KDH
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 — KDH
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
KDH exhibits several concerning indicators related to earnings quality and potential manipulation, despite a Beneish M-Score indicating low likelihood of manipulation. The earnings quality score of 21.9/100, particularly low cash conversion and receivables metrics, raises significant concerns about the sustainability of reported earnings.
- Earnings Quality Score of 21.9/100 indicates poor earnings quality, particularly with cash conversion at 0.0/100 and receivables at 0.0/100.
- DSRI of 1.2731 suggests that accounts receivable are growing faster than revenue, which may indicate revenue recognition issues.
- Beneish M-Score of -1.197 is below the manipulation threshold of -1.78, suggesting a lower likelihood of earnings manipulation.
- Institutional ownership is strong, with top shareholders holding a combined 53.7%, indicating potential stability and oversight.
The high concentration of institutional ownership may provide stability; however, it also raises concerns about the influence of a few entities on corporate governance and decision-making.
Investors should closely monitor KDH's earnings quality metrics and consider a cautious approach, as the elevated risk signals suggest potential volatility. Further due diligence on cash flow and revenue recognition practices is recommended.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
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