PIV
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 — PIV
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2017
The Beneish M-Score of 1.9205 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Coupled with a poor earnings quality score of 12.0/100, this stock presents substantial red flags for potential investors.
- Beneish M-Score of 1.9205 indicates likely earnings manipulation.
- Earnings Quality Score of 12.0/100 suggests severe issues with accruals and cash conversion.
- SGI of 1.1781 indicates moderate sales growth, which could be a positive sign if sustainable.
The ownership structure is fragmented with no single shareholder holding a significant controlling stake, which may lead to governance challenges and potential conflicts of interest.
Given the high risk of earnings manipulation and poor earnings quality, it is advisable to avoid investment in PIV until clearer financial transparency and improved metrics are demonstrated.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for PIV — hover nodes for intel, click to navigate