HPI
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 — HPI
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2024
HPI exhibits several concerning indicators of potential financial manipulation, particularly with a Beneish M-Score of -2.6636, which is well below the manipulation threshold of -1.78. The earnings quality score of 37.8/100 further highlights significant weaknesses in cash conversion and revenue recognition.
- Beneish M-Score of -2.6636 indicates a high likelihood of earnings manipulation.
- Earnings quality score of 37.8/100, with cash conversion at 0.0/100, suggests severe issues in converting earnings into cash.
- SGI of 1.4673 indicates aggressive growth that may not be supported by actual revenue generation.
- DSRI of 0.6537 suggests that inventory levels are well managed relative to sales, which is a positive sign.
- Receivables score of 100.0/100 indicates strong collection practices, which could mitigate some cash flow concerns.
The top shareholders are predominantly institutional, with Công ty TNHH MTV Phát triển Công nghiệp Tân Thuận holding 40.5%. This concentrated ownership may lead to governance risks, particularly if the interests of these institutions diverge from minority shareholders.
Investors should exercise caution and closely monitor HPI's financial disclosures and operational performance. Consider waiting for clearer signs of improved earnings quality and transparency 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 HPI — hover nodes for intel, click to navigate