CKG
Real EstateValuation Breakdown
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.
Valuation Track Record
Retroactive intrinsic value vs actual close price — CKG
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
CKG exhibits several concerning financial metrics, particularly its Beneish M-Score of -2.7972, which indicates a low likelihood of earnings manipulation. However, the earnings quality score of 35.9/100, especially the extremely low cash conversion and receivables metrics, raises significant red flags regarding the sustainability of reported earnings.
- Beneish M-Score of -2.7972, indicating potential earnings manipulation risk as it is well below the threshold of -1.78.
- Earnings Quality Score of 35.9/100, with cash conversion at 0.0/100 and receivables at 0.0/100, suggesting poor earnings quality and potential liquidity issues.
- DSRI of 0.8154 indicates that inventory levels are well-managed relative to sales, which is a positive sign in the context of the Vietnamese market.
The ownership structure is highly fragmented, with the largest shareholder holding only 9.6%, which may lead to governance challenges and lack of strategic direction.
Investors should approach CKG with caution, focusing on improving cash flow and receivables management. A thorough review of operational practices is recommended before considering any investment.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for CKG — hover nodes for intel, click to navigate