111111111111··

Earnings Quality

Fiscal year 2025
41
Weak
Accrual Quality
59
Cash Conversion
0
Receivables
100
Margin Stability
0

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.41 · 81st pctile vs VN companies
YoY ▲ +1.30
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
0.832
GMI
1.581
AQI
1.000
SGI
1.437
DEPI
1.000
SGAI
0.678
TATA
0.104
LVGI
1.034

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−5.165th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
5.5%70th 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 accounting signals show elevated earnings-quality and distress concerns despite no accumulated losses. The Beneish M-Score is -1.4059 (81st percentile versus Vietnamese peers, year-over-year change +1.30), indicating more aggressive accounting relative to most VN peers and a recent upward move. Operating cash conversion is very weak (three-year cash conversion -5.16, 5th percentile), while the Altman Z-Score is 0.82 (distress zone) and the Piotroski F-Score is 3/9 (weak fundamentals).

Red Flags
  • Beneish M-Score -1.4059: measures a combination of eight ratios associated with earnings manipulation; at the 81st Vietnam peer percentile this company shows more aggressive accounting metrics than about 80% of listed Vietnamese non-financial peers. Year-over-year M-Score change +1.30 indicates accounting metrics have been moving toward greater aggressiveness relative to last year.
  • GMI (Gross margin index) 1.5809: GMI > 1 signals deteriorating gross margins year-over-year, which contributes to a higher M-Score and can indicate pressure on reported profits.
  • SGI (Sales growth index) 1.4370: SGI > 1 shows strong sales growth (1.437x), which can create incentives to manage earnings and is one of the components pushing the M-Score up.
  • TATA (Total Accruals to Total Assets) 0.1042: positive TATA indicates sizeable accruals (about 10.4% of assets) which reduces earnings quality and is consistent with the low cash-conversion signal.
  • Cash conversion (operating cash flow / net profit, 3-year) -5.16 (5th percentile): measures whether reported profits convert to cash; a strongly negative ratio at the 5th percentile indicates profits have not converted into operating cash over three years.
  • Altman Z-Score 0.82 (distress zone): measures distance to bankruptcy; 0.82 places the company in the classic distress zone used by Altman’s model.
  • Piotroski F-Score 3/9: measures nine fundamental signals (profitability, leverage/liquidity, operating efficiency); a score of 3 indicates weak fundamentals overall.
  • Earnings Quality overall 40.8/100 with Cash conversion 0.0/100 and Margin quality 0.0/100: the composite score and component lows show poor cash-realisation and margin sustainability.
  • Receivables outside the trade cycle 5.5% of total assets (70th percentile): indicates material non-trade receivables (prepayments, loans receivable or long-term receivables) that are higher than many peers and can obscure true trade working capital.
Positive Signals
  • Receivables quality 100.0/100: measures the quality and proportion of trade receivables; this component scores perfectly, suggesting trade receivables themselves are not an immediate concern.
  • AQI (Asset quality index) 1.0000 and DEPI (Depreciation index) 1.0000: AQI = 1 indicates no deterioration in the ratio of non-current to total assets versus prior year in the Beneish inputs, and DEPI = 1 indicates no change in the effective depreciation pattern captured by Beneish's DEPI component.
  • DSRI (Days Sales in Receivables Index) 0.8323: DSRI < 1 implies receivables are not growing faster than sales in the Beneish formulation, consistent with the high receivables-quality component.
  • LVGI (Leverage index) 1.0344: modest increase in leverage (about 3.4%) rather than a large jump; not an extreme leverage signal within the M-Score drivers.
Ownership Risk

Control is concentrated: HU1 (Công ty Cổ phần Đầu tư và Xây dựng HUD1) holds 51.0% (control as of 2025-12-31). A large individual shareholder (Lê Văn Bá) holds 12.0%; remaining named individuals hold 4.5% and smaller stakes. Director-deal disclosures show 2 purchase registrations and 0 sale registrations (registrations disclosed between 2025-10-30 and 2026-10-30), which are intentions registered with the exchange, not executed trades.

To check in the filings
  • Compare the company's statement of cash flows (operating cash flows) for FY2023–FY2025 with the profit (parent profit) lines to verify the three-year operating cash flow / net profit ratio that produced -5.16.
  • Inspect the notes and schedules for receivables, prepayments and loans receivable to identify the composition and ageing of the 5.5% of total assets classified as receivables outside the trade cycle.
  • Review the fixed-asset and depreciation notes to confirm the inputs behind AQI = 1.0000 and DEPI = 1.0000 (changes in non-current asset composition and depreciation policies).
  • Check the related-party and balances table to see amounts, terms and counterparty identity for any loans to/from related parties or intra-group balances given the 51.0% parent HU1 ownership.

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

Quantitative Scores

F-Score
3/9
Weak
Z-Score
0.82
Distress Zone
Sharpe
−0.01
Negative
Composite
24
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 Burden0.75×Interest Burden0.79×Op. Margin0.00×Turnover0.58×Leverage8.23=ROE0.9%
Price Risk
Momentum
+127.3%
Volatility
203.2%
Max Drawdown
−79.6%

Key Ratios

Fiscal year 2025
46.72P/E
P/B
0.44
P/S
0.09
ROE
0.9%
ROA
0.1%
EPS
124
BVPS
13.308
Gross Margin
5.8%
Net Margin
0.2%
D/E
2.62
Current Ratio
1.14
EV/EBITDA
26.10
Div Yield
—

Company Overview

Shares outstanding
1.1M
Charter Capital
10.6B 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

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →