DCH

Real Estate

Công ty Cổ phần Địa chính Hà Nội

Bất động sảnCT

10.000

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

10.639

Current

10.000

Gap

+6.4%

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)

80.36%

Kd(1-t)

5.61%

D/(D+E)

19.64%

WACC

12.03%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

14.233

60%DCF Value

8.243

Blended Intrinsic

10.639

Value Decomposition

38%

62%

Explicit period (38%)Terminal value (62%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DCH

Earnings Quality

Fiscal year 2024

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2019

-1.47

Elevated

DSRI

1.156

GMI

1.118

AQI

0.885

SGI

0.849

DEPI

0.000

SGAI

1.021

TATA

0.205

LVGI

0.560

DCH exhibits several red flags indicating potential earnings manipulation, particularly with a Beneish M-Score of -1.4722, which is above the manipulation threshold. Additionally, the low earnings quality score of 34.7 suggests significant concerns regarding the sustainability of reported earnings.

Red Flags

Beneish M-Score of -1.4722, indicating potential earnings manipulation as it is above the threshold of -1.78.
Earnings Quality Score of 34.7/100, with a particularly low cash conversion score of 0.0/100, suggesting poor cash flow relative to earnings.

Positive Signals

Strong revenue margin at 99.8/100, indicating effective cost management and profitability potential.
Stable ownership structure with 54.2% held by the state, which may provide a level of oversight and stability.

Ownership Risk

The majority ownership by the state (54.2%) may mitigate some risks associated with management decisions, but the significant institutional stake (25.9%) could lead to conflicts of interest or pressure for short-term performance.

Recommendation

Investors should exercise caution and closely monitor DCH's financial disclosures and cash flow statements. A deeper analysis into the company's operational practices and potential regulatory scrutiny is advisable before making investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.95

Grey Zone

Sharpe

-1.28

Negative

Composite

Fair

Price Risk

Momentum

+0.0%

Volatility

23.3%

Max Drawdown

-13.0%

Key Ratios

Fiscal year 2024

50.21P/E

P/B0.81

P/S1.26

ROE2.9%

ROA2.4%

EPS332.15

BVPS11386.00

Gross Margin23.1%

Net Margin4.6%

D/E0.25

Current Ratio2.62

Rev Growth18.0%

Profit Growth95.7%

EV/EBITDA13.16

Div Yield1.6%

Company Overview

Issued Shares

2.9M

Charter Capital

28.8B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Tư Vấn, Định giá, Môi giới Bất động sản

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for DCH — hover nodes for intel, click to navigate

Shareholders

Ủy Ban Nhân Dân Thành Phố Hà Nội

State

54.2%

1.6 trieu

Công Ty TNHH Thành Lê Minh

Inst

25.9%

747.100

Bùi Thị Minh Diệu

Indiv

10.0%

288.000

Nguyễn Đức Hào

Indiv

0.6%

16.900

Trịnh Thắng

Indiv

0.2%

4.700

Nguyễn Đức Việt

Indiv

0.1%

4.200

Bùi Tô Châu

Indiv

0.1%

4.100

Nguyễn Vinh Dũng

Indiv

0.1%

3.700

Doãn Thị Lan

Indiv

0.1%

3.500

Vũ Thùy Linh

Indiv

0.1%

3.500

Tăng Quang Hưng

Indiv

0.1%

3.000

Lê Cao Ngọc

Indiv

0.1%

2.800

nguyen-van-vinh

Indiv

0.1%

2.800

Board & Management

Bùi Thị Minh Diệu10.0%

Thành viên Hội đồng Quản trị

Nguyễn Đức Hào0.6%

Chủ tịch Hội đồng Quản trị

Nguyễn Đức Việt0.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Bùi Tô Châu0.1%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Vinh0.1%

Thành viên Ban kiểm soát

Tăng Quang Hưng0.1%

Thành viên Ban kiểm soát

Đào Thị Ngọc Phượng

Kế toán trưởng

Lê Minh Thành

Phụ trách Công bố thông tin/Phó Chủ tịch Hội đồng Quản trị

Nguyễn Minh Đức

Thành viên Ban kiểm soát

Top connections

MES98.9%GH373.9%KTL66.0%ILS54.2%TNV54.2%MTH54.2%PTL20.1%LG917.4%RYG4.5%NAC1.5%

Computed 12/04/2026