BVL

Real Estate

Công ty Cổ phần BV Land

Bất động sảnCT

15.400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

24.846

Current

15.400

Gap

+61.3%

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)

66.11%

Kd(1-t)

5.79%

D/(D+E)

33.89%

WACC

10.95%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

18.308

60%DCF Value

29.204

Blended Intrinsic

24.846

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — BVL

Earnings Quality

Fiscal year 2025

Fair

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

-2.43

Moderate

DSRI

0.141

GMI

0.326

AQI

2.154

SGI

1.829

DEPI

0.461

SGAI

1.072

TATA

0.038

LVGI

1.347

BVL exhibits several red flags indicating potential earnings manipulation, particularly with a Beneish M-Score of -2.4284, well below the manipulation threshold of -1.78. However, the earnings quality score of 55.9 suggests some strengths in cash conversion and receivables management, albeit with significant weaknesses in revenue and margin metrics.

Red Flags

Beneish M-Score of -2.4284 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings quality metrics show a score of 0.0/100 for both eq_margin and eq_revenue, indicating severe issues in profitability and revenue recognition.

Positive Signals

High eq_receivables score of 100.0/100 suggests effective management of receivables, which is a positive indicator of cash flow.
The low DSRI of 0.1412 indicates that inventory is being managed efficiently relative to sales.

Ownership Risk

The concentrated ownership structure, with 63.4% held by Công ty Cổ Phần Tập Đoàn Bách Việt, poses a risk of potential governance issues and lack of accountability, which can affect minority shareholders.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices. Monitoring future earnings reports and management disclosures will be critical to assess the sustainability of BVL's financial performance.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

2.91

Grey Zone

Sharpe

0.99

Positive

Composite

Strong

Price Risk

Momentum

+100.7%

Volatility

47.6%

Max Drawdown

-21.5%

Key Ratios

Fiscal year 2025

4.25P/E

P/B1.07

P/S0.96

ROE28.8%

ROA15.2%

EPS3694.25

BVPS14646.45

Gross Margin36.7%

Net Margin22.5%

D/E0.60

Current Ratio3.00

Rev Growth82.9%

Profit Growth3872.5%

EV/EBITDA4.07

Div Yield0.0%

Company Overview

Issued Shares

89.4M

Charter Capital

894.1B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Tư Vấn, Định giá, Môi giới Bất động sản

Company Type

// OWNERSHIP_NETWORK

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

Shareholders

Công ty Cổ Phần Tập Đoàn Bách Việt

Inst

63.4%

56.7 trieu

Công ty Cổ Phần Bv Asset

Inst

10.8%

9.7 trieu

Tạ Thu Thanh

Indiv

4.9%

3.8 trieu

Nguyễn Tấn Thành

Indiv

1.5%

1.3 trieu

Ngô Thu Hương

Indiv

0.3%

214.000

Lý Tuấn Anh

Indiv

0.1%

100.000

Board & Management

Nguyễn Tân Thành1.5%

Thành viên Hội đồng Quản trị

Lê Huy Giang0.4%

Tổng Giám đốc

Nguyễn Vũ Thiện

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Thị Thúy Nga

Trưởng Ban kiểm soát

Hoàng Ngọc Minh

Thành viên Ban kiểm soát/Ban kiểm soát

Nguyễn Thị Hoa

Kế toán trưởng/Khác

Nguyễn Thị Thùy Linh

Thành viên Ban kiểm soát

TẠ HOÀI HẠNH

Chủ tịch Hội đồng Quản trị

Top connections

VCM63.4%SHG21.2%HEC20.5%EME6.2%SHI4.9%AAT4.6%FRM4.5%GKM4.2%NVB2.3%CRC1.7%STB1.5%LHC1.5%

Computed 12/04/2026