VSC

Công ty Cổ phần Container Việt Nam

VietnamConstructionHàng & Dịch vụ Công nghiệpVận tảiHOSECT

13.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+3.0%Calibrated value vs last close

Last close (VND): 13.000
Calibrated intrinsic value (VND): 13.384

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

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.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

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.

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

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector “Hàng & Dịch vụ Công nghiệp” 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→673.38B

Fair EV/EBITDA→6.9x

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)→13.000

Calibrated value vs last close→+3.0%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

13.384

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

Mid-cycle EBITDA673.4 tỷyears of data: 7

VSC among Construction

Every stock in the sector, VSC 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 VSC. 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	2012	2011	2010
CURRENT ASSETS (Bn. VND)	·	4,002	1,812	1,346	1,306	1,442	896	636	603	492	605	586	480	493	·	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	916	547	371	360	1,014	493	297	279	212	331	332	216	282	·	·	·
Short-term investments (Bn. VND)Net debt bridge	·	1,337	806	425	239	99	8	3	3	49	32	79	52	61	·	·	·
Accounts receivable (Bn. VND)	·	1,633	355	464	560	232	268	211	201	155	130	93	159	121	·	·	·
Prepayments to suppliers (Bn. VND)	·	10	19	14	8	3	42	5	5	9	6	4	49	16	·	·	·
Net Inventories	·	50	47	29	28	21	24	26	21	13	9	10	7	10	·	·	·
Inventories, Net (Bn. VND)	·	50	47	29	28	21	24	26	21	13	9	10	7	10	·	·	·
Other current assets	·	66	56	57	118	77	102	98	99	62	102	72	46	19	·	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	2	·	·	·
LONG-TERM ASSETS (Bn. VND)	·	8,961	5,984	3,845	3,061	1,824	1,562	1,758	1,886	1,987	1,792	1,638	1,015	639	·	·	·
Long-term trade receivables (Bn. VND)	·	918	4	827	827	2	1	0.4	0.05	0.05	0	0.3	0	0	·	·	·
Other long-term receivables (Bn. VND)	·	3	4	827	827	2	1	0.4	0.05	0.05	0	0	0	0	·	·	·
Fixed assets (Bn. VND)	·	3,515	3,611	644	814	811	922	1,082	1,189	1,202	1,215	959	415	457	·	·	·
Tangible fixed assets	·	1,252	1,347	633	808	804	914	1,073	1,179	1,191	1,204	945	405	399	·	·	·
Leased assets	·	85	4	5	0	0	0	0	0	0	0	0	0	0	·	·	·
Intagible fixed assets	·	2,177	2,260	6	6	6	7	9	11	11	11	14	11	11	·	·	·
Long-term investments (Bn. VND)	·	3,015	759	1,470	487	506	118	117	112	112	105	109	100	42	·	·	·
Investments in associate companies	·	3,014	759	1,470	487	506	117	117	112	112	105	109	100	37	·	·	·
Other long-term assets (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.5	5	·	·	·
Other non-current assets	·	1,513	1,609	903	921	502	522	557	577	598	461	487	493	141	·	·	·
Long-term prepayments (Bn. VND)	·	1,103	1,153	898	916	502	521	557	577	598	461	487	493	140	·	·	·
TOTAL ASSETS (Bn. VND)	·	12,963	7,795	5,191	4,367	3,266	2,458	2,393	2,489	2,479	2,397	2,224	1,495	1,133	·	·	·
LIABILITIES (Bn. VND)	·	6,576	2,899	1,897	1,166	270	287	323	545	769	882	793	279	249	·	·	·
Current liabilities (Bn. VND)	·	3,016	715	403	434	269	287	259	271	369	297	375	270	239	·	·	·
Short-term borrowings (Bn. VND)Net debt bridge	·	2,381	300	119	208	0	0	12	14	120	58	7	4	0	·	·	·
Advances from customers (Bn. VND)	·	4	4	3	2	2	2	2	1	2	1	1	1	3	·	·	·
Long-term liabilities (Bn. VND)	·	3,561	2,184	1,493	732	1	0.03	64	273	400	585	418	10	10	·	·	·
Long-term borrowings (Bn. VND)Net debt bridge	·	2,992	1,650	1,450	700	0	0	64	273	400	585	418	9	9	·	·	·
OWNER'S EQUITY(Bn.VND)	·	6,387	4,896	3,294	3,201	2,996	2,171	2,070	1,945	1,710	1,515	1,431	1,216	884	·	·	·
Capital and reserves (Bn. VND)	·	6,387	4,896	3,294	3,201	2,996	2,171	2,070	1,945	1,710	1,515	1,431	1,216	884	·	·	·
Paid-in capital (Bn. VND)	·	3,744	2,868	1,334	1,213	1,100	551	551	501	501	456	414	345	288	·	·	·
Other Reserves	·	1	1	1	0	0	0	0	0	0	0	0	0	0	·	·	·
Investment and development funds (Bn. VND)	·	275	893	887	876	826	797	766	725	647	599	538	435	310	·	·	·
Other Reserves	·	0	0	0	1	0	0	0	0	0	0	0	0	0	·	·	·
Undistributed earnings (Bn. VND)	·	1,394	720	620	664	660	413	378	382	285	258	275	251	234	·	·	·
TOTAL RESOURCES (Bn. VND)	·	12,963	7,795	5,191	4,367	3,266	2,458	2,393	2,489	2,479	2,397	2,224	1,495	1,133	·	·	·
Common shares (Bn. VND)	·	3,744	2,868	1,334	1,213	1,100	551	551	501	501	456	414	345	288	·	·	·
Good will (Bn. VND)	·	403	450	5	0	0	0	0	0	0	0	0	0	0	·	·	·
MINORITY INTERESTSNet debt bridge	·	972	375	413	408	374	374	339	300	241	167	168	158	0	·	·	·

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

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

Highest band

M 0.21 · 94th pctile vs VN companies

YoY ▲ +2.46

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

4.003

GMI

0.850

AQI

1.381

SGI

1.150

DEPI

0.671

SGAI

1.192

TATA

−0.008

LVGI

1.527

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1150th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%9th 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 shows notable accounting signals concentrated in its Beneish M-Score (0.211) which sits at the 94th percentile versus Vietnamese peers and moved up by +2.46 year-over-year, indicating an accounting trajectory that is more aggressive than most local peers. Specific component signals include a very high DSRI (4.0031) and LVGI (1.5275) contrasted with strong accruals and cash-conversion metrics (accruals quality 100/100; cash-conversion 99.4/100), while solvency metrics are weak (Altman Z-Score 1.41, in the distress zone) and operating fundamentals are middling (Piotroski F-Score 5/9).

Red Flags

Beneish M-Score 0.211 (94th VN percentile; YoY change +2.46): the level is above most Vietnamese peers and the upward year-over-year move flags a shift in accounting behaviour relative to the local sample (note: the -1.78 US cutoff is not directly comparable to VN prevalence).
DSRI (Days’ Sales Receivables Index) = 4.0031: DSRI measures whether receivables are growing faster than sales (a high value suggests sales are being recognized before cash collection or that receivables are being extended).
LVGI (Leverage Index) = 1.5275: LVGI > 1 indicates balance-sheet leverage increased versus the prior year, a contributor to the M-Score and a possible pressure point for earnings quality and solvency.
AQI (Asset Quality Index) = 1.3807: AQI > 1 implies a shift toward non-current or less-transparent assets (e.g., capitalized costs, long‑term receivables, prepayments or other non-trade assets) relative to revenue, which can mask true earning power.
Receivables quality = 0.0/100 despite low measured receivables outside the trade cycle: the earnings-quality metric flags revenue/receivable concerns even though the explicit check shows only 0.1% of assets in receivables outside the trade cycle; this mismatch warrants verification of classification and measurement of receivables and revenue recognition timing.
SGAI (Sales, General & Admin Index) = 1.1925 and SGAI component of M-Score >1: operating selling/admin costs are growing faster than sales, which can indicate margin pressure or discretionary expense recognition/timing.
Altman Z-Score = 1.41 (distress zone): this measures distance to financial distress using profitability, liquidity, leverage and activity ratios — the reported value places the company in the model’s distress zone.

Positive Signals

Accruals quality = 100.0/100: the accruals component indicates that reported earnings are closely supported by cash flows from operations (low abnormal accruals).
Cash-conversion quality = 99.4/100 and three-year cash conversion (operating cash flow / net profit) = 1.11 (50th percentile): operating cash broadly converts reported profit to cash over three years at a median level among VN non-financials.
Receivables outside the trade cycle = 0.1% of total assets (9th percentile): on the face of the balance sheet, prepayments / loans-receivable / long-term receivables are small relative to assets compared with peers.
Accumulated losses: none; owner’s equity (parent, excluding minority interest): positive; statutory loss tests: none met — the published statements do not trigger the listed-company statutory loss criteria in Decree 155/2020 (as amended).
Piotroski F-Score = 5/9: a neutral-to-moderate score showing mixed but not uniformly weak operating and balance-sheet fundamentals.

Ownership Risk

The listed-group ownership is concentrated: controlling stakes above 50% in GIC (66.3%), VSM (65.0%) and VGR (54.4%), with significant influence in VNA (39.0%) and DNL (30.9%). Largest individual shareholders hold single-digit stakes (6.2% and 5.8%), and several institutional holders are near 5%. Director-deal disclosures show 7 sale registrations (5 registrants; 625,312 shares; 3 without volumes) and 2 purchase registrations (2 registrants; 500,000 shares; 1 without volume) in the last year—these are registered intentions, not executed trades.

To check in the filings

Compare the year‑over‑year change in trade receivables and revenue in the notes to the financial statements (sales and receivables schedules) to reconcile the DSRI (4.0031) and confirm timing of revenue recognition.
Inspect the related‑party and other receivables notes for any long‑term receivables, prepayments to suppliers or loans to affiliates that feed AQI = 1.3807 and clarify the 0.1% of assets reported as receivables outside the trade cycle.
Reconcile operating cash flow to reported net profit in the cash-flow statement and the accruals note to validate accruals quality = 100/100 and the three-year cash-conversion ratio (1.11).
Review the capital structure and leverage disclosures (debt schedule, borrowings and off‑balance items) that underlie LVGI = 1.5275 and the inputs to the Altman Z‑Score (working capital, retained earnings, EBIT, market value of equity if disclosed).

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.41

Distress Zone

Sharpe

−1.22

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 Burden0.77×Interest Burden1.05×Op. Margin0.20×Turnover0.25×Leverage2.03=ROE8.2%

Price Risk

Momentum

−42.9%

Volatility

43.1%

Max Drawdown

−53.8%

Key Ratios

Fiscal year 2025

14.49P/E

P/B: 0.91
P/S: 1.54
ROE: 6.9%
ROA: 3.3%
EPS: 911
BVPS: 14.463
Gross Margin: 35.6%
Net Margin: 16.4%
D/E: 0.84
Current Ratio: 1.33
Rev Growth: +15.0%
Profit Growth: +1.4%
EV/EBITDA: 8.50
Div Yield: 3.8%

Company Overview

Shares outstanding: 374M
Charter Capital: 3,744B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Vận tải
Sub-industry: Kho bãi, hậu cần và bảo dưỡng
Company Type: CT

Ownership network

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

Shareholders

Lê Thị Thu Trang

Indiv

6.2%

8.3M

2024-04-03

Đàm Văn Huy

Indiv

5.8%

7.8M

2024-04-03

Công ty Cổ phần Đầu Tư Sao Á D.C

Inst

5.0%

2.7M

2021-10-11

Forum One-vcg Partners Vietnam Fund

Inst

4.9%

2.0M

2015-08-28

Vietnam Holding Ltd

Inst

4.9%

2.2M

2017-12-19

Công ty Cổ phần Đại lý Vận tải SAFI

SFI

4.5%

5.0M

2022-03-21

Công ty TNHH Đầu tư TM

Inst

4.3%

2.4M

2021-09-22

PXP Vietnam Emerging Equity Fund

Inst

4.2%

2.3M

2020-08-25

Công ty Cổ phần Quản lý Quỹ Leadvisors

Inst

4.1%

15.3M

2026-07-28

Công ty Cổ phần Sao Á

Inst

3.6%

2.0M

2020-12-31

DC Developing Markets Strategies Public Limited Company

Inst

3.4%

1.7M

2018-02-08

Deutsche Asset Management (Asia) Limited

Inst

3.0%

1.2M

2013-08-13

TGIT-Templeton Emerging Markets Small Cap Fund

Inst

2.9%

1.6M

2019-07-22

Quỹ đầu tư chứng khoán Bản Việt

Inst

2.8%

1.2M

2012-05-22

Đoàn Quang Huy

Indiv

2.8%

3.4M

2022-08-29

Công ty TNHH MTV Quản Lý Quỹ Ngân Hàng Thương Mại Cổ phần Công Thương Việt Nam

Inst

2.8%

10.5M

2025-08-15

Norges Bank

Inst

2.5%

1.3M

2018-02-08

swiftcurrent partners, l.p

Inst

2.0%

1.1M

2020-05-29

Lionel Hill Limited

Inst

1.9%

783,465

2014-08-29

Pxp Vietnam Fund Limited

Inst

1.9%

779,112

2014-02-27

FTIF - Templeton Frontier Markets Fund

Inst

1.8%

995,836

2019-07-22

Swift Current Offshore Ltd.

Inst

1.8%

970,150

2020-05-29

Lương Hoài Trân

Indiv

1.3%

558,228

2009-02-22

Nguyễn Việt Hòa

Indiv

1.2%

1.3M

2022-06-30

Nguyễn Viết Lãng

Indiv

1.2%

481,231

2009-02-22

Lương Quốc Trọng

Indiv

1.0%

404,234

2009-02-22

Bùi Thị Bích Loan

Indiv

1.0%

401,866

2007-08-03

Công ty Cổ Phần Cánh Đồng Xanh

Inst

0.9%

1.1M

2022-10-17

PXP Vietnam Smaller Companies Fund Limited

Inst

0.8%

414,270

2020-08-25

Nguyễn Anh Tuấn

Indiv

0.7%

205,608

2014-12-31

Vietnam Emerging Equity Fund Limited

Inst

0.6%

235,864

2014-02-27

Wareham Group Limited

Inst

0.5%

235,000

2017-11-14

Epsom Limited

Inst

0.4%

176,184

2014-08-29

Hoàng Thị Hà

Indiv

0.4%

199,684

2019-12-31

Dương Minh Hảo

Indiv

0.3%

288,410

2022-06-30

Nguyễn Hoàng An

Indiv

0.2%

248,630

2022-06-30

Trần Xuân Bạo

Indiv

0.2%

124,197

2019-12-31

Đoàn Thị Tơ

Indiv

0.2%

272,000

2022-08-29

TGIT-Templeton Frontier Markets Fund

Inst

0.2%

123,138

2019-07-22

Nguyễn Hoàng Linh

Indiv

0.2%

208,834

2022-06-30

Tạ Công Thông

Indiv

0.2%

685,462

2026-06-30

Nguyễn Đức Dũng

Indiv

0.2%

600,000

2026-06-30

Franklin Templeton Frontier Markets Equity Master Fund

Inst

0.2%

63,470

2013-04-05

Đặng Dưỡng

Indiv

0.1%

74,585

2020-12-31

Deutsche Bank Aktiengesellchaft, London Branch

Inst

0.1%

56,397

2014-08-29

Lê Thế Trung

Indiv

0.1%

351,656

2025-06-03

Nguyễn Văn Tiến

Indiv

0.1%

66,998

2021-06-30

Board & Management

Tạ Công Thông0.2%

Member of Management Board/General Director

Nguyễn Đức Dũng0.2%

Member of Management Board

Ninh Văn Hiến

Member of Management Board

Phạm Thanh Tuấn

Chief Accountant

Nghiêm Thị Thùy Dương

Member of Supervisors Board

Vũ Ngọc Lâm

Deputy General Director

Trần Thị Diệu Hương

Head of Internal auditor

Đặng Thanh Tâm

Internal auditor

Top connections

MAC2 links PVV19.0%HHC18.3%HAH4 links VGR14.9%GMH14.5%PET3 links VMS2 links VSE10.9%HMH10.8%PND9.0%PSG8.6%

Listed group

GICCông ty Cổ phần VSC Green Logistics
Subsidiary: over 50% held
66.3%
2026-06-30
VSMCông ty Cổ phần Container Miền Trung
Subsidiary: over 50% held
65.0%
2025-09-30
VGRCông ty Cổ phần Cảng xanh VIP
Subsidiary: over 50% held
54.4%
2026-06-30
VNACông ty Cổ phần Vận tải biển Vinaship
Associate: 20% or more held
39.0%
2026-06-30
DNLCông ty Cổ phần Logistics Cảng Đà Nẵng
Associate: 20% or more held
30.9%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 8 by 6 traders; 875,312 shares · 3 without a stated volume
Purchase registrations: 2 by 2 traders; 500,000 shares · 1 without a stated volume

Nguyễn Đức Thành
Sale · Insider
250,000
2026-08-24
Trương Anh Thư
Sale · Insider
265,125
2026-08-24
Công Ty Cổ Phần Quản Lý Quỹ Leadvisors
Sale · Institution
—
2026-07-28
Vũ Ngọc Lâm
Purchase · Insider
500,000
2026-07-23
Công Ty Cổ Phần Quản Lý Quỹ Leadvisors
Sale · Institution
—
2026-07-08
Công Ty Cổ Phần Quản Lý Quỹ Leadvisors
Sale · Institution
—
2026-07-07
Hoàng Anh Tuấn
Sale · Related person
18,000
2026-05-15
Trần Thị Phương Anh
Sale · Insider
250,000
2026-05-15

2 more registrations

Công Ty Cổ Phần Quản Lý Quỹ Leadvisors
Purchase · Institution
—
2026-04-24
Ninh Văn Hiến
Sale · Insider
92,187
2025-11-28

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

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

VSC among Construction

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

VSC among Construction