ILA

Construction

Công ty Cổ phần ILA

Xây dựng và Vật liệuCT

5.300

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

4.661

Current

5.300

Gap

-12.1%

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)

56.98%

Kd(1-t)

6.40%

D/(D+E)

43.02%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

4.661

Blended Intrinsic

4.661

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — ILA

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

2.99

High Risk

DSRI

1.077

GMI

12.311

AQI

1.096

SGI

0.715

DEPI

0.805

SGAI

1.085

TATA

-0.075

LVGI

0.906

ILA exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of 2.991, well above the manipulation threshold of -1.78. The company's earnings quality score of 27.5/100 further highlights concerns regarding revenue recognition and cash conversion.

Red Flags

Beneish M-Score of 2.991 indicates likely manipulation, significantly above the threshold of -1.78.
Earnings Quality Score of 27.5/100, with 0.0/100 in receivables, margin, and revenue metrics, suggests poor earnings quality.
High GMI of 12.3107 indicates a potential for earnings manipulation through aggressive accounting practices.

Positive Signals

DSRI of 1.0773 is slightly above 1, indicating that inventory growth is in line with sales, which is a positive signal.
SGI of 0.7152 suggests that sales growth is slowing, which could indicate a more sustainable growth trajectory.

Ownership Risk

The ownership structure shows a concentration of shares among a few individuals and an institution, with the top shareholder holding 21.1%. This concentration may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in ILA, focusing on the company's financial disclosures and management practices. Monitoring future earnings reports for signs of improved cash conversion and revenue recognition is essential.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.26

Distress Zone

Sharpe

0.44

Positive

Composite

Weak

Price Risk

Momentum

+43.5%

Volatility

73.3%

Max Drawdown

-32.9%

Key Ratios

Fiscal year 2025

-8.98P/E

P/B0.67

P/S1.22

ROE-7.1%

ROA-4.0%

EPS-690.14

BVPS9210.40

Gross Margin0.8%

Net Margin-13.6%

D/E0.64

Current Ratio2.26

Rev Growth-28.5%

Profit Growth-548.2%

EV/EBITDA-14.32

Div Yield0.0%

Company Overview

Issued Shares

19.6M

Charter Capital

196.4B 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 ILA — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH MTV Anh Minh Anh

Inst

21.1%

4.1 trieu

Võ Xuân Phong

Indiv

20.2%

4.0 trieu

Hoàng Kỳ Anh

Indiv

8.9%

1.7 trieu

Nguyễn Thị Thanh Nhàn

Indiv

5.5%

660.000

ĐỖ MẠNH

Indiv

5.0%

500.000

ĐOÀN ĐỨC QUỲ

Indiv

5.0%

500.000

Nguyễn Quang Minh

Indiv

4.7%

800.000

Hồ Ngọc Tỷ

Indiv

2.9%

560.000

Võ Xuân Cường

Indiv

2.5%

500.000

Lê Công Hoàng

Indiv

2.0%

372.344

Lê Nhật Nguyên

Indiv

1.8%

344.500

Văn Công Vinh

Indiv

1.2%

210.000

nguyen-hung-cuong

Indiv

0.9%

95.000

Lê Thị Kiều Diễm

Indiv

0.6%

110.000

Đặng Xuân Hữu

Indiv

0.4%

70.400

Hoàng Diệu My

Indiv

0.1%

19.075

Board & Management

Võ Xuân Phong20.2%

Phó Chủ tịch Hội đồng Quản trị

Đặng Xuân Hữu0.4%

Phụ trách Công bố thông tin/Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Tuyết Nhung

Kế toán trưởng

Nguyễn Thị Quỳnh Anh

Trưởng Ban kiểm soát

Nguyễn Thái Hải

Phó Tổng Giám đốc

Trần Thị Thu Hà

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Bùi Bảo Khánh Duy

Thành viên Ban kiểm soát

Thân Xuân Nghĩa

Chủ tịch Hội đồng Quản trị

Trần Đức Định

Phó Tổng Giám đốc

Top connections

VKC20.2%KPF8.0%DIG5.8%GDA5.5%BCM5.5%TTN5.5%VNC4.7%TVT4.7%HPG4.7%VPA4.7%KBC4.7%

Computed 12/04/2026