DLR

Construction

Công ty Cổ phần Địa ốc Đà Lạt

Xây dựng và Vật liệuCT

13.600

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

14.313

Current

13.600

Gap

+5.2%

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

12.20%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

12.537

50%DCF Value

16.088

Blended Intrinsic

14.313

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DLR

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.92

Low Risk

DSRI

0.698

GMI

1.005

AQI

0.954

SGI

0.720

DEPI

1.036

SGAI

3.313

TATA

0.095

LVGI

0.850

DLR exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly indicated by a Beneish M-Score of -2.923, which is below the manipulation threshold of -1.78. Additionally, the earnings quality score of 26.2/100 highlights significant weaknesses in revenue and receivables management.

Red Flags

Beneish M-Score of -2.923 indicates potential earnings manipulation.
Earnings Quality Score of 26.2/100, with 0.0/100 in receivables, margin, and revenue metrics, suggests severe issues in revenue recognition and cash conversion.

Positive Signals

DSRI of 0.6982 indicates that inventory is being managed efficiently relative to sales.
GMI of 1.0050 suggests that gross margins are stable, which may indicate some operational resilience.

Ownership Risk

The ownership structure shows significant state involvement with 30.0% held by the local government, which could imply potential political influence but also stability. However, the high concentration of individual ownership (24.5% by Đinh Thanh Tâm) raises concerns about governance and potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices and cash flow management. Monitoring changes in ownership dynamics and financial disclosures will be critical for assessing future risks.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.14

Distress Zone

Sharpe

0.78

Positive

Composite

Fair

Price Risk

Momentum

+40.0%

Volatility

71.8%

Max Drawdown

-46.0%

Key Ratios

Fiscal year 2025

2.78P/E

P/B3.87

P/S4.98

ROE449.9%

ROA36.4%

EPS4887.04

BVPS3514.83

Gross Margin63.5%

Net Margin179.1%

D/E3.37

Current Ratio0.84

Rev Growth0.2%

Profit Growth106.1%

EV/EBITDA18.88

Div Yield0.0%

Company Overview

Issued Shares

4.5M

Charter Capital

45.0B 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 DLR — hover nodes for intel, click to navigate

Shareholders

Ủy Ban Nhân Dân Tỉnh Lâm Đồng

State

30.0%

1.4 trieu

Đinh Thanh Tâm

Indiv

24.5%

1.1 trieu

Đinh Thị Thu Vân

Indiv

7.3%

330.700

nguyen-thi-hao

Indiv

5.0%

225.000

Nguyễn Kim Cúc

Indiv

4.9%

221.000

Lê Đình Chí Linh

Indiv

4.9%

220.000

Trần Văn Vinh

Indiv

4.8%

217.600

Nguyễn Hữu Quốc

Indiv

4.6%

208.288

Phạm Văn Dương

Indiv

0.4%

16.300

Công ty Cổ Phần Đầu Tư Phân Phối Sa Ti Co

Inst

0.3%

15.000

Trần Anh Hoàng

Indiv

0.2%

10.000

Board & Management

Đinh Thanh Tâm24.5%

Tổng Giám đốc

Phạm Văn Dương0.4%

Phó Tổng Giám đốc

Nguyễn Văn Hòa

Kế toán trưởng

Lê Thị Kim Chính

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

Ngô Phước

Thành viên Hội đồng Quản trị

Quách Tấn Hải

Phó Chủ tịch Hội đồng Quản trị

Hoàng Việt Thúy Hồng

Thành viên Ban kiểm soát

Đào Ngọc Phương Nam

Trưởng Ban kiểm soát

Nguyễn Quang Trung

Thành viên Hội đồng Quản trị

Vũ Minh Hải

Phó Tổng Giám đốc

Trịnh Ngọc Thanh

Chủ tịch Hội đồng Quản trị

Top connections

BWA75.9%DUS73.8%CKG24.5%MSH11.4%BIG5.0%VTA5.0%ACG5.0%TIX5.0%APG4.9%DP24.8%

Computed 12/04/2026