DHA

Construction

Công ty Cổ phần Hóa An

Xây dựng và Vật liệuCT

48.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

63.701

Current

48.900

Gap

+30.3%

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)

90.00%

Kd(1-t)

6.34%

D/(D+E)

10.00%

WACC

11.61%

Growth Estimate

fundamental firm blend4.72%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

45.680

50%DCF Value

81.722

Blended Intrinsic

63.701

Value Decomposition

41%

59%

Explicit period (41%)Terminal value (59%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DHA

Earnings Quality

Fiscal year 2025

Good

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 · 2024

-1.19

High Risk

DSRI

0.914

GMI

0.952

AQI

0.909

SGI

0.789

DEPI

0.958

SGAI

0.967

TATA

0.327

LVGI

0.739

DHA exhibits several concerning financial metrics, particularly its low earnings quality score of 16.5/100, indicating potential issues with revenue recognition and cash conversion. However, the Beneish M-Score of -1.1945 suggests that the likelihood of manipulation is low, as it remains above the critical threshold of -1.78.

Red Flags

Earnings Quality Score of 16.5/100, indicating significant concerns in revenue recognition and cash conversion.
Cash conversion score of 0.0/100, highlighting severe issues in converting earnings into actual cash flow.

Positive Signals

Beneish M-Score of -1.1945, suggesting a lower likelihood of earnings manipulation.
DSRI of 0.9145, indicating that the company's inventory growth is in line with revenue growth.

Ownership Risk

The ownership structure shows a significant concentration with the largest shareholder holding 22.6%, which may lead to potential governance issues. However, the presence of institutional investors may provide some level of oversight.

Recommendation

Investors should closely monitor DHA's earnings quality and cash flow metrics, considering a cautious approach until improvements in cash conversion and overall earnings quality are observed.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

13.85

Safe Zone

Sharpe

1.00

Excellent

Composite

Strong

Price Risk

Momentum

+65.2%

Volatility

31.4%

Max Drawdown

-20.5%

Key Ratios

Fiscal year 2025

6.74P/E

P/B1.51

P/S1.83

ROE24.0%

ROA21.7%

EPS7258.19

BVPS32318.74

Gross Margin36.0%

Net Margin27.2%

D/E0.11

Current Ratio7.02

Rev Growth36.4%

Profit Growth112.2%

EV/EBITDA6.19

Div Yield0.0%

Company Overview

Issued Shares

15.1M

Charter Capital

151.2B 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 DHA — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Vật liệu Xây dựng số 1

Inst

22.6%

3.4 trieu

Công ty TNHH Khai Thác Tài Nguyên Lợi Lộc

Inst

7.5%

1.1 trieu

Vương Ngọc Tuyết

Indiv

4.9%

724.250

Ftif - Templeton Frontier Markets Fund

Inst

4.8%

720.980

Pxp Vietnam Fund Limited

Inst

3.3%

500.000

Citgroup Global Markets Limited

Inst

2.8%

427.727

Nguyễn Tấn Lộc

Indiv

2.5%

375.000

Vietnam Emerging Equity Fund Limited

Inst

2.2%

333.455

Đinh Lê Chiến

Indiv

1.0%

145.206

Nguyễn Văn Lương

Indiv

0.9%

135.040

Lại Duy Hồng

Indiv

0.6%

84.352

Trần Phương Tùng

Indiv

0.2%

25.500

Công đoàn Công ty Cổ phần Hóa An

Inst

0.2%

24.330

Lê Thị Quyết

Indiv

0.2%

23.590

Lê Thị Quyên

Indiv

0.1%

22.370

Quỹ Đầu tư Cổ phiếu Techcom

Inst

0.1%

21.120

Trần Sỹ Phúc

Indiv

0.1%

17.200

Board & Management

Đinh Lê Chiến1.0%

Chủ tịch Hội đồng Quản trị

Nguyễn Văn Lương0.9%

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

Đỗ Việt Cường

Thành viên Ban kiểm soát

Trịnh Tiến Bảy

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Quốc Trung

Thành viên Ban kiểm soát

Nguyễn Xuân Thành

Thành viên Hội đồng Quản trị

Đặng Xuân Long

Trưởng Ban kiểm soát

Võ Thị Cẩm Hường

Thành viên Hội đồng Quản trị

Top connections

TTC51.0%MDG32.0%VTA30.8%NAC22.6%VGL9.2%HCM6.3%NNC5.9%LIG5.0%TTG5.0%BMP5.0%KSB5.0%GIL2 links

Computed 12/04/2026