DS3

Construction

Công ty Cổ phần DS3

Hàng & Dịch vụ Công nghiệp/Vận tảiCT

5.200

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

9.589

Current

5.200

Gap

+84.4%

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)

60.65%

Kd(1-t)

6.40%

D/(D+E)

39.35%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.234

50%DCF Value

15.944

Blended Intrinsic

9.589

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DS3

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2019

-2.54

Low Risk

DSRI

1.255

GMI

0.849

AQI

0.926

SGI

1.054

DEPI

0.000

SGAI

1.065

TATA

0.012

LVGI

1.490

The Beneish M-Score of -2.5392 indicates a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition, which could pose risks in the Vietnamese market context.

Red Flags

The eq_revenue score of 0.0/100 suggests severe issues with revenue recognition, raising concerns about the reliability of reported earnings.
The LVGI of 1.4902 indicates a high level of growth in liabilities relative to assets, which may signal financial distress or aggressive accounting practices.

Positive Signals

The earnings quality score of 63.5/100 reflects a relatively strong accrual component (95.4/100), indicating that the company has been effective in converting earnings into cash.
The SGI of 1.0542 shows modest revenue growth, suggesting that the company is expanding its operations.

Ownership Risk

The top shareholders are predominantly individuals, with the largest holding at 22.9%. This concentration of ownership may lead to governance risks, as decisions may favor the interests of a few over minority shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider conducting further due diligence on management's integrity. It may be prudent to adopt a cautious approach until clearer signals of financial stability and governance improvements are observed.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.61

Distress Zone

Sharpe

0.02

Positive

Composite

Strong

Price Risk

Momentum

+14.8%

Volatility

45.8%

Max Drawdown

-18.8%

Key Ratios

Fiscal year 2025

6.51P/E

P/B0.62

P/S0.93

ROE10.0%

ROA6.1%

EPS905.66

BVPS9484.40

Gross Margin26.7%

Net Margin14.2%

D/E0.57

Current Ratio2.36

Rev Growth32.4%

Profit Growth9.5%

EV/EBITDA5.41

Div Yield0.0%

Company Overview

Issued Shares

10.7M

Charter Capital

106.7B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Vận tải

Sub-industry

Kho bãi, hậu cần và bảo dưỡng

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for DS3 — hover nodes for intel, click to navigate

Shareholders

Hoàng Hà Phương

Indiv

22.9%

2.4 trieu

Nguyễn Văn Thưởng

Indiv

11.7%

1.2 trieu

nguyen-quang-hai

Indiv

5.2%

550.000

Nguyễn Thị Minh Ngọc

Indiv

5.0%

532.700

Công ty Cổ Phần Hls

Inst

5.0%

530.000

Tạ Thị Thanh Hương

Indiv

4.8%

513.000

Bùi Thị Huệ

Indiv

4.0%

423.800

Nguyễn Hải Long

Indiv

3.3%

350.100

Phạm Thị Châu

Indiv

3.0%

323.000

Nguyễn Quang Vũ

Indiv

2.4%

253.000

CÔNG TY TNHH DỊCH VỤ TƯ VẤN VÀ ĐẦU TƯ THÀNH PHÁT

Inst

1.9%

201.900

Hà Thị Minh Thúy

Indiv

1.5%

154.600

Nguyễn Thị Việt Loan

Indiv

1.2%

129.800

Lưu Thị Lý

Indiv

1.1%

113.800

Phạm Thị Ngọc Lan

Indiv

0.9%

98.000

Đỗ Thị Nhàn

Indiv

0.5%

50.100

Hoàng Thị Thu Hảo

Indiv

0.3%

31.100

Đoàn Duy Khánh

Indiv

0.2%

25.730

Nguyễn Văn Dũng

Indiv

0.2%

20.000

Nguyễn Hải Anh

Indiv

0.1%

15.456

Lê Thị Minh Thư

Indiv

0.1%

14.400

Đỗ Công Hào

Indiv

0.1%

13.760

Phạm Văn Chinh

Indiv

0.1%

10.720

Board & Management

Nguyễn Thị Việt Loan1.2%

Chủ tịch Hội đồng Quản trị

Đoàn Duy Khánh0.2%

Thành viên Ban kiểm soát

Lê Thị Minh Thu0.1%

Thành viên Ban kiểm soát

Đỗ Công Hào0.1%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Phạm Văn Chinh0.1%

Thành viên Hội đồng Quản trị/Phó Giám đốc

Nguyễn Thị Thanh Huyền

Trưởng Ban kiểm soát

Bùi Nhật Lệ

Thành viên Hội đồng Quản trị/Kế toán trưởng

Ngô Thị Thu Lư

Thành viên Ban kiểm soát

Phạm Văn Phả

Giám đốc/Thành viên Hội đồng Quản trị

Top connections

HUT2 links MKV13.0%APG2 links BXH11.7%VSM11.7%VTD11.7%BIC11.7%TIG11.7%TTA11.6%TMT10.0%FCN5.2%HQC5.0%

Computed 12/04/2026