NRC
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 — NRC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of 23.8974 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Coupled with a low earnings quality score of 58.1, particularly concerning metrics such as revenue and margin, this stock presents substantial risks for investors.
- Beneish M-Score of 23.8974 indicates likely earnings manipulation.
- Earnings Quality Score of 58.1 reflects poor revenue and margin metrics (0.0/100).
- SGI of 28.6021 suggests aggressive growth that may not be supported by actual performance.
- High cash conversion (eq_cash_conv of 100.0/100) indicates effective cash management.
- Low DSRI of 0.0794 suggests that inventory levels are well managed relative to sales.
The ownership structure is fragmented, with the largest shareholder holding only 15.9%, which may lead to governance challenges and potential conflicts of interest.
Investors should exercise caution and conduct further due diligence before considering an investment in NRC, particularly focusing on the sustainability of reported earnings and the company's growth strategy.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for NRC — hover nodes for intel, click to navigate