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Công ty Cổ phần Tư vấn và Đầu tư Phát triển Quảng Nam

VietnamConstructionXây dựng và Vật liệuUPCOMCT
8.500
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+3.0%Calibrated value vs last close
Last close (VND)
8.500
Calibrated intrinsic value (VND)
8.751

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

  • The closing price is too old for comparison.
  • 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→1.01B
Fair EV/EBITDA→13.3x
Years of data→6
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)→8.500
Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
8.751
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA1.0 tỷebitda source: own medianyears of data: 6
Feeds valuation:Model inputsFinal calculation
Line item2026202520242023202220212020
CURRENT ASSETS (Bn. VND)
·532325·
Cash and cash equivalents (Bn. VND)Net debt bridge
·0.80.20.6142·
Short-term investments (Bn. VND)Net debt bridge
·0.010.010.370·
Accounts receivable (Bn. VND)
·420.754·
Prepayments to suppliers (Bn. VND)
·0.30.30.320.02·
Net Inventories
·0.20.60.0350.00·
Inventories, Net (Bn. VND)
·0.20.60.0350.00·
Other current assets
·0.040.030.060.10.1·
LONG-TERM ASSETS (Bn. VND)
·343437507·
Long-term trade receivables (Bn. VND)
·0000.50·
Other long-term receivables (Bn. VND)
·0000.50·
Fixed assets (Bn. VND)
·000110·
Tangible fixed assets
·000110·
Long-term investments (Bn. VND)
·343437157·
Investment in joint ventures
·000150·
Investments in associate companies
·34343700·
Other long-term assets (Bn. VND)
·00007·
Other non-current assets
·000.01240.04·
Long-term prepayments (Bn. VND)
·000.010.50.04·
TOTAL ASSETS (Bn. VND)
·3937398313·
LIABILITIES (Bn. VND)
·337432·
Current liabilities (Bn. VND)
·332372·
Short-term borrowings (Bn. VND)Net debt bridge
·00.50110·
Advances from customers (Bn. VND)
·22232·
Long-term liabilities (Bn. VND)
·00460·
Long-term borrowings (Bn. VND)Net debt bridge
·00460·
OWNER'S EQUITY(Bn.VND)
·3634324011·
Capital and reserves (Bn. VND)
·3634324011·
Paid-in capital (Bn. VND)
·3232323211·
Difference upon Assets Revaluation
·−0.000000·
Investment and development funds (Bn. VND)
·0000.20·
Undistributed earnings (Bn. VND)
·420.06−20.02·
TOTAL RESOURCES (Bn. VND)
·3937398313·
Short-term loans receivables (Bn. VND)
·00000.9·
Common shares (Bn. VND)
·3232323211·
Good will (Bn. VND)
·000230·
MINORITY INTERESTSNet debt bridge
·000100·

Earnings Quality

Fiscal year 2025
68
Fair
Accrual Quality
92
Cash Conversion
46
Receivables
100
Margin Stability
21

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.26 · 84th pctile vs VN companies
YoY ▼ −0.59
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
0.931
GMI
1.632
AQI
0.954
SGI
1.800
DEPI
1.000
SGAI
0.282
TATA
0.021
LVGI
0.907

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−0.2419th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
0.8%31st 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's Beneish M-Score is -1.2612 (84th percentile vs Vietnamese peers) with a year-over-year change of -0.59, indicating accounting measures have moved toward more aggressive profiles relative to peers even though the absolute M-Score is above the US -1.78 cutoff. Earnings-quality is mixed: accruals and receivables scores are strong (91.5 and 100.0) but cash conversion is weak (45.6) and margin quality is low (20.6). Credit/bankruptcy distance is comfortable (Altman Z = 8.79) and fundamental health is neutral (Piotroski F = 5/9).

Red Flags
  • Beneish M-Score -1.2612 (84th percentile among Vietnamese peers): the company scores more aggressively on the M-Score than 84% of non-financial Vietnamese peers; the M-Score moved by -0.59 year-over-year, which signals a material directional change in the underlying inputs.
  • Low cash conversion: three-year operating cash flow / net profit = -0.24 (19th percentile among Vietnamese peers), meaning reported profits over that window have not converted into cash and this metric is unusually weak versus peers.
  • Very low margin quality: margin-quality component = 20.6/100, indicating that reported margins have a higher proportion of components that historically correlate with weaker sustainability of reported profit.
  • Director-deal registrations: between 2025-10-30 and 2026-10-30 there are 2 sale registrations (one registrant; 2,603,300 shares) and 7 purchase registrations (five registrants; seven without volumes). These are registered intentions with the exchange, not executed trades, but they are concentrated in both buy and sell filings.
Positive Signals
  • Accruals and receivables quality strong: accruals quality = 91.5/100 and receivables quality = 100.0/100, suggesting reported earnings are not being driven by unusual accruals or abnormal receivable recognition in available measures.
  • Low receivables outside the trade cycle: receivables outside the trade cycle = 0.8% of total assets (31st percentile), implying limited balance-sheet exposure to long-term receivable items such as related-party loans or long-term prepayments relative to peers.
  • Low total accrual-based manipulation signal (TATA) and certain Beneish components: TATA = 0.0212 and DEPI = 1.0000, LVGI = 0.9073, DSRI = 0.9311 — some Beneish components do not show the classic warning patterns such as rapid inventory build-up or unusually high receivable growth.
  • Solvency cushion: Altman Z-Score = 8.79, placing the company well into the 'safe' zone for bankruptcy distance under that model.
Ownership Risk

Ownership is highly concentrated: three individuals together hold 87.6% (Đào Đình Dư 48.3%, Nguyễn Văn Dũng 24.5%, Trần Đức Trung 14.8%), with two further individuals holding 4.5% each. Such concentration implies control by a tight group; director-deal registrations listed are intentions by insiders or related persons rather than executed trades.

To check in the filings
  • Compare the 2025 statement of cash flows operating cash flows to the parent net profit line in the income statement to reconcile the three-year cash-conversion shortfall (-0.24).
  • Review the notes and schedules for 'receivables' and 'other receivables' to verify the composition of the 0.8% of assets classified as receivables outside the trade cycle.
  • Inspect related-party disclosures and the schedule of prepayments/loans to confirm whether any significant balances are to shareholders, management or affiliates that could affect margin and cash-conversion interpretation.
  • Examine the directors' and major shareholders' registration announcements filed with the exchange (2025-10-30 to 2026-10-30) to see the counterparties and any volumes missing from some purchase registrations.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
8.79
Safe Zone
Sharpe
0.04
Positive
Composite
18
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 Burden0.83×Interest Burden1.00×Op. Margin0.27×Turnover0.22×Leverage1.08=ROE5.3%
Price Risk
Momentum
−4.5%
Volatility
213.1%
Max Drawdown
−59.2%

Key Ratios

Fiscal year 2025
14.28P/E
P/B
0.76
P/S
3.17
ROE
5.5%
ROA
5.0%
EPS
595
BVPS
11.207
Gross Margin
33.8%
Net Margin
22.2%
D/E
0.00
Current Ratio
1.72
EV/EBITDA
11.45
Div Yield
—

Company Overview

Shares outstanding
3.2M
Charter Capital
32.2B 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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