SCL

Construction

Công ty Cổ phần Sông Đà Cao Cường

Xây dựng và Vật liệuCT

19.100

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

3.416

Current

19.100

Gap

-82.1%

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)

49.36%

Kd(1-t)

6.32%

D/(D+E)

50.64%

WACC

10.00%

Growth Estimate

fundamental firm blend8.11%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

5.606

50%DCF Value

1.226

Blended Intrinsic

3.416

Value Decomposition

34%

66%

Explicit period (34%)Terminal value (66%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SCL

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 · 2024

-3.10

Low Risk

DSRI

0.757

GMI

1.101

AQI

0.881

SGI

0.863

DEPI

1.313

SGAI

0.992

TATA

-0.053

LVGI

1.220

SCL exhibits several concerning indicators of potential financial manipulation, particularly with a Beneish M-Score of -3.1018, well below the manipulation threshold of -1.78. While the earnings quality score is moderately acceptable at 51.0, the low scores in receivables and revenue raise significant concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -3.1018 indicates a high likelihood of earnings manipulation.
Earnings quality metrics show 0.0/100 in receivables and revenue, suggesting potential issues in revenue recognition.
DSRI at 0.7574 indicates a decrease in inventory relative to sales, which could signal aggressive accounting practices.

Positive Signals

Strong cash conversion score of 100.0/100 indicates effective cash management.
DSRI of 0.7574 suggests that inventory levels are well managed relative to sales, which could indicate operational efficiency.

Ownership Risk

The ownership structure shows a concentration of shares among a few entities, with the top shareholder holding 12.8%. This could lead to potential conflicts of interest or influence over corporate governance.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices. Monitoring future earnings reports and cash flow statements will be crucial to assess the sustainability of SCL's financial health.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.94

Grey Zone

Sharpe

-0.27

Negative

Composite

Poor

Price Risk

Momentum

-14.4%

Volatility

36.8%

Max Drawdown

-25.0%

Key Ratios

Fiscal year 2025

10.57P/E

P/B1.58

P/S1.19

ROE18.3%

ROA8.6%

EPS1985.45

BVPS13312.20

Gross Margin35.3%

Net Margin11.2%

D/E1.03

Current Ratio1.13

Rev Growth44.6%

Profit Growth142.2%

EV/EBITDA6.28

Div Yield0.0%

Company Overview

Issued Shares

32.4M

Charter Capital

324.1B VND

Sector (ICB L2)

Xây dựng và Vật liệu

Industry (ICB L3)

Xây dựng và Vật liệu

Sub-industry

Vật liệu xây dựng & Nội thất

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for SCL — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ Phần Công Nghiệp - Dịch Vụ Cao Cường

Inst

12.8%

4.2 trieu

Kiều Văn Mát

Indiv

11.8%

3.8 trieu

Công ty CP bất động sản tài chính dầu khí

Inst

3.7%

336.700

Công ty Cổ phần Dầu khí Đông Đô

Inst

3.4%

305.700

Nguyễn Anh Dũng

Indiv

2.6%

830.867

Nguyễn Ánh Hồng

Indiv

2.4%

788.531

Công ty Cổ phần Sông Đà 12

Inst

2.3%

517.492

Trần Thị Mỹ Dung

Indiv

2.3%

314.000

Kiều Thị Nhung

Indiv

1.7%

534.665

Vũ Văn Chiến

Indiv

1.6%

508.259

Kiều Quang Vọng

Indiv

1.4%

458.471

Kiều Văn Cao

Indiv

0.9%

289.679

Hoàng Hữu Tâm

Indiv

0.7%

66.666

Kiều Thị Mền

Indiv

0.6%

10.000

nguyen-huu-tuan

Indiv

0.5%

175.806

Vũ Thị Thanh Huyền

Indiv

0.4%

137.064

Vũ Đình Dũng

Indiv

0.3%

29.600

Phạm Văn Thư

Indiv

0.3%

101.237

Nguyễn Tử Chung

Indiv

0.3%

28.000

Đỗ Dũng

Indiv

0.3%

26.666

Đào Xuân Quỳnh

Indiv

0.2%

74.642

Phạm Văn Thanh

Indiv

0.2%

21.780

Trần Văn Hoàn

Indiv

0.2%

50.855

Trần Đình Tuấn

Indiv

0.1%

13.333

Trần Trung Kiên

Indiv

0.1%

11.700

Kiều Văn Phu

Indiv

0.1%

36.456

Board & Management

Kiều Văn Mát11.8%

Chủ tịch Hội đồng Quản trị

Nguyễn Anh Dũng2.6%

Thành viên Hội đồng Quản trị

Nguyễn Ánh Hồng2.4%

Thành viên Hội đồng Quản trị

Vũ Văn Chiến1.6%

Tổng Giám đốc

Phạm Văn Thư0.3%

Phó Tổng Giám đốc

Đào Xuân Quỳnh0.2%

Trưởng Ban kiểm soát

Trần Văn Hoan0.2%

Kế toán trưởng

Nguyễn Thị Thu Hoài

Thành viên Ban kiểm soát

Kiều Văn Cường

Thành viên Hội đồng Quản trị

Bùi Thị Vẻ

Thành viên Ban kiểm soát

Nguyễn Hồng Quyền

Thành viên Hội đồng Quản trị

Nguyễn Hữu Lực

Phụ trách Công bố thông tin

Top connections

TQW9.1%VTD5.5%ITD4.9%DID2 links PTL4.6%CX84.1%SMC2.6%HSL2.6%DWS2.6%HTN2.6%APG2.6%C4G2.6%

Computed 12/04/2026