DXS
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 — DXS
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
DXS exhibits several concerning indicators of potential earnings manipulation, particularly with a Beneish M-Score of -2.1359, which is below the manipulation threshold of -1.78. The earnings quality score of 40.6/100 further highlights significant weaknesses, particularly in cash conversion and margin metrics.
- Beneish M-Score of -2.1359 indicates potential earnings manipulation, significantly below the threshold of -1.78.
- Earnings Quality Score of 40.6/100, with cash conversion at 0.0/100 and margin at 0.0/100, suggests poor earnings quality.
- DSRI of 0.6599 indicates lower growth in receivables relative to sales, which can be a positive sign in terms of revenue recognition.
- Strong receivables score of 100.0/100 suggests effective management of accounts receivable.
The ownership structure is heavily concentrated with Công ty Cổ phần Tập đoàn Đất Xanh holding 55.4%, which may lead to governance risks and potential conflicts of interest, particularly in decision-making processes.
Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow and revenue recognition practices, before considering any investment in DXS.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for DXS — hover nodes for intel, click to navigate