MA1

Real Estate

Công ty Cổ phần Thiết bị

Bất động sảnCT

36.900

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

52.232

Current

36.900

Gap

+41.5%

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)

73.76%

Kd(1-t)

6.37%

D/(D+E)

26.24%

WACC

11.70%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

29.627

60%DCF Value

67.302

Blended Intrinsic

52.232

Value Decomposition

38%

63%

Explicit period (38%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MA1

Earnings Quality

Fiscal year 2024

Good

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 · 2024

-1.58

Elevated

DSRI

2.150

GMI

0.867

AQI

0.853

SGI

1.093

DEPI

0.926

SGAI

1.178

TATA

-0.038

LVGI

0.663

The Beneish M-Score of -1.5755 indicates a low likelihood of earnings manipulation, as it is above the manipulation threshold of -1.78. However, the high DSRI of 2.1498 and low revenue quality score of 13.5/100 raise concerns about potential revenue recognition issues.

Red Flags

High DSRI of 2.1498 suggests significant increases in receivables relative to sales, indicating potential revenue recognition issues.
Low revenue quality score of 13.5/100 indicates that revenue may not be reliably converted into cash, raising concerns about earnings sustainability.

Positive Signals

Earnings Quality Score of 73.9/100 reflects generally strong earnings quality, particularly in cash conversion (97.9/100), suggesting good cash flow management.
Beneish M-Score of -1.5755 is above the manipulation threshold, indicating a lower likelihood of earnings manipulation.

Ownership Risk

The ownership structure is concentrated, with the top shareholder holding 36.4%, which may lead to governance risks and potential conflicts of interest. However, the presence of multiple individual shareholders may provide some checks and balances.

Recommendation

Monitor the company's revenue recognition practices closely, particularly given the high DSRI and low revenue quality score. Consider a cautious investment approach until clearer signs of revenue sustainability emerge.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

6.32

Safe Zone

Sharpe

0.14

Positive

Composite

Fair

Price Risk

Momentum

+11.3%

Volatility

108.1%

Max Drawdown

-27.8%

Key Ratios

Fiscal year 2024

5.92P/E

P/B1.50

P/S2.47

ROE28.3%

ROA22.2%

EPS5663.20

BVPS22026.80

Gross Margin59.3%

Net Margin42.4%

D/E0.21

Current Ratio2.36

Rev Growth9.3%

Profit Growth37.1%

EV/EBITDA3.91

Div Yield4.5%

Company Overview

Issued Shares

10.1M

Charter Capital

100.5B 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 MA1 — hover nodes for intel, click to navigate

Shareholders

Vũ Thanh Tùng

Indiv

36.4%

3.7 trieu

Hoàng Thị Liên Hồng

Indiv

6.2%

627.217

Phạm Mạnh Kiếm

Indiv

3.6%

366.741

Vũ Ngọc Lan

Indiv

3.3%

335.049

Hoàng Diệu Thúy

Indiv

3.1%

162.485

Nguyễn Hồng Trang

Indiv

2.4%

237.771

Vũ Tường Vân

Indiv

1.8%

179.660

Vũ Bảo Thạch

Indiv

1.1%

111.777

Bạch Hồng Quế

Indiv

0.8%

44.415

Trần Lê Trang

Indiv

0.6%

56.661

Phạm Phương Lan

Indiv

0.5%

52.468

Phan Thị Thu Hương

Indiv

0.2%

18.006

Board & Management

Vũ Thanh Tùng36.4%

Tổng Giám đốc/Chủ tịch Hội đồng Quản trị

Hoàng Thị Liên Hồng6.2%

Thành viên Hội đồng Quản trị/Kế toán trưởng

Phạm Mạnh Kiếm3.6%

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Hoàng Diệu Thúy3.1%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc/Trưởng phòng Kinh doanh

Nguyễn Hồng Trang2.4%

Trưởng Ban kiểm soát

Vũ Tường Vân1.8%

Chủ tịch Hội đồng Quản trị

Phạm Phương Lan0.5%

Thành viên Ban kiểm soát

Phan Thị Thu Hương0.2%

Thành viên Ban kiểm soát

Top connections

GH336.4%

Computed 12/04/2026