HLD
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 — HLD
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2020
HLD exhibits several concerning indicators of potential earnings manipulation, as evidenced by its Beneish M-Score of -4.1208, well below the manipulation threshold of -1.78. The earnings quality score of 41.0/100, particularly low in revenue and margin metrics, raises further concerns about the reliability of reported financials.
- Beneish M-Score of -4.1208 indicates a high likelihood of earnings manipulation.
- Earnings quality metrics show a revenue score of 0.0/100 and margin score of 9.5/100, suggesting significant issues with revenue recognition and profitability.
- The DSRI of 0.8035 indicates that the company's receivables are lower than its sales, which could suggest a conservative approach to revenue recognition.
- The cash conversion score of 100.0/100 reflects strong cash flow management relative to earnings.
The majority ownership by Tổng Công ty Đầu tư Phát triển Nhà và Đô thị at 51.0% presents a risk of potential conflicts of interest and lack of independent oversight, which is common in Vietnamese SOEs.
Investors should exercise caution and closely monitor HLD's financial disclosures and governance practices. It may be prudent to wait for improved earnings quality and transparency before considering an investment.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for HLD — hover nodes for intel, click to navigate