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VE1

Công ty Cổ phần Xây dựng điện VNECO 1

VietnamConstructionXây dựng và Vật liệuHNXCT
2.600
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+12.2%Calibrated value vs last close
Last close (VND)
2.600
Calibrated intrinsic value (VND)
2.916

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→−2.14B
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)→2.600
Calibrated value vs last close→+12.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
2.916
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA−2.1 tỷyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·40282629353239375828363331
Cash and cash equivalents (Bn. VND)Net debt bridge
·811596182021369196
Short-term investments (Bn. VND)Net debt bridge
·23109101210141222,77022,50033,60020
Accounts receivable (Bn. VND)
·85910153541912312117
Prepayments to suppliers (Bn. VND)
·0.20.40.20.20.20.40.220.80.90.210.9
Net Inventories
·1220.60.81.00.30.246414
Inventories, Net (Bn. VND)
·1220.60.81.00.30.246414
Other current assets
·0.000.030.060.01000000.400.014
Other current assets (Bn. VND)
·0000000000004
LONG-TERM ASSETS (Bn. VND)
·0.4123344444536
Long-term trade receivables (Bn. VND)
·000000.60.6000000
Fixed assets (Bn. VND)
·0.3122233444534
Tangible fixed assets
·0.30.50.70.9122233323
Intagible fixed assets
·00.711111111111
Long-term investments (Bn. VND)
·0000000000001
Other long-term assets (Bn. VND)
·0000000000003
Less: Provision for diminuation in value of long term investments
·000000000000−2
Other non-current assets
·0.090.050.060.30.50.20.20.10.30.20.40.20.4
Long-term prepayments (Bn. VND)
·0.090.050.060.30.50.20.20.10.30.20.40.20.4
TOTAL ASSETS (Bn. VND)
·40292831383643416332413737
LIABILITIES (Bn. VND)
·10221324477111116
Current liabilities (Bn. VND)
·10221324477111116
Short-term borrowings (Bn. VND)Net debt bridge
·00000000.1300.400
Advances from customers (Bn. VND)
·0.10.10.0200020.40300.11
OWNER'S EQUITY(Bn.VND)
·31272630353440365525302621
Capital and reserves (Bn. VND)
·31272630353440365525302621
Paid-in capital (Bn. VND)
·60606060606060606030303030
Investment and development funds (Bn. VND)
·0000000000011
Undistributed earnings (Bn. VND)
·−29−33−33−30−25−26−20−23−4−40.01−5−10
TOTAL RESOURCES (Bn. VND)
·40292831383643416332413737
Short-term loans receivables (Bn. VND)
·00.433002000000
Long-term loans receivables (Bn. VND)
·000000.60.6000000
Common shares (Bn. VND)
·60606060606060606030303030
◆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
70
Good
Accrual Quality
100
Cash Conversion
100
Receivables
100
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
Highest band
M 3.60 · 99th pctile vs VN companies
YoY ▲ +4.73
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
0.099
GMI
0.761
AQI
1.372
SGI
10.000
DEPI
1.000
SGAI
0.102
TATA
−0.139
LVGI
2.983

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
11.8197th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
0.5%24th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.48×
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 several warning signs on accounting aggressiveness: a Beneish M-Score of 3.5993 (99th percentile among Vietnamese peers) with a year-over-year rise of +4.73, driven by high SGI (10.0000) and LVGI (2.9835). At the same time, underlying accounting and operating signals are mixed: very high scores for accruals, cash-conversion and receivables quality (each 100/100) and a Piotroski F-Score of 7/9, but extremely weak margin and revenue quality (0/100 each) and an Altman Z-Score of 1.31 (in the distress zone).

Red Flags
  • Beneish M-Score = 3.5993 (measures likelihood of earnings manipulation based on eight financial ratios); company is at the 99th percentile versus Vietnamese peers, and the M-Score increased by +4.73 year-on-year (the change is a secondary cue given low serial correlation). Note: the -1.78 cutoff is US-calibrated and about 28% of Vietnamese stocks exceed it, so peer percentile and trajectory matter here.
  • SGI (Sales Growth Index) = 10.0000 (measures growth in sales; an unusually high value can indicate aggressive revenue recognition or one-off spikes).
  • LVGI (Leverage Index) = 2.9835 (measures change in leverage; a large increase suggests rising debt relative to assets/equity).
  • AQI (Asset Quality Index) = 1.3718 (measures shifts toward less tangible/short-term assets; >1 can indicate capitalizing or reclassifying expenses to assets).
  • Margin quality = 0.0/100 and Revenue quality = 0.0/100 (these earnings-quality components measure stability and sustainability of margins and revenue; both at the bottom of the scale are concerning for reported profitability).
  • Altman Z-Score = 1.31 (measures distance to bankruptcy; 1.31 places the company in the distress zone for default risk).
  • Three-year cash conversion (operating cash flow / net profit) = 11.81, at the 97th percentile among Vietnamese non-financials (this measures how much reported profit converts into operating cash; a very low ratio here indicates profit is not converting into cash).
Positive Signals
  • Accruals quality = 100.0/100 (measures the quality of accrual accounting; a perfect score suggests reported earnings are not driven by abnormal accruals).
  • Cash conversion quality = 100.0/100 (measures short-term cash-generating ability relative to profit in detailed scoring; a high score here is supportive of cash-related disclosures despite the three-year aggregate cash-conversion ratio being weak).
  • Receivables quality = 100.0/100 and Receivables outside the trade cycle = 0.5% of total assets (24th percentile) (these measure whether receivables are unusual or dominated by loans/prepayments; both indicate receivables are not a major off-cycle concern).
  • Piotroski F-Score = 7/9 (measures nine fundamental signals of financial strength; a 7 suggests generally solid fundamentals).
  • No statutory loss tests met under Decree 155/2020 Art. 120(1)(e) as amended (these are the published-statement facts that would trigger exchange cancellation tests; none were met for FY2025).
  • Owner's equity (excluding minority interest) is positive and net parent profit has not been a loss in any of the last 0 consecutive years up to FY2025 (indicates equity is intact and parent did not report a statutory loss).
Ownership Risk

Top ownership is relatively concentrated: Công ty TNHH Đỗ Huấn (institution) holds 21.6%, and four named individuals together hold 39.7% (Hao Dan 14.8%, Lê Đình Chiến 13.2%, Nguyễn Thị Miền 6.2%, Xu Xiu Li 5.5%). No director-deal registrations were provided in the dataset (director-deal registrations, when present, are exchange-registered intentions rather than executed trades).

To check in the filings
  • Compare the FY2025 and FY2024 schedules for prepayments, long-term receivables and loans receivable in the notes (verify the line items that feed the 'receivables outside the trade cycle' 0.5% of assets).
  • Reconcile the consolidated cash-flow statement (operating cash flow) with consolidated net profit and the detailed reconciliation of profit-to-cash (explain the three-year cash-conversion ratio of 11.81 and the components of operating cash flows).
  • Inspect the revenue breakdown and the notes on significant contracts, related-party sales and revenue recognition policies (given SGI = 10.0000 and revenue-quality = 0/100).
  • Review the debt and lease note and the movement in liabilities that produce LVGI = 2.9835 and Altman components (confirm sources of rising leverage and whether any off-balance financing is disclosed).

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

Quantitative Scores

F-Score
7/9
Strong
Z-Score
1.31
Distress Zone
Sharpe
−0.92
Negative
Composite
62
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 Burden0.71×Interest Burden−2.34×Op. Margin−0.18×Turnover0.31×Leverage1.31=ROE12.3%
Price Risk
Momentum
−34.1%
Volatility
54.3%
Max Drawdown
−36.6%

Key Ratios

Fiscal year 2025
4.07P/E
P/B
0.50
P/S
1.23
ROE
13.1%
ROA
10.9%
EPS
638
BVPS
5.181
Gross Margin
6.6%
Net Margin
30.2%
D/E
0.00
Current Ratio
4.18
Rev Growth
+1465.7%
Profit Growth
+642.4%
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
5.9M
Charter Capital
59.3B 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.

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