DTC

Công ty Cổ phần Viglacera Đông Triều

VietnamConstructionXây dựng và Vật liệuUPCOMCT

3.200

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+27.2%Calibrated value vs last close

Last close (VND): 3.200
Calibrated intrinsic value (VND): 4.069

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
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
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.

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.

Comparison assessed 3 Nov 2026Valid through 29 Nov 2026

Model reliability: 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.

Published filingsValued 30 Oct 2026Anchored to close on 30 Oct 2026Recalculated when the displayed close changes.

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.

Model Inputs

Mid-Cycle EBITDA→30.50B

Fair EV/EBITDA→6.6x

Years of data→7

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)→3.200

Calibrated value vs last close→+27.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

4.069

What feeds each step— click a source to highlight it in the statements

Mid-cycle EBITDA30.5 tỷebitda source: own medianyears of data: 7

DTC among Construction

Every stock in the sector, DTC marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is DTC. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	79	77	123	166	144	165	146	119	88	68	67	60	59
Cash and cash equivalents (Bn. VND)Net debt bridge	·	3	1	1	2	12	15	16	10	13	4	5	6	3
Short-term investments (Bn. VND)Net debt bridge	·	1	1	4	4	4	3	2	2	2	0	0.1	0	0
Accounts receivable (Bn. VND)	·	1	1	2	1	3	1	2	18	2	4	6	6	14
Prepayments to suppliers (Bn. VND)	·	1	1	1	0.9	2	0.8	2	17	0.7	0.7	0.7	0.8	1
Net Inventories	·	74	73	115	158	124	144	124	88	68	60	54	45	39
Inventories, Net (Bn. VND)	·	78	76	117	158	124	144	124	88	68	60	54	45	39
Other current assets	·	0.1	0.4	0.8	1	1	0.8	2	1.0	3	0.8	2	3	3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.7	1
LONG-TERM ASSETS (Bn. VND)	·	94	120	139	161	181	203	220	170	172	164	166	171	181
Long-term trade receivables (Bn. VND)	·	3	3	2	1	0.08	0.08	0.08	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	3	3	2	1	0.08	0.08	0.08	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	87	106	126	147	169	191	210	163	166	136	138	166	176
Tangible fixed assets	·	87	106	126	147	167	189	208	163	165	136	138	142	150
Leased assets	·	0	0	0	0.8	1	2	2	0	0	0	0	0	0
Intagible fixed assets	·	0	0	0	0.00	0.01	0.01	0.01	0.02	0.02	0.03	0.03	0.03	0.4
Long-term investments (Bn. VND)	·	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
Other long-term assets (Bn. VND)	·	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2
Other non-current assets	·	3	11	11	12	12	12	10	6	5	5	4	5	6
Long-term prepayments (Bn. VND)	·	3	11	11	12	12	12	10	6	5	5	4	5	6
TOTAL ASSETS (Bn. VND)	·	173	197	262	327	325	368	366	289	260	232	233	231	240
LIABILITIES (Bn. VND)	·	182	184	212	234	220	261	276	211	198	252	266	271	272
Current liabilities (Bn. VND)	·	169	131	149	151	119	163	161	146	140	194	187	171	165
Short-term borrowings (Bn. VND)Net debt bridge	·	120	82	100	112	76	102	80	81	72	81	72	70	70
Advances from customers (Bn. VND)	·	0.6	4	1	2	3	10	4	6	3	21	20	4	3
Long-term liabilities (Bn. VND)	·	13	53	63	83	101	98	115	65	58	58	79	100	107
Long-term borrowings (Bn. VND)Net debt bridge	·	7	48	63	83	101	98	115	65	58	58	59	79	87
OWNER'S EQUITY(Bn.VND)	·	−9	13	50	94	105	107	90	78	62	−20	−33	−40	−32
Capital and reserves (Bn. VND)	·	−9	13	50	94	105	107	90	78	62	−20	−33	−40	−32
Paid-in capital (Bn. VND)	·	100	100	100	100	100	100	100	100	100	40	40	40	40
Other Reserves	·	0	0	0	0	0	0	0	0	0	1	1	1	1
Investment and development funds (Bn. VND)	·	1	1	1	1	0.7	0	0	0	0	14	14	11	11
Other Reserves	·	0	0	0	0	0	0	0	0	0	0.3	0.3	0.3	0.3
Undistributed earnings (Bn. VND)	·	−110	−88	−51	−7	5	7	−10	−22	−38	−76	−89	−96	−88
TOTAL RESOURCES (Bn. VND)	·	173	197	262	327	325	368	366	289	260	232	233	231	240
Common shares (Bn. VND)	·	100	100	100	100	100	100	100	100	100	40	40	40	40

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

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 · 2025

Remainder

M −3.66 · 4th pctile vs VN companies

YoY ▲ +0.38

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

0.749

GMI

0.937

AQI

0.505

SGI

1.045

DEPI

0.910

SGAI

1.030

TATA

−0.150

LVGI

1.127

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.4%53rd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 1.10×Statutory test met
Consecutive years of net lossProfit after tax of the parent: 4Statutory test met
Owner's equityWithout the non-controlling interest: NegativeStatutory test met

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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

−0.89

Distress Zone

Sharpe

−0.40

Negative

Composite

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 Burden1.01×Interest Burden1.02×Op. Margin−0.15×Turnover0.86×Leverage−18.82=ROE244.9%

Price Risk

Momentum

+10.2%

Volatility

151.3%

Max Drawdown

−51.6%

Key Ratios

Fiscal year 2025

—P/E

P/B: —
P/S: 0.22
ROE: −1090.8%
ROA: −12.2%
EPS: −2.250
BVPS: −919
Gross Margin: −2.7%
Net Margin: −15.2%
D/E: —
Current Ratio: 0.47
Rev Growth: +4.5%
Profit Growth: +39.1%
EV/EBITDA: 20.87
Div Yield: —

Company Overview

Shares outstanding: 10.0M
Charter Capital: 100B 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: CT

Ownership network

Shareholder structure

Shareholders

Công ty Cổ phần Viglacera Hạ Long

VHL

40.0%

4.0M

2026-06-30

Đào Bá Dong

Indiv

9.0%

899,402

2026-06-30

Phạm Thị Thu

Indiv

9.0%

897,100

2026-06-30

Nguyễn Xuân Sơn

Indiv

9.0%

897,000

2026-06-30

Vũ Đức Tỵ

Indiv

5.2%

515,040

2026-06-30

Trần Hồng Quang

Indiv

4.5%

450,000

2026-06-30

Ngô Thanh Tùng

Indiv

1.6%

156,000

2025-12-31

Nguyễn Văn Sinh

Indiv

1.0%

38,510

2009-04-06

Phạm Phùng Dương

Indiv

0.6%

60,000

2025-12-31

Phan Thị Tới

Indiv

0.4%

14,280

2011-11-08

Trần Duy Hưng

Indiv

0.3%

30,000

2026-06-30

Nguyễn Thị Bích Hạnh

Indiv

0.3%

11,800

2011-11-08

Nguyễn Thanh Sơn

Indiv

0.1%

13,880

2026-06-30

Luyện Công Minh

Indiv

0.1%

4,460

2009-04-06

Vương Văn Sáng

Indiv

0.1%

10,000

2024-12-31

Board & Management

Trần Hồng Quang4.5%

Member of Management Board

Trần Duy Hưng0.3%

Member of Management Board

Nguyễn Thanh Sơn0.1%

Person in charge of Corporate governace

Listed group

VHLCông ty Cổ phần Viglacera Hạ Long
Holds 20% or more
40.0%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DTC among Construction

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Ownership network

Listed group

DTC among Construction