DSH

Construction

Công ty Cổ Phần Đầu tư Hạ tầng Đông Sơn

Xây dựng và Vật liệuCT

14.600

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

10.690

Current

14.600

Gap

-26.8%

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)

33.19%

Kd(1-t)

7.54%

D/(D+E)

66.81%

WACC

10.00%

Growth Estimate

fundamental firm blend2.84%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

3.356

50%DCF Value

18.025

Blended Intrinsic

10.690

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DSH

Earnings Quality

Fiscal year 2024

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Financial Forensics

Beneish M-Score · 2024

-0.50

High Risk

DSRI

0.859

GMI

1.429

AQI

1.220

SGI

1.571

DEPI

1.134

SGAI

0.854

TATA

0.259

LVGI

0.890

DSH exhibits several concerning indicators of potential earnings manipulation, particularly highlighted by its Beneish M-Score of -0.4964, which is above the manipulation threshold of -1.78. Additionally, the low earnings quality score of 9.4/100 and a concerning cash conversion score of 0.0/100 raise significant red flags regarding the reliability of reported earnings.

Red Flags

Beneish M-Score of -0.4964 suggests potential earnings manipulation, as it is above the threshold of -1.78.
Earnings Quality Score of 9.4/100 indicates poor earnings quality, with an accrual score of 18.8/100 and a cash conversion score of 0.0/100, signaling potential issues with cash flow and revenue recognition.

Positive Signals

DSRI of 0.8595 indicates that the company's receivables are growing at a slower rate than sales, which could be a positive sign for revenue recognition practices.

Ownership Risk

The ownership structure is heavily concentrated among individual shareholders, with the top five holding over 44% of shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence on DSH, particularly focusing on cash flow management and the sustainability of reported earnings before considering any investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.19

Grey Zone

Key Ratios

Fiscal year 2024

2.22P/E

P/B0.52

P/S0.19

ROE26.6%

ROA7.5%

EPS5299.10

BVPS22589.33

Gross Margin5.7%

Net Margin8.4%

D/E2.01

Current Ratio1.15

Rev Growth57.1%

Profit Growth40.1%

EV/EBITDA10.14

Div Yield0.0%

Company Overview

Issued Shares

35.0M

Charter Capital

350.0B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Xây dựng

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Khuất Thảo Linh

Indiv

10.1%

3.5 trieu

nguyen-thi-minh-hue

Indiv

10.0%

3.5 trieu

Vũ Hoàng Việt

Indiv

9.4%

937.500

Phạm Thị Phương Thuận

Indiv

5.0%

500.000

Tổng Công ty 319 Bộ Quốc Phòng

Inst

4.3%

1.5 trieu

Phạm Duy

Indiv

2.9%

1.0 trieu

Nguyễn Giang Nam

Indiv

1.0%

350.000

nguyen-tien-hung

Indiv

0.9%

300.000

Vũ Thị Kim Liên

Indiv

0.5%

50.000

Nguyễn Thị Thu Thủy

Indiv

0.5%

50.000

Trần Minh Dũng

Indiv

0.5%

175.000

Trần Thị Thùy Dương

Indiv

0.5%

50.000

Đậu Hiếu Thắng

Indiv

0.4%

150.000

Nguyễn Thị Minh Hoàn

Indiv

0.4%

150.000

Nguyễn Thị Hồng Thảo

Indiv

0.3%

90.000

Lại Thành Nam

Indiv

0.2%

75.000

Trần Thị Lộc

Indiv

0.1%

50.000

Trần Minh Quang

Indiv

0.1%

50.000

Top connections

E2951.0%ONW21.8%SMT14.2%PXM11.0%VNT10.0%FIR9.4%ABC9.4%HHP8.3%BEL6.9%TR15.6%TCO3.3%DSD3.3%

Computed 12/04/2026