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DLG

Công ty Cổ phần Tập đoàn Đức Long Gia Lai

VietnamConstructionXây dựng và Vật liệuHOSECT
1.870
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Close below calibrated value
+30.2%Calibrated value vs last close
At last close+500%
Last close (VND)
1.870
Calibrated intrinsic value (VND)
2.435

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.
Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
50.2%
12 monthsHistorical calibration
Chance the return beats the median return of its sector peers.
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.

12-month sector-relative outlook

+5.5percentage points
Construction12 monthsBack-test 2015–2024

Median 12-month return difference versus Construction peers, for model gaps like this one.

  • Not an absolute return forecast.
  • Not a price target.
  • A stock can underperform its sector and still rise.
Computed 30 Oct 2026Not updated with daily prices
Sector calibration span · percentage points
−11.7+5.7
  • The sector’s historical range, not a prediction interval for this stock.
  • Actual returns can fall outside it.

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→186.25B
Fair EV/EBITDA→11.2x
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)→1.870
Calibrated value vs last close→+30.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
2.435
What feeds each step— click a source to highlight it in the statements
Mid-cycle EBITDA186.2 tỷebitda source: own medianyears of data: 7
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·1,8501,5141,1321,6472,3342,6113,5914,0623,2983,0843,1351,9011,218
Cash and cash equivalents (Bn. VND)Net debt bridge
·2995195118123138168803749722010782
Short-term investments (Bn. VND)Net debt bridge
·28205050500246264297580837340253
Accounts receivable (Bn. VND)
·1,4331,3047071,2351,7912,0542,7562,9502,0571,9901,5241,035512
Prepayments to suppliers (Bn. VND)
·515257556410723851925424919793140
Net Inventories
·104113178244369403405745541413535382334
Inventories, Net (Bn. VND)
·198198261279396435452766561431556382334
Other current assets
·22111161623294193837
Other current assets (Bn. VND)
·00000000000027
LONG-TERM ASSETS (Bn. VND)
·2,3652,8353,9203,9644,7365,6195,0234,6515,0153,9273,6802,2051,202
Long-term trade receivables (Bn. VND)
·3983881,1259751,4401,4461,2268021,2532481832200
Other long-term receivables (Bn. VND)
·34611111532650023250.40
Fixed assets (Bn. VND)
·1,4152,1812,4172,6092,8553,2222,9342,9922,6652,5902,537222843
Tangible fixed assets
·1,4152,1812,3932,5822,8013,1432,8562,9152,5832,5052,472168128
Intagible fixed assets
·002427547978788285645445
Investment in properties
·25262729313310110310510810911367
Long-term investments (Bn. VND)
·377722167772829564188286
Investments in associate companies
·371777777272727262626
Other long-term assets (Bn. VND)
·60.542410.50.50.523321662263
Less: Provision for diminuation in value of long term investments
·−0.5−0.5−27−32−0.5−0.5−0.5−0.5−0.5−2−2−5−3
Other non-current assets
·114185293294371424264319302320350106
Long-term prepayments (Bn. VND)
·26791197310478495343394143
TOTAL ASSETS (Bn. VND)
·4,2164,3485,0525,6127,0708,2318,6158,7128,3127,0116,8164,1072,420
LIABILITIES (Bn. VND)
·3,2203,5964,5244,5034,7525,7245,1845,2304,9614,3524,6592,4401,509
Current liabilities (Bn. VND)
·2,0032,0932,7702,5922,7343,0342,7612,5321,7601,4711,201648461
Short-term borrowings (Bn. VND)Net debt bridge
·7078651,1281,1261,2351,3801,3351,038743695318252118
Advances from customers (Bn. VND)
·11404190140130335888841920
Long-term liabilities (Bn. VND)
·1,2181,5031,7551,9112,0172,6902,4232,6983,2012,8823,4581,7911,048
Long-term borrowings (Bn. VND)Net debt bridge
·1,1541,4331,6831,8461,9532,5872,3872,6763,1822,8672,9161,7911,044
OWNER'S EQUITY(Bn.VND)
·9957525281,1092,3192,5073,4303,4823,3522,6592,1561,667808
Capital and reserves (Bn. VND)
·9957525281,1092,3192,5063,4303,4823,3522,6592,1561,667808
Paid-in capital (Bn. VND)
·2,9932,9932,9932,9932,9932,9932,9932,9932,8512,3011,6921,493697
Other Reserves
·0000000000900
Foreign Currency Difference reserve
·0070.8−131191713131000
Investment and development funds (Bn. VND)
·6666666666111114
Undistributed earnings (Bn. VND)
·−2,092−2,456−2,664−2,070−850−86641421811301335443
Budget sources and other funds
·000000.50.4−0.200000
Budget sources and other funds
·000000.50.4000000
Minority Interest
·000000000000103
TOTAL RESOURCES (Bn. VND)
·4,2164,3485,0525,6127,0708,2318,6158,7128,3127,0116,8164,1072,420
Short-term loans receivables (Bn. VND)
·1,5181,9851,1371,2848399201,1771,4139899007014970
Long-term loans receivables (Bn. VND)
·523871,1249731,43901,2224767532261572190
Convertible bonds (Bn. VND)
·000000000043800
Common shares (Bn. VND)
·2,9932,9932,9932,9932,9932,9932,9932,9932,8512,3011,6921,493697
Good will (Bn. VND)
·799716321025532819724624026329100
MINORITY INTERESTSNet debt bridge
·371591351281323113303742511581571080

Earnings Quality

Fiscal year 2025
28
Poor
Accrual Quality
70
Cash Conversion
20
Receivables
0
Margin Stability
0
Revenue Quality
34

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −1.70 · 75th pctile vs VN companies
YoY ▲ +0.19
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
1.664
GMI
0.654
AQI
1.498
SGI
0.660
DEPI
0.706
SGAI
0.306
TATA
0.074
LVGI
0.923

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
6.3293rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
46.7%98th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.70×
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.

DLG's forensic signals are mixed. The Beneish M-Score is -1.6956 (75th percentile vs Vietnamese peers) with a year-over-year increase of +0.19, driven by a high DSRI (1.6638) and AQI (1.4977); at the same time the Piotroski F-Score is 7/9 indicating several healthy operating fundamentals, while the Altman Z-Score is -0.07 (in the distress zone). Several Vietnamese-specific checks show weak cash conversion (6.32, 93rd percentile) and very large receivables/out-of-cycle items (46.7% of assets, 98th percentile).

Red Flags
  • Beneish M-Score = -1.6956 (measures a composite likelihood of earnings manipulation; this is above the US -1.78 cutoff but the Vietnam peer percentile 75th and the YoY change +0.19 are the more relevant cues in the Vietnamese context).
  • DSRI = 1.6638 (Days' Sales Receivables Index; elevated DSRI suggests receivables or revenue recognition are growing faster than sales).
  • AQI = 1.4977 (Asset Quality Index; higher AQI indicates a rising proportion of intangible, non-current or other non-trade assets which can signal capitalisation or classification changes).
  • Receivables outside the trade cycle = 46.7% of total assets (measures prepayments to suppliers, loans receivable and other long-term receivables; 98th percentile among Vietnamese non-financials).
  • Cash conversion (3-year operating cash flow / net profit) = 6.32 (measures how profit converts to cash; 93rd percentile, i.e., profit is not turning into cash).
  • Earnings-quality subcomponents: Receivables quality = 0.0/100 and Margin quality = 0.0/100 (these scores indicate weak quality in receivables realization and margins).
  • Altman Z-Score = -0.07 (measures financial distress / distance to bankruptcy; this level is in the distress zone).
Positive Signals
  • Piotroski F-Score = 7/9 (measures nine fundamentals of profitability, leverage/liquidity and operating efficiency; a 7 indicates several healthy fundamental signals).
  • TATA (Total Accruals) = 0.0742 and Accruals quality = 70.3/100 (measures accruals-based earnings; these figures indicate accruals are present but not extreme and accrual quality is moderate).
  • SGI = 0.6604 and GMI = 0.6541 (Sales Growth Index and Gross Margin Index; these show sales growth and gross margin trends are not accelerating in a way that would typically indicate aggressive expansion).
  • LVGI = 0.9232 and DEPI = 0.7064 (Leverage/Volatility and Depreciation Index; not showing extreme asset write-up or sudden drop in depreciation that would be a clear manipulation cue).
Ownership Risk

Ownership is concentrated: an individual, Bùi Pháp, holds 24.8% and three other named individuals/institutions hold smaller stakes (Nguyễn Đăng Quang 3.9%, Đức Long Gia Lai investment company 2.1%). No director-deal registrations were supplied; registrations (if present) are declarations of intent to transact, not executed trades.

To check in the filings
  • Compare the FY2025 schedule of 'Receivables and other long-term receivables' (note or schedule) to the related-party disclosures and the reconciliation of trade vs non‑trade receivables.
  • Reconcile operating cash flow to net profit in the cash flow statement and the notes to identify major adjustments that produce the 3‑year cash conversion ratio of 6.32.
  • Inspect the 'Prepayments to suppliers' and 'Loans and advances to related parties' notes to quantify the 46.7% of assets classified as receivables/out-of-cycle items.
  • Verify the accumulated losses line and paid-in capital in the equity note to confirm the reported 0.70x accumulated losses / paid-in capital, and confirm which statutory loss tests are reported as not met in the auditor's report or management discussion.

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

Quantitative Scores

F-Score
7/9
Strong
Z-Score
−0.07
Distress Zone
Sharpe
−0.94
Negative
Composite
89
70 and above
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 Burden0.98×Interest Burden0.96×Op. Margin0.64×Turnover0.17×Leverage4.24=ROE41.9%
Price Risk
Momentum
−24.6%
Volatility
27.0%
Max Drawdown
−47.2%

Key Ratios

Fiscal year 2025
1.55P/E
P/B
0.59
P/S
0.81
ROE
47.0%
ROA
8.5%
EPS
1.218
BVPS
3.201
Gross Margin
45.7%
Net Margin
59.7%
D/E
1.87
Current Ratio
0.92
Rev Growth
−34.0%
Profit Growth
+75.5%
EV/EBITDA
3.37
Div Yield
—

Company Overview

Shares outstanding
299M
Charter Capital
2,993B 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

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