SDG

Construction

Công ty Cổ phần Sadico Cần Thơ

Hàng & Dịch vụ Công nghiệp/Hàng công nghiệpCT

9.300

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

34.967

Current

9.300

Gap

+276.0%

ModelEV EBITDA DCF BLEND

Valuation Breakdown

CT→Hàng & Dịch vụ Công nghiệp→Construction

Classified as construction because ICB sector "Hàng & Dịch vụ Công nghiệp" 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)

39.31%

Kd(1-t)

5.97%

D/(D+E)

60.69%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

23.624

50%DCF Value

46.309

Blended Intrinsic

34.967

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SDG

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 · 2020

-1.63

Elevated

DSRI

2.017

GMI

0.919

AQI

0.285

SGI

1.285

DEPI

0.000

SGAI

1.317

TATA

0.049

LVGI

1.212

SDG exhibits several concerning indicators related to earnings quality and potential manipulation. The Beneish M-Score of -1.6328 suggests that while the company is not definitively manipulating earnings, it is close to the threshold, warranting caution.

Red Flags

DSRI of 2.0175 indicates significant increases in receivables relative to sales, which could suggest aggressive revenue recognition practices.
Earnings Quality Score of 39.1/100 reflects poor overall earnings quality, particularly driven by an eq_receivables score of 0.0/100, indicating no effective management of receivables.

Positive Signals

GMI of 0.9185 suggests that gross margins are stable, which is a positive sign for operational efficiency.
The company has a relatively low TATA of 0.0486, indicating low total accruals, which may suggest less aggressive accounting practices.

Ownership Risk

The ownership structure is highly concentrated, with the top five shareholders holding 95% of shares. This concentration poses a risk of governance issues and potential conflicts of interest.

Recommendation

Investors should closely monitor SDG's financial disclosures and consider a cautious approach due to the elevated risk of earnings manipulation and poor earnings quality. Engaging with management for clarity on receivables management and revenue recognition practices is advisable.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.14

Distress Zone

Sharpe

-0.67

Negative

Composite

Weak

Price Risk

Momentum

-19.7%

Volatility

54.2%

Max Drawdown

-35.4%

Key Ratios

Fiscal year 2025

-2.44P/E

P/B0.62

P/S0.11

ROE-21.9%

ROA-5.9%

EPS-4500.59

BVPS17698.74

Gross Margin-1.6%

Net Margin-4.5%

D/E2.34

Current Ratio0.96

Rev Growth-5.3%

Profit Growth-71.4%

EV/EBITDA-7.22

Div Yield0.0%

Company Overview

Issued Shares

10.1M

Charter Capital

101.4B VND

Sector (ICB L2)

Hàng & Dịch vụ Công nghiệp

Industry (ICB L3)

Hàng công nghiệp

Sub-industry

Containers & Đóng gói

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Phạm Thị Thủy

Indiv

22.7%

2.3 trieu

Phạm Thị Thêu

Indiv

22.3%

2.3 trieu

Bùi Văn Tùng

Indiv

19.3%

2.0 trieu

Công ty Cổ phần Dịch Vụ Du Lịch Đà Lạt

Inst

16.0%

1.0 trieu

Trương Thị Phương Thúy

Indiv

14.7%

1.5 trieu

Mai Công Toàn

Indiv

9.4%

952.100

Cao Thị Hằng Hà

Indiv

5.1%

512.976

Công ty TNHH Thương Mại Và Dịch Vụ Trấn Giang

Inst

5.0%

322.300

Nguyễn Phú Thọ

Indiv

2.3%

155.630

nguyen-thanh-binh

Indiv

1.7%

110.392

Công ty Cổ phần Gentraco

Inst

1.5%

100.000

Lê Hồng Sơn

Indiv

0.8%

50.000

Công ty TNHH SX TM Thiện Tú

Inst

0.2%

11.000

Board & Management

Mai Công Toàn9.4%

Chủ tịch Hội đồng Quản trị/Phụ trách Công bố thông tin

Lê Ngọc Anh

Thành viên Hội đồng Quản trị

Nghiêm Chí Minh

Thành viên Ban kiểm soát

Đoàn Văn Cường

Trưởng Ban kiểm soát

Mai Công Quyết

Thành viên Hội đồng Quản trị

Phạm Ngọc Khanh

Thành viên Hội đồng Quản trị

Huỳnh Thị Hạnh Phúc

Phó phòng Kế toán/Kế toán viên

Đỗ Hữu Hướng

Thành viên Hội đồng Quản trị

Nguyễn Văn Cường

Tổng Giám đốc

Nguyễn Thị Kim Thúy

Thành viên Ban kiểm soát

Top connections

NXT22.7%TGG22.7%DC42 links PPI22.7%DHD22.7%BXH22.7%EIC22.7%DTP19.3%PVP6.7%KSD4.9%TMC1.7%UPC1.7%

Computed 12/04/2026