NDX

Construction

Công ty Cổ phần Xây lắp Phát triển Nhà Đà Nẵng

Xây dựng và Vật liệuCT

6.000

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

4.700

Current

6.000

Gap

-21.7%

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)

56.14%

Kd(1-t)

4.82%

D/(D+E)

43.86%

WACC

10.00%

Growth Estimate

fundamental firm blend3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

6.000

50%DCF Value

3.400

Blended Intrinsic

4.700

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — NDX

Earnings Quality

Fiscal year 2025

Weak

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 · 2023

-0.65

High Risk

DSRI

1.785

GMI

2.577

AQI

0.990

SGI

0.640

DEPI

0.922

SGAI

0.764

TATA

0.126

LVGI

1.056

NDX exhibits several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -0.6491, which is well above the manipulation threshold of -1.78. Additionally, the earnings quality score of 23.9/100 suggests significant issues with cash conversion and receivables management.

Red Flags

Beneish M-Score of -0.6491 indicates potential earnings manipulation, as it is above the threshold of -1.78.
Earnings Quality Score of 23.9/100, with eq_cash_conv and eq_receivables both at 0.0/100, signals severe issues in cash flow and revenue recognition.

Positive Signals

DSRI of 1.7849 indicates that the company is growing its receivables faster than sales, which can be a concern but also suggests potential for revenue growth if managed properly.
SGI of 0.6400 indicates that sales growth is slowing, which could be a positive signal for stabilizing operations.

Ownership Risk

The ownership structure is heavily concentrated, with the top shareholder holding 44.1%. This concentration increases the risk of decisions being made that may not align with minority shareholder interests.

Recommendation

Investors should closely monitor NDX's financial disclosures and consider a thorough review of its cash flow management practices before making investment decisions. It may be prudent to wait for improved earnings quality indicators and transparency in financial reporting.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

1.55

Distress Zone

Sharpe

0.02

Positive

Composite

Weak

Price Risk

Momentum

+9.1%

Volatility

22.8%

Max Drawdown

-26.3%

Key Ratios

Fiscal year 2025

10.30P/E

P/B0.52

P/S0.80

ROE5.1%

ROA2.8%

EPS582.67

BVPS11644.19

Gross Margin8.6%

Net Margin7.8%

D/E0.63

Current Ratio2.02

Rev Growth54.4%

Profit Growth3602.5%

EV/EBITDA10.97

Div Yield0.0%

Company Overview

Issued Shares

10.0M

Charter Capital

99.9B 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 NDX — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Đầu tư Phát triển Nhà Đà Nẵng

Inst

44.1%

4.4 trieu

Tưởng Thành Tiến

Indiv

7.7%

435.993

Đinh Hữu Khanh

Indiv

5.8%

279.900

Võ Thị Ngọc

Indiv

5.2%

523.294

Nguyễn Văn Lục

Indiv

5.0%

242.800

Trần Xuân Đức

Indiv

5.0%

475.000

Nguyễn Thị Liên

Indiv

4.9%

217.949

Peter Eric Dennis

Indiv

4.9%

277.731

america limited liability company

Inst

4.9%

464.900

Lương Thanh Viên

Indiv

3.5%

354.603

Nguyễn Quang Trung

Indiv

3.2%

318.500

Bùi Lê Duy

Indiv

2.8%

281.301

Phạm Thị Thanh Thủy

Indiv

0.4%

42.000

Nguyễn Thị Hiệp

Indiv

0.2%

10.000

Board & Management

Võ Thị Ngọc5.2%

Phó Chủ tịch Hội đồng Quản trị

Lương Thanh Viên3.5%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Quang Trung3.2%

Chủ tịch Hội đồng Quản trị

Bùi Lê Duy2.8%

Thành viên Hội đồng Quản trị

Phạm Thị Thanh Thủy0.4%

Thành viên Ban kiểm soát

Nguyễn Văn Hiếu

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Trần Nhật Thảo

Thành viên Ban kiểm soát

Dương Thị Thanh Hải

Trưởng Ban kiểm soát

Lê Thị Anh Trúc

Kế toán trưởng

Hồ Thị Trà Hương

Phụ trách Công bố thông tin/Người phụ trách quản trị công ty

Top connections

DXV44.1%SGN25.0%WCS23.6%DNM22.7%IDV2 links SZL16.1%BAX16.1%TIP15.3%MTH13.6%ILB12.8%NCT11.0%PPS9.0%

Computed 12/04/2026