EFI

Real Estate

Công ty Cổ phần Đầu tư Tài chính Giáo dục

Bất động sảnCT

1.800

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

3.447

Current

1.800

Gap

+91.5%

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)

97.27%

Kd(1-t)

6.40%

D/(D+E)

2.73%

WACC

13.40%

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

7.888

60%DCF Value

487

Blended Intrinsic

3.447

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — EFI

Earnings Quality

Fiscal year 2024

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Financial Forensics

Beneish M-Score · 2021

-1.13

High Risk

DSRI

2.586

GMI

0.244

AQI

1.100

SGI

0.358

DEPI

0.261

SGAI

1.091

TATA

0.192

LVGI

0.932

EFI exhibits several concerning indicators of potential earnings manipulation, particularly with a Beneish M-Score of -1.1303, which suggests a lower likelihood of manipulation but still raises caution. The earnings quality score of 18.9/100 indicates significant weaknesses in revenue recognition and cash conversion, which are critical in assessing the reliability of reported earnings.

Red Flags

DSRI of 2.5865 indicates a significant increase in receivables relative to sales, suggesting potential issues with revenue recognition.
Earnings Quality Score of 18.9/100, particularly low scores in eq_receivables (0.0/100) and eq_margin (0.0/100), highlight severe concerns regarding the sustainability of earnings.

Positive Signals

The GMI of 0.2439 is below the threshold of 0.5, indicating a lower likelihood of earnings manipulation.
The ownership concentration with top shareholders holding significant stakes (Nguyen-Dinh-Viet at 18.6% and Nguyen-Son-Tung at 14.9%) may align interests and provide stability.

Ownership Risk

The concentrated ownership structure, while potentially stabilizing, also poses risks of governance issues and lack of minority shareholder protection, especially in a market with prevalent state-owned enterprises (SOEs) and conglomerate structures.

Recommendation

Investors should approach EFI with caution, closely monitoring its earnings quality metrics and potential revenue recognition issues. It may be prudent to wait for improved earnings quality indicators before considering an investment.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

9.90

Safe Zone

Sharpe

-0.04

Negative

Composite

Weak

Price Risk

Momentum

-5.3%

Volatility

92.5%

Max Drawdown

-43.8%

Key Ratios

Fiscal year 2024

14.44P/E

P/B0.33

P/S0.00

ROE2.3%

ROA2.3%

EPS145.39

BVPS6310.72

D/E0.01

Current Ratio23.88

Profit Growth243.6%

EV/EBITDA-14.79

Div Yield0.0%

Company Overview

Issued Shares

10.9M

Charter Capital

108.8B 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 EFI — hover nodes for intel, click to navigate

Shareholders

nguyen-dinh-viet

Indiv

18.6%

2.0 trieu

nguyen-son-tung

Indiv

14.9%

1.6 trieu

Công ty Cổ phần Đầu tư PVR Hà Nội

Inst

7.0%

764.800

Bùi Thu Trinh

Indiv

5.3%

571.200

Quỹ Đầu tư Chứng khoán Y tế Bản Việt

Inst

3.9%

520.000

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội

Inst

3.8%

508.444

america limited liability company

Inst

2.8%

308.500

Nguyễn Thị Hồng Điệp

Indiv

1.3%

143.100

Phạm Thanh Nam

Indiv

1.2%

130.000

Huỳnh Bá Vân

Indiv

1.1%

119.250

Lã Thị Vân Anh

Indiv

1.0%

112.300

Lê Thành Anh

Indiv

0.8%

8.600

Hoàng Lê Bách

Indiv

0.4%

39.160

Nguyễn Mạnh Hùng

Indiv

0.3%

36.800

Nguyễn Thúy Hạnh

Indiv

0.2%

21.700

Board & Management

Lê Thị Vân

Kế toán trưởng

Đào Đức Hiếu

Phó Tổng Giám đốc

Lê Thị Thúy

Tổng Giám đốc

Hoàng Trí Cường

Chủ tịch Hội đồng Quản trị

Thành Thị Ngọc

Thành viên Ban kiểm soát

Lê Thùy Dương

Thành viên Ban kiểm soát

Nguyễn Viết Thắng

Phó Chủ tịch Hội đồng Quản trị

Nguyễn Thanh Bích Hà

Thành viên Hội đồng Quản trị

Vũ Diệu Hương

Thành viên Ban kiểm soát

Nguyễn Thị Ánh Tuyết

Thành viên Hội đồng Quản trị

Top connections

NAF43.3%WSS29.8%SGN25.0%WCS23.6%DNM22.7%IDV18.0%SZL16.1%BAX16.1%TIP15.3%ATS14.9%PVH14.8%VRC14.5%

Computed 12/04/2026