LCD

Construction

Công ty Cổ phần Lắp máy - Thí nghiệm cơ điện

Xây dựng và Vật liệuCT

19.600

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

121.708

Current

19.600

Gap

+500.0%

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)

25.15%

Kd(1-t)

1.11%

D/(D+E)

74.85%

WACC

10.00%

Growth Estimate

fundamental firm blend2.50%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

40.286

50%DCF Value

203.131

Blended Intrinsic

121.708

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — LCD

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2017

-2.19

Moderate

DSRI

1.899

GMI

0.856

AQI

0.368

SGI

0.707

DEPI

0.894

SGAI

1.023

TATA

0.011

LVGI

0.925

The Beneish M-Score of -2.1863 indicates a lower likelihood of earnings manipulation; however, the high DSRI of 1.8993 suggests potential issues with inventory management. The earnings quality metrics reveal significant weaknesses in cash conversion and receivables, which could impact liquidity and operational efficiency.

Red Flags

DSRI of 1.8993 indicates potential overstatement of inventory, raising concerns about asset valuation.
Earnings Quality Score of 51.2/100, particularly low eq_cash_conv at 49.0/100, suggests potential liquidity issues.
eq_receivables score of 0.0/100 raises significant concerns about the company's ability to collect outstanding debts.

Positive Signals

Beneish M-Score of -2.1863 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
Strong eq_margin score of 100.0/100 reflects effective cost control and profitability on sales.

Ownership Risk

The ownership structure is concentrated, with the top three shareholders holding 78.7% of shares, which may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor cash flow and receivables management while considering a cautious approach to investment due to elevated risks in liquidity and inventory management.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

0.93

Distress Zone

Sharpe

-1.99

Negative

Composite

Fair

Price Risk

Momentum

-18.7%

Volatility

29.4%

Max Drawdown

-26.6%

Key Ratios

Fiscal year 2025

190.62P/E

P/B0.96

P/S0.54

ROE0.5%

ROA0.1%

EPS102.82

BVPS20456.33

Gross Margin16.2%

Net Margin0.3%

D/E2.45

Current Ratio1.14

Rev Growth43.5%

Profit Growth78.2%

EV/EBITDA6.98

Div Yield0.0%

Company Overview

Issued Shares

1.5M

Charter Capital

15.0B 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 LCD — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty lắp máy Việt Nam

Inst

36.2%

542.750

Vũ Anh Tuấn

Indiv

23.4%

350.173

Vũ Hoàng Tùng

Indiv

19.1%

286.350

Vũ Thị Thúy Giang

Indiv

17.0%

255.000

Trần Văn Hưng

Indiv

6.4%

96.677

Nguyễn Văn Hùng

Indiv

2.4%

36.688

Hoàng Minh Phương

Indiv

1.9%

29.124

Phan Trí Hùng

Indiv

0.8%

11.833

Lê Văn Định

Indiv

0.7%

10.633

Nguyễn Đình Bảo

Indiv

0.7%

10.000

Vũ Quang Hưng

Indiv

0.4%

5.566

Lê Tuấn Anh

Indiv

0.1%

2.000

Board & Management

Vũ Anh Tuấn23.4%

Thành viên Hội đồng Quản trị

Vũ Hoàng Tùng19.1%

Thành viên Hội đồng Quản trị/Phụ trách Công bố thông tin/Kế toán trưởng

Lê Văn Định0.7%

Chủ tịch Hội đồng Quản trị/Chủ tịch Hội đồng Thành viên

Lê Tuấn Anh0.1%

Trưởng Ban kiểm soát

Lê Thúy Hồng

Thành viên Ban kiểm soát

Lê Thị Hà

Thành viên Hội đồng Quản trị

Nguyễn Sỹ Thành

Phó Tổng Giám đốc

Trần Thị Điệp

Thành viên Ban kiểm soát

HOÀNG VĂN LÍT

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Thành Đại

Phó Tổng Giám đốc

Top connections

L3551.0%LM72 links LO551.0%L6141.1%L4340.8%L1036.2%L4536.2%L6336.2%LM836.2%PVY36.2%HNA36.2%ICN23.4%

Computed 12/04/2026