HQC
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 — HQC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2023
HQC exhibits several concerning financial metrics, particularly with a Beneish M-Score of -2.1065, indicating a lower likelihood of manipulation. However, the earnings quality score of 44.4 suggests significant issues with cash conversion and revenue recognition, which could pose risks to investors.
- Beneish M-Score of -2.1065 is below the manipulation threshold of -1.78, indicating potential earnings manipulation.
- Earnings Quality Score of 44.4/100 is low, particularly with cash conversion at 0.0/100 and revenue at 0.0/100, raising concerns about the sustainability of reported earnings.
- DSRI of 0.9587 suggests that inventory levels are well-managed relative to sales, which is a positive indicator.
- High receivables quality score of 100.0/100 indicates that the company is effectively managing its receivables.
The ownership structure shows a concentration with the top individual shareholders holding significant stakes, which could lead to governance issues and potential conflicts of interest.
Investors should exercise caution and closely monitor HQC's financial reporting and cash flow management. It may be prudent to wait for improved earnings quality metrics 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 HQC — hover nodes for intel, click to navigate