NTC
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 — NTC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2019
NTC exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of 3.7247, well above the manipulation threshold of -1.78. The company's earnings quality score of 57.9/100, coupled with alarming metrics such as a DSRI of 8.8655 and an AQI of 1.0158, raises concerns about the sustainability of its reported earnings.
- Beneish M-Score of 3.7247 indicates likely earnings manipulation.
- DSRI of 8.8655 suggests excessive receivables relative to sales, raising concerns about revenue recognition.
- SGAI of 2.8747 indicates aggressive spending on sales and marketing, which may not translate to revenue growth.
- Earnings Quality Score of 57.9/100 indicates some level of earnings reliability.
- Cash conversion metric of 100.0/100 suggests strong cash flow generation despite other concerns.
The concentrated ownership structure, with the top three shareholders holding over 73% of shares, may lead to governance risks and reduced accountability. This concentration could also limit minority shareholder influence.
Investors should exercise caution and conduct further due diligence before considering an investment in NTC, focusing on cash flow sustainability and management's response to the identified red flags.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
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