Ho Chi Minh City Infrastructure Investment JSC (CII) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ho Chi Minh City Infrastructure Investment JSC VND 3,296, price VND 12,650, upside -74.0%, quality 20 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 9,846 VND – 53,030 VND · fair‑value band 2,472 VND – 3,916 VND · the 12,650 VND price screens above the 3,296 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Ho Chi Minh City Infrastructure Investment JSC (CII) currently trades at 12,650 VND, while our model-based Fair Value estimate is 3,296 VND, implying the stock looks roughly 283.9% overvalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of 8,909 VND per share, and 1 of the 12 models we run sit above the 12,650 VND price.
Bear case: the Earnings-Based group reads lowest at 1,946 VND, and 11 of the 12 models stay below the price. Evidence for this calculation is low.
Scenario range: 2,472 VND (bear) to 3,916 VND (bull), the price of 12,650 VND sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 20/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Ho Chi Minh City Infrastructure Investment JSC 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.
Key figures
Market cap 10.9T VND · P/E ratio 66.7 · P/S ratio 2.80 · EPS (TTM) 189.54 VND · Dividend yield 5.5% · Net margin 4.2% · Return on equity 2.9% · Return on assets (EBIT) 2.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −31% fair-value upside, at −74%, CII screens richer than that median.
Fair Value models
Bear 2,472 VNDFair Value 3,296 VNDBull 3,916 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (139.17 VND per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.14/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−2.2%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−19.8%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−11.2%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+8.5%
’19
’20
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What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
−21.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−26.5%
Dividend (yield on the price)5.5%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.8% → 37%
Compare Ho Chi Minh City Infrastructure Investment JSC with another stock
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Engineering & Construction · 839 stocks
Beats the industry median on 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score20 · Bottom 25%
Fair Value upside−75% · Bottom 25%
Profitability
Return on equity (TTM)3% · Below median
Return on assets2% · Below median
Net margin (TTM)4% · Above median
Operating margin (TTM)39% · Top 25%
Growth and dividend
Revenue growth20% · Above median
Dividend yield (TTM)5.5% · Top 25%
Balance sheet
Debt / equity1.99× · Highest 25%
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
P/E (TTM)66.7× · Priciest 25%
P/B1.22× · book value is mostly goodwill ⓘGoodwill and other intangible assets are larger than the equity. The book value mainly reflects prices paid for past acquisitions, so we do not rank this P/B against the peer group.
P/S (TTM)3.51× · Priciest 25%
EV/EBITDA13.7× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)99· sector 11
PAST (return on equity)12· sector 29
HEALTH (low debt)1· sector 94
DIVIDEND (yield)100· sector 41
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Ho Chi Minh City Infrastructure Investment JSC Fair Value". https://www.fairvalue-calculator.com/stock/CII
Frequently asked questions
Is Ho Chi Minh City Infrastructure Investment JSC (CII) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 3,296 VND versus a price of 12,650 VND, about −74% upside (overvalued).
What is the fair value of CII?
Our model-based fair value for Ho Chi Minh City Infrastructure Investment JSC is 3,296 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 12,650 VND.
What is the quality score of CII?
Ho Chi Minh City Infrastructure Investment JSC 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 price target for Ho Chi Minh City Infrastructure Investment JSC (CII)?
Our model-based price target is the fair value of 3,296 VND (as of Sep 24, 2026) from 12 valuation models. Cautious scenario 2,472 VND, optimistic scenario 3,916 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Ho Chi Minh City Infrastructure Investment JSC stock forecast for 2026?
Our models put fair value at 3,296 VND, about −74% upside versus a price of 12,650 VND (overvalued). Cautious scenario 2,472 VND, optimistic scenario 3,916 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Ho Chi Minh City Infrastructure Investment JSC (CII)?
Ho Chi Minh City Infrastructure Investment JSC reported trailing-twelve-month revenue of about 3.1T VND (latest available figure, as of Sep 24, 2026).
Does Ho Chi Minh City Infrastructure Investment JSC pay a dividend?
Ho Chi Minh City Infrastructure Investment JSC currently shows a dividend yield of about 5.49% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Ho Chi Minh City Infrastructure Investment JSC (CII)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ho Chi Minh City Infrastructure Investment JSC it is 3,296 VND per share (as of Sep 24, 2026), against a price of 12,650 VND. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is Ho Chi Minh City Infrastructure Investment JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, CII trades above its calculated fair value: price 12,650 VND, fair value 3,296 VND, a gap of about −74% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of CII?
No. The price is what the market pays today (12,650 VND); the fair value is what the company's own numbers justify (3,296 VND). For Ho Chi Minh City Infrastructure Investment JSC the two are 9,355 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Ho Chi Minh City Infrastructure Investment JSC worth?
The market values Ho Chi Minh City Infrastructure Investment JSC at about 10.9T VND (market capitalisation, as of Sep 24, 2026). Per share that is 12,650 VND; our models calculate a fair value of 3,296 VND per share.
What do the bullish and bearish scenarios say about CII?
Our models span a range for Ho Chi Minh City Infrastructure Investment JSC: cautious scenario 2,472 VND, base 3,296 VND, optimistic 3,916 VND per share (as of Sep 24, 2026, price 12,650 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CII?
Ho Chi Minh City Infrastructure Investment JSC trades at a price-to-earnings ratio of 66.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 3,296 VND is built from several models across several years. Other multiples: P/B 1.2, P/S 3.5, EV/EBITDA 13.7.
How solid is the balance sheet of Ho Chi Minh City Infrastructure Investment JSC (CII)?
Balance-sheet figures for Ho Chi Minh City Infrastructure Investment JSC (as of Sep 24, 2026): return on equity 2.9%, debt of 1.99 per unit of equity. They feed the Quality Score of 20/100, which measures business quality independently of the share price.
How far is CII from its 52-week high?
Ho Chi Minh City Infrastructure Investment JSC trades at 12,650 VND, about 58% below its 52-week high of 30,350 VND and at the low of 12,650 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 3,296 VND is for.
Which stocks are comparable to Ho Chi Minh City Infrastructure Investment JSC?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Comfort Systems USA, Inc, Larsen & Toubro Limited, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Ho Chi Minh City Infrastructure Investment JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 12,650 VND, calculated fair value 3,296 VND (−74%), Quality Score 20/100, from 12 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of CII calculated?
We run Ho Chi Minh City Infrastructure Investment JSC through 12 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 3,296 VND, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.2 % above its aggregate fair value. Ho Chi Minh City Infrastructure Investment JSC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The closing price on Sep 24, 2026 was 12,650 VND. Our model-based fair value is 3,296 VND, about −74% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ho Chi Minh City Infrastructure Investment JSC right now?
The price sits above even our optimistic bull case (3,916 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. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution.
Key figures of Ho Chi Minh City Infrastructure Investment JSC
How large is the market capitalisation of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The market capitalisation of Ho Chi Minh City Infrastructure Investment JSC is 10.9T VND. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The price-to-sales ratio of Ho Chi Minh City Infrastructure Investment JSC is 2.80 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ho Chi Minh City Infrastructure Investment JSC (CII)?
Earnings per share at Ho Chi Minh City Infrastructure Investment JSC are 189.54 VND (price ÷ EPS = P/E 66.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The dividend yield of Ho Chi Minh City Infrastructure Investment JSC is 5.5%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The net margin of Ho Chi Minh City Infrastructure Investment JSC is 4.2% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The return on equity (ROE) of Ho Chi Minh City Infrastructure Investment JSC is 2.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Ho Chi Minh City Infrastructure Investment JSC (CII)?
On an EBIT basis the return on assets of Ho Chi Minh City Infrastructure Investment JSC is 2.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Ho Chi Minh City Infrastructure Investment JSC (CII)?
The operating margin of Ho Chi Minh City Infrastructure Investment JSC is 38.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ho Chi Minh City Infrastructure Investment JSC (CII)?
Revenue at Ho Chi Minh City Infrastructure Investment JSC is growing +19.8% versus a year earlier (3y avg −19.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Ho Chi Minh City Infrastructure Investment JSC (CII)?
Earnings per share at Ho Chi Minh City Infrastructure Investment JSC are growing −8.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Ho Chi Minh City Infrastructure Investment JSC (CII) generate?
The free cash flow of Ho Chi Minh City Infrastructure Investment JSC is −690B VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Ho Chi Minh City Infrastructure Investment JSC (CII) carry?
The net debt of Ho Chi Minh City Infrastructure Investment JSC is 21.0T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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