Back to Dashboard

DC2

Công ty Cổ phần Đầu tư Phát triển - Xây dựng (DIC) số 2

VietnamConstructionXây dựng và Vật liệuHNXCT
6.000
VND · Close 29 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+12.2%Calibrated value vs last close
Last close (VND)
6.000
Calibrated intrinsic value (VND)
6.730

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply to the close

    That return is applied to the last close.

Keep in mind

  • For illustration only: not a validated forecast.
  • No uncertainty range: the estimate is a single figure.
  • Older record: it has not been re-measured on the current data.

Why it needs review

  • Trading liquidity is below the comparison threshold.
  • Under financial distress the model falls back to book value.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Model reliability
Very Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
Not assessed
A separate peer-outperformance probability is unavailable for this valuation.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

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 Mid-Cycle
Equity Value = Mid-Cycle EBITDA x Fair EV/EBITDA - Net Debt

Construction and industrial firms have lumpy, project-based earnings that swing with the building cycle. Order books fill and empty, so a single year's profit is a poor guide to normal earning power. This model values them on through-cycle EBITDA: a 7-year median EBITDA ("mid-cycle" earnings) times a fair EV/EBITDA multiple, less net debt. It mirrors the cyclical model.

Technical details
Why this model

Project-based revenue is lumpy and asset-backed. EV/EBITDA is capital-structure-neutral and undistorted by depreciation policy, and mid-cycle EBITDA normalizes across the building cycle so a firm isn't overvalued at a peak or undervalued at a trough.

How it works

Computes 7-year median EBITDA and a fair EV/EBITDA from the firm's own history blended toward the construction-sector median. Net debt is taken directly from the balance sheet (short- plus long-term borrowings minus cash and short-term investments, which hold most term deposits). Fair Value = (Mid-Cycle EBITDA x Fair EV/EBITDA) - Net Debt.

Best for

Construction & materials and industrial goods & services companies with lumpy, project-based revenue and asset-backed balance sheets.

1
Model Inputs
Mid-Cycle EBITDA→20.40B
Fair EV/EBITDA→8.8x
Years of data→7
2
Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→6.000
Calibrated value vs last close→+12.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
6.730
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA20.4 tỷyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item202620252024202320222021202020192018201720162015201420132012
CURRENT ASSETS (Bn. VND)
·302253328382225185140438665826197·
Cash and cash equivalents (Bn. VND)Net debt bridge
·7277351140.420.820.70.8·
Short-term investments (Bn. VND)Net debt bridge
·110291926260000000·
Accounts receivable (Bn. VND)
·201198281316140758129392728944·
Prepayments to suppliers (Bn. VND)
·211831510220.80.21210.2·
Net Inventories
·77281145538243134638525152·
Inventories, Net (Bn. VND)
·77281145538243134638525152·
Other current assets
·70.40.10.210.820.6000.0000.2·
Other current assets (Bn. VND)
·0000000000000.03·
LONG-TERM ASSETS (Bn. VND)
·1096968603529191212169615·
Long-term trade receivables (Bn. VND)
·000.010.5000000000·
Other long-term receivables (Bn. VND)
·000.010.5000000000·
Fixed assets (Bn. VND)
·535140432523128910356·
Tangible fixed assets
·15131215171511779245·
Intagible fixed assets
·38392828881111111·
Long-term investments (Bn. VND)
·0.090.090.090.100.10.040.040.040.070.090.080.58·
Other long-term assets (Bn. VND)
·0.20.20.20.20.20.20.20.20.20.20.20.68·
Less: Provision for diminuation in value of long term investments
·−0.06−0.06−0.06−0.06−0.04−0.1−0.1−0.1−0.08−0.07−0.07−0.07−0.06·
Other non-current assets
·8237115743660.51·
Long-term prepayments (Bn. VND)
·8237115743660.51·
TOTAL ASSETS (Bn. VND)
·4113223964422602151605498819167112·
LIABILITIES (Bn. VND)
·288203316363186179134366750644079·
Current liabilities (Bn. VND)
·288203309352186168133356447644079·
Short-term borrowings (Bn. VND)Net debt bridge
·20113122222414410960214021251256·
Advances from customers (Bn. VND)
·1480.0460.020.6170381040.2·
Long-term liabilities (Bn. VND)
·007100.4112123000·
Long-term borrowings (Bn. VND)Net debt bridge
·007100.412123000·
OWNER'S EQUITY(Bn.VND)
·1231208080743625183131282734·
Capital and reserves (Bn. VND)
·1231208080743625183131282734·
Paid-in capital (Bn. VND)
·1131107672632525252525252525·
Investment and development funds (Bn. VND)
·3333333332443·
Undistributed earnings (Bn. VND)
·772598−3−1043−9−9−3·
TOTAL RESOURCES (Bn. VND)
·4113223964422602151605498819167112·
Convertible bonds (Bn. VND)
·00000100000000·
Common shares (Bn. VND)
·1131107672632525252525252525·
◆vnvalue Research Note
Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025
11
Poor
Accrual Quality
36
Cash Conversion
0
Receivables
11
Margin Stability
0
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.18 · 86th pctile vs VN companies
YoY ▲ +2.15
Conservative vs VN peersUnusual accounting movement
Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI
1.243
GMI
0.791
AQI
2.416
SGI
0.817
DEPI
1.000
SGAI
1.400
TATA
0.189
LVGI
1.116

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
1.5164th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
5.2%68th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
None
Consecutive years of net lossProfit after tax of the parent
0
Owner's equityWithout the non-controlling interest
Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

The company shows multiple accounting signals of aggressive earnings dynamics versus Vietnamese peers: a Beneish M-Score of -1.18 (86th percentile among Vietnamese peers) with a year-over-year rise of +2.15, an elevated AQI of 2.4162 and DSRI of 1.2433. At the same time, operating distress and weak fundamentals are evident: Altman Z-Score 0.77 (distress zone) and Piotroski F-Score 2/9; cash generation and several earnings-quality sub-scores are especially poor (Earnings Quality 11.3/100 and Cash conversion 0.0/100).

Red Flags
  • Beneish M-Score = -1.18 (measures the probability of earnings manipulation using eight financial ratios); at the 86th Vietnam peer percentile this company ranks as more aggressive than most Vietnamese peers, and the M-Score increased by +2.15 year-over-year (the YoY direction is an additional cue).
  • AQI (Accruals Quality Index) = 2.4162 (measures the change in accruals relative to assets; a high value signals low accruals quality).
  • DSRI (Days’ Sales Receivable Index) = 1.2433 (measures growth in receivables relative to sales; >1 indicates receivables growing faster than sales).
  • SGAI (Sales, General & Administrative Index) = 1.4001 (measures growth in SG&A relative to sales; >1 indicates SG&A rising faster than sales).
  • TATA (Total Accruals to Total Assets) = 0.1891 (measures the level of accruals in relation to assets; elevated positive number implies earnings driven by accruals rather than cash).
  • Earnings Quality overall = 11.3/100 with sub-scores: Accruals quality 36.3/100, Receivables quality 11.3/100, Cash conversion 0.0/100, Margin quality 0.0/100, Revenue quality 0.0/100 (these measure cash vs accruals, receivable collectibility, ability to convert profit to cash, margin stability and revenue sustainability — many are very weak or zero).
  • Altman Z-Score = 0.77 (measures bankruptcy risk; this value is in the distress zone, indicating shortfalls in profitability, liquidity and solvency metrics relative to healthy peers).
  • Piotroski F-Score = 2/9 (measures nine signals of operational and accounting strength; a score of 2 indicates weak fundamentals).
  • Cash conversion (3-year operating cash flow / net profit) = 1.51 and ranked at the 64th percentile among Vietnamese non-financials (the low position indicates profit is not turning into cash as well as many peers).
  • Receivables outside the trade cycle = 5.2% of total assets (68th percentile among Vietnamese companies; this includes prepayments, loans receivable and other long-term receivables and signals material non-trade receivables).
Positive Signals
  • No accumulated losses; undistributed earnings are not negative (a basic solvency/retained-earnings signal in the published statements).
  • Statutory loss tests under Decree 155/2020 Art.120(1)(e) as amended by Decree 245/2025: none met (the audited annual statements do not meet the statutory criteria for listing cancellation under that rule).
  • Owner's equity (excluding minority interest) is positive (simple balance-sheet solvency indicator).
  • DEPI = 1.0000 and LVGI = 1.1161 (DEPI near 1 suggests depreciation policies not materially changing in the period measured; LVGI slightly >1 indicates modest change in leverage growth index).
Ownership Risk

The company is majority-controlled by a listed parent: DIG holds 50.1% (control) as of 2026-06-30, and DIG also controls related listed subsidiaries DC1 (51.7%) and DC4 (25.3%). Top external shareholders include D2 CAPITAL 15.2% and two individuals at 9.8% and 2.9%. Director-deal disclosures show registrations (not executed trades): between 2025-10-30 and 2026-10-30 there were 2 sale registrations (2 registrants; both without disclosed volume) and 4 purchase registrations (3 registrants; total 350,000 shares; 2 without volume).

To check in the filings
  • Compare the 2025 schedule/note for 'Receivables' and 'Other long-term receivables' to the balance-sheet line items: quantify the components that sum to the 5.2% of total assets flagged as receivables outside the trade cycle.
  • Reconcile the 3-year operating cash flow and net profit in the cash-flow note (statement of cash flows and related management discussion) to confirm the inputs that produce the 3-year cash conversion ratio of 1.51.
  • Inspect the notes on 'Prepayments to suppliers' and 'Loans to related parties' in FY2025 to see maturity, counterparties and disclosures that explain the high DSRI (1.2433) and the receivables-quality score.
  • Review the accounting-policy and fixed-asset notes for depreciation and useful lives to verify the components behind DEPI = 1.0000 and any recent changes that could affect accruals (TATA = 0.1891) and AQI = 2.4162.

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

Quantitative Scores

F-Score
2/9
Weak
Z-Score
0.77
Distress Zone
Sharpe
−0.35
Negative
Composite
41
30 to 49
Piotroski F-Score Breakdown
✓Net Income > 0
✗Operating CF > 0
✗ROA Rising
✗OCF > Net Income
✗Lower Leverage
✗Better Liquidity
✗No Dilution
✓Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden0.66×Interest Burden1.44×Op. Margin0.03×Turnover0.50×Leverage3.35=ROE4.8%
Price Risk
Momentum
−15.1%
Volatility
79.1%
Max Drawdown
−33.1%

Key Ratios

Fiscal year 2025
11.99P/E
P/B
0.57
P/S
0.34
ROE
4.8%
ROA
1.6%
EPS
515
BVPS
10.837
Gross Margin
17.8%
Net Margin
2.9%
D/E
1.64
Current Ratio
1.05
Rev Growth
−18.3%
Profit Growth
+4.5%
EV/EBITDA
12.38
Div Yield
3.1%

Company Overview

Shares outstanding
11.6M
Charter Capital
116B VND
Sector (ICB L2)
Xây dựng và Vật liệu
Industry (ICB L3)
Xây dựng và Vật liệu
Sub-industry
Xây dựng
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. 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.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →