HAR

Real Estate

Công ty Cổ phần Đầu tư Thương mại Bất động sản An Dương Thảo Điền

Bất động sảnCT

3.280

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

6.186

Current

3.280

Gap

+88.6%

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)

99.68%

Kd(1-t)

7.54%

D/(D+E)

0.32%

WACC

13.58%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

12.479

60%DCF Value

1.991

Blended Intrinsic

6.186

Value Decomposition

42%

58%

Explicit period (42%)Terminal value (58%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — HAR

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

2.80

High Risk

DSRI

9.666

GMI

0.137

AQI

0.927

SGI

0.126

DEPI

1.577

SGAI

13.193

TATA

0.062

LVGI

0.055

The forensic assessment of HAR reveals significant red flags indicating potential earnings manipulation, particularly with a Beneish M-Score of 2.7985, well above the manipulation threshold of -1.78. The company's earnings quality score of 18.8/100 and alarming metrics such as a DSRI of 9.6663 suggest severe issues with revenue recognition and cash conversion.

Red Flags

Beneish M-Score of 2.7985 indicates likely earnings manipulation.
DSRI of 9.6663 suggests excessive receivables relative to sales, raising concerns about revenue recognition.
Earnings Quality Score of 18.8/100 highlights poor cash conversion and revenue quality, with eq_cash_conv, eq_receivables, eq_margin, and eq_revenue all at 0.0/100.

Positive Signals

The presence of institutional investors such as Công ty TNHH Thai Invest International (8.1%) and Công ty TNHH Tư Vấn Đầu Tư KGB (7.0%) may provide some level of oversight.

Ownership Risk

The ownership structure shows a concentration of shares among a few individuals, with the largest shareholder holding 12.0%, which may lead to potential conflicts of interest and reduced accountability.

Recommendation

Investors should exercise caution and consider avoiding HAR until further transparency is provided regarding its financial practices and earnings quality. Close monitoring of future earnings reports and cash flow statements is recommended.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

78.27

Safe Zone

Sharpe

-0.24

Negative

Composite

Fair

Price Risk

Momentum

-0.6%

Volatility

31.9%

Max Drawdown

-48.6%

Key Ratios

Fiscal year 2025

21.75P/E

P/B0.34

P/S22.56

ROE1.6%

ROA1.6%

EPS169.21

BVPS10791.19

Gross Margin64.8%

Net Margin103.7%

D/E0.00

Current Ratio110.21

Rev Growth-7.2%

Profit Growth74.0%

EV/EBITDA21.74

Div Yield0.0%

Company Overview

Issued Shares

101.4M

Charter Capital

1013.5B 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 HAR — hover nodes for intel, click to navigate

Shareholders

Nguyễn Gia Bảo

Indiv

12.0%

12.2 trieu

Công ty TNHH Thai Invest International

Inst

8.1%

8.2 trieu

Công ty TNHH Tư Vấn Đầu Tư KGB

Inst

7.0%

7.1 trieu

Nguyễn Nhân Bảo

Indiv

5.8%

5.9 trieu

Nguyễn Thị Thủy

Indiv

4.7%

4.8 trieu

Lưu Thanh Vy

Indiv

4.2%

4.1 trieu

PYN Elite Fund

Inst

3.4%

1.9 trieu

Board & Management

Nguyễn Gia Bảo12.0%

Chủ tịch Hội đồng Quản trị

Nguyễn Nhân Bảo5.8%

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Bùi Thị Minh Phượng

Người phụ trách quản trị công ty

Nguyễn Hải Thanh Bình

Thành viên Hội đồng Quản trị

Nguyễn Hoài Anh

Thành viên Hội đồng Quản trị

Bùi Đức Nhân

Thành viên Hội đồng Quản trị

Lê Thị Ngọc Ánh

Kế toán trưởng

Top connections

ASM11.2%HDG10.0%MIG2 links DSE9.7%ATS9.7%YEG8.9%TCT8.7%HC38.2%DHC8.0%ACC7.4%LMI7.3%BIC7.3%

Computed 12/04/2026