LDG
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 — LDG
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2022
The Beneish M-Score of -1.8526 indicates a high likelihood of earnings manipulation, as it exceeds the threshold of -1.78. Additionally, the earnings quality score of 24.5/100, particularly low cash conversion and revenue metrics, raises significant concerns about the company's financial integrity.
- Beneish M-Score of -1.8526 indicates potential earnings manipulation, exceeding the threshold of -1.78.
- Earnings Quality Score of 24.5/100, with cash conversion and revenue metrics at 0.0/100, suggests severe issues with earnings sustainability.
- DSRI of 1.9768 indicates a potential increase in inventory, which could signal growth if managed properly.
- SGI of 0.6013 suggests that sales growth is lower than the industry average, which may indicate a conservative approach to revenue recognition.
The ownership structure is fragmented, with no single shareholder holding a significant stake, which may lead to governance issues and lack of accountability. The largest shareholder holds only 5.0%, indicating potential challenges in strategic alignment.
Investors should exercise caution and conduct further due diligence on LDG, particularly focusing on cash flow and revenue recognition practices. Consider monitoring future earnings reports closely for signs of improvement in earnings quality metrics.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
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