SDY

Construction

Công ty Cổ phần Xi măng Sông Đà Yaly

Xây dựng và Vật liệuCT

900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

3.388

Current

900

Gap

+276.4%

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

12.20%

Growth Estimate

fundamental firm blend2.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

1.941

50%DCF Value

4.835

Blended Intrinsic

3.388

Value Decomposition

43%

57%

Explicit period (43%)Terminal value (57%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SDY

Earnings Quality

Fiscal year 2024

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 · 2024

-3.31

Low Risk

DSRI

0.758

GMI

0.983

AQI

1.262

SGI

1.071

DEPI

0.931

SGAI

0.975

TATA

-0.160

LVGI

1.046

The Beneish M-Score of -3.3107 indicates a low likelihood of earnings manipulation, as it is well below the threshold of -1.78. However, the earnings quality score of 41.0/100, particularly low scores in revenue and margin metrics, raises concerns about the sustainability of earnings.

Red Flags

Earnings quality score of 41.0/100 indicates potential issues with revenue recognition and profitability, particularly with 0.0/100 in eq_margin and eq_revenue.
The DSRI of 0.7584 suggests that inventory levels are decreasing, which may indicate potential issues with sales or demand.

Positive Signals

The Beneish M-Score of -3.3107 suggests a low likelihood of earnings manipulation, indicating a potentially stable earnings environment.
High receivables score of 100.0/100 indicates effective management of accounts receivable, which is a positive sign for cash flow.

Ownership Risk

The concentrated ownership structure, with the top five shareholders holding 84.6% of shares, poses a risk of governance issues and potential conflicts of interest, especially in decision-making.

Recommendation

Investors should closely monitor earnings quality metrics and consider the implications of concentrated ownership. A deeper analysis of revenue recognition practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

-1.81

Distress Zone

Sharpe

-1.18

Negative

Composite

Weak

Price Risk

Momentum

-70.0%

Volatility

136.0%

Max Drawdown

-77.5%

Key Ratios

Fiscal year 2024

-11.04P/E

P/B0.00

P/S0.20

ROE5.7%

ROA-1.6%

EPS-172.03

BVPS0.00

Gross Margin20.4%

Net Margin-1.8%

D/E-4.29

Current Ratio0.66

Rev Growth7.1%

Profit Growth75.3%

EV/EBITDA11.05

Div Yield0.0%

Company Overview

Issued Shares

4.5M

Charter Capital

45.0B 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 SDY — hover nodes for intel, click to navigate

Shareholders

Trần Anh Minh

Indiv

22.2%

1.0 trieu

Trần Quang Ninh

Indiv

22.2%

1.0 trieu

Trần Hạnh Nguyên

Indiv

17.9%

805.500

Trần Đức Minh

Indiv

13.3%

600.000

Trần Quang Huy

Indiv

9.0%

407.100

Trần Thị Kim Thoa

Indiv

6.8%

305.000

Đặng Đôn Triển

Indiv

4.4%

199.000

Công ty Cổ phần Sông Đà 3

Inst

2.2%

100.500

Công ty Cổ phần Sông Đà 4

Inst

1.3%

58.200

Board & Management

Nguyễn Tam Khôi

Phó Tổng Giám đốc

Phạm Thị Thu Hà

Chủ tịch Hội đồng Quản trị

BÙI XUÂN HẢI

Phụ trách Công bố thông tin/Thành viên Hội đồng Quản trị/Tổng Giám đốc

Võ Thị Hà Giang

Thành viên Hội đồng Quản trị

Nguyễn Lê Trung Phi

Thành viên Ban kiểm soát

Mai Ngọc Liên

Thành viên Ban kiểm soát

Bùi Đình Đông

Phó Tổng Giám đốc

Trần Thị Len

Trưởng Ban kiểm soát

Mai Trung Kiên

Trưởng phòng Tài chính - Kế toán

Top connections

MCP24.6%VNS22.2%SCC2 links CIG13.3%PVB13.3%GSM10.0%PSD9.0%NLS9.0%PET9.0%SHN4.8%SBG4.6%TET4.4%

Computed 12/04/2026