API

Real Estate

Công ty Cổ phần Đầu tư Châu Á - Thái Bình Dương

Bất động sảnCT

6.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

6.705

Current

6.000

Gap

+11.8%

ModelDCF LEVERAGE SCREEN

Valuation Breakdown

CT→Bất động sản→Real Estate

Classified as real estate because ICB sector "Bất động sản" maps to the real estate group

ModelRNAV + DCF Blend

Intrinsic = 40% x (BVPS x 1.5) + 60% x DCF Value

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

41.91%

Kd(1-t)

6.15%

D/(D+E)

58.09%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

13.410

60%DCF Value

-5.915

Blended Intrinsic

6.705

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — API

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

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

-2.26

Moderate

DSRI

0.790

GMI

0.836

AQI

1.194

SGI

1.274

DEPI

1.484

SGAI

0.839

TATA

0.020

LVGI

0.998

API exhibits several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -2.2594, which is below the manipulation threshold of -1.78. The earnings quality score of 43.0/100, particularly low cash conversion metrics, raises further concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.2594 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 43.0/100, with cash conversion at 0.0/100, suggests poor quality of earnings.
SGI of 1.2739 indicates higher-than-average sales growth that may not be supported by cash flows.

Positive Signals

DSRI of 0.7898 indicates that accounts receivable are growing slower than sales, which is a positive sign.
High eq_accrual score of 92.0/100 suggests that a significant portion of earnings is coming from actual transactions rather than accounting adjustments.

Ownership Risk

The ownership structure shows a concentration of shares among a few individuals, with Nguyễn Đỗ Lăng holding 19.6%. This could lead to governance risks, as decision-making may not reflect minority shareholder interests.

Recommendation

Investors should exercise caution and closely monitor API's financial disclosures and cash flow statements. A more thorough analysis of operational performance and governance practices is recommended before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

0.73

Distress Zone

Sharpe

-0.32

Negative

Composite

Weak

Price Risk

Momentum

-10.8%

Volatility

40.7%

Max Drawdown

-41.3%

Key Ratios

Fiscal year 2025

28.56P/E

P/B0.56

P/S1.89

ROE2.0%

ROA0.8%

EPS210.06

BVPS10727.72

Gross Margin43.2%

Net Margin6.6%

D/E1.38

Current Ratio1.45

Rev Growth27.4%

Profit Growth179.3%

EV/EBITDA19.84

Div Yield0.0%

Company Overview

Issued Shares

84.1M

Charter Capital

840.8B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Bất động sản

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for API — hover nodes for intel, click to navigate

Shareholders

Nguyễn Đỗ Lăng

Indiv

19.6%

16.5 trieu

Công ty Cổ phần Chứng khoán Châu Á - Thái Bình Dương

Inst

13.1%

11.0 trieu

Huỳnh Thị Mai Dung

Indiv

9.8%

8.3 trieu

Nguyễn Ngọc Điệp

Indiv

6.7%

5.6 trieu

nguyen-thu-phuong

Indiv

4.6%

1.8 trieu

Lê Hồng Nam

Indiv

4.6%

1.7 trieu

Công ty Cổ phần Tập đoàn Apec Group

Inst

3.6%

3.1 trieu

nguyen-thi-hong-cuc

Indiv

3.5%

1.2 trieu

Nguyễn Thị Bốn

Indiv

2.5%

966.100

Đặng Thanh Tú

Indiv

2.4%

871.800

Nguyễn Duy Khánh

Indiv

2.3%

800.000

Nguyễn Thị Thành

Indiv

0.9%

770.000

Hồ Xuân Vinh

Indiv

0.9%

770.000

asean deep value fund

Inst

0.7%

251.300

David Peter ONeil

Indiv

0.7%

248.600

Nguyễn Hoài Giang

Indiv

0.5%

440.000

Nguyễn Tiến Lộc

Indiv

0.5%

440.000

nguyen-van-ly

Indiv

0.5%

440.000

Nguyễn Mạnh Hào

Indiv

0.3%

100.000

Board & Management

NGUYỄN THỊ THANH0.9%

Chủ tịch Hội đồng Quản trị

Hồ Xuân Vinh0.9%

Thành viên Hội đồng Quản trị

Nguyễn Hoài Giang0.5%

Kế toán trưởng

Nguyễn Phương Dung

Thành viên Ban kiểm soát

Đặng Anh Tuấn

Giám đốc Chi nhánh Huế

Nguyễn Thị Ngọc Hà

Thành viên Ban kiểm soát

Phạm Văn Dũng

Tổng Giám đốc

Phạm Duy Hưng

Phụ trách Công bố thông tin/Phó Tổng Giám đốc

Top connections

VC636.3%APS7 links IDJ5 links CSC4 links STL2 links NDC13.1%HUT13.1%PVX13.1%CTG13.1%VFR12.5%SGI6.7%VCG6.7%

Computed 12/04/2026