DPC

Construction

Công ty Cổ phần Nhựa Đà Nẵng

Hàng & Dịch vụ Công nghiệp/Hàng công nghiệpCT

8.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

17.817

Current

8.400

Gap

+112.1%

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)

35.97%

Kd(1-t)

6.40%

D/(D+E)

64.03%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

5.038

50%DCF Value

30.596

Blended Intrinsic

17.817

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DPC

Earnings Quality

Fiscal year 2025

Weak

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 · 2019

-5.52

Low Risk

DSRI

0.766

GMI

0.789

AQI

1.000

SGI

1.231

DEPI

0.000

SGAI

1.000

TATA

-0.102

LVGI

8.131

DPC exhibits several concerning indicators that suggest potential earnings manipulation, particularly with a Beneish M-Score of -5.5231, well below the manipulation threshold. Despite a decent earnings quality score of 65.4, the high LVGI of 8.1309 and low revenue quality raise significant concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -5.5231 indicates a high likelihood of earnings manipulation.
Low revenue quality score of 0.0/100 suggests potential issues with revenue recognition.
High LVGI of 8.1309 indicates significant leverage, which could amplify financial risks.

Positive Signals

Earnings quality score of 65.4/100 reflects reasonable overall earnings quality, particularly strong cash conversion at 100.0/100.
Strong institutional ownership of 29.0% by Công ty Cổ phần Nhựa Bình Minh may provide some stability and oversight.

Ownership Risk

The ownership structure shows significant concentration, with the top two shareholders holding over 49% of shares. This could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor DPC's financial disclosures and consider a cautious approach, given the elevated risk of earnings manipulation and high leverage. It may be prudent to wait for clearer signals of financial stability before making significant investments.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

0.84

Distress Zone

Sharpe

-0.23

Negative

Composite

Weak

Price Risk

Momentum

-38.6%

Volatility

143.4%

Max Drawdown

-66.7%

Key Ratios

Fiscal year 2025

6.45P/E

P/B0.77

P/S1.04

ROE12.8%

ROA5.0%

EPS1504.66

BVPS12540.90

Gross Margin68.5%

Net Margin16.1%

D/E1.35

Current Ratio0.63

Rev Growth-33.6%

Profit Growth291.3%

EV/EBITDA5.24

Div Yield0.0%

Company Overview

Issued Shares

2.2M

Charter Capital

22.4B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Hàng công nghiệp

Sub-industry

Containers & Đóng gói

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ phần Nhựa Bình Minh

Inst

29.0%

650.000

Nguyễn Thị Phương Lan

Indiv

20.6%

460.100

Ngân hàng Thương mại Cổ phần Hàng Hải Việt Nam

Inst

8.9%

200.000

Nguyễn Thị Thùy Trang

Indiv

4.9%

110.000

Trần Hải Anh

Indiv

3.6%

80.000

Hồng Lê Việt

Indiv

3.5%

78.000

Trần Tiểu Phụng

Indiv

2.8%

61.650

CÔNG TY TNHH BẤT ĐỘNG SẢN MEDIA MARKET

Inst

1.5%

33.820

Đinh Cưu

Indiv

1.4%

31.500

Hà Thị Trang

Indiv

0.4%

8.100

Đỗ Văn Lộc

Indiv

0.3%

7.000

Phạm Ngọc Linh

Indiv

0.2%

5.071

Nguyễn Hữu Dương

Indiv

0.2%

4.800

Vũ Văn Lâm

Indiv

0.2%

4.600

Trần Công Đức

Indiv

0.2%

4.100

Nguyễn Văn Dương

Indiv

0.1%

3.000

Trương Thị Thương

Indiv

0.1%

2.500

Board & Management

Hồng Lê Việt3.5%

Thành viên Hội đồng Quản trị/Giám đốc

Phạm Ngọc Linh0.2%

Thành viên Hội đồng Quản trị

Nguyễn Hữu Tuyến

Phó Giám đốc Kinh doanh/Phụ trách Công bố thông tin

Lê Viết Tần

Thành viên Ban kiểm soát

Nguyễn Thanh Hải

Chủ tịch Hội đồng Quản trị

Lê Đức Hùng

Thành viên Ban kiểm soát

Nguyễn Thị Thu Thủy

Thành viên Ban kiểm soát

Lê Bá Quốc Hưng

Kế toán trưởng

Top connections

ATG20.6%GDT20.6%TGP20.6%MBB8.9%NVB4.9%DTI4.9%TMC4.9%PXS4.9%EVS3.6%LGL3.6%MCG3.6%HAP2.8%

Computed 12/04/2026