DIH

Construction

Công ty Cổ phần Đầu tư Phát triển Xây dựng - Hội An

Xây dựng và Vật liệuCT

9.400

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

184.737

Current

9.400

Gap

+500.0%

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.

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)

19.24%

Kd(1-t)

6.09%

D/(D+E)

80.76%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

66.361

50%DCF Value

303.114

Blended Intrinsic

184.737

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DIH

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

0.18

High Risk

DSRI

1.563

GMI

0.819

AQI

1.404

SGI

0.799

DEPI

8.550

SGAI

1.209

TATA

0.303

LVGI

1.004

The forensic assessment of DIH indicates significant red flags related to earnings manipulation and poor earnings quality. The Beneish M-Score of 0.1758 suggests a high likelihood of earnings manipulation, compounded by a low earnings quality score of 20.4/100, particularly concerning cash conversion and revenue recognition.

Red Flags

Beneish M-Score of 0.1758 indicates potential earnings manipulation as it exceeds the threshold of -1.78.
Earnings Quality Score of 20.4/100 highlights severe issues, especially with eq_cash_conv at 0.0/100, indicating no cash conversion from earnings.
DSRI of 1.5629 suggests inventory growth outpacing revenue growth, which could signal overstatement of sales.

Positive Signals

The eq_margin score of 100.0/100 indicates strong profitability margins, which is a positive aspect despite the overall poor earnings quality.

Ownership Risk

The ownership structure is fragmented, with the largest shareholder holding only 19.1%, which may lead to governance challenges and potential conflicts of interest among individual shareholders.

Recommendation

Investors should exercise caution and conduct further due diligence on DIH, particularly focusing on cash flow statements and revenue recognition practices before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.60

Distress Zone

Sharpe

-1.17

Negative

Composite

Fair

Price Risk

Momentum

-22.3%

Volatility

23.5%

Max Drawdown

-37.3%

Key Ratios

Fiscal year 2025

4.34P/E

P/B0.57

P/S0.27

ROE13.4%

ROA3.0%

EPS2372.23

BVPS18063.63

Gross Margin15.4%

Net Margin6.3%

D/E2.75

Current Ratio2.47

Rev Growth16.6%

Profit Growth22.4%

EV/EBITDA11.96

Div Yield0.0%

Company Overview

Issued Shares

6.9M

Charter Capital

68.9B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Trần Đình Huy

Indiv

19.1%

1.3 trieu

Đỗ Thành Quảng

Indiv

8.8%

606.813

Vũ Văn Thành

Indiv

8.5%

500.000

Dương Phú Hưng

Indiv

5.7%

396.221

Văn Đức Tiến

Indiv

4.8%

285.330

nguyen-dinh-thanh

Indiv

4.8%

333.000

Trương Văn Hưng

Indiv

3.9%

112.200

Phạm Xuân Vỹ

Indiv

3.3%

230.000

Vương Đình Hùng

Indiv

3.0%

88.400

Trần Việt Thắng

Indiv

2.8%

81.600

Trần Minh Thuyết

Indiv

1.5%

42.400

Nguyễn Phước

Indiv

1.0%

31.033

Trần Văn Việt

Indiv

1.0%

67.885

Huỳnh Thanh Sơn

Indiv

0.8%

57.500

Trần Đình Lợi

Indiv

0.7%

50.140

Trần Đình Danh

Indiv

0.6%

38.042

Trần Đình Dũng

Indiv

0.4%

22.307

Đinh Phú Lộc

Indiv

0.4%

10.490

Phạm Thị Thanh Tâm

Indiv

0.3%

23.000

Trần Minh Toản

Indiv

0.3%

15.808

Phạm Anh Thi

Indiv

0.2%

17.082

Võ Thế Lực

Indiv

0.2%

6.497

HỒ HẢI BẮC

Indiv

0.2%

13.486

Trần Quốc Tuấn

Indiv

0.1%

8.740

Trần Đình Hiển

Indiv

0.1%

7.000

nguyen-hoang-phuong

Indiv

0.1%

8.050

Board & Management

Trần Văn Việt1.0%

Tổng Giám đốc/Phó Chủ tịch Hội đồng Quản trị

Trần Đình Lợi0.7%

Chủ tịch Hội đồng Quản trị

Trần Đình Danh0.6%

Thành viên Hội đồng Quản trị

Trần Đình Dũng0.4%

Thành viên Ban kiểm soát

Phạm Thị Thanh Tâm0.3%

Trưởng Ban kiểm soát

Trần Minh Toàn0.3%

Thành viên Hội đồng Quản trị

Phạm Anh Thi0.2%

Phó Tổng Giám đốc

HỒ HẢI BẮC0.2%

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Phương0.1%

Thành viên Ban kiểm soát

Võ Hồ Quỳnh Giao

Kế toán trưởng

Nguyễn Thị Thu Thảo

Phụ trách Công bố thông tin

Top connections

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Computed 12/04/2026