DIG

Real Estate

Tổng Công ty Cổ phần Đầu tư Phát triển Xây dựng

Bất động sảnCT

14.450

VND · Last close

Valuation Verdict

Undervalued

Very Low

-120%Fair Value+120%

Intrinsic Value

21.783

Current

14.450

Gap

+50.8%

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)

46.91%

Kd(1-t)

5.55%

D/(D+E)

53.09%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

15.678

60%DCF Value

25.853

Blended Intrinsic

21.783

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — DIG

Earnings Quality

Fiscal year 2025

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 · 2024

-2.17

Moderate

DSRI

0.996

GMI

1.036

AQI

0.744

SGI

1.268

DEPI

1.059

SGAI

0.901

TATA

0.034

LVGI

1.067

The Beneish M-Score of -2.1673 indicates that DIG is not likely to be manipulating earnings, as it falls below the threshold of -1.78. However, the earnings quality score of 51.5/100, particularly the 0.0/100 cash conversion and revenue metrics, raises concerns about the sustainability of reported earnings.

Red Flags

Earnings Quality Score of 51.5/100, with a cash conversion score of 0.0/100 indicating severe issues in converting earnings into cash.
SGI of 1.2683 suggests that sales growth is significantly outpacing the industry, which could indicate aggressive revenue recognition practices.

Positive Signals

Beneish M-Score of -2.1673 suggests low likelihood of earnings manipulation.
Receivables score of 100.0/100 indicates strong management of receivables, which is a positive sign for liquidity.

Ownership Risk

The top shareholders are a mix of individual and institutional investors, with no single entity holding a controlling stake, which may mitigate risks associated with ownership concentration. However, the presence of multiple institutional investors could lead to pressure for short-term performance.

Recommendation

Investors should closely monitor cash flow metrics and revenue recognition practices, given the low cash conversion score. Consider a cautious approach to investment until there are improvements in earnings quality and cash flow sustainability.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.92

Grey Zone

Sharpe

-0.19

Negative

Composite

Fair

Price Risk

Momentum

-0.6%

Volatility

45.9%

Max Drawdown

-37.8%

Key Ratios

Fiscal year 2025

17.77P/E

P/B1.15

P/S2.44

ROE7.3%

ROA3.4%

EPS813.35

BVPS12542.18

Gross Margin23.6%

Net Margin13.7%

D/E0.90

Current Ratio2.31

Rev Growth226.9%

Profit Growth465.6%

EV/EBITDA11.52

Div Yield0.0%

Company Overview

Issued Shares

796.4M

Charter Capital

7964.3B 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 DIG — hover nodes for intel, click to navigate

Shareholders

nguyen-hung-cuong

Indiv

5.8%

45.9 trieu

Công ty Cổ phần Bất động sản Trường Sơn

Inst

5.0%

24.9 trieu

CÔNG TY CỔ PHẦN ĐẦU TƯ PHÁT TRIỂN THIÊN TÂN

Inst

4.7%

28.7 trieu

PYN Elite Fund

Inst

4.6%

10.9 trieu

Deutsche Asset Management (Asia) Limited

Inst

2.8%

5.6 trieu

Ngân hàng Deutsche Aktiengesellschaft

Inst

2.6%

5.2 trieu

VOF Investment Limited

Inst

2.6%

5.1 trieu

Epsom Limited

Inst

1.8%

3.5 trieu

Lê Thị Hà Thanh

Indiv

1.7%

13.8 trieu

Siglap Limited

Inst

1.7%

3.3 trieu

Vietnam Infrastructure Strategic Ltd

Inst

1.6%

3.2 trieu

Nguyễn Thị Thanh Huyền

Indiv

1.4%

11.5 trieu

Vietnam Property Fund Limited

Inst

1.0%

2.3 trieu

Greystanes Limited Company

Inst

0.5%

1.1 trieu

Viola Ltd

Inst

0.3%

954.000

Công đoàn Cơ sở Văn phòng Tổng Công ty Cổ phần Đầu tư Phát triển Xây dựng

State

0.3%

2.0 trieu

Trần Minh Phú

Indiv

0.3%

783.847

Vietnam Investment Property Holdings Limited

Inst

0.2%

348.120

VietNam Infrastructure Holding Limited

Inst

0.1%

293.878

Idris Ltd

Inst

0.1%

330.000

Deutsche Bank Aktiengesellchaft, London Branch

Inst

0.1%

200.011

Board & Management

Nguyễn Hùng Cường5.8%

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Thị Thanh Huyền1.4%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nguyễn Quang Tín

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Trần Văn Đạt

Phó Tổng Giám đốc

Bùi Văn Sự

Kế toán trưởng

Nguyễn Tuấn Liêm

Phó Tổng Giám đốc

Lê Thành Hưng

Other

Nguyễn Thị Loan

Khác

Nguyễn Văn Tùng

Phó Tổng Giám đốc

Nguyễn Thị Hiền

Other

Hoàng Văn Tăng

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Chu Văn Thanh

Phó Tổng Giám đốc

Nguyễn Thiện Tuấn

Chủ tịch Hội đồng Quản trị

Phan Thế Thành

Phó Tổng Giám đốc

Phan Văn Danh

Thành viên Hội đồng Quản trị độc lập

Top connections

VGL21.4%ASM11.2%LTG10.8%HDG10.0%MIG9.9%DSE9.7%YEG8.9%TCT8.7%KPF8.0%ACC7.4%TCL2 links BIC7.3%

Computed 12/04/2026