FIR
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 — FIR
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
FIR exhibits a Beneish M-Score of -2.2359, indicating a lower likelihood of manipulation, yet several earnings quality metrics raise concerns. The significant SGI of 1.8417 suggests aggressive revenue growth, which may not be sustainable, warranting caution in the context of the Vietnamese market's volatility.
- SGI of 1.8417 indicates aggressive revenue growth, potentially unsustainable.
- Earnings Quality Score of 63.8/100 is moderate, with zero scores in eq_margin and eq_revenue, suggesting potential issues in profitability and revenue recognition.
- Beneish M-Score of -2.2359 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
- High cash conversion rate (eq_cash_conv of 100.0/100) suggests strong cash flow management.
The ownership structure is concentrated among a few individuals, with the largest shareholder holding 15.2%. This concentration may lead to governance risks and potential conflicts of interest.
Investors should monitor revenue growth closely given the elevated SGI and consider a deeper analysis of profitability metrics before making investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for FIR — hover nodes for intel, click to navigate