LMH
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 — LMH
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2019
The Beneish M-Score of -3.2373 indicates a low likelihood of earnings manipulation, but the earnings quality score of 21.3/100 suggests significant concerns regarding the company's financial health. Key metrics such as receivables and revenue quality are alarmingly low, raising red flags about the reliability of reported earnings.
- Earnings Quality Score of 21.3/100 indicates poor earnings quality, particularly with receivables and revenue quality at 0.0/100.
- SGAI of 3.0835 suggests excessive growth in selling, general, and administrative expenses compared to revenue growth, which may indicate inefficiency.
- Beneish M-Score of -3.2373 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
- DSRI of 1.2018 suggests that inventory levels are relatively stable compared to sales, which can be a positive sign in a manufacturing context.
The ownership structure is fragmented with no single shareholder holding a significant controlling stake, which may reduce the risk of management entrenchment but could lead to governance challenges.
Investors should approach LMH with caution due to the high risk of earnings quality issues; consider monitoring for improvements in cash conversion and revenue recognition before making investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
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