VNEquity Research

HNX · Construction Materials

THD Thaiholdings Joint Stock Company

CTCP Thaiholdings

Persisted research state: NONE. Research is shown only when it is backed by persisted evidence and calculations.

Browse opportunity signals Open screener

At a glance

Company at a glance

Persisted, canonical facts only. A value that is not recorded is shown as unavailable and is never estimated, substituted or shown as zero.

CompanyThaiholdings Joint Stock Company
TickerTHD
ExchangeHNX
IndustryConstruction Materials
Research stateNo research available NO_RESEARCH
Research certificationNo certified research
Matched opportunity conditions2 of 5
Latest screening snapshot2026-09-25T11:31:37.636490+00:00
Latest market price2026-09-24T00:00:00+00:00
Latest fundamental period2026-06-30
Latest research reportUnavailable
Evidence records98
Source documents6

Certification reflects the repository's internal approval record on the latest persisted report. It describes publication status and provenance; it is not a rating, a forecast or investment advice.

Deterministic discovery

Opportunity signals

Browse opportunity signals

2 of 5 versioned P7D V1 conditions matched at evaluation time. Every condition is either matched, unmatched, or refused when the required evidence is missing, stale or not applicable. These are deterministic screening conditions, not investment recommendations.

Modeled history. Historical valuation availability is modeled from reporting-lag assumptions and is not point-in-time certified.

Full five-rule trace (P7D_RULES_V1)

Fundamental improvement FUNDAMENTAL_IMPROVEMENT

MATCHED

Revenue growth 0.50% and parent PAT growth 19.49% are both above 0%, and P/E 304.1337 confirms positive trailing parent earnings.

Magnitude: 0.5%

  • Growth compares the latest two compatible full years.
  • Growth is historical, not forecast growth.
  • Parent PAT growth uses the repository's existing denominator semantics: the latest full-year PARENT_PAT versus the prior full-year PARENT_PAT.
Observations (4)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
revenue_growth 0.5% OK latest compatible full year
pat_growth 19.49% OK latest compatible full year
pe_ttm 304.1337x OK TTM 2026-06-30 · CURRENT
Thresholds
growth min percent
0
pe positive
yes
market current max hours
72.0

Cash-flow strength CASH_FLOW_STRENGTH

REFUSED

Required input fcf_proxy_yield is unavailable: TTM_OCF_OR_CAPEX_UNAVAILABLE.

Refused: TTM_OCF_OR_CAPEX_UNAVAILABLE

  • FCF Proxy Yield is a screening proxy: trailing-twelve-month operating cash flow less reported cash capital expenditure over market capitalization.
Observations (3)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
fcf_proxy_yield — REFUSED · TTM_OCF_OR_CAPEX_UNAVAILABLE — · CURRENT
pe_ttm 304.1337x OK TTM 2026-06-30 · CURRENT
Thresholds
fcf proxy yield min percent
0
pe positive
yes
financial applicability
NON_FINANCIAL_ONLY
market current max hours
72.0

Quality at a reasonable valuation QUALITY_AT_REASONABLE_VALUATION

UNMATCHED

Positive PAT margin, the operating margin floor and a positive reasonable P/E are not all present.

  • Operating and PAT margins are not cross-sector comparable in this screening phase.
Observations (4)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
pat_margin 21.362% OK QUARTER 2026-06-30 · CURRENT
operating_margin 24.8942% OK QUARTER 2026-06-30 · CURRENT
pe_ttm 304.1337x OK TTM 2026-06-30 · CURRENT
Thresholds
pat margin min percent
0
operating margin min percent
5
pe min exclusive
0
pe max inclusive
40
market current max hours
72.0

Valuation dislocation VALUATION_DISLOCATION

UNMATCHED

The below-history percentile, signal, negative premium/discount and positive P/E requirements are not all present.

Historical certification: NON_CERTIFIED_MODELED_AVAILABILITY — modeled, not point-in-time certified

  • Historical valuation availability is modeled from reporting-lag assumptions and is not point-in-time certified.
Observations (6)
InputValueStatusPeriod / freshness
market_price — OK — · CURRENT
historical_pe_percentile 90.6% OK — · CURRENT
historical_premium_discount 295.6% OK — · CURRENT
historical_signal DEEPLY_ABOVE_HISTORY OK — · CURRENT
pe_ttm 304.1337x OK TTM 2026-06-30 · CURRENT
historical_certification NON_CERTIFIED_MODELED_AVAILABILITY OK —
Thresholds
historical percentile max
25
historical signals
BELOW_HISTORY, DEEPLY_BELOW_HISTORY
historical premium discount max exclusive
0
pe positive
yes
market current max hours
72.0

Research gap RESEARCH_GAP

MATCHED

No meaningful persisted research exists while at least one quantitative signal matched (FUNDAMENTAL_IMPROVEMENT). This is a research-coverage observation, not a recommendation.

Observations (1)
InputValueStatusPeriod / freshness
research_state NONE OK — · MISSING
Thresholds
research gap states
NONE, INSUFFICIENT
requires quantitative signal
yes

Rules version P7D_RULES_V1 · snapshot built 2026-09-25 11:31:37.636490+00:00 · market freshness CURRENT · persisted research state NONE. These are deterministic screening conditions over persisted evidence, not investment recommendations, forecasts, ratings or advice.

Canonical snapshot

Screening metrics

Open screener

Values come from the persisted screening snapshot and are never recomputed in the browser. UNKNOWN or refused inputs show as “—” with their canonical reason and are never displayed as zero. OCF/PAT is expressed as a percentage of PAT (100 means 100% of PAT).

P/E (TTM, parent)304.1337x
P/B (parent equity)10.5535x
Revenue growth (latest compatible FY)0.5%
Parent PAT growth (latest compatible FY)19.49%
Operating margin (latest compatible period)24.8942%
PAT margin (latest compatible period)21.362%
FCF Proxy Yield (TTM)— TTM_OCF_OR_CAPEX_UNAVAILABLE
OCF / PAT (latest compatible period)-17.5691%
Market freshnessCURRENT price 2026-09-24T00:00:00+00:00
Fundamental periodthrough 2026-06-30 freshness CURRENT
Snapshot built at2026-09-25T11:31:37.636490+00:00 01a09a7b-6bf2-7b18-83ac-6533674c64f2
Persisted research stateNONE MISSING
Historical valuation signalDEEPLY_ABOVE_HISTORY available

Snapshot refusal reasons: HISTORICAL_VALUATION_NOT_REQUESTED; TTM_CAPEX_OR_REVENUE_UNAVAILABLE; TTM_DIVIDENDS_UNAVAILABLE; TTM_OCF_OR_CAPEX_UNAVAILABLE

Authenticated

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Valuation snapshot

ssi-iboard · HNX · 2026-09-24T00:00:00+00:00 · retrieved 2026-09-24T11:26:23.710955+00:00 · share basis: unavailable

Price121000.000000000000 VND
Shares outstanding—
Market cap46584996612000.000000000000
Market capitalization46584996612000.0000
Earnings yield (TTM, parent)0.3288%
P/E (TTM, parent)304.1337x
P/B (parent equity)10.5535x
Dividend yield (trailing cash DPS)— DIVIDEND_PER_SHARE_UNAVAILABLE
Cash distribution yield (proxy)— TTM_DIVIDENDS_UNAVAILABLE
FCF Proxy Yield (TTM)— TTM_OCF_OR_CAPEX_UNAVAILABLE
Enterprise value— TOTAL_DEBT_UNAVAILABLE
EV/Sales (TTM)— TOTAL_DEBT_UNAVAILABLE
EV/EBIT (TTM)— TOTAL_DEBT_UNAVAILABLE
Net cash / (net debt)— TOTAL_DEBT_UNAVAILABLE
EV/EBITDA— EBITDA_NOT_REPORTED_OR_DEBT_INCOMPLETE
Historical P/E range— HISTORICAL_PRICE_HISTORY_UNAVAILABLE

Deterministic Bull / Base / Bear

CaseAssumptionsTarget multiple rationaleImplied value / shareUpside / downside
Bull
  • TTM revenue growth of 5.00%
  • TTM parent PAT margin of 15.96%
  • target P/E of 334.5x
ANALYST_ASSUMPTION
current TTM P/E +10% sensitivity, rounded to 0.1x		149120.553323.2401%
Base
  • TTM revenue growth of 0.00%
  • TTM parent PAT margin of 14.96%
  • target P/E of 304.1x
CURRENT_MULTIPLE
current TTM parent-attributable P/E, rounded to 0.1x		121022.80430.0188%
Bear
  • TTM revenue growth of -5.00%
  • TTM parent PAT margin of 13.96%
  • target P/E of 273.7x
ANALYST_ASSUMPTION
current TTM P/E -10% sensitivity, rounded to 0.1x		96561.2811-20.1973%

Historical valuation

Point-in-time P/E uses only periods available on each trade date (publication-dated or lag-modeled); no negative earnings produce an observation.

Current P/E304.13x
1Y median P/E139.47x
3Y median P/E81.80x
5Y median P/E78.09x
25th / 75th percentile P/E57.53 / 128.95
Min / max P/E54.09 / 234.36 (raw 54.09 / 776.95)
Percentile rank90.4%
Premium / discount to median289.5%
SignalDEEPLY_ABOVE_HISTORY percentile_rank 90.4 >= 90
CertificationNON_CERTIFIED_MODELED_AVAILABILITY 145 observations use REPORT_LAG_MODEL; 720 observations use ANNUAL_PAT_FALLBACK
P/B history— PARENT_EQUITY_HISTORY_UNAVAILABLE
Dividend-yield history— DIVIDEND_PER_SHARE_HISTORY_UNAVAILABLE

P/E range 69.80x – 776.95x over stored observations.

Historical availability may be modeled from reporting-lag assumptions (NON_CERTIFIED_MODELED_AVAILABILITY). Modeled availability is labelled and is never point-in-time certified.

Notes: PROVIDER_SELECTED: dnse-chart ({'dnse-chart': 1495} bars); ADJUSTMENT_UNKNOWN: adjusted=False, adjustment_basis=UNKNOWN

Peer comparison

EXACT_INDUSTRY · Exact primary-industry and exchange match.

TickerPriceMarket capP/EP/BRevenue growthPAT growthMarginsFCF proxy yieldPremium / discount to peer median
AMC ECONOMIC_SIZE_MISMATCH 12600.000000000000 VND 53864874000.000000000000 VND 5.84x 0.98x 6.31% 3.85% 3.78% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
BCC ECONOMIC_SIZE_MISMATCH 5700.000000000000 VND 702295928400.000000000000 VND 27.43x 0.39x 5.97% 585.04% 0.82% -66.36% —
BTS ECONOMIC_SIZE_MISMATCH 4500.000000000000 VND 556019361000.000000000000 VND 8.99x 0.51x 1.80% 115.66% 1.19% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
C69 ECONOMIC_SIZE_MISMATCH 16300.000000000000 VND 1007339543600.000000000000 VND 26.89x 1.13x -20.89% 138.67% 4.44% 1.07% —
CLH ECONOMIC_SIZE_MISMATCH 20000.000000000000 VND 240000000000.000000000000 VND 4.98x 1.18x 6.74% 7.62% 5.90% -15.41% —
GKM ECONOMIC_SIZE_MISMATCH 1100.000000000000 VND 34577660700.000000000000 VND — PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE 0.11x -93.37% -1112.89% -404.09% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
GMX ECONOMIC_SIZE_MISMATCH 16200.000000000000 VND 146459291400.000000000000 VND 6.48x 1.29x 5.67% 5.94% 10.07% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HCC ECONOMIC_SIZE_MISMATCH 22600.000000000000 VND 147320043600.000000000000 VND 3.26x 1.44x 40.23% 142.08% 7.23% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HCT ECONOMIC_SIZE_MISMATCH 10600.000000000000 VND 21373681000.000000000000 VND 36.48x 0.55x -2.31% 44.24% 1.02% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HMR ECONOMIC_SIZE_MISMATCH 9000.000000000000 VND 50511996000.000000000000 VND 13.97x 0.63x -11.01% -47.45% 6.72% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
HOM ECONOMIC_SIZE_MISMATCH 3800.000000000000 VND 284122697800.000000000000 VND 12.12x 0.32x -1.24% 133.38% 1.38% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
KDM ECONOMIC_SIZE_MISMATCH 21700.000000000000 VND 164854487700.000000000000 VND — PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE 2.11x -58.61% -47.32% 4.63% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
MCC ECONOMIC_SIZE_MISMATCH 13200.000000000000 VND 66212836800.000000000000 VND 14.12x 0.92x 60.10% 167.88% 9.62% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
MIC ECONOMIC_SIZE_MISMATCH 8500.000000000000 VND 72911045000.000000000000 VND — PARENT_PAT_TTM_UNAVAILABLE_OR_NON_POSITIVE 0.78x -17.79% -85.95% 0.77% -23.16% —
NHC ECONOMIC_SIZE_MISMATCH 18600.000000000000 VND 56572681200.000000000000 VND 12.43x 0.93x 99.26% 874.00% 5.41% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
PDB ECONOMIC_SIZE_MISMATCH 24900.000000000000 VND 221858526900.000000000000 VND 3.53x 1.30x 38.25% 450.94% 12.22% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
TMX ECONOMIC_SIZE_MISMATCH 8600.000000000000 VND 51600000000.000000000000 VND 11.04x 0.57x 1.10% 238.87% 0.88% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
TXM ECONOMIC_SIZE_MISMATCH 4200.000000000000 VND 29400000000.000000000000 VND 25.12x 0.27x -11.07% 173.52% 0.26% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
VHL ECONOMIC_SIZE_MISMATCH 11400.000000000000 VND 285000000000.000000000000 VND 7.69x 0.57x -3.40% 144.98% 2.70% — TTM_OCF_OR_CAPEX_UNAVAILABLE —
VTV ECONOMIC_SIZE_MISMATCH 14100.000000000000 VND 439917532500.000000000000 VND 488.06x 1.11x 7.62% 108.52% 0.04% — TTM_OCF_OR_CAPEX_UNAVAILABLE —

Peer median P/E: — INSUFFICIENT_COMPATIBLE_PEERS (0 compatible observations, 20 excluded)

Excluded: C32 (NO_COMPATIBLE_CLASSIFICATION); DAC (NO_COMPATIBLE_CLASSIFICATION); ACC (NO_COMPATIBLE_CLASSIFICATION); ALV (NO_COMPATIBLE_CLASSIFICATION); ACE (NO_COMPATIBLE_CLASSIFICATION); UDJ (NO_COMPATIBLE_CLASSIFICATION); VXB (NO_COMPATIBLE_CLASSIFICATION); BT6 (NO_COMPATIBLE_CLASSIFICATION); VLB (NO_COMPATIBLE_CLASSIFICATION); BHC (NO_COMPATIBLE_CLASSIFICATION); BTN (NO_COMPATIBLE_CLASSIFICATION); MVC (NO_COMPATIBLE_CLASSIFICATION); KSB (NO_COMPATIBLE_CLASSIFICATION); TDC (NO_COMPATIBLE_CLASSIFICATION); CNT (NO_COMPATIBLE_CLASSIFICATION); CCM (NO_COMPATIBLE_CLASSIFICATION); CDG (NO_COMPATIBLE_CLASSIFICATION); DCR (NO_COMPATIBLE_CLASSIFICATION); CRC (NO_COMPATIBLE_CLASSIFICATION); DID (NO_COMPATIBLE_CLASSIFICATION); DIC (NO_COMPATIBLE_CLASSIFICATION); DKG (NO_COMPATIBLE_CLASSIFICATION); DXV (NO_COMPATIBLE_CLASSIFICATION); GND (NO_COMPATIBLE_CLASSIFICATION); DND (NO_COMPATIBLE_CLASSIFICATION); DCT (NO_COMPATIBLE_CLASSIFICATION); BDT (NO_COMPATIBLE_CLASSIFICATION); DTI (NO_COMPATIBLE_CLASSIFICATION); BMJ (NO_COMPATIBLE_CLASSIFICATION); EME (NO_COMPATIBLE_CLASSIFICATION); EVG (NO_COMPATIBLE_CLASSIFICATION); FIC (NO_COMPATIBLE_CLASSIFICATION); GEL (NO_COMPATIBLE_CLASSIFICATION); KHD (NO_COMPATIBLE_CLASSIFICATION); CMD (NO_COMPATIBLE_CLASSIFICATION); DHA (NO_COMPATIBLE_CLASSIFICATION); KPF (NO_COMPATIBLE_CLASSIFICATION); NXT (NO_COMPATIBLE_CLASSIFICATION); LBM (NO_COMPATIBLE_CLASSIFICATION); LIC (NO_COMPATIBLE_CLASSIFICATION); LMC (NO_COMPATIBLE_CLASSIFICATION); HMD (NO_COMPATIBLE_CLASSIFICATION); GMH (NO_COMPATIBLE_CLASSIFICATION); NNC (NO_COMPATIBLE_CLASSIFICATION); FCM (NO_COMPATIBLE_CLASSIFICATION); PTE (NO_COMPATIBLE_CLASSIFICATION); QNC (NO_COMPATIBLE_CLASSIFICATION); SDP (NO_COMPATIBLE_CLASSIFICATION); SCC (NO_COMPATIBLE_CLASSIFICATION); SCJ (NO_COMPATIBLE_CLASSIFICATION); S72 (NO_COMPATIBLE_CLASSIFICATION); S74 (NO_COMPATIBLE_CLASSIFICATION); SCL (NO_COMPATIBLE_CLASSIFICATION); SDY (NO_COMPATIBLE_CLASSIFICATION); SPI (NO_COMPATIBLE_CLASSIFICATION); X77 (NO_COMPATIBLE_CLASSIFICATION); VHH (NO_COMPATIBLE_CLASSIFICATION); BTD (NO_COMPATIBLE_CLASSIFICATION); THG (NO_COMPATIBLE_CLASSIFICATION); TTZ (NO_COMPATIBLE_CLASSIFICATION); HT1 (NO_COMPATIBLE_CLASSIFICATION); CQT (NO_COMPATIBLE_CLASSIFICATION); HVX (NO_COMPATIBLE_CLASSIFICATION); DTC (NO_COMPATIBLE_CLASSIFICATION); VIM (NO_COMPATIBLE_CLASSIFICATION); XMC (NO_COMPATIBLE_CLASSIFICATION); XMD (NO_COMPATIBLE_CLASSIFICATION); YBC (NO_COMPATIBLE_CLASSIFICATION); YBM (NO_COMPATIBLE_CLASSIFICATION); VCX (NO_COMPATIBLE_CLASSIFICATION); HLY (NO_COMPATIBLE_CLASSIFICATION)

comparison inputs, not causal conclusions: revenue_growth_percent, pat_growth_percent, net_margin_percent, price_to_book

NO RESEARCH YET

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