PLA

Construction

Công ty Cổ phần Đầu tư và Dịch vụ hạ tầng Xăng dầu

Xây dựng và Vật liệuCT

6.400

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

5.478

Current

6.400

Gap

-14.4%

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)

74.31%

Kd(1-t)

3.35%

D/(D+E)

25.69%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

4.045

50%DCF Value

6.910

Blended Intrinsic

5.478

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — PLA

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.46

Moderate

DSRI

1.239

GMI

0.957

AQI

0.973

SGI

0.995

DEPI

0.779

SGAI

1.029

TATA

-0.025

LVGI

1.040

The Beneish M-Score of -2.4581 suggests that PLA is unlikely to be manipulating earnings, as it is below the threshold of -1.78. However, the earnings quality score of 48.4 indicates significant concerns, particularly in revenue recognition and margins, which could pose risks to investors.

Red Flags

Earnings Quality Score of 48.4/100 indicates weak revenue recognition (0.0/100) and margins (0.0/100), raising concerns about the sustainability of earnings.
The DSRI of 1.2390 suggests that accounts receivable are growing faster than revenue, which may indicate potential issues with revenue collection.

Positive Signals

The eq_cash_conv score of 100.0/100 indicates strong cash conversion, suggesting that the company is effectively turning sales into cash.
The GMI of 0.9572 indicates that gross margins are stable, which is a positive sign in a competitive market.

Ownership Risk

The top shareholder, Công ty TNHH MTV - Tổng Công ty Xây Lắp Và Thương Mại Petrolimex, holds a significant 51.0% stake, indicating potential concentration risk and limited influence from minority shareholders.

Recommendation

Investors should closely monitor revenue recognition practices and consider the implications of the ownership structure on governance. It may be prudent to adopt a cautious approach until further clarity on earnings quality is established.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.49

Distress Zone

Sharpe

-0.17

Negative

Composite

Weak

Price Risk

Momentum

-5.7%

Volatility

77.7%

Max Drawdown

-35.2%

Key Ratios

Fiscal year 2024

-103.32P/E

P/B0.49

P/S0.88

ROE-0.5%

ROA-0.3%

EPS-46.46

BVPS9847.39

Gross Margin32.3%

Net Margin-0.9%

D/E0.35

Current Ratio3.36

Rev Growth-0.8%

Profit Growth-33.6%

EV/EBITDA16.84

Div Yield0.0%

Company Overview

Issued Shares

10.0M

Charter Capital

100.0B 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 PLA — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH MTV - Tổng Công ty Xây Lắp Và Thương Mại Petrolimex

Inst

51.0%

5.1 trieu

Phạm Anh Tuấn

Indiv

14.1%

1.4 trieu

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội

Inst

9.8%

980.000

Công ty TNHH Tập Đoàn Đông Dương

Inst

5.0%

500.000

Tổng Công ty Cổ phần Bảo hiểm Petrolimex

Inst

5.0%

500.000

Nguyễn Mạnh Hà

Indiv

2.5%

250.000

Phan Thanh Hưng

Indiv

0.2%

23.500

Board & Management

Phạm Lê Anh

Phó Tổng Giám đốc

Ngô Minh Sơn

Thành viên Hội đồng Quản trị

Trần Nam Hải

Phó Tổng Giám đốc

Nguyễn Trung Kiên

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Anh Tuấn

Thành viên Hội đồng Quản trị

Vũ Thị Thúy Điệp

Trưởng Ban kiểm soát

Trần Thị Hường

Thành viên Ban kiểm soát

Vũ Phương Nhung

Kế toán trưởng

Đỗ Dương Thông

Thành viên Ban kiểm soát

Nguyễn Văn Lộc

Thành viên Hội đồng Quản trị

Vũ Đức Tiến

Thành viên Hội đồng Quản trị

Trương Hùng Sơn

Chủ tịch Hội đồng Quản trị

Phùng Ngọc Quang

Thành viên Hội đồng Quản trị

Top connections

PIT52.7%PLE51.0%PEQ51.0%PIA51.0%PMS51.0%PCC2 links PEN51.0%TLH19.6%TST17.0%PVH14.8%VRC14.5%KTL14.4%

Computed 12/04/2026