MH3

Real Estate

Công ty Cổ phần Khu công nghiệp Cao su Bình Long

Bất động sảnCT

28.500

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

11.426

Current

28.500

Gap

-59.9%

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)

49.02%

Kd(1-t)

6.39%

D/(D+E)

50.98%

WACC

10.00%

Growth Estimate

fundamental firm blend2.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

24.480

60%DCF Value

2.724

Blended Intrinsic

11.426

Value Decomposition

26%

74%

Explicit period (26%)Terminal value (74%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — MH3

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2019

-2.16

Moderate

DSRI

2.353

GMI

1.013

AQI

0.897

SGI

0.798

DEPI

0.000

SGAI

2.748

TATA

-0.068

LVGI

0.914

The Beneish M-Score of -2.157 indicates that MH3 is not currently flagged for earnings manipulation; however, several components, particularly the high DSRI of 2.3532 and SGAI of 2.7480, raise concerns about potential revenue recognition issues and aggressive expense management. The earnings quality score of 53.3 suggests moderate quality, with particularly weak receivables and revenue metrics.

Red Flags

DSRI of 2.3532 indicates a significant increase in receivables relative to sales, suggesting potential revenue recognition issues.
SGAI of 2.7480 indicates aggressive spending on sales and marketing, which may not translate into proportional revenue growth.
AQI of 0.8971 is below the threshold of 1, indicating potential issues with earnings quality.

Positive Signals

Cash conversion score of 100.0/100 indicates strong cash flow generation relative to earnings.
Institutional ownership is high at 78.9%, suggesting confidence from larger, more sophisticated investors.

Ownership Risk

The concentrated ownership structure, with the top two institutional shareholders holding 78.9% of shares, may lead to governance risks and reduced minority shareholder influence.

Recommendation

Investors should closely monitor revenue recognition practices and expense management strategies. Consider a cautious approach to investment until clearer trends in earnings quality and operational performance emerge.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

1.80

Distress Zone

Sharpe

-0.04

Negative

Composite

Weak

Price Risk

Momentum

-6.0%

Volatility

44.9%

Max Drawdown

-43.3%

Key Ratios

Fiscal year 2025

16.95P/E

P/B1.29

P/S7.39

ROE7.2%

ROA3.5%

EPS1776.05

BVPS23296.44

Gross Margin32.6%

Net Margin43.6%

D/E1.03

Current Ratio18.32

Rev Growth4.4%

Profit Growth-6.9%

EV/EBITDA23.93

Div Yield0.0%

Company Overview

Issued Shares

24.0M

Charter Capital

240.0B 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 MH3 — hover nodes for intel, click to navigate

Shareholders

Công ty TNHH MTV Cao su Bình Long

Inst

41.1%

9.9 trieu

Công ty Cổ phần Khu Công nghiệp Nam Tân Uyên

Inst

37.8%

9.1 trieu

Phan Đình Phúc

Indiv

1.1%

130.460

Vũ Thị Luyến

Indiv

0.2%

44.200

Trần Thị Kim Thanh

Indiv

0.1%

36.550

Nguyễn Đức Hùng

Indiv

0.1%

34.500

Lê Văn Vui

Indiv

0.1%

26.000

Board & Management

LÊ VĂN VUI0.1%

Chủ tịch Hội đồng Quản trị

Phạm Ánh

Thành viên Hội đồng Quản trị

Hà Huệ Hải

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Đức Cường

Phụ trách Công bố thông tin

Huỳnh Văn Thi

Phó Tổng Giám đốc

Đỗ Chí Hiếu

Người phụ trách quản trị công ty

Trịnh Xuân Tiến

Thành viên Hội đồng Quản trị

Vũ Mạnh Xuân Tùng

Trưởng Ban kiểm soát

Lê Văn Trung

Kế toán trưởng

Đỗ Minh Dương

Thành viên Ban kiểm soát

Hoàng Văn Xuyên

Thành viên Ban kiểm soát

Hà Trọng Bình

Thành viên Hội đồng Quản trị

Top connections

GTA51.8%VRG41.1%SIP37.8%VC76.7%HPM5.1%A322.7%CSC1.8%L401.3%RBC1.1%NTC1.1%

Computed 12/04/2026