HRB
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 — HRB
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2024
The Beneish M-Score of -2.1193 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 66.9 suggests moderate concerns, particularly with cash conversion metrics, which could impact liquidity and operational efficiency.
- Earnings quality score of 49.2 for cash conversion indicates potential liquidity issues.
- Revenue quality score of 0.0 suggests significant concerns regarding revenue recognition practices.
- Beneish M-Score of -2.1193 indicates a lower likelihood of earnings manipulation.
- High receivables score of 100.0 suggests effective management of accounts receivable.
The concentrated ownership structure, with the top shareholder holding 40%, may lead to governance risks and potential conflicts of interest, particularly in decision-making processes.
Investors should closely monitor cash flow metrics and revenue recognition practices. Consider a cautious approach to investment until improvements in earnings quality and liquidity are observed.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for HRB — hover nodes for intel, click to navigate