Listing shares on HoSE on April 21, CDC Construction Joint Stock Company (CDC Construction) aims to invest not only in civil construction, but also in FDI and infrastructure projects. Before listing, CDC Construction shared that the total backlog value was up to VND4,057 billion, equal to 273% of total construction revenue in the 2023-2024 fiscal year and had expanded construction activities to 3 regions of the country.
As a general contractor, CDC Construction is implementing many notable projects, including the A&T Sky Garden luxury apartment complex (VND 1,281 billion), expected to be topped out in the second quarter of 2026; Peninsula Da Nang project (VND 1,569 billion), expected to be topped out in the second quarter of 2026; Hinode Suite (VND 968 billion), expected to be topped out in the fourth quarter of 2025; Hue Heritage (VND 495 billion), expected to be topped out in the second quarter of 2026, and other projects.
As of March 31, 2025, CDC Construction recorded an inventory of VND 541.6 billion, accounting for nearly 26% of total assets. Of which, the cost of production and business in progress of unfinished projects is mainly VND 128.9 billion at the mixed-use project of office for lease and apartment building at 28A Pham Hung, Hanoi (Hinode Suite apartment building); VND 63.9 billion at the A&T Sky Garden apartment project; VND 48.4 billion at the Han River - Da Nang apartment complex project (Peninsula Da Nang)...
With major projects expected to be completed and handed over by the end of 2025 and 2026, CDC Construction sends a message of hope that, upon handing over the projects, investors will officially finalize construction contracts. This is the basis for the Company to calculate revenue, profit and cash flow, helping to improve cash flow compared to the stage of mobilizing resources to focus on implementing construction projects.
After the crisis period of the real estate sector and post-pandemic, when real estate shows signs of recovery, the market is looking at and expecting this recovery to follow the construction sector, when investors have solved the cash flow problem, returning to synchronously deploying construction of many projects to prepare for a new expansion cycle.
However, like many large-scale construction companies that have been listed on the stock exchange for many years, the biggest problem related to CDC Construction's assets lies mainly with third parties, and the progress of debt collection depends on the financial health of the investors with whom the Company has signed contracts.
Specifically, as of March 31, 2025, CDC Construction recorded short-term receivables of up to VND 1,042.6 billion, equal to 50% of total assets. Of which, receivables mainly include VND 123.2 billion at Xuan Thuy Trading and Service Joint Stock Company; VND 122.7 billion at Military Petrochemical Joint Stock Company; VND 119.8 billion at Dong Do Group; VND 97.8 billion at A&T Binh Duong Urban Development Investment Joint Stock Company...
Looking more broadly from April 1, 2022 to March 31, 2025, CDC Construction's receivables and inventories have continuously expanded over time. Of which, receivables increased by VND 220.7 billion, up to VND 1,042.7 billion; inventories increased by VND 77.5 billion, up to VND 541.6 billion, and both of these items accounted for 76% of the Company's total assets.
With the expansion of receivables and inventories, CDC Construction has continuously maintained a cash flow deficit model. Of which, the operating cash flow in the 2022-2023 fiscal year recorded a negative VND 79.7 billion; the 2023-2024 fiscal year recorded a negative VND 149.76 billion and the 2024-2025 fiscal year has just returned to a slight positive of VND 59.8 billion. In addition, with a profit of VND 42.29 billion in the 2024-2025 fiscal year, CDC Construction recorded an asset utilization efficiency of 2.2%, 3.31% lower than the industry average and a capital utilization efficiency of 7.9%, 13.1% lower than the industry average.
With business performance lower than the industry average and most of its assets held by third parties, although CDC Construction went public with positive expectations when its profit peak was expected in 2025-2026, its stock price is still plummeting.
After peaking at VND25,050/share on April 23, CCC shares fell 42.3% to VND14,450/share (May 16), 21% lower than the HoSE listing price of VND18,300/share on April 21. In the same period, the market representative index VN-Index increased by 7.5% and still has a recovery trend.
The stock price fell sharply after listing on HoSE, but CDC Construction's Board of Directors did not take any action to support the stock price. CCC is still sliding and continues to probe.
Source: https://baodautu.vn/hau-niem-yet-tren-hose-co-phieu-ccc-truot-dai-d288683.html
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