LEC

Real Estate

Công ty Cổ phần Bất động sản Điện lực Miền Trung

Bất động sảnCT

4.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

23.562

Current

4.900

Gap

+380.9%

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)

38.36%

Kd(1-t)

6.40%

D/(D+E)

61.64%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

11.455

60%DCF Value

31.633

Blended Intrinsic

23.562

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — LEC

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

-3.15

Low Risk

DSRI

1.119

GMI

1.331

AQI

1.041

SGI

0.764

DEPI

0.943

SGAI

1.176

TATA

-0.154

LVGI

1.004

LEC exhibits several concerning indicators of potential financial manipulation, as evidenced by a Beneish M-Score of -3.1474, significantly below the threshold for manipulation. The earnings quality score of 35.2/100 further highlights weaknesses in revenue recognition and cash conversion, raising red flags for investors.

Red Flags

Beneish M-Score of -3.1474 indicates a high likelihood of earnings manipulation, well below the threshold of -1.78.
Earnings quality score of 35.2/100, particularly low receivables quality at 15.6/100, suggests aggressive revenue recognition practices.

Positive Signals

SGI of 0.7636 indicates a decrease in sales growth, which could suggest a more conservative approach to revenue recognition.
AQI of 1.0411 shows that accruals are relatively stable, which may imply some level of operational consistency.

Ownership Risk

The concentrated ownership structure, with three institutions holding 20.1% each, may lead to potential conflicts of interest and reduced oversight, increasing the risk of management decisions that do not align with minority shareholder interests.

Recommendation

Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow statements and revenue recognition practices. Consider monitoring for any changes in management or ownership structure that could improve transparency.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.28

Distress Zone

Sharpe

-0.33

Negative

Composite

Weak

Price Risk

Momentum

-44.4%

Volatility

106.3%

Max Drawdown

-53.9%

Key Ratios

Fiscal year 2025

-6.50P/E

P/B0.53

P/S1.32

ROE-7.9%

ROA-2.5%

EPS-753.27

BVPS9163.66

Gross Margin8.1%

Net Margin-20.3%

D/E1.62

Current Ratio1.28

Rev Growth-23.6%

Profit Growth45.4%

EV/EBITDA100.83

Div Yield0.0%

Company Overview

Issued Shares

26.1M

Charter Capital

261.0B 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 LEC — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH Đầu Tư Phát Triển Đoàn Linh Gia

Inst

20.1%

5.2 trieu

Công Ty TNHH Lemony Hà Nội

Inst

20.1%

5.2 trieu

Công ty TNHH MTV Đầu Tư Phát Triển Và Xây Dựng Việt Trung

Inst

20.1%

5.2 trieu

Board & Management

Trần Minh Tuấn

Người phụ trách quản trị công ty/Kế toán trưởng

Nguyễn Trung Thực

Thành viên Hội đồng Quản trị

Đào Ngọc Long

Trưởng Ban kiểm soát

Phạm Đức Hạnh

Thành viên Hội đồng Quản trị

Phạm Ngọc Bình

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Minh Phượng

Thành viên Hội đồng Quản trị

Nguyễn Kháng Chiến

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Hương

Thành viên Ban kiểm soát

Nguyễn Thị Huệ

Thành viên Ban kiểm soát

Phạm Thị Nghi Xuân

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Lê Hoài Nam

Thành viên Hội đồng Quản trị

Top connections

DAH8.9%MBG5.1%

Computed 12/04/2026