DC2
Công ty Cổ phần Đầu tư Phát triển - Xây dựng (DIC) số 2
Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 6.000
- Calibrated intrinsic value (VND)
- 6.730
Last close × (1 + calibrated gap / 100)
Earnings-capitalised value
Not available: the company reported a loss last year or its shares have too short a price history.
How it is calculated
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply to the close
That return is applied to the last close.
Keep in mind
- For illustration only: not a validated forecast.
- No uncertainty range: the estimate is a single figure.
- Older record: it has not been re-measured on the current data.
Why it needs review
- Trading liquidity is below the comparison threshold.
- Under financial distress the model falls back to book value.
This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.
Comparison assessed 3 Nov 2026Valid through 28 Nov 2026
- Model reliability
- Very Low
- Model fitInput stabilityRisk checks
- High requires the model’s diagnostic criteria to be met.
- Probability of outperforming peers
- Not assessed
- A separate peer-outperformance probability is unavailable for this valuation.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.
Technical details
Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.
Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.
Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.
We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.
Last close × (1 + calibrated gap / 100)
Earnings Quality
Financial Forensics
Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.
Checks measured on Vietnamese companies · FY2025
- Cash conversion, 3 yearsOperating cash flow / net profit
- 1.5164th pctile
- Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
- 5.2%68th pctile
- Accumulated losses / paid-in capitalUndistributed earnings below zero
- None
- Consecutive years of net lossProfit after tax of the parent
- 0
- Owner's equityWithout the non-controlling interest
- Positive
Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.
Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.
The company shows multiple accounting signals of aggressive earnings dynamics versus Vietnamese peers: a Beneish M-Score of -1.18 (86th percentile among Vietnamese peers) with a year-over-year rise of +2.15, an elevated AQI of 2.4162 and DSRI of 1.2433. At the same time, operating distress and weak fundamentals are evident: Altman Z-Score 0.77 (distress zone) and Piotroski F-Score 2/9; cash generation and several earnings-quality sub-scores are especially poor (Earnings Quality 11.3/100 and Cash conversion 0.0/100).
- Beneish M-Score = -1.18 (measures the probability of earnings manipulation using eight financial ratios); at the 86th Vietnam peer percentile this company ranks as more aggressive than most Vietnamese peers, and the M-Score increased by +2.15 year-over-year (the YoY direction is an additional cue).
- AQI (Accruals Quality Index) = 2.4162 (measures the change in accruals relative to assets; a high value signals low accruals quality).
- DSRI (Days’ Sales Receivable Index) = 1.2433 (measures growth in receivables relative to sales; >1 indicates receivables growing faster than sales).
- SGAI (Sales, General & Administrative Index) = 1.4001 (measures growth in SG&A relative to sales; >1 indicates SG&A rising faster than sales).
- TATA (Total Accruals to Total Assets) = 0.1891 (measures the level of accruals in relation to assets; elevated positive number implies earnings driven by accruals rather than cash).
- Earnings Quality overall = 11.3/100 with sub-scores: Accruals quality 36.3/100, Receivables quality 11.3/100, Cash conversion 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100 (these measure cash vs accruals, receivable collectibility, ability to convert profit to cash, margin stability and revenue sustainability — many are very weak or zero).
- Altman Z-Score = 0.77 (measures bankruptcy risk; this value is in the distress zone, indicating shortfalls in profitability, liquidity and solvency metrics relative to healthy peers).
- Piotroski F-Score = 2/9 (measures nine signals of operational and accounting strength; a score of 2 indicates weak fundamentals).
- Cash conversion (3-year operating cash flow / net profit) = 1.51 and ranked at the 64th percentile among Vietnamese non-financials (the low position indicates profit is not turning into cash as well as many peers).
- Receivables outside the trade cycle = 5.2% of total assets (68th percentile among Vietnamese companies; this includes prepayments, loans receivable and other long-term receivables and signals material non-trade receivables).
- No accumulated losses; undistributed earnings are not negative (a basic solvency/retained-earnings signal in the published statements).
- Statutory loss tests under Decree 155/2020 Art.120(1)(e) as amended by Decree 245/2025: none met (the audited annual statements do not meet the statutory criteria for listing cancellation under that rule).
- Owner's equity (excluding minority interest) is positive (simple balance-sheet solvency indicator).
- DEPI = 1.0000 and LVGI = 1.1161 (DEPI near 1 suggests depreciation policies not materially changing in the period measured; LVGI slightly >1 indicates modest change in leverage growth index).
The company is majority-controlled by a listed parent: DIG holds 50.1% (control) as of 2026-06-30, and DIG also controls related listed subsidiaries DC1 (51.7%) and DC4 (25.3%). Top external shareholders include D2 CAPITAL 15.2% and two individuals at 9.8% and 2.9%. Director-deal disclosures show registrations (not executed trades): between 2025-10-30 and 2026-10-30 there were 2 sale registrations (2 registrants; both without disclosed volume) and 4 purchase registrations (3 registrants; total 350,000 shares; 2 without volume).
- Compare the 2025 schedule/note for 'Receivables' and 'Other long-term receivables' to the balance-sheet line items: quantify the components that sum to the 5.2% of total assets flagged as receivables outside the trade cycle.
- Reconcile the 3-year operating cash flow and net profit in the cash-flow note (statement of cash flows and related management discussion) to confirm the inputs that produce the 3-year cash conversion ratio of 1.51.
- Inspect the notes on 'Prepayments to suppliers' and 'Loans to related parties' in FY2025 to see maturity, counterparties and disclosures that explain the high DSRI (1.2433) and the receivables-quality score.
- Review the accounting-policy and fixed-asset notes for depreciation and useful lives to verify the components behind DEPI = 1.0000 and any recent changes that could affect accruals (TATA = 0.1891) and AQI = 2.4162.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
- P/B
- 0.57
- P/S
- 0.34
- ROE
- 4.8%
- ROA
- 1.6%
- EPS
- 515
- BVPS
- 10.837
- Gross Margin
- 17.8%
- Net Margin
- 2.9%
- D/E
- 1.64
- Current Ratio
- 1.05
- Rev Growth
- −18.3%
- Profit Growth
- +4.5%
- EV/EBITDA
- 12.38
- Div Yield
- 3.1%
Company Overview
- Shares outstanding
- 11.6M
- Charter Capital
- 116B VND
- Sector (ICB L2)
- Xây dựng và Vật liệu
- Industry (ICB L3)
- Xây dựng và Vật liệu
- Sub-industry
- Xây dựng
- Company Type
- CT