HAS

Công ty Cổ phần Hacisco

VietnamConstructionXây dựng và Vật liệuHOSECT

8.110

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+3.6%Calibrated value vs last close

Last close (VND): 8.110
Calibrated intrinsic value (VND): 8.403

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
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
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.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

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.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

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.

Model Inputs

Mid-Cycle EBITDA→4.43B

Fair EV/EBITDA→12.4x

Years of data→7

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)→8.110

Calibrated value vs last close→+3.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.403

What feeds each step— click a source to highlight it in the statements

Mid-cycle EBITDA4.4 tỷebitda source: own medianyears of data: 7

HAS among Construction

Every stock in the sector, HAS marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one stock in the sector; the amber bead with its stem is HAS. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2011	2010
CURRENT ASSETS (Bn. VND)	·	150	132	178	180	180	174	195	211	225	238	342	217	206	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	3	3	6	6	4	19	11	15	11	23	36	3	7	·	·
Short-term investments (Bn. VND)Net debt bridge	·	0.3	1	21	25	22	11	9	12	27	15	19	23	38	·	·
Accounts receivable (Bn. VND)	·	116	103	138	139	146	137	167	181	162	179	192	189	152	·	·
Prepayments to suppliers (Bn. VND)	·	5	3	3	3	4	3	1	0.6	2	3	4	6	5	·	·
Net Inventories	·	30	25	13	11	8	8	8	3	25	20	89	2	7	·	·
Inventories, Net (Bn. VND)	·	30	25	13	11	8	8	8	3	25	20	89	2	7	·	·
Other current assets	·	0.8	0.03	0.02	0.3	0	0.3	0.3	0	0	0	6	0	1	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	1	·	·
LONG-TERM ASSETS (Bn. VND)	·	22	24	36	40	23	27	27	24	25	32	36	36	31	·	·
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0.3	0.4	2	2	2	6	2	0	·	·
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0.3	0.4	2	2	2	6	2	0	·	·
Fixed assets (Bn. VND)	·	0.9	2	13	16	3	4	3	3	4	5	2	3	3	·	·
Tangible fixed assets	·	0.9	2	13	16	3	4	3	3	4	5	2	3	3	·	·
Intagible fixed assets	·	0	0	0	0	0	0	0	0	0	0	0.05	0.08	0.1	·	·
Investment in properties	·	12	13	14	10	11	13	14	10	10	16	17	17	18	·	·
Long-term investments (Bn. VND)	·	8	8	8	8	8	9	9	8	8	8	8	9	9	·	·
Other long-term assets (Bn. VND)	·	8	8	8	8	8	8	8	8	8	8	8	9	9	·	·
Less: Provision for diminuation in value of long term investments	·	−0.1	0	0	0	0	0	0	0	0	0	0	0	0	·	·
Other non-current assets	·	0.4	0.1	0.4	0.02	0.3	0	0	0	0	0	0	0.00	0.6	·	·
Long-term prepayments (Bn. VND)	·	0.4	0.1	0.4	0.02	0.3	0	0	0	0	0	0	0.00	0.03	·	·
TOTAL ASSETS (Bn. VND)	·	172	156	214	220	203	201	222	235	250	269	378	252	237	·	·
LIABILITIES (Bn. VND)	·	48	28	75	80	61	59	77	90	105	136	257	138	82	·	·
Current liabilities (Bn. VND)	·	47	26	67	72	61	59	77	89	104	135	257	137	81	·	·
Short-term borrowings (Bn. VND)Net debt bridge	·	27	10	13	16	25	21	22	42	37	67	0.2	2	0.2	·	·
Advances from customers (Bn. VND)	·	1	3	8	3	9	4	5	2	9	8	13	7	3	·	·
Long-term liabilities (Bn. VND)	·	0.9	2	8	8	0.3	0.3	0.3	0.3	0.2	0.7	0.7	0.6	1.0	·	·
Long-term borrowings (Bn. VND)Net debt bridge	·	0.3	1	7	8	0	0	0	0	0	0	0	0	0	·	·
OWNER'S EQUITY(Bn.VND)	·	124	128	139	141	142	142	144	145	146	133	120	114	155	·	·
Capital and reserves (Bn. VND)	·	124	128	139	141	142	142	144	145	146	133	120	114	155	·	·
Paid-in capital (Bn. VND)	·	80	80	80	80	80	80	80	80	80	80	80	80	80	·	·
Investment and development funds (Bn. VND)	·	4	4	4	4	4	4	4	3	0	0	0	11	8	·	·
Undistributed earnings (Bn. VND)	·	−14	−11	0.7	2	3	3	6	8	11	−1	−14	−31	9	·	·
TOTAL RESOURCES (Bn. VND)	·	172	156	214	220	203	201	222	235	250	269	378	252	237	·	·
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	1	0.8	0	0	0	·	·
Common shares (Bn. VND)	·	80	80	80	80	80	80	80	80	80	80	80	80	80	·	·

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.39 · 44th pctile vs VN companies

YoY ▼ −0.67

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

1.374

GMI

0.504

AQI

0.898

SGI

0.821

DEPI

0.892

SGAI

0.907

TATA

0.082

LVGI

1.544

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 3.0%57th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.18×
Consecutive years of net lossProfit after tax of the parent: 2
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.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.68

Distress Zone

Sharpe

0.03

Positive

Composite

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 Burden1.07×Interest Burden0.88×Op. Margin−0.07×Turnover0.33×Leverage1.39=ROE−3.0%

Price Risk

Momentum

+19.5%

Volatility

92.8%

Max Drawdown

−30.9%

Key Ratios

Fiscal year 2025

—P/E

P/B: 0.51
P/S: 1.11
ROE: −2.9%
ROA: −2.3%
EPS: −473
BVPS: 15.894
Gross Margin: 7.3%
Net Margin: −6.5%
D/E: 0.22
Current Ratio: 3.19
Rev Growth: −17.9%
Profit Growth: +71.2%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 7.8M
Charter Capital: 78.0B VND
Sector (ICB L2): Xây dựng và Vật liệu
Industry (ICB L3): Xây dựng và Vật liệu
Sub-industry: Xây dựng
Company Type: CT

Ownership network

Common ownership links for HAS. Hover for detail, select a link to open it.

Shareholders

Tập Đoàn Bưu Chính Viễn Thông Việt Nam

Inst

27.6%

2.2M

2026-06-30

Phạm Thị Hạnh

Indiv

14.5%

1.2M

2026-06-30

Robert Alexander Stone

Indiv

12.6%

1.0M

2026-06-30

Đoàn Ngọc Cương

Indiv

4.9%

389,800

2024-12-31

Nguyễn Hoài Nam

Indiv

4.1%

322,910

2026-06-30

Đặng Thị Thanh Trà

Indiv

1.2%

91,800

2024-12-31

Nguyễn Quốc Cường

Indiv

0.1%

10,000

2013-12-31

Board & Management

Nguyễn Hoài Nam4.1%

Chairman of Management Board

Nguyễn Thanh Hải

Member of Management Board/Deputy General Director

Top connections

PMJ51.0%POT50.0%PMT49.8%CKV2 links PTP49.0%VTC46.7%KST33.9%TST32.8%VTE32.0%ICT31.4%PTO30.0%ABC28.3%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

HAS among Construction

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

HAS among Construction