USC

Công ty Cổ phần Khảo sát và Xây dựng - USCO

VietnamConstructionXây dựng và Vật liệuUPCOMCT

8.600

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+9.6%Calibrated value vs last close

Last close (VND): 8.600
Calibrated intrinsic value (VND): 9.426

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 18 Nov 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 2026Close date unavailableRecalculated 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→4.18B

Fair EV/EBITDA→15.8x

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)→8.600

Calibrated value vs last close→+9.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.426

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

Mid-cycle EBITDA4.2 tỷebitda source: own medianyears of data: 7

USC among Construction

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

Each bead is one valued stock in the sector; the amber bead with its stem is USC. 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	2013
CURRENT ASSETS (Bn. VND)	·	182	153	155	186	196	207	249	162	188	132	116	146
Cash and cash equivalents (Bn. VND)Net debt bridge	·	6	5	2	6	4	7	13	7	20	16	15	5
Short-term investments (Bn. VND)Net debt bridge	·	0	5	15	0	0	0	10	0	0	0	0	15
Accounts receivable (Bn. VND)	·	132	103	100	91	102	116	140	100	89	70	57	62
Prepayments to suppliers (Bn. VND)	·	13	9	7	8	12	13	32	7	15	7	5	5
Net Inventories	·	40	37	33	50	62	61	67	43	72	45	42	43
Inventories, Net (Bn. VND)	·	40	37	33	50	62	61	67	43	72	45	42	43
Other current assets	·	3	4	4	39	28	22	19	12	7	2	2	21
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	18
LONG-TERM ASSETS (Bn. VND)	·	35	35	36	37	39	41	41	42	43	26	28	16
Long-term trade receivables (Bn. VND)	·	0.1	0.1	0.1	0.1	0.1	0.2	0.1	1	0.1	0.1	0.1	0
Other long-term receivables (Bn. VND)	·	0.1	0.1	0.1	0.1	0.1	0.2	0.1	1	0.1	0.1	0.1	0
Fixed assets (Bn. VND)	·	8	9	10	11	12	13	14	15	17	21	24	15
Tangible fixed assets	·	7	8	9	10	11	12	13	13	16	20	23	14
Intagible fixed assets	·	1	1	1	1	1	1	1	1	1	1	1	0.5
Long-term investments (Bn. VND)	·	20	20	20	20	20	20	20	20	20	0.4	0.8	0.8
Investments in associate companies	·	20	20	20	20	20	20	20	20	20	0	0	0
Other long-term assets (Bn. VND)	·	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.8	0.8
Other non-current assets	·	6	6	6	6	7	7	7	6	5	4	3	0.1
Long-term prepayments (Bn. VND)	·	6	6	6	6	7	7	7	6	5	4	3	0
TOTAL ASSETS (Bn. VND)	·	216	189	191	223	235	247	290	204	231	158	144	162
LIABILITIES (Bn. VND)	·	158	131	134	164	176	188	229	144	171	99	85	129
Current liabilities (Bn. VND)	·	138	111	114	144	156	168	209	124	151	99	85	123
Short-term borrowings (Bn. VND)Net debt bridge	·	7	14	6	10	13	10	9	8	11	9	9	14
Advances from customers (Bn. VND)	·	39	28	31	38	62	66	72	27	65	21	12	40
Long-term liabilities (Bn. VND)	·	20	20	20	20	20	20	20	20	20	0	0	7
Long-term borrowings (Bn. VND)Net debt bridge	·	20	20	20	20	20	20	20	20	20	0	0	0
OWNER'S EQUITY(Bn.VND)	·	58	58	58	59	59	59	60	60	60	59	59	32
Capital and reserves (Bn. VND)	·	58	58	58	59	59	59	60	60	60	59	59	32
Paid-in capital (Bn. VND)	·	55	55	55	55	55	55	55	55	55	55	55	13
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	16
Investment and development funds (Bn. VND)	·	2	2	2	2	2	2	2	1	0.8	0.4	0	0
Undistributed earnings (Bn. VND)	·	1	0.7	0.7	2	2	2	4	4	4	4	4	0
TOTAL RESOURCES (Bn. VND)	·	216	189	191	223	235	247	290	204	231	158	144	162
Common shares (Bn. VND)	·	55	55	55	55	55	55	55	55	55	55	55	13

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

75th–90th

M −1.46 · 80th pctile vs VN companies

YoY ▲ +0.81

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

0.623

GMI

1.855

AQI

0.878

SGI

2.055

DEPI

0.935

SGAI

0.508

TATA

−0.008

LVGI

1.052

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.5882nd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 6.0%72nd 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 a mixed forensic picture: the Beneish M-Score is -1.4602 (80th percentile versus Vietnamese peers) with a year-over-year increase of +0.81, indicating its accounting profile has become more aggressive relative to peers. Earnings-quality component scores are strong overall (Earnings Quality 90.9/100; Accruals 100/100; Cash conversion 100/100; Receivables 100/100) but margin quality is weak (48.5/100); the Altman Z-Score is 1.34 (distress zone) while the Piotroski F-Score is 7/9 (solid fundamentals).

Red Flags

Beneish M-Score -1.4602 (80th percentile among Vietnamese peers) and YoY change +0.81 — the M-Score has risen materially year-over-year and sits well above the US -1.78 cutoff in absolute terms, but the peer percentile and trajectory are the more relevant signals for Vietnam.
Altman Z-Score 1.34 — places the company in the distress zone (a low distance to bankruptcy under the Altman model).
Cash conversion (3-year operating cash flow / net profit) = 2.58, 82nd percentile among Vietnamese non-financials — profits are not converting into operating cash as efficiently as most peers (a high ratio here implies weak cash conversion).
Receivables outside the trade cycle = 6.0% of total assets, 72nd percentile — a material portion of assets are non-trade receivables (prepayments, loans to related parties or other long-term receivables) compared with peers.
Margin quality 48.5/100 — the earnings-quality subscore for margins is low relative to other quality components, suggesting weaker persistence or volatility in margins.

Positive Signals

Earnings Quality overall 90.9/100 with Accruals quality 100/100 and Cash conversion quality 100/100 — the reported earnings show high-quality accrual and cash-flow characteristics by the scoring model.
Receivables quality 100/100 — within the earnings-quality framework, receivable recognition and aging patterns score well despite the level of non-trade receivables noted above.
Piotroski F-Score 7/9 — the company exhibits several strong fundamental signals (profitability, leverage/liquidity/operating efficiency measures) under the Piotroski test.
Beneish components: DSRI 0.6229 (lower days sales in receivables index), TATA -0.0077 (total accruals to total assets near zero), and LVGI 1.0524 (little unusual leverage growth) — some Beneish inputs are not suggestive of aggressive manipulation.

Ownership Risk

Ownership is concentrated: Tổng Công ty Tư vấn Xây dựng Việt Nam holds 57.8% (institutional, likely state-affiliated), with three individuals holding a further ~16% combined. The large controlling shareholder and group context increase the likelihood of related-party transactions, common in Vietnamese listed groups.

To check in the filings

Compare FY2025 and prior-year schedules of 'Receivables and Other Receivables' and the related-party note to identify the composition of the 6.0% of assets labelled as receivables outside the trade cycle (prepayments, loans receivable, long-term receivables).
Reconcile the consolidated cash flow from operating activities to consolidated net profit across the last three years to verify the 3-year cash conversion ratio of 2.58 and identify items causing poor profit-to-cash conversion (changes in working capital, non-cash items, related-party receipts/payments).
Examine the notes on related-party transactions, short-term advances and prepayments to see whether significant balances are with group entities or state-owned affiliates (note any terms, collateral or repayment schedules).
Review the equity section of the audited FY2025 financial statements and the parent-company profit line to confirm there are no accumulated losses, that owner's equity (excluding minority interest) is positive, and that the parent reported no consecutive-year statutory net losses up to FY2025.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.34

Distress Zone

Sharpe

−0.53

Negative

Composite

30 to 49

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 Burden0.76×Interest Burden0.85×Op. Margin0.01×Turnover0.81×Leverage3.71=ROE2.3%

Price Risk

Momentum

−10.1%

Volatility

39.6%

Max Drawdown

−32.4%

Key Ratios

Fiscal year 2025

35.53P/E

P/B: 0.81
P/S: 0.27
ROE: 2.3%
ROA: 0.7%
EPS: 242
BVPS: 10.602
Gross Margin: 9.1%
Net Margin: 0.8%
D/E: 0.46
Current Ratio: 1.32
EV/EBITDA: 21.22
Div Yield: 1.3%

Company Overview

Shares outstanding: 5.5M
Charter Capital: 55.0B 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 USC. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Tư vấn Xây dựng Việt Nam

Inst

57.8%

3.2M

2026-06-30

Trần Linh Trang

Indiv

10.3%

564,565

2026-06-30

Nguyễn Minh Thúy

Indiv

5.0%

272,867

2026-06-30

Trần Ngọc Sang

Indiv

0.7%

40,084

2026-06-30

Vũ Văn Định

Indiv

0.7%

37,538

2024-12-31

Nguyễn Trọng Thoáng

Indiv

0.7%

36,700

2026-06-30

Lư Tuấn Anh

Indiv

0.1%

6,176

2026-06-30

Board & Management

Trần Linh Trang10.3%

Member of Management Board

Nguyễn Minh Thúy5.0%

Member of Supervisors Board

Trần Ngọc Sang0.7%

Member of Management Board/General Director

Nguyễn Trọng Thoáng0.7%

Chairman of Management Board

Lư Tuấn Anh0.1%

Deputy General Director/Spokesman

Vũ Thị Thanh Huyền

Head of Supervisors Board

Trần Minh Đức

Member of Management Board/Deputy General Director

Lê Thị Chuyên

Member of Supervisors Board

Lương Ngọc Sang

Chief Accountant

Top connections

CCV57.8%NAC57.8%VWS57.8%CNN57.8%

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

USC among Construction

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Ownership network

USC among Construction