L40

Construction

Công ty Cổ phần Đầu tư và Xây dựng 40

Xây dựng và Vật liệuCT

64.600

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

31.764

Current

64.600

Gap

-50.8%

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)

58.64%

Kd(1-t)

6.63%

D/(D+E)

41.36%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.782

50%DCF Value

61.746

Blended Intrinsic

31.764

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — L40

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

3.03

High Risk

DSRI

5.454

GMI

0.272

AQI

1.000

SGI

1.031

DEPI

0.316

SGAI

0.617

TATA

0.379

LVGI

0.974

L40 exhibits significant red flags related to potential earnings manipulation, as indicated by a Beneish M-Score of 3.0321, well above the threshold of -1.78. The company's poor earnings quality score of 0.7/100, particularly in cash conversion and revenue metrics, raises concerns about the reliability of reported earnings.

Red Flags

Beneish M-Score of 3.0321 indicates a high likelihood of earnings manipulation.
Earnings Quality Score of 0.7/100, with eq_cash_conv and eq_revenue both at 0.0/100, suggests severe issues with cash flow and revenue recognition.

Positive Signals

Ownership by the state (26.4%) may provide some level of stability, although it also raises concerns about potential influence on financial reporting.

Ownership Risk

The significant state ownership (26.4%) combined with substantial individual holdings creates a concentrated ownership structure, which may lead to conflicts of interest and less transparency in financial reporting.

Recommendation

Investors should exercise caution and consider conducting deeper due diligence on L40's financial practices before making investment decisions, particularly focusing on cash flow and revenue recognition.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.85

Grey Zone

Sharpe

2.81

Excellent

Composite

Weak

Price Risk

Momentum

+568.2%

Volatility

45.2%

Max Drawdown

-37.3%

Key Ratios

Fiscal year 2025

2.51P/E

P/B1.72

P/S3.00

ROE110.8%

ROA51.3%

EPS29053.06

BVPS42427.41

Gross Margin20.5%

Net Margin119.4%

D/E0.67

Current Ratio2.73

Rev Growth3.2%

Profit Growth636.8%

EV/EBITDA-3.18

Div Yield0.7%

Company Overview

Issued Shares

10.8M

Charter Capital

108.0B 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 L40 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Đầu Tư Và Kinh Doanh Vốn Nhà Nước

State

26.4%

406.800

Bùi Trung Thu

Indiv

20.8%

750.000

Đỗ Tấn Cường

Indiv

20.0%

720.000

Đinh Văn Xuân

Indiv

10.4%

1.1 trieu

Đinh Đức Trung

Indiv

9.5%

145.780

Lê Văn Thịnh

Indiv

6.6%

102.210

Lê Văn Thư

Indiv

5.6%

85.490

Nguyễn Thị Thu Thảo

Indiv

4.5%

490.500

Nguyễn Minh Sang

Indiv

4.3%

468.100

Đỗ Tấn Vũ

Indiv

4.0%

431.700

Bùi Duy Tiên

Indiv

2.8%

101.000

Trần Thị Thanh Huyền

Indiv

1.7%

179.400

Nguyễn Đức Hùng

Indiv

1.3%

20.180

Sái Văn Nhuệ

Indiv

1.2%

18.610

Trần Văn Hùng

Indiv

1.2%

128.700

Bùi Đỗ Linh

Indiv

1.0%

102.000

Nguyễn Xuân Nhị

Indiv

1.0%

15.000

Lê Minh Độ

Indiv

0.7%

11.090

Trần Ứng Hòe

Indiv

0.7%

10.530

Lê Đình Hiển

Indiv

0.5%

17.710

Nguyễn Văn Hùng

Indiv

0.3%

12.000

Nguyễn Thị Hoa

Indiv

0.2%

20.000

Đinh Văn Vui

Indiv

0.2%

2.900

Hà Văn Dương

Indiv

0.2%

6.000

Lê Thị Thủy

Indiv

0.1%

4.800

Lương Văn Nho

Indiv

0.1%

1.930

Hoàng Trọng Mận

Indiv

0.1%

4.400

Board & Management

Bùi Duy Tiên2.8%

Tổng Giám đốc

Lê Đình Hiển0.5%

Chủ tịch Hội đồng Quản trị

Hà Huy Khánh0.4%

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Thị Hoa0.2%

Trưởng Ban kiểm soát

Lê Thị Thủy0.1%

Người phụ trách quản trị công ty/Thành viên Ban kiểm soát

Trần Thị Hoa

Kế toán trưởng/Phụ trách Công bố thông tin

Dương Văn Vang

Thành viên Ban kiểm soát

Vũ Hoàng Giang

Thành viên Hội đồng Quản trị

Nguyễn Văn Sơn

Phó Tổng Giám đốc

Top connections

SJG99.8%MIE99.6%TVN93.9%VGV87.3%VNP65.8%DVN2 links SEA63.4%QTC53.8%VGT53.5%CAG53.0%BMI50.7%VXB49.8%

Computed 12/04/2026