LHC

Construction

Công ty Cổ phần Đầu tư và Xây dựng Thủy lợi Lâm Đồng

Xây dựng và Vật liệuCT

101.900

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

51.070

Current

101.900

Gap

-49.9%

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)

62.36%

Kd(1-t)

6.30%

D/(D+E)

37.64%

WACC

10.00%

Growth Estimate

fundamental firm blend9.41%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

76.300

50%DCF Value

25.841

Blended Intrinsic

51.070

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — LHC

Earnings Quality

Fiscal year 2025

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 · 2025

-1.89

Moderate

DSRI

1.157

GMI

0.886

AQI

0.940

SGI

1.268

DEPI

1.017

SGAI

1.097

TATA

0.068

LVGI

1.043

LHC exhibits several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -1.8936, which exceeds the manipulation threshold of -1.78. Additionally, the company's earnings quality score of 58.9 suggests significant weaknesses in cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -1.8936 indicates potential earnings manipulation, exceeding the threshold of -1.78.
Earnings quality cash conversion score of 37.4/100 is particularly low, indicating poor cash flow relative to reported earnings.
Revenue quality score of 0.0/100 suggests significant issues in revenue recognition practices.

Positive Signals

Receivables quality score of 100.0/100 indicates strong management of accounts receivable, which is a positive sign for cash collection.
The company's DSRI of 1.1566 is slightly above 1, indicating that inventory growth is in line with revenue growth, which could suggest stability.

Ownership Risk

The ownership structure is heavily concentrated among a few individuals, with the top five shareholders holding over 34% of the company. This concentration could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow analysis and revenue recognition practices. Monitoring future earnings reports for improvements in cash conversion and overall earnings quality is recommended.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.87

Safe Zone

Sharpe

0.82

Positive

Composite

Fair

Price Risk

Momentum

+51.5%

Volatility

31.3%

Max Drawdown

-16.7%

Key Ratios

Fiscal year 2025

11.76P/E

P/B2.48

P/S0.94

ROE23.2%

ROA9.6%

EPS8512.43

BVPS40425.50

Gross Margin20.8%

Net Margin8.0%

D/E0.65

Current Ratio1.33

Rev Growth26.6%

Profit Growth83.0%

EV/EBITDA4.98

Div Yield0.0%

Company Overview

Issued Shares

14.4M

Charter Capital

144.0B 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 LHC — hover nodes for intel, click to navigate

Shareholders

nguyen-thi-mai-lan

Indiv

8.4%

1.2 trieu

Lê Đình Hiển

Indiv

7.4%

1.1 trieu

Trần Việt Thắng

Indiv

6.5%

941.700

Công ty Cổ phần Phước Hòa.

6.3%

903.000

Bùi Hữu Quỳnh

Indiv

5.7%

819.000

Nguyễn Ngọc Thủy Anh

Indiv

4.8%

691.200

Trần Thị Bưởi

Indiv

4.7%

340.200

Phạm Thị Thanh Hương

Indiv

3.5%

504.400

Bùi Hữu Vũ Hoàng

Indiv

3.1%

440.300

Trần Ngọc Huệ

Indiv

2.9%

413.400

Mai Anh Tuấn

Indiv

2.4%

170.000

Hoàng Thị Lụa

Indiv

2.3%

326.700

Lê Đình Hòa

Indiv

1.5%

45.800

Ngô Thu Hương

Indiv

1.5%

210.500

Lê Huy Sáu

Indiv

1.4%

205.000

Nguyễn Thị Liên

Indiv

1.2%

169.800

Phan Minh Hiếu

Indiv

1.1%

152.500

Nguyễn Quang Trung

Indiv

1.0%

30.000

Mai Nam Dương

Indiv

1.0%

72.000

Lê Văn Quý

Indiv

0.6%

91.600

Tô Văn An

Indiv

0.6%

44.000

Đinh Văn Diện

Indiv

0.5%

73.600

Võ Văn Đông

Indiv

0.5%

15.200

Nguyễn Thị Lan Hương

Indiv

0.5%

14.600

Kim Ngọc Đảng

Indiv

0.5%

33.000

Bùi Trung Trực

Indiv

0.4%

31.700

Trần Duy Hà

Indiv

0.4%

11.000

Phan Minh Đạt

Indiv

0.4%

52.360

Nguyễn Văn Thìn

Indiv

0.3%

10.740

Nguyễn Thị Thu Hường

Indiv

0.3%

35.504

Mai Trung Khuông

Indiv

0.2%

7.100

Nguyễn Thị Oanh

Indiv

0.1%

17.900

Vũ Hồng Tuấn

Indiv

0.1%

3.000

Board & Management

Lê Đình Hiển7.4%

Chủ tịch Hội đồng Quản trị

Trần Việt Thắng6.5%

Thành viên Hội đồng Quản trị

Hoàng Thị Lụa2.3%

Thành viên Ban kiểm soát

Lê Huy Sáu1.4%

Trưởng Ban kiểm soát

Nguyễn Thị Liên1.2%

Thành viên Ban kiểm soát

Lê Văn Quý0.6%

Tổng Giám đốc

Kim Ngọc Đảng0.5%

Phó Tổng Giám đốc

Hầu Văn Tuấn

Kế toán trưởng

Lý Chủ Hưng

Thành viên Hội đồng Quản trị

Trần Xuân Tâm

Người phụ trách quản trị công ty

Phan Công Ngôn

Thành viên Hội đồng Quản trị

Trần Hùng Phương

Thành viên Hội đồng Quản trị

Top connections

HEC4 links VCT24.0%BHC14.0%HCM14.0%LBE5 links S9910.4%QTC2 links BLF8.9%HU18.4%FRM8.4%VDL3 links DKG8.4%

Computed 12/04/2026