SD6

Construction

Công ty Cổ phần Sông Đà 6

Xây dựng và Vật liệuCT

2.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

13.032

Current

2.000

Gap

+500.0%

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)

19.35%

Kd(1-t)

7.40%

D/(D+E)

80.65%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

4.006

50%DCF Value

22.058

Blended Intrinsic

13.032

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SD6

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2022

-2.63

Low Risk

DSRI

1.800

GMI

0.662

AQI

1.104

SGI

0.508

DEPI

1.166

SGAI

1.606

TATA

-0.045

LVGI

1.041

The Beneish M-Score of -2.6287 indicates that SD6 is not likely to be manipulating earnings, as it falls below the threshold of -1.78. However, the earnings quality score of 56.9/100, combined with concerning metrics such as a high DSRI of 1.8004 and low scores in receivables and margin, suggest potential underlying issues in revenue recognition and operational efficiency.

Red Flags

High DSRI of 1.8004 indicates potential issues with inventory management and sales growth not aligning with receivables.
Low scores in receivables (0.0/100) and margin (0.0/100) suggest significant challenges in cash conversion and profitability.

Positive Signals

Strong cash conversion score of 100.0/100 indicates effective cash management despite other concerns.
Beneish M-Score of -2.6287 suggests a lower likelihood of earnings manipulation.

Ownership Risk

The top shareholder, Tổng Công ty Sông Đà, holds a significant 65.0% stake, indicating a strong influence over corporate governance. This concentration could pose risks related to decision-making transparency and minority shareholder rights.

Recommendation

Investors should closely monitor SD6's operational metrics and revenue recognition practices. Given the elevated risk level, a cautious approach is advised, potentially waiting for improved earnings quality indicators before making significant investments.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

-0.75

Distress Zone

Sharpe

-0.94

Negative

Composite

Weak

Price Risk

Momentum

-33.3%

Volatility

63.4%

Max Drawdown

-46.2%

Key Ratios

Fiscal year 2025

-1.14P/E

P/B0.67

P/S2.14

ROE-45.5%

ROA-8.5%

EPS-1928.21

BVPS3271.13

Gross Margin-85.1%

Net Margin-187.4%

D/E5.34

Current Ratio1.09

Rev Growth-61.5%

Profit Growth-2591.7%

EV/EBITDA-6.38

Div Yield0.0%

Company Overview

Issued Shares

34.8M

Charter Capital

347.7B 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 SD6 — hover nodes for intel, click to navigate

Shareholders

Tổng Công ty Sông Đà

Inst

65.0%

22.6 trieu

america limited liability company

Inst

4.8%

1.7 trieu

Ngân hàng Thương mại Cổ phần Việt Á

Inst

1.7%

578.000

Công ty Cổ phần Sông Đà 7

Inst

0.8%

274.832

Công ty Cổ phần Lắp máy Sông Đà

Inst

0.6%

200.000

Công ty Cổ phần Sông Đà 3

Inst

0.5%

165.920

nguyen-van-tung

Indiv

0.5%

164.095

Đặng Quốc Bảo

Indiv

0.3%

89.899

Hồ Sỹ Hùng

Indiv

0.2%

56.860

Nguyễn Văn Ngạn

Indiv

0.1%

43.838

Nguyễn Văn Nam

Indiv

0.1%

41.000

Vũ Đức Lãm

Indiv

0.1%

35.100

Board & Management

Đặng Quốc Bảo0.3%

Chủ tịch Hội đồng Quản trị

Nguyễn Văn Ngạn0.1%

Kế toán trưởng

Lê Tiến Thủ

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Đào Xuân Tuấn

Thành viên Hội đồng Quản trị

Nguyễn Tuấn Phát

Thành viên Hội đồng Quản trị

Vũ Mạnh Cường

Phó Tổng Giám đốc

Đỗ Anh Thái

Thành viên Ban kiểm soát

Nguyễn Đình Tứ

Trưởng Ban kiểm soát

Trần Ngọc Ánh

Phụ trách Công bố thông tin

Nguyễn Anh Đào

Thành viên Ban kiểm soát

Phạm Đức Trọng

Thành viên Hội đồng Quản trị

Hà Quốc Thịnh

Phó Tổng Giám đốc

Nguyễn Minh Tuấn

Phó Tổng Giám đốc

Top connections

SD465.0%SD52 links SDT2 links SD965.0%SDC65.0%SD365.0%S1265.0%SD265.0%SDU65.0%SJE65.0%VCP65.0%GSM65.0%

Computed 12/04/2026