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Cyclicals sector

DTT

Cyclicals
Công ty Cổ phần Kỹ nghệ Đô Thành
Hóa chấtCT
16.500
VND · Last close
Valuation Verdict
Undervalued
Low
-120%Fair Value+120%
Intrinsic Value
17.885
Current
16.500
Gap
+8.4%
ModelEV EBITDA MIDCYCLE

Valuation Breakdown

CTHóa chấtCyclical
Classified as cyclical because ICB sector "Hóa chất" maps to the cyclical group
ModelEV/EBITDA Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Cyclical companies (chemicals, oil & gas, basic resources) have earnings that swing dramatically with commodity prices and economic cycles. Valuing them on a single year's earnings is misleading: they look cheap at peaks and expensive at troughs. This model uses 7-year median EBITDA ("mid-cycle" earnings) and a 7-year median EV/EBITDA multiple to estimate what the firm is worth at a normal point in the cycle.

1
Model Inputs
Mid-Cycle EBITDA20.27B
Fair EV/EBITDA6.5x
Years of data7
2
Valuation
Mid-Cycle EBITDA
20.27B
x
Fair EV/EBITDA
6.5x
-
Net Debt
-14.75B
=
Equity Value
17.885
Years of data7

Valuation Track Record

Retroactive intrinsic value vs actual close price — DTT

Earnings Quality

Fiscal year 2025

54
Fair
Accrual Quality
82
Cash Conversion
28
Receivables
57
Margin Stability
100
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2017

-2.83
Low Risk
DSRI
1.101
GMI
1.119
AQI
0.714
SGI
0.971
DEPI
1.024
SGAI
1.004
TATA
-0.074
LVGI
1.072

DTT exhibits several concerning financial metrics that suggest potential manipulation, as indicated by its Beneish M-Score of -2.8344, which is well below the manipulation threshold of -1.78. Despite a decent earnings quality score of 70.0, the low revenue quality score of 0.0 raises significant concerns about the sustainability of reported earnings.

Red Flags
  • Beneish M-Score of -2.8344 indicates a high likelihood of earnings manipulation.
  • Revenue quality score of 0.0 suggests severe issues with revenue recognition.
Positive Signals
  • Earnings quality score of 70.0 indicates relatively good overall earnings quality.
  • Cash conversion score of 100.0 suggests strong cash flow relative to earnings.
Ownership Risk

The ownership structure is heavily concentrated among a few individuals, with the top five shareholders holding a total of 79.0%. This concentration may lead to governance risks, as decisions could be influenced by a small number of stakeholders.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in DTT, particularly focusing on revenue recognition practices and the implications of concentrated ownership.

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

Quantitative Scores

F-Score
7/9
Strong
Z-Score
3.62
Safe Zone
Sharpe
0.02
Positive
Composite
46
Weak
Price Risk
Momentum
-3.4%
Volatility
53.5%
Max Drawdown
-46.6%

Key Ratios

Fiscal year 2025
10.98P/E
P/B1.05
P/S0.71
ROE9.7%
ROA7.3%
EPS1635.19
BVPS17151.78
Gross Margin17.1%
Net Margin6.5%
D/E0.33
Current Ratio2.32
Rev Growth4.9%
Profit Growth16.7%
EV/EBITDA4.92
Div Yield0.0%

Company Overview

Issued Shares
8.2M
Charter Capital
81.5B VND
Sector (ICB L2)
Hóa chất
Industry (ICB L3)
Hóa chất
Sub-industry
Nhựa, cao su & sợi
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Lê Quang Hiệp
Indiv
24.4%
2.0 trieu
Phạm Đỗ Huy Cường
Indiv
15.6%
1.3 trieu
Lục Như Phương
Indiv
14.3%
1.2 trieu
Lê Công Nghiệp
Indiv
12.3%
1.0 trieu
Ngô Ngọc Trân
Indiv
12.3%
1.0 trieu
Vietnam Investment Limited
Inst
3.7%
298.180
Nguyễn Thành Liễn
Indiv
3.0%
244.536
Trần Gia Kiệt
Indiv
2.5%
200.000
Tôn Chương Dương
Indiv
2.3%
188.450
Công ty Cổ phần Nhựa Đại Thành Long
Inst
2.1%
173.000
Phạm Uyên Nguyên
Indiv
1.4%
117.869
Trương Phú Chiến
Indiv
1.1%
90.771
Công ty Cổ phần Bibica
Inst
1.1%
90.771
Công ty Cổ phần Hồng Ngân
Inst
1.0%
80.000
Công ty Cổ phần Nhựa Nam Á
Inst
0.5%
37.800
Lâm Tử Thanh
Indiv
0.4%
36.225
Võ Ngọc Thành
Indiv
0.2%
20.000
Ngô Minh Hải
Indiv
0.1%
10.419
Board & Management
Lê Quang Hiệp24.4%
Chủ tịch Hội đồng Quản trị
Lê Công Nghiệp12.3%
Thành viên Hội đồng Quản trị/Tổng Giám đốc
Tôn Chương Dương2.3%
Thành viên Hội đồng Quản trị độc lập
Trương Phú Chiến1.1%
Thành viên Hội đồng Quản trị độc lập
Trần Thị Thanh Hằng
Trưởng Ban kiểm soát
Nguyễn Hồng Nhung
Kế toán trưởng
Trần Thị Thu Thảo
Thành viên Ban kiểm soát
Nguyễn Băng Tâm
Phó Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin
Nguyễn Hữu Chí
Thành viên Ban kiểm soát
Computed 12/04/2026
Methodology & Disclosure

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