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Construction sector

DDB

Construction
Công ty Cổ Phần Thương Mại Và Xây Dựng Đông Dương
Xây dựng và Vật liệuCT
8.700
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
9.431
Current
8.700
Gap
+8.4%
ModelEV EBITDA DCF BLEND

Valuation Breakdown

CTXây dựng và Vật liệuConstruction
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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
1.100
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
12.20%
Ke
12.20%
x
E/(D+E)
46.13%
+
Kd(1-t)
6.18%
x
D/(D+E)
53.87%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend3.80%
Growth decays 12%/yr toward terminal
3
Model Inputs
4
Valuation
50%EV/EBITDA Value
11.471
50%DCF Value
7.391
Blended Intrinsic
9.431
Value Decomposition
35%
65%
Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DDB

Earnings Quality

Fiscal year 2025

74
Good
Accrual Quality
84
Cash Conversion
100
Receivables
100
Margin Stability
56
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025

-1.49
Elevated
DSRI
2.603
GMI
1.152
AQI
0.087
SGI
0.942
DEPI
1.041
SGAI
0.765
TATA
-0.040
LVGI
1.003

DDB exhibits a moderate risk profile with a Beneish M-Score of -1.4911, indicating no immediate signs of earnings manipulation. However, the high DSRI of 2.6025 and low revenue quality score raise concerns about potential revenue recognition issues.

Red Flags
  • DSRI of 2.6025 indicates significant growth in receivables relative to sales, suggesting possible revenue recognition issues.
  • Revenue quality score of 0.0/100 raises concerns about the sustainability of reported revenues.
Positive Signals
  • Earnings Quality Score of 74.4/100 indicates generally good earnings quality, particularly strong cash conversion at 100.0/100.
  • Low SGAI of 0.7647 suggests effective cost management relative to sales growth.
Ownership Risk

The top shareholders are individuals with significant stakes, which may lead to concentrated decision-making and potential governance risks. However, the absence of institutional investors may limit external oversight.

Recommendation

Investors should closely monitor DDB's revenue recognition practices and consider conducting further due diligence on cash flow sustainability before making investment decisions.

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

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
2.22
Grey Zone
Sharpe
-0.83
Negative
Composite
47
Weak
Price Risk
Momentum
-28.7%
Volatility
69.3%
Max Drawdown
-34.3%

Key Ratios

Fiscal year 2025
27.41P/E
P/B0.72
P/S0.27
ROE2.7%
ROA1.2%
EPS334.71
BVPS12760.26
Gross Margin5.2%
Net Margin1.0%
D/E1.17
Current Ratio1.62
Rev Growth-5.8%
Profit Growth-7.7%
EV/EBITDA10.63
Div Yield0.0%

Company Overview

Issued Shares
12.0M
Charter Capital
120.0B 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
CT

// OWNERSHIP_NETWORK

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

Shareholders
nguyen-viet-cuong
Indiv
11.9%
1.4 trieu
Đồng Văn Quang
Indiv
6.7%
800.000
Đặng Thanh Sơn
Indiv
6.2%
742.667
Nguyễn Thị Thuyến
Indiv
5.0%
593.567
Lê Văn Hóa
Indiv
4.0%
484.400
Nguyễn Thị Thiện
Indiv
3.9%
464.900
Trần Bích Nhuận
Indiv
2.4%
290.400
nguyen-thi-minh-anh
Indiv
1.7%
207.200
Vũ Minh Trang
Indiv
1.7%
200.000
Nguyễn Kim Trường
Indiv
1.0%
120.000
Vũ Thị Minh Điệp
Indiv
0.8%
100.000
Nguyễn Tuấn San
Indiv
0.4%
50.000
Nguyễn Đăng Thắng
Indiv
0.4%
49.067
Vũ Hoàng
Indiv
0.1%
13.065
Vũ Hồng Ngọc
Indiv
0.1%
12.933
Ngô Trọng Tú
Indiv
0.1%
13.100
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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