LAI

Construction

Công ty Cổ phần Đầu tư Xây dựng Long An IDICO

Xây dựng và Vật liệuCT

11.600

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

6.702

Current

11.600

Gap

-42.2%

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)

25.84%

Kd(1-t)

6.32%

D/(D+E)

74.16%

WACC

10.00%

Growth Estimate

fundamental firm blend7.53%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.560

50%DCF Value

11.845

Blended Intrinsic

6.702

Value Decomposition

34%

66%

Explicit period (34%)Terminal value (66%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — LAI

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

-2.47

Moderate

DSRI

0.751

GMI

1.577

AQI

1.005

SGI

0.687

DEPI

0.941

SGAI

1.059

TATA

0.046

LVGI

0.957

The Beneish M-Score of -2.4668 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 24.0/100, particularly low cash conversion and receivables metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 24.0/100 indicates poor earnings quality, particularly with eq_cash_conv and eq_receivables both at 0.0/100, suggesting potential issues with cash flow management.
GMI of 1.5767 indicates a significant increase in gross margin, which may not be sustainable and could signal aggressive accounting practices.

Positive Signals

DSRI of 0.7511 suggests that inventory levels are well managed relative to sales, which is a positive indicator of operational efficiency.

Ownership Risk

The ownership structure is heavily concentrated, with the top three institutional shareholders holding 99% of the shares. This could lead to governance risks and potential conflicts of interest, particularly in decision-making processes.

Recommendation

Investors should closely monitor cash flow metrics and consider a deeper analysis of revenue recognition practices before making investment decisions. It may be prudent to adopt a cautious approach given the elevated risk profile.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

1.35

Distress Zone

Sharpe

-1.29

Negative

Composite

Poor

Price Risk

Momentum

-31.4%

Volatility

26.4%

Max Drawdown

-43.3%

Key Ratios

Fiscal year 2025

7.31P/E

P/B0.93

P/S1.35

ROE13.6%

ROA3.7%

EPS1815.49

BVPS14233.53

Gross Margin37.8%

Net Margin18.4%

D/E2.45

Current Ratio3.54

Rev Growth-31.3%

Profit Growth-65.3%

EV/EBITDA12.05

Div Yield0.0%

Company Overview

Issued Shares

27.4M

Charter Capital

273.6B 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 LAI — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty IDICO

Inst

51.0%

8.7 trieu

Công ty TNHH Thương Tín Tàu Cuốc

Inst

24.0%

2.1 trieu

Công ty Cổ phần Địa Ốc Sài Gòn Thương Tín

Inst

24.0%

Trần Phương Bách

Indiv

3.9%

664.900

Nguyễn Huy Thiện

Indiv

0.5%

42.617

Nguyễn Đức Tiến

Indiv

0.3%

27.795

Trần Thị Ngọc Loan

Indiv

0.3%

45.998

nguyen-bich-ngoc

Indiv

0.1%

10.450

Board & Management

NGUYỄN ĐỨC TIẾN0.3%

Thành viên Hội đồng Quản trị

Trần Thị Ngọc Loan0.3%

Trưởng Ban kiểm soát

Phạm Tấn Hiền

Phó Giám đốc

Nguyễn Xuân Tiến

Thành viên Hội đồng Quản trị/Giám đốc

Phạm Quốc Tài

Phụ trách Công bố thông tin/Kế toán trưởng

Phạm Văn Lộc

Phó Giám đốc

Bùi Đức Minh

Thành viên Ban kiểm soát

Đặng Chính Trung

Chủ tịch Hội đồng Quản trị

Huỳnh Ngọc Diễm

Thành viên Ban kiểm soát

Võ Quốc Khánh

Thành viên Hội đồng Quản trị

Nguyễn Phước Sơn

Thành viên Hội đồng Quản trị

Top connections

UIC64.5%HTI57.5%ISH51.8%ICN51.0%INC51.0%LMI51.0%PXL51.0%NAC51.0%NT251.0%CTI51.0%STB24.0%VNL4.1%

Computed 12/04/2026