ADP

Construction

Công ty Cổ phần Sơn Á Đông

Xây dựng và Vật liệuCT

22.900

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

33.362

Current

22.900

Gap

+45.7%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Xây dựng và Vật liệu→Construction

Classified as construction because ICB sector "Xây dựng và Vật liệu" maps to the construction group

ModelEV/EBITDA + DCF Blend

Intrinsic = 50% x EV/EBITDA Value + 50% x DCF Value

Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.100

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

12.20%

E/(D+E)

76.20%

Kd(1-t)

6.38%

D/(D+E)

23.80%

WACC

10.82%

Growth Estimate

fundamental firm blend4.70%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

16.863

50%DCF Value

49.860

Blended Intrinsic

33.362

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ADP

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.99

Low Risk

DSRI

0.856

GMI

0.988

AQI

1.000

SGI

0.797

DEPI

0.850

SGAI

0.808

TATA

-0.043

LVGI

1.019

ADP's Beneish M-Score of -2.9931 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality metrics reveal significant concerns, particularly with a very low receivables score of 2.0/100, which suggests potential issues with revenue recognition.

Red Flags

Very low receivables score of 2.0/100 indicates potential issues with revenue recognition.
Earnings Quality Score of 61.0/100 suggests moderate concerns, particularly with revenue metrics scoring 0.0/100.

Positive Signals

Beneish M-Score of -2.9931 indicates a low likelihood of earnings manipulation.
High cash conversion score of 99.7/100 suggests strong cash flow relative to earnings.

Ownership Risk

The ownership structure is highly concentrated with the top five shareholders holding a combined 55.7%. This concentration may lead to governance risks, as decisions could be heavily influenced by a small group of individuals.

Recommendation

Investors should closely monitor ADP's revenue recognition practices and consider the implications of concentrated ownership on corporate governance. A deeper analysis of cash flow sustainability is recommended.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

7.57

Safe Zone

Sharpe

-0.82

Negative

Composite

Fair

Price Risk

Momentum

-6.1%

Volatility

17.3%

Max Drawdown

-22.8%

Key Ratios

Fiscal year 2025

6.90P/E

P/B1.99

P/S0.81

ROE28.5%

ROA21.8%

EPS3318.62

BVPS11496.86

Gross Margin19.8%

Net Margin11.7%

D/E0.31

Current Ratio3.83

Rev Growth-20.4%

Profit Growth-10.4%

EV/EBITDA5.18

Div Yield9.6%

Company Overview

Issued Shares

23.0M

Charter Capital

230.4B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for ADP — hover nodes for intel, click to navigate

Shareholders

Trần Bửu Trí

Indiv

11.4%

2.6 trieu

Nguyễn Thị Nhung

Indiv

10.1%

2.3 trieu

Lê Đình Quang

Indiv

9.2%

2.1 trieu

Võ Hồng Hà

Indiv

7.9%

1.8 trieu

Đỗ Thụy Thúy Vy

Indiv

7.1%

1.6 trieu

Tống Quốc Minh

Indiv

5.0%

1.1 trieu

Nguyễn Tài Thảo

Indiv

4.2%

972.258

Vương Thị Huyền Trang

Indiv

4.2%

964.974

Nguyễn Ngọc Tú

Indiv

4.1%

389.916

Cao Trí Đức

Indiv

3.6%

836.757

Đỗ Thị Thúy Vy

Indiv

3.3%

316.279

Ngũ Thị Kim Lệ

Indiv

3.2%

735.850

Nguyễn Văn Thái

Indiv

2.9%

452.316

Võ Thị Bích Ngọc

Indiv

2.8%

637.696

Phan Ngọc Thuận

Indiv

2.7%

630.000

Võ Thị Mai Hương

Indiv

1.1%

264.312

Nguyễn Thị Cần

Indiv

1.1%

255.114

Tống Trường Lộc

Indiv

0.6%

133.025

Tống Trường Thịnh

Indiv

0.6%

133.500

Lê An Khương

Indiv

0.1%

12.800

Board & Management

Trần Bửu Trí11.4%

Phó Tổng Giám đốc Kinh doanh

Nguyễn Thị Nhung10.1%

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Lê Đình Quang9.2%

Phó Tổng Giám đốc Tài chính/Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị/Kế toán trưởng

Nguyễn Tài Thảo4.2%

Chủ tịch Hội đồng Quản trị

Cao Trí Đức3.6%

Phó Tổng Giám đốc Kế hoạch/Thành viên Hội đồng Quản trị

Võ Thị Bích Ngọc2.8%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Phan Ngọc Thuấn2.7%

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Thị Cần1.1%

Trưởng Ban kiểm soát

Phạm Thị Như Ý

Thành viên Ban kiểm soát

Huỳnh Thanh Tâm

Người phụ trách quản trị công ty

Trần Bá Kiệt

Thành viên Ban kiểm soát

Top connections

AMV14.1%TCO10.1%NDC10.1%DPP10.1%PMW10.1%BWS10.1%TDF10.1%TBD10.1%S4A10.1%ICF10.1%OCH2 links OGC9.2%

Computed 12/04/2026