LCG

Construction

Công ty Cổ phần Lizen

Xây dựng và Vật liệuCT

9.800

VND · Last close

Valuation Verdict

Undervalued

High

-120%Fair Value+120%

Intrinsic Value

33.607

Current

9.800

Gap

+242.9%

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)

42.45%

Kd(1-t)

6.28%

D/(D+E)

57.55%

WACC

10.00%

Growth Estimate

fundamental firm blend2.25%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

10.150

50%DCF Value

57.064

Blended Intrinsic

33.607

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — LCG

Earnings Quality

Fiscal year 2025

Good

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.40

Moderate

DSRI

1.245

GMI

1.221

AQI

1.133

SGI

1.066

DEPI

0.994

SGAI

0.593

TATA

-0.086

LVGI

1.116

LCG exhibits a Beneish M-Score of -2.3983, indicating a low likelihood of earnings manipulation, as it is below the manipulation threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition, which could pose risks in the context of Vietnamese accounting practices.

Red Flags

The revenue quality score is notably low at 17.6/100, suggesting potential issues with revenue recognition.
The DSRI at 1.2448 indicates a rising level of receivables relative to sales, which can be a warning sign of aggressive revenue recognition.

Positive Signals

The earnings quality score of 79.0/100 reflects strong cash conversion and margin metrics, indicating solid operational performance.
The low SGAI of 0.5934 suggests effective management of selling, general, and administrative expenses.

Ownership Risk

The ownership structure shows a diverse mix of institutional and individual shareholders, with no single entity holding a controlling stake, which may mitigate risks of undue influence or governance issues.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of the low revenue quality score. A thorough review of financial statements and potential adjustments in revenue reporting is advisable before making investment decisions.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.99

Distress Zone

Sharpe

-0.05

Negative

Composite

Strong

Price Risk

Momentum

+2.1%

Volatility

30.0%

Max Drawdown

-27.4%

Key Ratios

Fiscal year 2025

14.03P/E

P/B0.78

P/S0.71

ROE5.7%

ROA2.2%

EPS723.24

BVPS12941.49

Gross Margin10.0%

Net Margin5.0%

D/E1.75

Current Ratio1.23

Rev Growth6.6%

Profit Growth24.2%

EV/EBITDA7.18

Div Yield0.0%

Company Overview

Issued Shares

208.6M

Charter Capital

2086.0B 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 LCG — hover nodes for intel, click to navigate

Shareholders

Ns Advisory Inc Pte. Ltd

Inst

6.1%

7.0 trieu

asean small cap fund

Inst

5.6%

4.3 trieu

Nguyễn Văn Nghĩa

Indiv

5.0%

10.5 trieu

Lucerne Enterprise Ltd

Inst

5.0%

5.7 trieu

Red River Holding

Inst

3.7%

2.8 trieu

Mekong Holdings Inc

Inst

3.7%

2.8 trieu

Bùi Dương Hùng

Indiv

3.0%

6.2 trieu

Ngân hàng Thương mại Cổ phần Tiên Phong

Inst

1.4%

1.1 trieu

Công ty Cổ phần Chứng khoán SSI

Inst

1.4%

1.1 trieu

Trương Anh Hùng

Indiv

0.9%

715.760

Công ty Cổ phần Chứng khoán SBS

Inst

0.9%

655.460

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam

Inst

0.7%

542.654

Đinh Thị Hiền

Indiv

0.7%

697.100

Tăng Quốc Thuộc

Indiv

0.6%

1.3 trieu

Hoàng Minh Khai

Indiv

0.5%

547.367

nguyen-van-viet

Indiv

0.3%

553.134

Lê Thị Phương Nam

Indiv

0.3%

532.753

Cao Ngọc Phương

Indiv

0.2%

329.239

Board & Management

Nguyễn Văn Nghĩa5.0%

Thành viên Hội đồng Quản trị

Bùi Dương Hùng3.0%

Chủ tịch Hội đồng Quản trị

Đinh Thị Hiền0.7%

Giám đốc Tài chính

Tăng Quốc Thuộc0.6%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Hoàng Minh Khai0.5%

Phó Tổng Giám đốc

Nguyễn Văn Việt0.3%

Kế toán trưởng

Lê Thị Phương Nam0.3%

Phụ trách Công bố thông tin

Cao Ngọc Phương0.2%

Phó Tổng Giám đốc/Thành viên Ban Kiểm toán nội bộ

Budiman Satrio Sudono Liem

Thành viên Hội đồng Quản trị

Phan Ngọc Hiếu

Thành viên Hội đồng Quản trị

Lê Trung Vũ

Thành viên Ban Kiểm toán nội bộ

Nguyễn Minh Khang

Thành viên Hội đồng Quản trị/Trưởng Ban Kiểm toán nội bộ

Trần Hữu Phong

Phó Tổng Giám đốc

Top connections

PSI51.2%ORS51.0%MTG28.7%FUESSV5025.6%AMS17.3%PAN12.8%STL2 links SSC11.8%NT210.3%TCM10.0%ATS9.7%HC38.2%

Computed 12/04/2026