DRH

Real Estate

Công ty Cổ phần DRH Holdings

Bất động sảnCT

2.640

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

8.162

Current

2.640

Gap

+209.2%

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)

33.50%

Kd(1-t)

3.44%

D/(D+E)

66.50%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

12.132

60%DCF Value

5.515

Blended Intrinsic

8.162

Value Decomposition

33%

67%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — DRH

Earnings Quality

Fiscal year 2025

Fair

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 · 2023

4.01

High Risk

DSRI

8.351

GMI

4.157

AQI

0.826

SGI

0.146

DEPI

0.912

SGAI

7.376

TATA

0.004

LVGI

1.066

The Beneish M-Score of 4.009 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Coupled with a low Earnings Quality Score of 34.7/100 and concerning metrics such as a DSRI of 8.3511 and a GMI of 4.1571, the stock presents significant red flags for investors.

Red Flags

Beneish M-Score of 4.009 indicates a high likelihood of earnings manipulation.
DSRI of 8.3511 suggests excessive growth in receivables relative to sales, raising concerns about revenue recognition.
GMI of 4.1571 indicates a significant decline in gross margin, which may signal potential issues in profitability.

Positive Signals

High eq_accrual score of 98.3/100 suggests that reported earnings are largely based on actual cash flows.
Ownership by multiple individuals and an institution indicates some level of interest and potential oversight.

Ownership Risk

The ownership structure is fragmented with no single shareholder holding a controlling stake, which may dilute accountability. However, the presence of institutional ownership could provide some level of governance.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in DRH, particularly focusing on cash flow and revenue recognition practices.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

0.13

Distress Zone

Sharpe

-0.21

Negative

Composite

Fair

Price Risk

Momentum

-24.6%

Volatility

51.4%

Max Drawdown

-48.1%

Key Ratios

Fiscal year 2025

21.22P/E

P/B0.25

P/S56.12

ROE1.2%

ROA0.4%

EPS125.81

BVPS10548.26

Gross Margin-139.0%

Net Margin264.4%

D/E2.24

Current Ratio1.07

Rev Growth65.7%

Profit Growth107.7%

EV/EBITDA-42.38

Div Yield0.0%

Company Overview

Issued Shares

124.4M

Charter Capital

1243.5B 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 DRH — hover nodes for intel, click to navigate

Shareholders

Chen Jung Chin

Indiv

4.8%

880.270

Võ Thị Mỹ Lệ

Indiv

4.7%

2.3 trieu

Viet Nam Property Holding

Inst

4.7%

857.950

Lưu Khiết Lâm

Indiv

4.4%

806.814

Phan Tấn Đạt

Indiv

4.3%

5.3 trieu

Nguyễn Thị Khánh Hòa

Indiv

4.1%

745.430

Công ty Cổ phần Trí Thức Doanh Nghiệp Quốc Tế

Inst

2.2%

400.000

Công ty Cổ Phần United Holdings

Inst

2.0%

1.0 trieu

Đoàn Trung Tín

Indiv

1.5%

267.303

Lâm Thị Thanh Bích

Indiv

1.1%

661.200

Võ Diệp Cẩm Vân

Indiv

0.8%

454.950

Trương Thị Lan

Indiv

0.8%

454.950

Trần Kim Cương

Indiv

0.5%

89.104

Ngô Đức Sơn

Indiv

0.5%

600.000

Trần Anh Tùng

Indiv

0.4%

66.069

Trần Hoàng Anh

Indiv

0.3%

400.000

Vũ Duy Bằng

Indiv

0.3%

51.291

Phạm Hoàng Lương

Indiv

0.2%

37.926

Lê Chí Hùng Việt

Indiv

0.2%

120.000

Phan Tấn Dũng

Indiv

0.2%

31.842

Trần Ngọc Đính

Indiv

0.2%

100.000

Võ Công Hoàng

Indiv

0.2%

100.000

Huỳnh Thị Hoa Mai

Indiv

0.1%

27.336

Nguyễn Lâm Tùng

Indiv

0.1%

150.000

Board & Management

Phan Tấn Đạt4.3%

Chủ tịch Hội đồng Quản trị

Ngô Đức Sơn0.5%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Hoàng Anh0.3%

Phụ trách Công bố thông tin/Phó Tổng Giám đốc/Giám đốc Tài chính/Thành viên Hội đồng Quản trị

Lê Chí Hùng Việt0.2%

Phó Tổng Giám đốc

Nguyễn Lâm Tùng0.1%

Thành viên Hội đồng Quản trị độc lập

Lê Thị Thuần

Kế toán trưởng

Nguyễn Đăng Tùng

Người phụ trách quản trị công ty

Hồ Ngọc Bạch

Thành viên Ban Kiểm toán nội bộ/Thành viên Hội đồng Quản trị độc lập

Huỳnh Như Phương

Thành viên Ban Kiểm toán nội bộ

Top connections

VHH15.0%D2D4.9%MIC4.7%STB4.7%MHC4.7%KDH4.7%KSB4.6%YEG4.1%ORS4.1%MST2.5%

Computed 12/04/2026