DCT

Construction

Công ty Cổ phần Tấm lợp Vật liệu Xây dựng Đồng Nai

Xây dựng và Vật liệuCT

600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

Current

600

Gap

-100.0%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

—

Discount

50%

Floor Value

—

Valuation Track Record

Retroactive intrinsic value vs actual close price — DCT

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2022

-0.57

High Risk

DSRI

1.165

GMI

5.269

AQI

1.000

SGI

1.023

DEPI

0.986

SGAI

1.146

TATA

-0.099

LVGI

1.076

DCT exhibits several concerning indicators, particularly a high GMI of 5.2692 and a low earnings quality score of 29.5/100, suggesting potential earnings manipulation and poor cash conversion. However, the Beneish M-Score of -0.5703 indicates that while manipulation is a concern, it does not meet the threshold for strong suspicion.

Red Flags

GMI of 5.2692 indicates a significant risk of earnings manipulation, as values above 2.0 are concerning.
Earnings Quality Score of 29.5/100 reflects poor earnings quality, particularly driven by an eq_cash_conv of only 1.5/100, suggesting cash flow issues.

Positive Signals

Beneish M-Score of -0.5703 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation compared to peers.
Ownership by Nguyễn Công Lý at 21.0% suggests a significant individual stake, which may align management interests with shareholders.

Ownership Risk

The ownership structure is somewhat fragmented, with the largest individual shareholder holding only 21.0%. This could lead to potential conflicts of interest and governance challenges, especially with multiple institutional and individual shareholders involved.

Recommendation

Investors should closely monitor DCT's financial disclosures for signs of earnings manipulation and assess the company's cash flow management. Consider a cautious approach to investment until improvements in earnings quality and cash conversion metrics are observed.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

-3.18

Distress Zone

Sharpe

-0.03

Negative

Composite

Poor

Price Risk

Momentum

-14.3%

Volatility

176.6%

Max Drawdown

-44.4%

Key Ratios

Fiscal year 2025

-0.23P/E

P/B0.00

P/S0.06

ROE11.8%

ROA-8.0%

EPS-2277.74

BVPS0.00

Gross Margin-8.7%

Net Margin-24.8%

D/E-2.43

Current Ratio0.32

Rev Growth163.4%

Profit Growth22.8%

EV/EBITDA156.67

Div Yield0.0%

Company Overview

Issued Shares

27.2M

Charter Capital

272.2B 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 DCT — hover nodes for intel, click to navigate

Shareholders

Nguyễn Công Lý

Indiv

21.0%

5.7 trieu

Tổng Công ty Xi măng Việt Nam

Inst

12.5%

3.4 trieu

nguyen-thi-mai-thao

Indiv

10.3%

2.8 trieu

Nguyễn Thị Thành

Indiv

6.5%

1.8 trieu

Công ty Cổ phần Xuất nhập khẩu Thủy sản Bến Tre

Inst

3.6%

990.890

Đỗ Tài Thiện

Indiv

2.2%

588.625

Lê Trung Chính

Indiv

1.0%

268.425

Nguyễn Thị Thanh Tâm

Indiv

0.6%

159.025

Jiang Wen (Tường Văn)

Indiv

0.2%

61.381

Nguyễn Bá Truật

Indiv

0.2%

41.660

Dương Xuân Bình

Indiv

0.1%

29.064

Board & Management

Nguyễn Công Lý21.0%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Mai Thảo10.3%

Thành viên Hội đồng Quản trị

Lê Trung Chính1.0%

Phó Tổng Giám đốc

Nguyễn Văn Nho

Trưởng Ban kiểm soát

Nguyễn Thị Ánh

Phụ trách Công bố thông tin

Trần Thị Mộng Thu

Phó Giám đốc

Nguyễn Văn Quý

Phó Tổng Giám đốc

Phạm Đức Hùng

Thành viên Ban kiểm soát

Nguyễn Hoàng Vỹ

Thành viên Ban kiểm soát

Lê Thân

Tổng Giám đốc

Nguyễn Bá Thuyền

Thành viên Hội đồng Quản trị

Top connections

HT179.7%BTS79.5%BCC73.1%HOM71.1%DXV65.8%VTV62.9%TMX59.6%HCT53.9%TXM51.2%HTV50.1%BPC49.0%BXH49.0%

Computed 12/04/2026