SDD

Construction

Công ty Cổ phần Đầu tư và Xây lắp Sông Đà

Xây dựng và Vật liệuCT

1.300

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

2.504

Current

1.300

Gap

+92.7%

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.

Distressed Valuation

Negative Intrinsic Value

BVPS

5.009

Discount

50%

Floor Value

5.009

Valuation Track Record

Retroactive intrinsic value vs actual close price — SDD

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 · 2018

-0.66

High Risk

DSRI

0.326

GMI

3.689

AQI

1.904

SGI

1.255

DEPI

0.074

SGAI

0.697

TATA

0.084

LVGI

0.730

The Beneish M-Score of -0.6609 indicates that SDD is not likely to be manipulating earnings, as it is above the threshold of -1.78. However, the high GMI of 3.6889 and low earnings quality score of 46.6/100 raise concerns about the sustainability of earnings and potential financial distress.

Red Flags

GMI of 3.6889 suggests a significant deterioration in gross margins, indicating potential issues with cost management or pricing power.
Earnings Quality Score of 46.6/100, particularly low scores in eq_margin (0.0/100) and eq_revenue (0.0/100), highlight concerns about the quality and reliability of reported earnings.

Positive Signals

DSRI of 0.3264 indicates that accounts receivable are well managed relative to sales, suggesting effective credit policies.
High eq_receivables score of 100.0/100 reflects strong management of receivables, which is a positive indicator for cash flow.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a controlling stake, which may reduce the risk of management entrenchment but could also lead to governance challenges.

Recommendation

Investors should closely monitor SDD's earnings quality and margin trends, considering a cautious approach until improvements in gross margins and overall earnings quality are observed.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

-0.81

Distress Zone

Sharpe

-0.66

Negative

Composite

Weak

Price Risk

Momentum

-42.9%

Volatility

86.7%

Max Drawdown

-47.6%

Key Ratios

Fiscal year 2025

-1.84P/E

P/B0.26

P/S1.83

ROE-13.1%

ROA-5.5%

EPS-702.66

BVPS5008.83

Gross Margin-19.6%

Net Margin-99.3%

D/E1.50

Current Ratio0.06

Rev Growth-10.4%

Profit Growth29.9%

EV/EBITDA13.19

Div Yield0.0%

Company Overview

Issued Shares

16.0M

Charter Capital

160.1B 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 SDD — hover nodes for intel, click to navigate

Shareholders

Bùi Kim Thanh

Indiv

10.2%

1.6 trieu

nguyen-bao-ngoc

Indiv

5.9%

939.500

Lê Trần Vi Thảo

Indiv

3.1%

500.000

Đỗ Nguyên Hữu

Indiv

2.9%

441.700

Nguyễn Gia Đức

Indiv

2.9%

460.900

Lưu Quang Hưng

Indiv

2.1%

332.000

nguyen-thanh-mai

Indiv

1.5%

235.700

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam

Inst

1.4%

227.900

Nguyễn Tiến Khanh

Indiv

1.4%

224.400

Công ty Cổ phần Sông Đà 2

Inst

1.1%

184.000

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam - chi nhánh Nam Định

Indiv

0.5%

78.400

Board & Management

Nguyễn Tiến Khanh1.4%

Thành viên Hội đồng Quản trị/Giám đốc

Lê Quảng Đại

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

Trịnh Khánh Dung

Thành viên Ban kiểm soát

Phạm Văn Minh

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Hà Ninh

Thành viên Hội đồng Quản trị

Trần Trung Thiện

Phó Giám đốc/Thành viên Hội đồng Quản trị

Trần Ngọc Quỳnh Anh

Thành viên Ban kiểm soát

Nguyễn Văn Viên

Phó Giám đốc

Đinh Thị Hạnh

Thành viên Ban kiểm soát

Vũ Hà Nam

Thành viên Hội đồng Quản trị

Top connections

PSI51.2%TTG12.7%CGV12.1%NT210.3%NDF8.1%PHC7.0%LCM6.0%LPB5.9%XLV5.0%CAP5.0%PVT5.0%PCT4.6%

Computed 12/04/2026