DKG

Construction

Công ty Cổ Phần Tập đoàn DamiK

Xây dựng và Vật liệuCT

9.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

18.401

Current

9.800

Gap

+87.8%

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)

61.70%

Kd(1-t)

6.24%

D/(D+E)

38.30%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

10.401

50%DCF Value

26.400

Blended Intrinsic

18.401

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DKG

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

-2.79

Low Risk

DSRI

1.409

GMI

1.558

AQI

1.146

SGI

0.626

DEPI

0.836

SGAI

1.245

TATA

-0.152

LVGI

0.800

The Beneish M-Score of -2.7919 indicates that DKG is not likely to be manipulating earnings; however, the earnings quality score of 43.0/100, particularly low receivables and margin scores, raises concerns about the sustainability of reported earnings. The ownership structure is heavily concentrated, which could pose additional risks to minority shareholders.

Red Flags

Earnings Quality Score of 43.0/100 indicates potential issues with earnings sustainability.
Receivables score of 0.0/100 suggests significant issues in revenue recognition and cash flow management.

Positive Signals

Beneish M-Score of -2.7919 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
Cash conversion score of 100.0/100 reflects strong cash flow relative to earnings.

Ownership Risk

The top shareholders hold a combined 89.8% of the shares, indicating a high concentration of ownership that may limit the influence of minority shareholders and increase the risk of decisions favoring major stakeholders.

Recommendation

Investors should closely monitor DKG's earnings quality metrics and consider the implications of concentrated ownership before making investment decisions. It may be prudent to wait for improvements in earnings sustainability and transparency.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.83

Grey Zone

Key Ratios

Fiscal year 2025

0.00P/E

P/B0.72

P/S0.58

ROE0.0%

ROA0.0%

EPS0.00

BVPS11757.92

Gross Margin7.5%

Net Margin0.0%

D/E0.51

Current Ratio1.00

Rev Growth-37.4%

Profit Growth-100.0%

EV/EBITDA6.56

Div Yield0.0%

Company Overview

Issued Shares

14.4M

Charter Capital

143.8B 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 DKG — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ Phần Tập Đoàn Dlh Holdings

Inst

35.5%

5.1 trieu

Đặng Đức Minh

Indiv

33.4%

4.8 trieu

Công ty Cổ Phần Đầu Tư Tnd Global

Inst

20.0%

2.9 trieu

Vũ Mạnh Hùng

Indiv

4.9%

703.800

Nguyễn Văn Hải

Indiv

1.4%

200.200

Quách Thị Hiền

Indiv

0.4%

50.000

nguyen-thi-hanh

Indiv

0.4%

50.000

Top connections

LBE10.8%TTD10.0%QTC9.2%PTC9.0%LHC8.4%TTT8.0%ACB5.0%HU14.8%HMH4.6%BSQ4.5%UPC4.3%FRM4.1%

Computed 12/04/2026