HD2
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 — HD2
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2024
The Beneish M-Score of 260.5605 significantly exceeds the manipulation threshold, indicating a high likelihood of earnings manipulation. The earnings quality metrics reveal severe weaknesses, particularly in revenue and margin recognition, which raises concerns about the sustainability of reported earnings.
- Beneish M-Score of 260.5605 indicates likely manipulation, far exceeding the threshold of -1.78.
- Earnings Quality Score of 53.4/100, with eq_margin and eq_revenue both at 0.0/100, suggests serious issues in revenue recognition and profitability.
- High cash conversion rate (eq_cash_conv of 100.0/100) indicates that cash flows from operations are strong relative to earnings.
The ownership structure is heavily concentrated, with the largest shareholder holding 51.0%, which may lead to governance risks and potential conflicts of interest in decision-making.
Investors should exercise caution and consider conducting further due diligence on the company's financial practices and governance 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 HD2 — hover nodes for intel, click to navigate