AAV
Real EstateValuation Breakdown
Real estate developers in Vietnam report land banks at historical acquisition cost (Vietnamese Accounting Standards don't allow revaluation). This means book value severely understates true asset value. This model blends two approaches: an RNAV proxy (revalued net asset value, applying a 1.5x factor to book value) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.
Valuation Track Record
Retroactive intrinsic value vs actual close price — AAV
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
AAV exhibits significant red flags indicating potential financial manipulation, as evidenced by a Beneish M-Score of 3.9112, well above the threshold of -1.78. The company's earnings quality metrics are concerning, particularly with an overall score of 32.7/100, reflecting poor accruals and revenue recognition.
- Beneish M-Score of 3.9112 indicates likely earnings manipulation.
- Earnings Quality Score of 32.7/100, with eq_accrual at 11.0/100 and eq_margin at 0.0/100, suggests severe issues in revenue recognition and cash flow.
- SGI of 8.2735 indicates unsustainable growth compared to industry standards, raising concerns about the sustainability of reported revenues.
- Receivables quality score of 100.0/100 indicates strong management of receivables, which could imply effective credit control.
- Low SG&A ratio (0.1623) suggests efficient operational management relative to sales.
The concentrated ownership structure, with the largest shareholder holding 23.6%, raises governance concerns, as decisions may be heavily influenced by a few individuals, potentially leading to conflicts of interest.
Investors should exercise caution and conduct further due diligence before considering an investment in AAV, focusing on the sustainability of its growth and the integrity of its financial reporting.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for AAV — hover nodes for intel, click to navigate