DND

Construction

Công ty Cổ phần Đầu tư Xây dựng và Vật liệu Đồng Nai

Xây dựng và Vật liệuCT

12.200

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

6.601

Current

12.200

Gap

-45.9%

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)

74.03%

Kd(1-t)

6.40%

D/(D+E)

25.97%

WACC

10.69%

Model Inputs

Valuation

50%EV/EBITDA Value

6.601

50%DCF Value

—

Blended Intrinsic

6.601

Valuation Track Record

Retroactive intrinsic value vs actual close price — DND

Earnings Quality

Fiscal year 2025

Weak

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 · 2024

-1.68

Elevated

DSRI

1.050

GMI

0.878

AQI

0.930

SGI

0.796

DEPI

0.890

SGAI

1.234

TATA

0.190

LVGI

0.407

DND exhibits a Beneish M-Score of -1.6807, indicating a low likelihood of earnings manipulation, as it is above the threshold of -1.78. However, the earnings quality score of 33.3/100, particularly low scores in receivables and margin metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 33.3/100, indicating significant issues with accruals and cash conversion.
Receivables score of 0.0/100 suggests potential issues with revenue recognition and collection efficiency.

Positive Signals

Beneish M-Score of -1.6807 suggests a lower risk of earnings manipulation.
Revenue quality score of 95.3/100 indicates strong revenue generation capabilities.

Ownership Risk

The top three institutional shareholders collectively hold 84.4% of DND, which may lead to concentrated decision-making and potential conflicts of interest, impacting minority shareholder rights.

Recommendation

Investors should monitor DND's earnings quality closely, particularly the receivables and margin metrics, while considering a cautious approach to investment due to the elevated risk factors.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

0.95

Distress Zone

Sharpe

-0.29

Negative

Composite

Poor

Price Risk

Momentum

-36.1%

Volatility

154.1%

Max Drawdown

-64.0%

Key Ratios

Fiscal year 2025

-5.33P/E

P/B1.02

P/S4.07

ROE-17.5%

ROA-13.6%

EPS-2062.47

BVPS10740.39

Gross Margin-16.2%

Net Margin-76.3%

D/E0.35

Current Ratio0.71

Rev Growth-63.3%

Profit Growth-274.3%

EV/EBITDA-7.61

Div Yield0.0%

Company Overview

Issued Shares

12.8M

Charter Capital

128.3B 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 DND — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Cổ phần Phát triển Khu Công nghiệp

Inst

36.0%

4.6 trieu

Công ty Cổ Phần Xây Dựng Số 2 Đồng Nai

Inst

24.4%

3.1 trieu

Công ty CP Cấu Kiện Bê Tông Nhơn Trạch 2

Inst

23.5%

3.0 trieu

Công ty Cổ phần Chứng khoán Đại Việt

Inst

7.9%

1.0 trieu

Lê Thị Giang

Indiv

1.2%

106.300

Nguyễn Thế Phòng

Indiv

0.4%

33.300

Trương Cường

Indiv

0.1%

18.600

Board & Management

Lê Thị Giang1.2%

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

Trương Cường0.1%

Chủ tịch Hội đồng Quản trị

Trần Thị Quy

Trưởng Ban kiểm soát

Phạm Thái Hoài Hương

Phụ trách Công bố thông tin/Kế toán trưởng

Nguyễn Tiến Toản

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Thị Yến

Thành viên Ban kiểm soát

Trần Tiến Bình

Thành viên Hội đồng Quản trị

Trần Anh Điền

Thành viên Hội đồng Quản trị

Nguyễn Thị Liên

Thành viên Ban kiểm soát

Hoàng Thị Liên

Người phụ trách quản trị công ty/Thư ký Hội đồng Quản Trị

Top connections

SZE64.0%DNW64.0%D2D57.9%SZL52.7%SZC2 links SZG46.5%SZB46.2%DID41.6%SDN36.0%SDV2 links SHC10.0%VLS9.7%

Computed 12/04/2026