DSG

Construction

Công ty Cổ phần Kính Đáp Cầu

Xây dựng và Vật liệuCT

6.700

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

683

Current

6.700

Gap

-89.8%

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

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.360

50%DCF Value

Blended Intrinsic

683

Value Decomposition

43%

57%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DSG

Earnings Quality

Fiscal year 2025

Poor

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 · 2025

-2.14

Moderate

DSRI

1.940

GMI

0.254

AQI

0.956

SGI

0.937

DEPI

1.836

SGAI

0.740

TATA

-0.041

LVGI

1.030

The Beneish M-Score of -2.1426 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 27.7/100, particularly low cash conversion and receivables metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 27.7/100 indicates poor earnings quality, with cash conversion at only 22.6/100 and receivables at 0.0/100, suggesting potential issues in revenue recognition and cash flow.
DSRI of 1.9399 indicates a significant increase in receivables relative to sales, which could imply aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -2.1426 suggests a lower likelihood of earnings manipulation compared to the threshold of -1.78.
The company's ownership structure is heavily concentrated, with Tổng Công ty Viglacera holding 86.4%, which may provide stability and commitment to long-term performance.

Ownership Risk

The high concentration of ownership by Tổng Công ty Viglacera (86.4%) reduces the risk of shareholder conflicts but may also limit minority shareholder influence and oversight.

Recommendation

Investors should closely monitor cash flow and receivables management, as the low earnings quality score suggests potential vulnerabilities. Consider a cautious approach to investment until improvements in cash conversion and revenue recognition practices are observed.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

-4.29

Distress Zone

Sharpe

0.35

Positive

Composite

Weak

Price Risk

Momentum

+37.1%

Volatility

180.0%

Max Drawdown

-60.6%

Key Ratios

Fiscal year 2025

-52.49P/E

P/B0.00

P/S3.98

ROE62.5%

ROA-3.2%

EPS-109.23

BVPS0.00

Gross Margin14.3%

Net Margin-7.6%

D/E-16.04

Current Ratio0.36

Rev Growth-7.9%

Profit Growth82.4%

EV/EBITDA116.58

Div Yield0.0%

Company Overview

Issued Shares

30.0M

Charter Capital

300.0B 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 DSG — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Viglacera

Inst

86.4%

25.9 trieu

Hạ Bá Phong

Indiv

0.1%

30.000

Board & Management

Hạ Bá Phong0.1%

Thành viên Hội đồng Quản trị

Hoàng Kim Bồng

Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Hoàng Thị Hằng

Trưởng phòng Tài chính - Kế toán

Phạm Văn Chương

Thành viên Ban kiểm soát

Nguyễn Hữu Luật

Thành viên Hội đồng Quản trị

Đỗ Xuân Quang

Thành viên Hội đồng Quản trị

Nguyễn Mạnh Hùng

Thành viên Hội đồng Quản trị

Thân Trọng Đại

Thành viên Ban kiểm soát

Nguyễn Thị Cẩm Vân

Trưởng Ban kiểm soát

Top connections

VGC99.9%TLT86.4%DAC86.4%VIH86.4%VIM86.4%VIT86.4%VHL86.4%HLY86.4%VTS86.4%HLS3.6%GKM2.3%BOT1.1%

Computed 12/04/2026