CEO

Real Estate

Công ty Cổ phần Tập đoàn C.E.O

Bất động sảnCT

16.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-120%Fair Value+120%

Intrinsic Value

7.675

Current

16.900

Gap

-54.6%

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)

70.47%

Kd(1-t)

5.91%

D/(D+E)

29.53%

WACC

11.33%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.97%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

13.679

60%DCF Value

3.672

Blended Intrinsic

7.675

Value Decomposition

36%

64%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — CEO

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

-2.32

Moderate

DSRI

0.959

GMI

0.862

AQI

1.168

SGI

1.023

DEPI

0.925

SGAI

1.255

TATA

0.041

LVGI

0.873

The Beneish M-Score of -2.3229 indicates a lower likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 53.8/100, particularly the cash conversion score of 0.0/100, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings quality score is low at 53.8/100, with cash conversion score at 0.0/100 indicating potential issues with cash flow management.
SGAI at 1.2546 suggests aggressive spending on sales and marketing, which may not translate into revenue growth.

Positive Signals

Beneish M-Score of -2.3229 indicates a lower likelihood of earnings manipulation.
Receivables quality score is strong at 100.0/100, suggesting effective management of accounts receivable.

Ownership Risk

The top shareholders include a significant individual investor, Đoàn Văn Bình, holding 18.9%, which may lead to concentrated decision-making risks. Additionally, the presence of institutional investors could provide some stability, but their relatively small stakes may limit influence.

Recommendation

Investors should closely monitor cash flow metrics and consider the implications of high spending on sales and marketing. A deeper analysis of operational efficiency and revenue generation strategies is recommended before making investment decisions.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.84

Safe Zone

Sharpe

0.18

Positive

Composite

Weak

Price Risk

Momentum

+27.5%

Volatility

58.9%

Max Drawdown

-55.5%

Key Ratios

Fiscal year 2025

54.09P/E

P/B1.54

P/S7.16

ROE2.9%

ROA2.0%

EPS312.44

BVPS10943.56

Gross Margin31.1%

Net Margin13.2%

D/E0.36

Current Ratio2.78

Rev Growth2.3%

Profit Growth-6.8%

EV/EBITDA28.94

Div Yield0.0%

Company Overview

Issued Shares

567.4M

Charter Capital

5674.2B 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 CEO — hover nodes for intel, click to navigate

Shareholders

Đoàn Văn Bình

Indiv

18.9%

107.2 trieu

Công ty Cổ Phần Thương Mại Và Đầu Tư Trường Thuận

Inst

8.3%

42.5 trieu

PYN Elite Fund

Inst

5.0%

12.7 trieu

Phạm Trường Sơn

Indiv

4.9%

12.6 trieu

Công ty Cổ Phần Đầu Tư Và Tư Vấn Thành Nam

Inst

4.4%

3.0 trieu

Công ty Cổ phần Chứng khoán VIX

Inst

1.3%

900.000

Công ty Tài Chính TNHH MTV Bưu Điện

Inst

1.1%

750.000

Công ty Cổ phần Quản lý quỹ đầu tư MB

Inst

0.9%

620.000

Nguyễn Thị Tuyết

Indiv

0.7%

449.900

Phạm Thị Mai Lan

Indiv

0.4%

1.2 trieu

Đỗ Phương Anh

Indiv

0.4%

2.5 trieu

Quỹ Đầu tư Tăng trưởng TVAM

Inst

0.4%

1.1 trieu

Quỹ Đầu tư Tăng trưởng Thiên Việt 2

Inst

0.4%

910.000

Board & Management

Đoàn Văn Bình18.9%

Chủ tịch Hội đồng Quản trị

Phạm Thị Mai Lan0.4%

Phó Chủ tịch Hội đồng Quản trị

Đỗ Phương Anh0.4%

Phó Tổng Giám đốc

Đoàn Văn Minh

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Bùi Đức Thuyên

Thành viên Ban kiểm soát

Vũ Thị Lan Anh

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Cao Văn Kiên

Phó Tổng Giám đốc

Trần Đạo Đức

Phó Tổng Giám đốc

Tạ Văn Tố

Tổng Giám đốc/Phụ trách Công bố thông tin

Trần Thị Thùy Linh

Trưởng Ban kiểm soát

Nguyễn Thu Phương

Thành viên Ban kiểm soát

Lưu Đức Quang

Thành viên Hội đồng Quản trị độc lập

Nguyễn Doãn Dũng

Kế toán trưởng

Top connections

VIT18.4%VC113.4%ASM11.2%HDG10.0%MIG9.9%DSE9.7%YEG8.9%TCT8.7%ACC7.4%BIC7.3%CII6.9%VPC5.8%

Computed 12/04/2026