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Vietnam Construction and Import-Export Joint Stock Corporation (VCG) Fair Value & Analysis

Industrials · VN · Market cap 14.5T VND

VC Vietnam Construction and Import-Export Joint Stock Corporation VCG · VN
Price15,950 VND
Fair Value37,593 VND
Upside+135.7%
Quality59/100
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Healthy Growth
Highly profitable · 23.0% net margin
Low debt · generates free cash flow
Ranks above peers (11/13)
Wide moat 65/100
Evidence: High Range 28,194 VND – 46,991 VND Share as image

Fair value as of: Jul 12, 2026

From 13 valuation models · updated 29 days ago

Share price −21.4% over the past month.

A solid business, screening 136% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (28,194 VND). The market is more pessimistic than our downside scenario.
  • Solid quality (59/100) at a price below fair value, the discount is the argument here, not the business quality.
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Price vs Fair Value (5 years)

35,530 VND 8,582 VND Fair Value 37,593 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 8,582 VND – 35,530 VND · fair‑value band 28,194 VND – 46,991 VND · the 15,950 VND price screens below the 37,593 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

Vietnam Construction and Import-Export Joint Stock Corporation (VCG) currently trades at 15,950 VND, while our model-based Fair Value estimate is 37,593 VND, implying the stock looks roughly 135.7% undervalued today. The Quality Score stands at 59/100 (solid quality), in the Industrials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Vietnam Construction and Import-Export Joint Stock Corporation generated revenue of 16.9T VND at a net margin of 23.0%. Revenue grew 31.9% year over year. It earns a return on equity of 33.9%. Net debt stands at 5.0T VND. Fundamentals as of Jul 12, 2026

Our scenario range runs from 28,194 VND (bear case) to 46,991 VND (bull case); at 15,950 VND, the current price sits below 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 45% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -14% fair-value upside, at 136%, VCG screens cheaper 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
Growth DCF 52,781 VND 103,360 VND 208,316 VND 80
Residual Income 42,364 VND 63,696 VND 734,053 VND 76
Rev-Margin DCF 31,226 VND 58,627 VND 100,586 VND 74
All 13 models by family
DCF Models
Owner Earnings 80,575 VND 188,397 VND 424,873 VND 31
5Y P/E Exit 76,058 VND 169,951 VND 294,779 VND 38
10Y P/E Exit 70,819 VND 162,220 VND 328,432 VND 35
Earnings-Based
Graham-Dodd 35,698 VND 248,955 VND 349,371 VND 54
Lynch FV 81,214 VND 116,020 VND 150,826 VND 50
Dividend Discount
Gordon GGM 7,758 VND 16,936 VND 28,495 VND 70
DDM Multi-Stage 7,758 VND 13,873 VND 17,650 VND 61
Multiples
P/E Multiple 82,684 VND 110,245 VND 137,806 VND 63
P/B Multiple 56,093 VND 74,790 VND 93,488 VND 55
Asset-Based
NCAV (Graham) 8,310 VND 11,135 VND 16,620 VND 50
Growth DCF
Growth DCF 52,781 VND 103,360 VND 208,316 VND 80
Rev-Margin DCF 31,226 VND 58,627 VND 100,586 VND 74
Economic Profit
Residual Income 42,364 VND 63,696 VND 734,053 VND 76

Widest divergence: DCF Models (169,951 VND) versus Asset-Based (11,135 VND). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 16.9T VND
Revenue growth (YoY) +31.9%
Net margin 23.0%
Return on equity 33.9%
Free cash flow 2.2T VND FY2025
P/E ratio 3.7
More key figures
Operating margin 9.1%
EPS (TTM) 5,560 VND
EPS growth (YoY) +176%
Net debt 5.0T VND FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 59/100

Of which business quality 56 · Market factors (momentum, volatility) 29

Profitability 62
Margins and returns on capital today
Quality Growth 77
Are margins and returns improving?
Cashflow 54
Earnings quality: real cash, not paper profit
Fin. Strength 39
Balance sheet, leverage, solvency risk
Investment 65
Disciplined investing over empire-building
Low Volatility 74
Calm price path (market factor)
Momentum 16
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 47
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

Vietnam Construction and Import-Export Joint Stock Corporation, together with its subsidiaries, engages in construction and property development activities in Vietnam and internationally.

Full company description

Vietnam Construction and Import-Export Joint Stock Corporation, together with its subsidiaries, engages in construction and property development activities in Vietnam and internationally. The company undertakes various projects, including civil, industrial, transport, airport, harbor, irrigational, underground, sport, leisure and entertainment, tourism, hotels, office buildings, schools, hospitals, post offices, technical infrastructure, residential and urban areas, industrial and export processing zones, high-tech parks, water supply and drainage, waste treatment and environmental works, hydro power, thermal power plants, transformer stations, roads, bridges, dams, and others. It also manufactures, processes, and trades in cement; stones; block bricks; safety glass; rubber seal, and plastic frames and doors; steel structures; pre-cast concrete structures; construction sand; commercial concrete; interior furniture; electricity; clean and purified water; water fittings; package and cement packs; wooden products; and agricultural and forest products. In addition, the company provides design consultancy services; man-power supply services; education and training services; and financial investment services. Additionally, the company engages in real estate business. The company was founded in 1988 and is headquartered in Hanoi, Vietnam. Vietnam Construction and Import-Export Joint Stock Corporation operates as a subsidiary of Pacific Holdings Investment Joint Stock Company.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vietnam Construction and Import-Export Joint Stock Corporation reported revenue of 16.1T VND in FY2025 versus 5.7T VND in FY2021, a compound +29.3%/yr. Reported net income was 3.7T VND in FY2025, compounding +74.6%/yr from FY2021.

Growth Quality 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
16.1T VND
Latest YoY
+24.9%
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.
+23.9%
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.
+23.7%
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.
+9.2%
Revenue +29.3%/yr
FY21 5.7T VND
FY22 8.5T VND
FY23 12.7T VND
FY24 12.9T VND
FY25 16.1T VND
Net income +74.6%/yr
FY21 394B VND
FY22 782B VND
FY23 404B VND
FY24 927B VND
FY25 3.7T VND

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Cite: Fair Value Calculator (2026). "Vietnam Construction and Import-Export Joint Stock Corporation Fair Value". https://www.fairvalue-calculator.com/stock/VCG

Peer Group

Conglomerates · 369 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 59 · Top 25%
Fair Value upside +155% · Top 25%
Return on equity (TTM) 34% · Top 25%
Return on assets 4% · Above median
Net margin (TTM) 23% · Top 25%
Operating margin (TTM) 9% · Above median
Revenue growth 32% · Top 25%
Debt / equity 0.18× · Lower than median

Valuation Multiples vs Conglomerates median · lower = cheaper

P/E (TTM) 3.7× · Cheaper than 75% of peers
P/B 1.25× · Pricier than median
P/S (TTM) 0.86× · Pricier than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 7.1× · Cheaper 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 100 · sector 20
FUTURE 100 · sector 16
PAST 100 · sector 20
HEALTH 91 · sector 88
DIVIDEND 0 · sector 39

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 Conglomerates stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

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Grupo Carso, S.A. GCARSOA1 127.02 MXN 66.21 MXN -48%
The Siam Cement Public Company SCC 254.00 THB 199.40 THB -21%
SRF Limited SRF ₹2,875 ₹1,053 -63%
Empresas Copec S.A COPEC 6,330 CLP 10,879 CLP +72%
Posco International Corporation 047050 50,900 KRW 61,248 KRW +20%
Tube Investments of India Limited TIINDIA ₹2,940 ₹559.30 -81%

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Frequently asked questions

Is Vietnam Construction and Import-Export Joint Stock Corporation (VCG) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 37,593 VND versus a price of 15,950 VND, about +136% (undervalued).
What is the fair value of VCG?
Our model-based fair value for Vietnam Construction and Import-Export Joint Stock Corporation is 37,593 VND (as of Jul 12, 2026), built from audited fundamentals. The current price is 15,950 VND.
What is the quality score of VCG?
Vietnam Construction and Import-Export Joint Stock Corporation has a Quality Score of 59/100. 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 Vietnam Construction and Import-Export Joint Stock Corporation (VCG)?
Vietnam Construction and Import-Export Joint Stock Corporation reported trailing-twelve-month revenue of about 16.9T VND (latest available figure, as of Jul 12, 2026).
What is the net profit margin of VCG?
The net profit margin of Vietnam Construction and Import-Export Joint Stock Corporation is about 23.0%, meaning it keeps roughly 23.0% 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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