DL1

Construction

Công ty Cổ phần Tập đoàn Alpha Seven

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

4.300

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

6.877

Current

4.300

Gap

+59.9%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

53.36%

Kd(1-t)

7.23%

D/(D+E)

46.64%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.915

50%DCF Value

9.840

Blended Intrinsic

6.877

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DL1

Earnings Quality

Fiscal year 2025

Good

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 · 2025

-1.95

Moderate

DSRI

0.544

GMI

1.995

AQI

1.100

SGI

1.604

DEPI

1.549

SGAI

1.050

TATA

-0.026

LVGI

1.283

DL1 exhibits several concerning financial metrics, particularly a Beneish M-Score of -1.9543, which is below the manipulation threshold of -1.78, suggesting potential earnings manipulation. While the earnings quality score is relatively strong at 70.8/100, the low revenue quality score of 22.9/100 raises significant concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.9543 indicates potential earnings manipulation, as it is below the threshold of -1.78.
Revenue quality score of 22.9/100 suggests significant issues with revenue recognition and sustainability.

Positive Signals

Earnings quality score of 70.8/100 indicates overall decent earnings quality, with high cash conversion (100.0/100) and receivables quality (100.0/100).
DSRI of 0.5441 indicates that the company is managing its inventory well relative to sales, which is a positive sign.

Ownership Risk

The ownership structure is fragmented with the largest shareholder holding only 21.0%, which may lead to governance challenges and potential conflicts of interest among individual shareholders.

Recommendation

Investors should closely monitor DL1's financial disclosures for signs of earnings manipulation and consider a cautious approach given the elevated risk level. Engaging with management for clarity on revenue recognition practices could provide additional insights.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

0.40

Distress Zone

Sharpe

0.06

Positive

Composite

Strong

Price Risk

Momentum

+14.2%

Volatility

47.9%

Max Drawdown

-44.4%

Key Ratios

Fiscal year 2025

143.09P/E

P/B0.40

P/S0.60

ROE0.3%

ROA0.1%

EPS30.05

BVPS10669.55

Gross Margin17.5%

Net Margin0.4%

D/E1.49

Current Ratio0.92

Rev Growth60.4%

Profit Growth153.3%

EV/EBITDA12.90

Div Yield0.0%

Company Overview

Issued Shares

116.9M

Charter Capital

1806.0B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for DL1 — hover nodes for intel, click to navigate

Shareholders

bùi pháp

Indiv

21.0%

37.9 trieu

Trần Văn Phương

Indiv

9.3%

1.6 trieu

Hoàng Thị Kim Hiếu

Indiv

8.5%

1.4 trieu

nguyen-thi-ut

Indiv

5.7%

870.000

america limited liability company

Inst

5.5%

171.340

Phạm Thị Hiền

Indiv

4.9%

5.0 trieu

Hà Thị Ngọc Trang

Indiv

4.9%

750.068

Huỳnh Thái Quốc

Indiv

4.7%

787.768

Công ty TNHH Global Capital

Inst

4.5%

4.8 trieu

Nguyễn Thị Điểm

Indiv

4.4%

4.5 trieu

Võ Thị Việt Hà

Indiv

3.5%

599.100

Hồ Minh Thành

Indiv

3.0%

3.0 trieu

nguyen-thanh-lam

Indiv

2.8%

466.162

Lê Phú Hà

Indiv

1.9%

59.226

Vũ Thị Hải

Indiv

1.6%

1.7 trieu

nguyen-dinh-trac

Indiv

1.1%

2.1 trieu

Nguyễn Thị Lệ Hòa

Indiv

1.0%

973.058

Nguyễn Tường Cọt

Indiv

0.9%

965.700

Võ Châu Hoàng

Indiv

0.6%

19.996

Nguyễn Văn Nguyên

Indiv

0.2%

7.790

Board & Management

Vũ Thị Hải1.6%

Thành viên Ban kiểm soát

Nguyễn Đình Trạc1.1%

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

Đỗ Thành Nhân

Thành viên Ban kiểm soát

Bùi Minh Đức

Thành viên Hội đồng Quản trị

Đinh Thị Tuyết Minh

Người phụ trách quản trị công ty

Chu Sỹ Hoạt

Phó Giám đốc

Hà Thị Phương Oanh

Kế toán trưởng

Phạm Tiến Dũng

Phó Giám đốc

Đoàn Nguyên Tiêu

Chủ tịch Hội đồng Quản trị

Hồ Thị Mỹ Trinh

Thành viên Ban kiểm soát

Lee Tong Hun

Thành viên Hội đồng Quản trị độc lập

Đặng Văn Hậu

Thành viên Hội đồng Quản trị

Top connections

SGN25.0%DLG3 links WCS2 links DNM22.7%IDV18.0%CCM16.3%SZL16.1%BAX16.1%TIP15.3%MTH13.6%ILB12.8%NCT11.0%

Computed 12/04/2026