SJM

Construction

Công ty Cổ phần Sunspace Holdings

Xây dựng và Vật liệuCT

7.500

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

12.047

Current

7.500

Gap

+60.6%

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)

35.03%

Kd(1-t)

6.40%

D/(D+E)

64.97%

WACC

10.00%

Growth Estimate

Sector Default3.00%

Growth decays 12%/yr toward terminal

Model Inputs

Valuation

50%EV/EBITDA Value

—

50%DCF Value

12.047

Blended Intrinsic

12.047

Value Decomposition

35%

65%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SJM

Earnings Quality

Fiscal year 2024

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Financial Forensics

Beneish M-Score · 2017

-3.30

Low Risk

DSRI

3.166

GMI

0.083

AQI

1.072

SGI

0.272

DEPI

0.823

SGAI

8.273

TATA

-0.092

LVGI

1.008

The forensic assessment of SJM indicates significant red flags related to earnings manipulation and poor earnings quality metrics. With a Beneish M-Score of -3.2953, well below the manipulation threshold, and an Earnings Quality Score of only 25.8/100, the company exhibits concerning financial practices.

Red Flags

Beneish M-Score of -3.2953, indicating a high likelihood of earnings manipulation.
Earnings Quality Score of 25.8/100, reflecting very low quality in earnings metrics.
SGAI of 8.2726, suggesting excessive selling, which may indicate distress or aggressive revenue recognition.
eq_receivables, eq_margin, and eq_revenue all at 0.0/100, indicating severe issues in revenue recognition and cash conversion.

Positive Signals

DSRI of 3.1659, while high, indicates potential for revenue growth if managed properly, but also raises concerns about inventory management.
GMI of 0.0833 suggests that gross margins are relatively stable, which could indicate some operational strengths.

Ownership Risk

The ownership structure is concentrated among a few individuals, with the top five shareholders holding over 70% of the shares. This concentration may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and consider avoiding SJM until clearer signs of financial integrity and improved earnings quality are demonstrated. A thorough review of management practices and financial disclosures is recommended.

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

Quantitative Scores

F-Score

2/9

Weak

Z-Score

-0.43

Distress Zone

Sharpe

0.39

Positive

Composite

Fair

Price Risk

Momentum

+14.1%

Volatility

113.2%

Max Drawdown

-54.2%

Key Ratios

Fiscal year 2024

15.18P/E

P/B2.42

P/S0.00

ROE17.3%

ROA6.9%

EPS466.37

BVPS2925.65

D/E1.21

Current Ratio0.80

Profit Growth-8.1%

EV/EBITDA-59.01

Div Yield0.0%

Company Overview

Issued Shares

5.0M

Charter Capital

50.0B 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 SJM — hover nodes for intel, click to navigate

Shareholders

Nguyễn Viết Lịch

Indiv

21.0%

1.1 trieu

Trương Khắc Tâm

Indiv

14.7%

735.000

nguyen-viet-dung

Indiv

13.3%

665.000

Nguyễn Thị Ngọc Tú

Indiv

11.5%

575.900

Trịnh Thị Quyên

Indiv

11.0%

550.000

Lưu Thị Mai

Indiv

4.9%

242.700

Công ty TNHH Finsta

Inst

4.3%

217.000

Nguyễn Ngọc Hưng

Indiv

3.0%

150.900

Công ty Cổ Phần Đầu Tư Hacotec Group

Inst

2.5%

124.000

Lý Nam Ninh

Indiv

2.1%

106.500

nguyen-tien-nam

Indiv

1.7%

83.000

Trần Mạnh Cường

Indiv

0.5%

25.954

Huỳnh Văn Cán

Indiv

0.5%

24.820

Vũ Hồng Sự

Indiv

0.3%

17.200

Vũ Kim Long

Indiv

0.2%

9.414

Board & Management

Nguyễn Việt Dũng13.3%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Lê Trọng Hưng

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Thanh Bình

Thành viên Hội đồng Quản trị

Nguyễn Quốc Chinh

Phụ trách Công bố thông tin/Kế toán trưởng

Top connections

TTG3 links KSD13.3%HPX13.3%CLC13.3%KHS13.3%LHG13.3%HID13.3%PAP4.9%GMX4.9%DZM4.6%CET3.2%UMC3.0%

Computed 12/04/2026