L43

Construction

Công ty Cổ phần Lilama 45.3

Xây dựng và Vật liệuCT

2.500

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

1.513

Current

2.500

Gap

-39.5%

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.

Distressed Valuation

Negative Enterprise Value

BVPS

3.027

Discount

50%

Floor Value

3.027

Valuation Track Record

Retroactive intrinsic value vs actual close price — L43

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.06

Moderate

DSRI

0.310

GMI

-0.782

AQI

0.970

SGI

3.183

DEPI

1.050

SGAI

0.272

TATA

-0.013

LVGI

1.020

L43 exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.0553, indicating a risk of financial misstatement. The earnings quality score of 50.8/100, driven by weak revenue and margin metrics, further raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.0553, indicating potential earnings manipulation as it is below the threshold of -1.78.
Earnings quality metrics show a revenue score of 0.0/100 and a margin score of 0.0/100, suggesting significant issues with revenue recognition and profitability.

Positive Signals

DSRI of 0.3101 indicates that the company is managing its inventory effectively relative to sales, which is a positive sign.
High receivables score of 100.0/100 suggests strong management of accounts receivable, indicating that the company is likely collecting its debts efficiently.

Ownership Risk

The top shareholder, Tổng Công ty lắp máy Việt Nam, holds 40.8% of shares, indicating a significant concentration of ownership that may lead to governance risks. The presence of individual shareholders with substantial stakes could also influence decision-making in ways that may not align with minority interests.

Recommendation

Investors should approach L43 with caution due to elevated risks of earnings manipulation and poor earnings quality. A thorough review of financial statements and operational performance is recommended before making any investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

-0.13

Distress Zone

Sharpe

0.26

Positive

Composite

Weak

Price Risk

Momentum

+4.0%

Volatility

106.3%

Max Drawdown

-51.0%

Key Ratios

Fiscal year 2024

-1.56P/E

P/B1.02

P/S0.93

ROE-49.5%

ROA-2.0%

EPS-1990.22

BVPS3026.82

Gross Margin14.9%

Net Margin-59.4%

D/E32.57

Current Ratio1.00

Rev Growth218.3%

Profit Growth47.1%

EV/EBITDA-163.73

Div Yield0.0%

Company Overview

Issued Shares

3.5M

Charter Capital

35.0B 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 L43 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty lắp máy Việt Nam

Inst

40.8%

1.4 trieu

Trần Nguyễn Sông Hàn

Indiv

18.6%

650.700

Công ty Cổ phần Phát triển Hạ tầng Vĩnh Phúc

Inst

9.9%

346.400

Nguyễn Hữu Thành

Indiv

2.8%

97.000

Hoàng Việt

Indiv

1.6%

55.000

nguyen-quang-huy

Indiv

1.0%

35.000

Phạm Văn Thìn

Indiv

1.0%

34.900

Phùng Viết Sơn

Indiv

0.9%

30.100

Trần Quang Du

Indiv

0.3%

12.000

Huỳnh Văn Ba

Indiv

0.3%

11.200

Vũ Quang Thể

Indiv

0.3%

10.000

Huỳnh Lê Hòa

Indiv

0.3%

10.000

Nguyễn Thanh Chi

Indiv

0.2%

7.000

Board & Management

Hoàng Việt1.6%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Phạm Văn Thìn1.0%

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

Cù Thanh Nghị

Kế toán trưởng/Thành viên Hội đồng Quản trị

Phạm Thị Bích Hà

Trưởng Ban kiểm soát

Mạc Thanh Hải

Phó Tổng Giám đốc

Trần Ngọc Dũng

Thành viên Ban kiểm soát

Nông Thị Hồng Nhung

Thành viên Ban kiểm soát

Bùi Quốc Vương

Chủ tịch Hội đồng Quản trị

Huỳnh Văn Thạch

Thành viên Hội đồng Quản trị

Top connections

PPE55.5%L3551.0%LM751.0%LO551.0%L6141.1%LCD40.8%L1040.8%L452 links L6340.8%LM840.8%PVY40.8%HNA40.8%

Computed 12/04/2026