CCS

Real Estate

Công ty Cổ phần Chíp Sáng

Bất động sảnCT

9.900

VND · Last close

Valuation Verdict

Fairly Valued

Low

-120%Fair Value+120%

Intrinsic Value

9.881

Current

9.900

Gap

-0.2%

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)

93.23%

Kd(1-t)

7.63%

D/(D+E)

6.77%

WACC

13.20%

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

13.223

60%DCF Value

7.653

Blended Intrinsic

9.881

Value Decomposition

36%

64%

Explicit period (36%)Terminal value (64%)

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

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2022

-2.52

Low Risk

DSRI

0.179

GMI

1.224

AQI

0.910

SGI

1.173

DEPI

0.842

SGAI

1.310

TATA

0.095

LVGI

0.682

CCS exhibits several concerning indicators of potential financial manipulation, particularly with a Beneish M-Score of -2.5236, which is well below the threshold of -1.78. The earnings quality score of 31.1/100, combined with a cash conversion score of 0.0/100, raises significant red flags regarding the sustainability of earnings.

Red Flags

Beneish M-Score of -2.5236 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 31.1/100 suggests poor earnings quality, with a cash conversion score of 0.0/100 indicating no cash generated from earnings.

Positive Signals

DSRI of 0.1788 indicates a low level of receivables relative to sales, which could suggest effective credit management.
GMI of 1.2237 indicates potential for gross margin improvement, which could be a positive signal for future profitability.

Ownership Risk

The ownership structure is fragmented, with the largest shareholder holding only 12.3%. This lack of concentrated ownership may lead to governance challenges and reduced accountability.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow generation and management practices. Monitoring future earnings reports for signs of improvement in cash conversion and overall earnings quality is essential.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

8.66

Safe Zone

Key Ratios

Fiscal year 2025

7.03P/E

P/B0.94

P/S7.27

ROE13.5%

ROA12.6%

EPS1420.13

BVPS10578.51

Gross Margin31.7%

Net Margin103.4%

D/E0.08

Current Ratio9.42

Rev Growth4.6%

Profit Growth0.8%

EV/EBITDA127.37

Div Yield0.0%

Company Overview

Issued Shares

8.0M

Charter Capital

80.3B 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 CCS — hover nodes for intel, click to navigate

Shareholders

Liên Hiệp Hợp Tác Xã Thương Mại Tp. Hồ Chí Minh

Inst

12.3%

988.044

Nguyễn Quốc Hưng

Indiv

2.0%

140.560

Công ty Cổ phần Tập đoàn Thiên Long

Inst

1.9%

152.000

Nguyễn Mạnh Hùng

Indiv

1.0%

78.000

Nguyễn Chánh Khê

Indiv

0.7%

46.800

Phạm Ngọc Tuấn

Indiv

0.6%

49.711

Phan Mỹ Tuyệt

Indiv

0.5%

41.000

Đặng Duy Hợp

Indiv

0.4%

33.600

Lê Thị Thanh Phượng

Indiv

0.4%

26.700

Tấn Lộc Louis

Indiv

0.1%

8.800

Lê Thị Anh Đào

Indiv

0.1%

8.000

Board & Management

Phạm Ngọc Tuấn0.6%

Thành viên Ban kiểm soát

Ngô Quốc Hùng

Thành viên Ban kiểm soát

Phạm Hồng Kỳ

Thành viên Hội đồng Quản trị

Nguyễn Anh Đức

Phó Chủ tịch Hội đồng Quản trị

Hồ Mỹ Hoa

Thành viên Hội đồng Quản trị

Nguyễn Thị Thúy Hằng

Trưởng Ban kiểm soát

Vũ Khải Hưng

Phó Tổng Giám đốc

Lương Văn Lý

Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Quang Trung

Thành viên Hội đồng Quản trị

Top connections

SID96.1%NAF43.3%APP6.3%HMH3.3%HNG2.6%LIG2.0%KOS2.0%SAC2.0%VNL2.0%TIP2.0%GMD2.0%TTA1.5%

Computed 12/04/2026