C21

Real Estate

Công ty Cổ phần Thế kỷ 21

Bất động sảnCT

18.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

26.908

Current

18.000

Gap

+49.5%

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)

85.08%

Kd(1-t)

6.36%

D/(D+E)

14.92%

WACC

12.52%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.20%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

57.014

60%DCF Value

6.838

Blended Intrinsic

26.908

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — C21

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-1.94

Moderate

DSRI

1.594

GMI

1.079

AQI

1.007

SGI

0.870

DEPI

1.631

SGAI

1.440

TATA

0.004

LVGI

0.842

C21 exhibits several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -1.9361, which is below the manipulation threshold of -1.78. The earnings quality score of 54.5/100, particularly low receivables and revenue metrics, further raises concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.9361 indicates potential earnings manipulation, exceeding the threshold of -1.78.
Earnings quality score of 54.5/100, with a particularly low receivables score of 3.1/100, suggests poor revenue collection practices.

Positive Signals

High accrual score of 98.2/100 indicates strong earnings management practices.
Strong gross margin score of 100.0/100 suggests effective cost control and profitability.

Ownership Risk

The ownership structure is heavily concentrated, with the top shareholder holding 43.5%, which may lead to governance risks and potential conflicts of interest. This concentration can also impact minority shareholders' influence.

Recommendation

Investors should exercise caution and closely monitor C21's financial disclosures and operational performance. It may be prudent to wait for clearer signs of earnings sustainability before making significant investment decisions.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.55

Grey Zone

Sharpe

0.10

Positive

Composite

Fair

Price Risk

Momentum

+7.6%

Volatility

126.5%

Max Drawdown

-33.5%

Key Ratios

Fiscal year 2025

26.34P/E

P/B0.38

P/S4.16

ROE1.4%

ROA1.3%

EPS662.58

BVPS45611.35

Gross Margin62.3%

Net Margin15.8%

D/E0.14

Current Ratio2.59

Rev Growth-13.1%

Profit Growth-14.7%

EV/EBITDA8.61

Div Yield0.0%

Company Overview

Issued Shares

19.3M

Charter Capital

193.4B 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 C21 — hover nodes for intel, click to navigate

Shareholders

Đặng Hồng Ân

Indiv

43.5%

666.880

Công ty Cổ phần Đầu tư Phượng Hoàng Kim

Inst

17.4%

3.0 trieu

Nguyễn Phi Hùng Kiệt

Indiv

13.5%

2.4 trieu

Công ty Cổ phần Quản lý và dịch vụ An Khánh

Inst

10.9%

1.9 trieu

Công ty Cổ Phần Sài Gòn Hưng Phú

Inst

7.4%

1.3 trieu

Nguyễn Mạnh Hào

Indiv

3.7%

716.898

Huỳnh Sơn Phước

Indiv

2.3%

305.915

Phạm Uyên Nguyên

Indiv

1.3%

171.230

Vũ Văn Bình

Indiv

0.7%

97.851

nguyen-thi-hong-chau

Indiv

0.3%

45.440

Đinh Thế Hiển

Indiv

0.2%

38.958

Nguyễn Thị Thanh Hiền

Indiv

0.1%

18.948

Board & Management

Đặng Hồng Ân43.5%

Phó Tổng Giám đốc

Đặng Chu Dũng

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Ngọc Anh Thư

Phụ trách Công bố thông tin

Trần Thế Vinh

Chủ tịch Hội đồng Quản trị

Đỗ Thị Kim Oanh

Tổng Giám đốc/Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Kim Hoa

Trưởng Ban Kiểm toán nội bộ

Top connections

TIE24.0%AGP14.3%THT5.0%PSI4.9%API3.7%APS3.7%ITD3.4%DTT1.4%CMI1.3%D2D1.3%TH11.3%

Computed 12/04/2026