ITA

Real Estate

Công ty Cổ phần Đầu tư và Công nghiệp Tân Tạo

Bất động sảnCT

2.300

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

6.181

Current

2.300

Gap

+168.7%

ModelDCF LEVERAGE SCREEN

Valuation Breakdown

CT→Bất động sản→Real Estate

Classified as real estate because ICB sector "Bất động sản" maps to the real estate group

ModelRNAV + DCF Blend

Intrinsic = 40% x (BVPS x 1.5) + 60% x DCF Value

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

84.59%

Kd(1-t)

6.40%

D/(D+E)

15.41%

WACC

12.49%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.04%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

13.931

60%DCF Value

1.015

Blended Intrinsic

6.181

Value Decomposition

40%

60%

Explicit period (40%)Terminal value (60%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — ITA

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.35

Moderate

DSRI

1.167

GMI

0.991

AQI

0.996

SGI

0.855

DEPI

1.373

SGAI

0.893

TATA

0.011

LVGI

1.019

ITA exhibits several concerning indicators of potential earnings manipulation, as suggested by its Beneish M-Score of -2.3536, which is below the manipulation threshold of -1.78. While the earnings quality score of 38.3 indicates some strengths, the lack of cash conversion and receivables raises significant concerns about the sustainability of reported earnings.

Red Flags

Beneish M-Score of -2.3536 indicates potential earnings manipulation, significantly below the threshold of -1.78.
Earnings Quality Score of 38.3/100, particularly low cash conversion (0.0/100) and receivables (0.0/100), suggesting poor earnings quality.

Positive Signals

DSRI of 1.1674 indicates that inventory growth is in line with sales, which is a positive sign.
High accrual score of 95.5/100 suggests that reported earnings are primarily driven by actual cash flows.

Ownership Risk

The top shareholders are predominantly institutional, with the largest holding at 19.7%, which may provide some stability. However, the concentration of ownership among a few entities could lead to governance risks and potential conflicts of interest.

Recommendation

Investors should exercise caution and closely monitor ITA's financial disclosures and cash flow statements. 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

F-Score

3/9

Weak

Z-Score

1.21

Distress Zone

Sharpe

-2.02

Negative

Composite

Weak

Price Risk

Momentum

-32.7%

Volatility

46.6%

Max Drawdown

-68.5%

Key Ratios

Fiscal year 2025

27.00P/E

P/B0.21

P/S6.72

ROE0.8%

ROA0.6%

EPS85.18

BVPS11144.44

Gross Margin55.4%

Net Margin24.9%

D/E0.19

Current Ratio4.35

Rev Growth-37.0%

Profit Growth-29.8%

EV/EBITDA16.25

Div Yield0.0%

Company Overview

Issued Shares

938.5M

Charter Capital

9384.6B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Bất động sản

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for ITA — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ Phần Tập Đoàn Tân Tạo

Inst

19.7%

184.9 trieu

Công ty Cổ Phần Đại Học Tân Tạo

Inst

17.7%

166.5 trieu

Công ty Cổ Phần Đầu Tư Xây Dựng Và Phát Triển Tân Đông Phương

Inst

11.8%

111.1 trieu

Đặng Thị Hoàng Yến

Indiv

5.8%

54.3 trieu

Trường Đại Học Tân Tạo

Indiv

5.1%

47.6 trieu

VanEck Vietnam ETF

Inst

4.9%

41.4 trieu

Công ty Cổ Phần Phát Triển Hạ Tầng Tân Tạo

Inst

4.1%

34.6 trieu

Đặng Thanh Tâm

Indiv

3.1%

29.1 trieu

Ngân hàng Deutsche Aktiengesellschaft

Inst

2.8%

23.6 trieu

Công ty Cổ phần Delta Miền Nam

Inst

1.6%

13.8 trieu

Vũ Thị Nga

Indiv

0.8%

6.9 trieu

Richluck International Limited

Inst

0.7%

5.7 trieu

Ngân hàng Thương mại Cổ phần Á Châu

Inst

0.4%

3.4 trieu

Công ty Cổ phần Chứng khoán Công nghiệp Việt Nam

Inst

0.3%

2.9 trieu

Quỹ Ita Vì Tương Lai

Indiv

0.2%

1.8 trieu

Board & Management

Đặng Thị Hoàng Yến5.8%

Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Nguyễn Thanh Phong

Phó Tổng Giám đốc

Huỳnh Hổ

Thành viên Hội đồng Quản trị độc lập

Lê Thị Phương Chi

Trưởng Ban kiểm soát

Bùi Thị Phương

Thành viên Ban kiểm soát

Trần Hoàng Ân

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Lê Văn Thành

Thành viên Ban kiểm soát

Mai Công Hồ

Phó Tổng Giám đốc Tài chính

Nguyễn Thị Hoa

Thành viên Hội đồng Quản trị/Kế toán trưởng

Nguyễn Thị Ngọc Mai

Thành viên Ban kiểm soát

Top connections

MZG31.0%PXS18.1%TDB14.1%VDT11.5%XHC11.4%TCL7.3%SGT6.8%KBC2 links BTU5.0%BTS5.0%PPC2 links HSG2 links

Computed 12/04/2026