DLG

Construction

Công ty Cổ phần Tập đoàn Đức Long Gia Lai

Xây dựng và Vật liệuCT

2.820

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

2.010

Current

2.820

Gap

-28.7%

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)

17.29%

Kd(1-t)

7.64%

D/(D+E)

82.71%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

278

50%DCF Value

3.741

Blended Intrinsic

2.010

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DLG

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.20

High Risk

DSRI

1.666

GMI

0.654

AQI

1.498

SGI

0.660

DEPI

0.708

SGAI

0.305

TATA

0.179

LVGI

0.924

DLG exhibits several concerning financial indicators, particularly in earnings quality and potential manipulation signals. The Beneish M-Score of -1.2038 suggests that while the company is not in the high-risk zone for earnings manipulation, its earnings quality score of 14.8/100 raises significant concerns about the reliability of reported earnings.

Red Flags

Earnings Quality Score of 14.8/100 indicates extremely poor earnings quality, with cash conversion and receivables both at 0.0/100.
DSRI of 1.6660 suggests that the company's receivables are growing faster than sales, which could indicate aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -1.2038 is above the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
SGI of 0.6595 indicates a decrease in sales growth, which, while concerning, can also reflect a more conservative approach to revenue recognition.

Ownership Risk

The ownership structure is concentrated, with the largest shareholder holding 24.8%, which may lead to potential governance issues and lack of accountability. However, the presence of institutional investors could provide some oversight.

Recommendation

Investors should approach DLG with caution, focusing on improving earnings quality metrics and monitoring any changes in revenue recognition practices. Consider waiting for clearer signals of financial stability before making significant investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

-0.07

Distress Zone

Sharpe

0.78

Positive

Composite

Weak

Price Risk

Momentum

+45.5%

Volatility

52.4%

Max Drawdown

-34.1%

Key Ratios

Fiscal year 2025

2.46P/E

P/B0.94

P/S1.29

ROE47.0%

ROA8.5%

EPS1218.90

BVPS3201.26

Gross Margin45.7%

Net Margin52.2%

D/E3.23

Current Ratio0.92

Rev Growth-34.0%

Profit Growth75.5%

EV/EBITDA4.28

Div Yield0.0%

Company Overview

Issued Shares

299.3M

Charter Capital

2993.1B 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 DLG — hover nodes for intel, click to navigate

Shareholders

bùi pháp

Indiv

24.8%

74.2 trieu

Nguyễn Đăng Quang

Indiv

3.9%

11.6 trieu

Công ty Cổ Phần Đầu Tư Và Phát Triển Điện Năng Đức Long Gia Lai

Inst

2.1%

3.6 trieu

nguyen-hai

Indiv

0.8%

2.3 trieu

Vũ Thị Hải

Indiv

0.5%

1.5 trieu

Công ty Cổ phần Quản Lý Quỹ Fides (việt Nam)

Inst

0.5%

1.0 trieu

Nguyễn Tuyển

Indiv

0.4%

1.0 trieu

nguyen-dinh-trac

Indiv

0.3%

991.222

Lê Đức Kỳ

Indiv

0.3%

830.000

Trần Cao Châu

Indiv

0.2%

525.000

Phạm Trưng

Indiv

0.1%

242.000

nguyen-thi-huong

Indiv

0.1%

386.844

Board & Management

Bùi Pháp24.8%

Chủ tịch Hội đồng Quản trị

Vũ Thị Hải0.5%

Phụ trách Công bố thông tin/Phó Tổng Giám đốc Tài chính

Nguyễn Tuyển0.4%

Người phụ trách quản trị công ty

Lê Đức Kỳ0.3%

Thành viên Hội đồng Quản trị độc lập

Trần Cao Châu0.2%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Văn Phương

Phó Tổng Giám đốc

Nguyễn Tường Cọt

Phó Tổng Giám đốc

Phạm Minh Việt

Phó Tổng Giám đốc Phụ trách Cơ sở hạ tầng

Phan Thị Ngọc Anh

Trưởng Ban kiểm soát

Đặng Thị Hà

Thành viên Ban kiểm soát

Đỗ Thành Nhân

Trưởng phòng Tài chính - Kế toán

Paul Anthony Murphy

Thành viên Hội đồng Quản trị

Trần Đình Anh Dũng

Thành viên Ban kiểm soát

Võ Mộng Hùng

Thành viên Hội đồng Quản trị độc lập

Top connections

DNC29.8%DL13 links HPO24.4%ICG2 links PPI14.5%THS10.8%AMP8.6%NXT6.3%HPH5.9%AFX5.7%TTZ4.7%TTH4.7%

Computed 12/04/2026