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Construction sector

SDP

Construction
Công ty Cổ phần SDP
Xây dựng và Vật liệuCT
700
VND · Last close
Valuation Verdict
Undervalued
Very Low
-120%Fair Value+120%
Intrinsic Value
9.877
Current
700
Gap
+500.0%
ModelEV EBITDA DCF BLEND

Valuation Breakdown

CTXây dựng và Vật liệuConstruction
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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
1.100
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
12.20%
Ke
12.20%
x
E/(D+E)
100.00%
+
Kd(1-t)
0.00%
x
D/(D+E)
0.00%
=
WACC
12.20%
2
Growth Estimate
Sector Default3.00%
Growth decays 12%/yr toward terminal
3
Model Inputs
4
Valuation
50%EV/EBITDA Value
50%DCF Value
9.877
Blended Intrinsic
9.877
Value Decomposition
43%
57%
Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SDP

Earnings Quality

Fiscal year 2024

10
Poor
Accrual Quality
17
Cash Conversion
24
Receivables
0
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2024

-7.93
Low Risk
DSRI
1.188
GMI
-2.166
AQI
0.611
SGI
0.570
DEPI
1.510
SGAI
13.521
TATA
-0.273
LVGI
1.102

The Beneish M-Score of -7.9252 indicates a strong likelihood of earnings manipulation, significantly below the threshold of -1.78. Coupled with a low Earnings Quality Score of 10.3/100, the financial health of SDP raises serious concerns.

Red Flags
  • Beneish M-Score of -7.9252 indicates likely manipulation, well below the threshold of -1.78.
  • Earnings Quality Score of 10.3/100, with eq_receivables, eq_margin, and eq_revenue all at 0.0/100, suggests severe issues in revenue recognition and cash flow quality.
  • SGAI of 13.5206 indicates excessive growth in selling, general, and administrative expenses relative to revenue, which could signal inefficiencies or potential misreporting.
Positive Signals
  • DSRI of 1.1877 suggests that the company is managing its inventory levels relatively well compared to sales, but this is overshadowed by other negative metrics.
  • LVGI of 1.1021 indicates a slight increase in sales growth relative to the previous period, which could suggest some operational strength.
Ownership Risk

The ownership structure is dominated by individual shareholders, with the largest holding at 12.5%, which may lead to governance issues and lack of accountability. The low institutional ownership (2.2%) raises concerns about external oversight.

Recommendation

Given the high risk of earnings manipulation and poor earnings quality, it is advisable to approach SDP with caution. Investors should consider avoiding this stock until clearer signs of financial stability and transparency emerge.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
-2.70
Distress Zone
Sharpe
-0.22
Negative
Composite
50
Weak
Price Risk
Momentum
+0.0%
Volatility
108.6%
Max Drawdown
-46.2%

Key Ratios

Fiscal year 2024
-0.21P/E
P/B0.00
P/S0.25
ROE60.0%
ROA-18.0%
EPS-3285.27
BVPS0.00
Gross Margin6.0%
Net Margin-118.8%
D/E-3.69
Current Ratio0.66
Rev Growth-43.0%
Profit Growth-440.9%
EV/EBITDA-0.78
Div Yield0.0%

Company Overview

Issued Shares
11.1M
Charter Capital
111.1B VND
Sector (ICB L2)
Xây dựng và Vật liệu
Industry (ICB L3)
Xây dựng và Vật liệu
Sub-industry
Xây dựng
Company Type
CT

// OWNERSHIP_NETWORK

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

Shareholders
Nguyễn Thị Phượng
Indiv
12.5%
1.4 trieu
Đinh Mạnh Thắng
Indiv
6.7%
746.000
Nguyễn Thị Thanh Vân
Indiv
4.5%
500.000
Huỳnh Thị Huyền
Indiv
3.3%
367.900
Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam
Inst
2.2%
246.600
Công ty Cổ phần Sông Đà 12
Inst
1.1%
125.187
Đào Thị Đàn
Indiv
0.9%
106.000
Hoàng Văn Toàn
Indiv
0.8%
84.735
Lê Minh Toàn
Indiv
0.6%
63.100
Đinh Mạnh Hưng
Indiv
0.4%
46.000
Lưu Văn Hải
Indiv
0.3%
30.366
Trần Anh Đức
Indiv
0.3%
28.300
Vũ Thị Ánh
Indiv
0.2%
21.000
Đỗ Thị Hằng
Indiv
0.1%
15.222
Nguyễn Nam Hồng
Indiv
0.1%
13.020
Phạm Trường Tam
Indiv
0.1%
12.000
Phùng Minh Hằng
Indiv
0.1%
11.000
Board & Management
Nguyễn Thị Thanh Vân4.5%
Thành viên Hội đồng Quản trị
Đinh Mạnh Hưng0.4%
Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị
Vũ Thị Ánh0.2%
Thành viên Hội đồng Quản trị
Phạm Trường Tam0.1%
Chủ tịch Hội đồng Quản trị/Tổng Giám đốc/Phụ trách Công bố thông tin
Phùng Minh Hằng0.1%
Trưởng Ban kiểm soát
Nguyễn Danh Sơn
Phó Tổng Giám đốc/Kế toán trưởng
Phùng Minh Bằng
Trưởng Ban kiểm soát
Nguyễn Huy Thiêm
Phó Tổng Giám đốc
Ngô Thị Thúy Hương
Thành viên Ban kiểm soát
Đặng Thị Phương Thủy
Thành viên Hội đồng Quản trị
Ứng Trọng Hải
Thành viên Ban kiểm soát
Computed 12/04/2026
Methodology & Disclosure

vnvalue is a methodology engine — not an advisor. Every number is the deterministic output of a published formula applied to public financial data. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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