DID

Construction

Công ty Cổ phần DIC - Đồng Tiến

Xây dựng và Vật liệuCT

3.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

3.142

Current

3.900

Gap

-19.4%

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)

54.56%

Kd(1-t)

6.16%

D/(D+E)

45.44%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

4.951

50%DCF Value

1.333

Blended Intrinsic

3.142

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DID

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 · 2017

-0.83

High Risk

DSRI

1.116

GMI

1.414

AQI

1.900

SGI

1.183

DEPI

0.820

SGAI

0.860

TATA

0.165

LVGI

0.923

The forensic assessment of DID indicates an elevated risk of earnings manipulation, highlighted by a Beneish M-Score of -0.8298, which is above the manipulation threshold of -1.78. Additionally, the earnings quality score of 36.6 suggests significant concerns regarding cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -0.8298 indicates potential earnings manipulation, as it is above the threshold of -1.78.
Earnings Quality Score of 36.6/100, with a cash conversion score of 0.0/100, raises concerns about the reliability of reported earnings.
SGI of 1.1826 suggests that sales growth may not be sustainable, potentially indicating aggressive revenue recognition practices.

Positive Signals

Receivables score of 100.0/100 indicates strong management of receivables, which may suggest effective collection practices.
Low TATA of 0.1646 indicates that the company has a low tendency to manipulate accruals, which could be a positive sign in terms of financial reporting integrity.

Ownership Risk

The top two shareholders hold a combined 66.6% of the shares, indicating a high concentration of ownership which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should conduct further due diligence on DID, particularly focusing on cash flow statements and revenue recognition practices. Consider monitoring for any changes in ownership structure or governance practices that may mitigate risks.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.02

Grey Zone

Sharpe

-0.37

Negative

Composite

Weak

Price Risk

Momentum

-4.8%

Volatility

36.2%

Max Drawdown

-26.5%

Key Ratios

Fiscal year 2025

30.19P/E

P/B0.29

P/S0.13

ROE1.0%

ROA0.5%

EPS116.41

BVPS11930.96

Gross Margin0.7%

Net Margin0.4%

D/E0.50

Current Ratio1.12

Rev Growth85.6%

Profit Growth32.6%

EV/EBITDA18.56

Div Yield0.0%

Company Overview

Issued Shares

15.6M

Charter Capital

156.2B 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 DID — hover nodes for intel, click to navigate

Shareholders

Công ty CP Cấu Kiện Bê Tông Nhơn Trạch 2

Inst

41.6%

6.5 trieu

Công Ty Cổ Phần Siêu Thị Vật Liệu Xây Dựng Thế Giới Nhà

Inst

25.0%

3.9 trieu

Trần Hoàng Tuấn

Indiv

4.8%

666.600

Trần Thị Mỹ Dung

Indiv

4.8%

663.100

Lê Thị Thu

Indiv

4.2%

210.000

Đoàn Thanh Long

Indiv

3.7%

184.400

Nguyễn Tất Thành

Indiv

3.0%

150.000

Trần Ngọc Tình

Indiv

3.0%

150.000

Phạm Văn Thanh

Indiv

1.2%

60.000

Bùi Thị Anh Vinh

Indiv

1.1%

55.000

Hà Thị Thanh Châu

Indiv

0.8%

39.600

Nguyễn Thái Học

Indiv

0.7%

35.000

Nguyễn Văn Thuật

Indiv

0.5%

23.000

Board & Management

Trương Thị Hoàng Yến

Thành viên Hội đồng Quản trị

Trần Anh Điền

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Huỳnh Trung Hiếu

Thành viên Hội đồng Quản trị

Thái Thị Mỹ Diễm

Thành viên Ban kiểm soát

Nguyễn Ngọc Thương

Chủ tịch Hội đồng Quản trị

Trần Thị Trúc Lan

Kế toán trưởng

Nguyễn Thị Thanh Uyên

Thành viên Hội đồng Quản trị

Trương Ngọc Khánh Trân

Trưởng Ban kiểm soát

Lương Thị Thùy Trang

Thành viên Ban kiểm soát

Top connections

DND41.6%BVN8.7%DFF6.4%NTH6.2%TRC5.1%C474.8%SCL2 links TIX4.8%DCF4.6%TOS4.2%MTP4.2%JVC1.2%

Computed 12/04/2026