DXG
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 — DXG
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
DXG presents a mixed financial profile with a Beneish M-Score of -2.4052, indicating no immediate signs of earnings manipulation. However, the earnings quality metrics reveal significant weaknesses, particularly in receivables and revenue recognition, which could pose risks in the Vietnamese market context.
- The DSRI of 1.4819 suggests a potential issue with inventory management, indicating that sales may not be translating into cash effectively.
- The eq_receivables score of 0.0/100 raises concerns about the company's ability to collect receivables, which could impact cash flow.
- The SGAI of 1.5391 indicates that selling, general, and administrative expenses are growing faster than sales, which may signal inefficiencies.
- The earnings quality score of 62.8/100, particularly the eq_cash_conv of 100.0/100, suggests strong cash conversion from earnings, which is a positive indicator.
- The GMI of 0.8287 indicates a lower likelihood of gross margin deterioration, which is a favorable sign for profitability.
The top shareholders are predominantly individual investors, with Trần Công Thành holding 24.8% and Lương Trí Thìn at 15.5%. This concentrated ownership may lead to governance risks and potential conflicts of interest.
Investors should closely monitor DXG's receivables and inventory management while considering a cautious approach to investment due to elevated risks. Engaging with management on operational efficiencies could provide insights into mitigating these risks.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for DXG — hover nodes for intel, click to navigate