DOP

Construction

Công ty Cổ phần Vận tải Xăng dầu Đồng Tháp

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

12.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

29.360

Current

12.900

Gap

+127.6%

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)

82.15%

Kd(1-t)

6.30%

D/(D+E)

17.85%

WACC

11.15%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

23.230

50%DCF Value

35.491

Blended Intrinsic

29.360

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DOP

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-3.33

Low Risk

DSRI

0.627

GMI

0.993

AQI

0.844

SGI

0.936

DEPI

1.003

SGAI

0.998

TATA

-0.071

LVGI

1.159

DOP exhibits a Beneish M-Score of -3.3329, indicating a low likelihood of earnings manipulation. The earnings quality score of 69.5 suggests reasonable financial health, although the revenue quality score is notably weak at 0.0, which raises concerns about revenue recognition practices.

Red Flags

Revenue quality score of 0.0 indicates potential issues with revenue recognition, which could impact financial reliability.

Positive Signals

Beneish M-Score of -3.3329 is well below the manipulation threshold of -1.78, suggesting strong earnings integrity.
High cash conversion score of 100.0/100 indicates effective cash flow management.

Ownership Risk

The majority ownership by Công ty Cổ phần Thương mại Dầu khí Đồng Tháp at 51.0% suggests a stable control structure, but reliance on a single institutional shareholder could pose risks if their interests diverge.

Recommendation

Monitor revenue recognition practices closely due to the low revenue quality score. Consider engaging with management to understand their revenue policies and ensure transparency.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.71

Safe Zone

Sharpe

0.32

Positive

Composite

Strong

Price Risk

Momentum

+15.4%

Volatility

92.8%

Max Drawdown

-37.9%

Key Ratios

Fiscal year 2024

6.77P/E

P/B0.68

P/S0.70

ROE11.9%

ROA9.9%

EPS2086.76

BVPS17747.72

Gross Margin70.9%

Net Margin12.1%

D/E0.22

Current Ratio2.19

Rev Growth-6.4%

Profit Growth-20.8%

EV/EBITDA1.94

Div Yield10.0%

Company Overview

Issued Shares

4.7M

Charter Capital

47.2B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Dịch vụ vận tải

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Thương mại Dầu khí Đồng Tháp

Inst

51.0%

2.4 trieu

Huỳnh Thanh Kim

Indiv

5.4%

253.800

Nguyễn Đức Vượng

Indiv

2.7%

127.440

Nguyễn Ngọc Thới

Indiv

2.6%

121.305

Võ Thị Nhân

Indiv

2.4%

105.459

nguyen-hoang-quan

Indiv

0.5%

23.018

Nguyễn Quang Thuận

Indiv

0.4%

16.385

Thái Văn Liêm

Indiv

0.2%

7.531

Ngô Thị Xuân Nữ

Indiv

0.1%

4.350

Board & Management

Nguyễn Đức Vượng2.7%

Thành viên Hội đồng Quản trị

Nguyễn Ngọc Thới2.6%

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Quân0.5%

Thành viên Hội đồng Quản trị/Giám đốc

Thái Văn Liêm0.2%

Thành viên Hội đồng Quản trị

Ngô Thị Xuân Nữ0.1%

Thành viên Hội đồng Quản trị

Lê Thị Thanh

Kế toán trưởng

Nguyễn Trâm Anh

Phụ trách Công bố thông tin

Phan Hoàng Ngọc Minh

Trưởng Ban kiểm soát

HUỲNH VĂN THÀNH

Thành viên Hội đồng Quản trị

Dương Thị Mai Hưng

Chủ tịch Hội đồng Quản trị

Đặng Ngọc Phú Nhơn

Thành viên Ban kiểm soát

Mai An Mỹ

Thành viên Hội đồng Quản trị/Phó Giám đốc

Top connections

GEX23.6%VTZ20.2%TAB5.7%VIX5.1%HD82.4%CTF2.0%BPC1.1%

Computed 12/04/2026