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Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) Fair Value & Analysis

Industrials · VN · Market cap 10.9T VND

HC Ho Chi Minh City Infrastructure Investment Joint Stock Company CII · VN
Price14,250 VND
Fair Value3,296 VND
Upside-76.9%
Quality20/100
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Weak Growth
Thin margins · 4.1% net margin
High debt · negative free cash flow
Trails peers (3/13)
Moderate moat 48/100
Evidence: Medium Range 2,001 VND – 3,335 VND Share as image

Fair value as of: Jul 14, 2026

From 12 valuation models · updated 27 days ago

Share price −11.8% over the past month.

Below-average quality, and screening another 77% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (3,335 VND). The favourable scenario is already priced in.
  • Weak quality (20/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

53,030 VND 9,846 VND Fair Value 3,296 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 14, 2026.

How to read this chart

60‑month range 9,846 VND – 53,030 VND · fair‑value band 2,001 VND – 3,335 VND · the 14,250 VND price screens above the 3,296 VND fair value. Dashed = 300-day average. As of Jul 14, 2026.

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Analysis

Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) currently trades at 14,250 VND, while our model-based Fair Value estimate is 3,296 VND, implying the stock looks roughly 76.9% overvalued today. The Quality Score stands at 20/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Over the trailing twelve months, Ho Chi Minh City Infrastructure Investment Joint Stock Company generated revenue of 3.1T VND at a net margin of 4.1%. Revenue grew 19.8% year over year. It earns a return on equity of 2.9%. Net debt stands at 21.0T VND. Fundamentals as of Jul 14, 2026

Our scenario range runs from 2,001 VND (bear case) to 3,335 VND (bull case); at 14,250 VND, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 55% below its 52-week high and 11% above its 52-week low, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -77%, CII screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Residual Income 9,399 VND 8,987 VND 6,959 VND 76
Gordon GGM 8,553 VND 10,150 VND 12,002 VND 70
Growth-Adj P/E 2,053 VND 2,933 VND 3,813 VND 68
All 12 models by family
DCF Models
Owner Earnings 4,355 VND 31
Earnings-Based
Graham-Dodd 1,255 VND 1,946 VND 2,328 VND 54
Dividend Discount
Gordon GGM 8,553 VND 10,150 VND 12,002 VND 70
DDM Multi-Stage 8,553 VND 11,465 VND 15,311 VND 61
Multiples
P/E Multiple 2,908 VND 3,877 VND 4,846 VND 63
P/S Multiple 2,354 VND 3,139 VND 3,923 VND 58
P/B Multiple 2,354 VND 3,139 VND 3,923 VND 55
EV/EBIT 2,393 VND 9,318 VND 53
EV/EBITDA 4,142 VND 13,959 VND 23,776 VND 54
Asset-Based
NCAV (Graham) 6,648 VND 8,909 VND 13,297 VND 50
Economic Profit
Residual Income 9,399 VND 8,987 VND 6,959 VND 76
Growth Earnings
Growth-Adj P/E 2,053 VND 2,933 VND 3,813 VND 68

Widest divergence: Dividend Discount (10,150 VND) versus Earnings-Based (1,946 VND). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 3.1T VND
Revenue growth (YoY) +19.8%
Net margin 4.1%
Return on equity 2.9%
Free cash flow −690B VND FY2025
P/E ratio 85.5
More key figures
Operating margin 38.8%
EPS (TTM) 189.54 VND
EPS growth (YoY) -8.7%
Net debt 21.0T VND FY2025

Figures from reported company fundamentals · as of Jul 14, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 20/100

Of which business quality 17 · Market factors (momentum, volatility) 30

Profitability 15
Margins and returns on capital today
Quality Growth 53
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 8
Balance sheet, leverage, solvency risk
Investment 45
Disciplined investing over empire-building
Low Volatility 50
Calm price path (market factor)
Momentum 24
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 0
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Ho Chi Minh City Infrastructure Investment Joint Stock Company engages in the infrastructure development business in Vietnam. It operates under build-operate-transfer (BOT) contracts; build-transfer (BT) contracts; collects road traffic toll fees; real estate business; and water distribution networks.

Full company description

Ho Chi Minh City Infrastructure Investment Joint Stock Company engages in the infrastructure development business in Vietnam. It operates under build-operate-transfer (BOT) contracts; build-transfer (BT) contracts; collects road traffic toll fees; real estate business; and water distribution networks. The company is also involved in production and sale of specialized equipment related to traffic toll collection and construction; installing and maintaining traffic toll station; construction of civil, industrial, traffic and road works, and drain pipes; planting trees; landscape care and maintenance services; and undertakes bridge and residential infrastructure projects, as well as real estate projects; and provision of clean water. The company was incorporated in 2001 and is headquartered in Ho Chi Minh City, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Ho Chi Minh City Infrastructure Investment Joint Stock Company reported revenue of 3.0T VND in FY2025 versus 2.9T VND in FY2021, a compound +0.9%/yr. Reported net income was 124B VND in FY2025.

Growth Quality 14/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
3.0T VND
Latest YoY
−2.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−19.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−11.2%
Avg. growth/yr (6Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+8.5%
Revenue +0.9%/yr
FY21 2.9T VND
FY22 5.7T VND
FY23 3.1T VND
FY24 3.0T VND
FY25 3.0T VND
Net income
FY21 −332B VND
FY22 695B VND
FY23 178B VND
FY24 260B VND
FY25 124B VND

CII screens 77% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Ho Chi Minh City Infrastructure Investment Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/CII

Peer Group

Engineering & Construction · 839 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 20 · Bottom 25%
Fair Value upside −77% · Bottom 25%
Return on equity (TTM) 3% · Below median
Return on assets 2% · Below median
Net margin (TTM) 4% · Above median
Operating margin (TTM) 39% · Top 25%
Revenue growth 20% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 1.99× · Higher than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 85.5× · Pricier than 75% of peers
P/B 1.22× · Pricier than median
P/S (TTM) 3.51× · Pricier than 75% of peers
EV/EBITDA 13.7× · Pricier than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 16
FUTURE 99 · sector 17
PAST 12 · sector 26
HEALTH 1 · sector 94
DIVIDEND 0 · sector 33

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 14, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII) overvalued or undervalued?
As of Jul 14, 2026, our model estimates a fair value of 3,296 VND versus a price of 14,250 VND, about −77% (overvalued).
What is the fair value of CII?
Our model-based fair value for Ho Chi Minh City Infrastructure Investment Joint Stock Company is 3,296 VND (as of Jul 14, 2026), built from audited fundamentals. The current price is 14,250 VND.
What is the quality score of CII?
Ho Chi Minh City Infrastructure Investment Joint Stock Company has a Quality Score of 20/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Ho Chi Minh City Infrastructure Investment Joint Stock Company (CII)?
Ho Chi Minh City Infrastructure Investment Joint Stock Company reported trailing-twelve-month revenue of about 3.1T VND (latest available figure, as of Jul 14, 2026).
What is the net profit margin of CII?
The net profit margin of Ho Chi Minh City Infrastructure Investment Joint Stock Company is about 4.1%, meaning it keeps roughly 4.1% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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