DAC

Construction

Công ty Cổ phần 382 Đông Anh

Xây dựng và Vật liệuCT

6.300

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

56.195

Current

6.300

Gap

+500.0%

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

12.20%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

56.195

Blended Intrinsic

56.195

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DAC

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

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-3.48

Low Risk

DSRI

0.580

GMI

0.477

AQI

1.000

SGI

1.292

DEPI

0.868

SGAI

0.923

TATA

-0.140

LVGI

0.800

DAC exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -3.4761, well below the manipulation threshold. However, the company's earnings quality score of 57.3 indicates some strengths in cash conversion and receivables management, which could mitigate some risks.

Red Flags

Beneish M-Score of -3.4761 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings quality metrics show a score of 0.0/100 for both eq_margin and eq_revenue, suggesting severe issues in profitability and revenue recognition.

Positive Signals

High cash conversion score of 100.0/100 indicates effective management of cash flows.
Low DSRI of 0.5796 suggests that the company is not aggressively increasing its receivables relative to sales, which is a positive indicator.

Ownership Risk

The concentrated ownership structure, with two institutions holding 51% each, raises concerns about governance and potential conflicts of interest, as decisions may favor major shareholders over minority interests.

Recommendation

Investors should exercise caution and consider conducting further due diligence on DAC's financial practices and governance structure before making investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.40

Distress Zone

Sharpe

-0.39

Negative

Composite

Fair

Price Risk

Momentum

+0.0%

Volatility

88.2%

Max Drawdown

-39.2%

Key Ratios

Fiscal year 2025

1.73P/E

P/B0.00

P/S0.13

ROE-93.3%

ROA26.3%

EPS3650.27

BVPS0.00

Gross Margin20.3%

Net Margin7.4%

D/E-7.91

Current Ratio0.75

Rev Growth29.2%

Profit Growth288.0%

EV/EBITDA1.62

Div Yield0.0%

Company Overview

Issued Shares

1.0M

Charter Capital

10.0B 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 DAC — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Ống sợi thủy tinh Vinaconex

Inst

51.0%

512.550

Tổng Công ty Viglacera

Inst

51.0%

512.550

Phan Thị Tới

Indiv

12.7%

127.500

Công ty TNHH Ndh Việt Nam

Inst

11.8%

118.300

Công ty Cổ phần CSC Việt Nam

Inst

9.9%

99.400

Vương Văn Cẩn

Indiv

0.4%

3.991

Nguyễn Xuân Lục

Indiv

0.2%

1.907

Nguyễn Xuân Đông

Indiv

0.1%

1.050

Board & Management

Nguyễn Thị Hà

Thành viên Ban kiểm soát

Vũ Thị Bích Phượng

Thành viên Hội đồng Quản trị/Phụ trách Công bố thông tin

Nguyễn Huy Thuật

Thành viên Hội đồng Quản trị

Nguyễn Tiến Khôi

Kế toán trưởng

Trần Hải Thuật

Giám đốc

Phạm Trung Đức

Thành viên Ban kiểm soát

Nguyễn Quý Tuấn

Chủ tịch Hội đồng Quản trị

Đỗ Hữu Thuyết

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Giang

Thành viên Hội đồng Quản trị

Top connections

VGC99.9%DSG86.4%DTC2 links TLT2 links VIT2 links VHL2 links HLY2 links VTS2 links VIH51.0%VIM51.0%PAN2 links SSC11.8%

Computed 12/04/2026