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CCS

Công ty Cổ phần Chíp Sáng

VietnamReal EstateBất động sảnUPCOMCT
6.500
VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+34.8%Calibrated value vs last close
Last close (VND)
6.500
Calibrated intrinsic value (VND)
8.764

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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.
  • The model uses profit in place of cash flow, which was not available.
  • The latest cash flow is zero or negative.

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.

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.

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 RNAV proxy + 60% x DCF Value

Developers often carry land banks at historical cost under VAS, so book value can understate asset value. This model blends two approaches: an RNAV proxy (book value with its property share marked up 1.5×) weighted 40%, and a DCF on normalized cash flows weighted 60%. Highly leveraged firms receive a +2% WACC penalty.

Technical details
Why this model

RE developers carry large land inventories at historical cost; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen guards against over-leveraged developers.

How it works

RNAV proxy: the property share of BVPS (investment property, fixed assets and inventories over total assets) × 1.5 plus the rest at book, or 1.25× all of book when that share is 10% or less or unknown, cut by up to 50% as D/E rises above 2. DCF: 5-year projection on median cash flow with CAPM-derived WACC. If D/E > 3 or interest coverage < 1.5, WACC is increased by 2%. Final value = 40% RNAV + 60% DCF.

Best for

Property developers and real estate firms with significant land banks recorded at below-market historical cost.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
1.110
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.97%
Ke
11.97%
x
E/(D+E)
100.00%
+
Kd(1-t)
0.00%
x
D/(D+E)
0.00%
=
WACC
11.97%
2
Growth Estimate
fundamental firm blend3.50%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
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)→6.500
Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
8.764
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)11.97%high risk: no
Growth rate3.50%growth method: fundamental firm blend
Base cash flow5.7 tỷone off strip ratio: 1.28

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth0.5%2.0%3.5%5.0%6.5%
10.0%8.7648.7648.8748.8748.874
11.0%8.7648.7648.7648.7648.764
12.0%8.7648.7648.7648.7648.764
13.0%8.7648.7648.7648.7648.764
14.0%8.7648.7648.7648.7648.764
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item202620252024202320222019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·4741301253515232534
Cash and cash equivalents (Bn. VND)Net debt bridge
·1110.41130.060.334
Short-term investments (Bn. VND)Net debt bridge
·413722110.60.20.210101012
Accounts receivable (Bn. VND)
·5260.53123849
Prepayments to suppliers (Bn. VND)
·0.050.080.040.060.040.020.030.30.20.22
Net Inventories
·000.000.000.020.020.022579
Inventories, Net (Bn. VND)
·00111112579
Other current assets
·0.040.20.20.30.30.30.20.30.30.30.7
Other current assets (Bn. VND)
·00000000000.1
LONG-TERM ASSETS (Bn. VND)
·4448505648525049474848
Long-term trade receivables (Bn. VND)
·0.90.000.90.90.90.922210
Other long-term receivables (Bn. VND)
·0.90.000.90.90.90.922210
Fixed assets (Bn. VND)
·0000.71.0111125
Tangible fixed assets
·000000.010.020.030.080.20.5
Intagible fixed assets
·0000.71.0111112
Long-term investments (Bn. VND)
·4348485445413736373951
Investments in associate companies
·535855585452484748500
Other long-term assets (Bn. VND)
·11000000−11−1151
Less: Provision for diminuation in value of long term investments
·−11−11−11−11−11−11−11−11000
Goodwill
·0000000000−11
Other non-current assets
·0.20.30.30.30.3566323
Long-term prepayments (Bn. VND)
·0.20.30.30.30.30.10.710.030.060.09
TOTAL ASSETS (Bn. VND)
·9189796853555564717382
LIABILITIES (Bn. VND)
·76433351212916
Current liabilities (Bn. VND)
·56322321010713
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·00000006615
Advances from customers (Bn. VND)
·00.080.060.070.080.070.090.090.50.34
Long-term liabilities (Bn. VND)
·10212032223
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·8583756549524952586365
Capital and reserves (Bn. VND)
·8583756549524952586365
Paid-in capital (Bn. VND)
·8080808080808080808080
Investment and development funds (Bn. VND)
·0.60.60.40.40.40.40.40.40.40.40.3
Other Reserves
·0.010.010.010.010.010.010.010.010.010.010.01
Undistributed earnings (Bn. VND)
·15135−4−21−19−21−18−12−7−5
Minority Interest
·00000000001
TOTAL RESOURCES (Bn. VND)
·9189796853555564717382
Short-term loans receivables (Bn. VND)
·22222222220
Common shares (Bn. VND)
·8080808080808080808080
MINORITY INTERESTSNet debt bridge
·0−0.6−0.6−0.50.40.40.40.50.50.70

Earnings Quality

Fiscal year 2025
23
Poor
Accrual Quality
45
Cash Conversion
0
Receivables
0
Margin Stability
50
Revenue Quality
26

Financial Forensics

Beneish M-Score · 2025
75th–90th
M −0.76 · 89th pctile vs VN companies
YoY ▲ +2.07
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
2.110
GMI
0.880
AQI
0.886
SGI
1.046
DEPI
1.000
SGAI
1.137
TATA
0.156
LVGI
0.812

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−0.1220th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
3.0%56th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
None
Consecutive years of net lossProfit after tax of the parent
0
Owner's equityWithout the non-controlling interest
Positive

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.

The company's Beneish M-Score is -0.758 (Vietnam peer percentile 89th), with a year-over-year rise of +2.07; this indicates accounting measures that are more aggressive than most Vietnamese peers and a notable upward trajectory, though the US -1.78 cutoff is not directly decisive in Vietnam. Earnings-quality indicators are weak overall (Earnings Quality 22.7/100) driven by extremely poor cash conversion and receivables quality, while solvency and basic fundamentals look resilient (Altman Z-Score 5.48 — safe zone; Piotroski F-Score 5/9).

Red Flags
  • Beneish M-Score -0.758 (measures likelihood of earnings manipulation signals); company ranks in the 89th percentile among Vietnamese peers (higher = more aggressive accounting) and the M-Score rose by +2.07 year-over-year (a material directional change).
  • DSRI 2.1102 (days-sales-receivables index; >1 can indicate revenue being recognized before cash collection or growth in receivables relative to sales).
  • TATA 0.1562 (total accruals to total assets; low-to-moderate accruals but contrasted with other weak quality metrics).
  • Earnings Quality 22.7/100 (composite measure of how much reported earnings are supported by cash and high-quality components).
  • Cash conversion (3-year operating cash flow / net profit) = -0.12 (20th percentile among Vietnamese non-financials; measures ability to turn reported profit into operating cash — negative and low relative ranking).
  • Receivables quality = 0.0/100 and Receivables outside the trade cycle = 3.0% of total assets (56th percentile) — indicates receivables and non-trade receivable items contribute poorly to quality scores and there are material receivables/prepayments/loans classified outside the normal trade cycle.
  • Revenue quality = 26.2/100 and SGIAI 1.1367 (SGA index >1 — selling, general & administrative expenses growing faster than sales), which may flag margin or recognition pressure on revenue and expense-side classification.
Positive Signals
  • Altman Z-Score 5.48 (measures distance to bankruptcy using balance-sheet ratios; value in the 'safe zone' indicates low bankruptcy risk under the Altman framework).
  • Piotroski F-Score 5/9 (measures nine fundamental signals; a middle/neutral score indicates mixed but not uniformly weak fundamentals).
  • AQI 0.8861 and LVGI 0.8121 (asset quality and leverage/growth indices below 1 in parts of the Beneish components, which can indicate fewer red flags in fixed-asset write-offs or leverage-growth mismatch than in some peers).
  • No accumulated losses and owner’s equity (excluding minority interest) positive; parent company did not report net loss in any of the 0 years up to FY2025 — these are positive statutory/balance-sheet facts.
Ownership Risk

Top shareholder is Liên Hiệp Hợp Tác Xã Thương Mại Tp. Hồ Chí Minh (institution) with 12.3%; the next largest listed group stake is TLG at 1.9%, and the largest individuals hold 1.0%, 0.8% and 0.6%. Ownership is relatively dispersed with one institutional block at 12.3%, and director/insider registrations show net registered buying interest (+3.50% of shares outstanding) over the last year but registrations are intentions (not executed trades).

To check in the filings
  • Compare the 2025 schedule of trade receivables and the related-party note to quantify the 3.0% of total assets classified as 'receivables outside the trade cycle' and identify counterparty types (prepayments, loans receivable, other long-term receivables).
  • Reconcile FY2023–FY2025 consolidated operating cash flows to consolidated net profit in the cash-flow statement and notes to verify the three-year cash conversion ratio of -0.12 and the components driving negative cash conversion.
  • Review the revenue recognition note and the receivables ageing to assess the drivers of DSRI = 2.1102 (days-sales-receivables index) and any changes in credit terms or write-offs.
  • Inspect the exchange disclosures for director-deal registrations (the filings dated 2025-10-30 to 2026-10-30) to confirm the registered volumes (1 sale registration for 8,000 shares; 6 purchase registrations totalling 250,000 shares) and whether those registrations relate to repeat registrants.

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

Quantitative Scores

F-Score
5/9
Neutral
Z-Score
5.48
Safe Zone
Composite
68
50 to 69
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 Burden0.95×Interest Burden0.99×Op. Margin1.10×Turnover0.12×Leverage1.08=ROE13.4%

Key Ratios

Fiscal year 2025
3.94P/E
P/B
0.53
P/S
4.08
ROE
13.5%
ROA
12.6%
EPS
1.420
BVPS
10.579
Gross Margin
31.7%
Net Margin
103.4%
D/E
0.00
Current Ratio
9.42
Rev Growth
+4.6%
Profit Growth
+0.8%
EV/EBITDA
3.88
Div Yield
10.7%

Company Overview

Shares outstanding
6.9M
Charter Capital
69.2B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

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