PPI

Real Estate

Công ty Cổ phần Đầu tư và Phát triển dự án hạ tầng Thái Bình Dương

Bất động sảnCT

400

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

1.965

Current

400

Gap

+391.3%

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

13.60%

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

—

60%DCF Value

1.965

Blended Intrinsic

1.965

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PPI

Earnings Quality

Fiscal year 2022

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2016

-1.38

High Risk

DSRI

1.659

GMI

4.774

AQI

0.925

SGI

0.568

DEPI

0.422

SGAI

3.952

TATA

-0.119

LVGI

0.858

PPI exhibits several concerning indicators of earnings manipulation, particularly highlighted by a high DSRI and GMI. The earnings quality score of 23.8/100 further suggests significant issues with revenue recognition and cash conversion.

Red Flags

DSRI of 1.6586 indicates a significant increase in receivables relative to sales, suggesting potential revenue manipulation.
GMI of 4.7741 is substantially above the threshold, indicating a deterioration in gross margins that could point to inflated earnings.
Earnings Quality Score of 23.8/100, particularly low scores in receivables (0.0/100) and revenue (0.0/100), suggest severe issues with earnings sustainability.

Positive Signals

The Beneish M-Score of -1.3805 is below the manipulation threshold of -1.78, indicating a lower likelihood of earnings manipulation.
Ownership by institutional investors like Công ty Cổ phần Quản Lý Quỹ Fides (14.5%) suggests some level of oversight and governance.

Ownership Risk

The ownership structure shows a mix of institutional and individual investors, with the largest shareholder being an institution. However, the presence of multiple individual shareholders could lead to potential conflicts of interest.

Recommendation

Investors should approach PPI with caution, closely monitoring future earnings reports and cash flow statements. Consider reducing exposure until clearer signs of earnings quality improvement are observed.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

-6.74

Distress Zone

Sharpe

-0.36

Negative

Composite

Weak

Price Risk

Momentum

-42.9%

Volatility

114.1%

Max Drawdown

-42.9%

Key Ratios

Fiscal year 2022

-7.12P/E

P/B0.00

P/S0.00

ROE2.4%

ROA-2.2%

EPS-69.90

BVPS0.00

D/E-1.99

Current Ratio0.46

Rev Growth-100.0%

Profit Growth86.2%

EV/EBITDA-26.80

Div Yield0.0%

Company Overview

Issued Shares

48.3M

Charter Capital

482.9B 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 PPI — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Quản Lý Quỹ Fides (việt Nam)

Inst

14.5%

7.0 trieu

Phạm Anh Tuấn

Indiv

8.3%

4.0 trieu

Công ty Cổ phần Phát triển Nhà Thủ Đức

Inst

5.0%

2.4 trieu

Đoàn Văn Tuyến

Indiv

4.9%

2.4 trieu

Trần Đình Phong

Indiv

4.8%

2.3 trieu

Phan Lưu Minh Thịnh

Indiv

4.7%

2.3 trieu

Đặng Ngọc Của

Indiv

4.1%

2.0 trieu

Lưu Hùng Kiên

Indiv

3.9%

1.9 trieu

Công ty Cổ Phần Hoàn Lộc Việt

Inst

2.9%

1.4 trieu

Công ty Tài chính TNHH MTV Cao su Việt Nam

Inst

1.6%

758.657

Phan Minh Hoàn

Indiv

1.4%

696.163

Nhan Tuấn Phong

Indiv

1.3%

634.633

Phạm Thị Thủy

Indiv

1.2%

591.816

Tổng Công ty Xây dựng công trình giao thông 1

State

1.1%

525.000

Công ty Cổ phần Chứng khoán SSI

Inst

1.0%

460.000

HOÀNG BÁ ĐỊNH

Indiv

0.9%

450.000

Công ty CP Đầu Tư Kim Cương

Inst

0.7%

360.000

nguyen-thi-hai

Indiv

0.7%

323.910

Phan Anh Dũng

Indiv

0.2%

80.186

Tô Thị Thúy Hà

Indiv

0.1%

73.872

Đặng Xuân Hùng

Indiv

0.1%

73.933

Nguyễn Vũ Bảo Hoàng

Indiv

0.1%

64.860

Trần Thanh Tâm

Indiv

0.1%

64.860

Board & Management

Đặng Xuân Hùng0.1%

Phó Tổng Giám đốc

Nguyễn Ngọc Hân

Thành viên Hội đồng Quản trị

Phạm Đức Tấn

Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Ngọc Sơn

Thành viên Ban kiểm soát

Lưu Chiến Thắng

Thành viên Ban kiểm soát

Bùi Thanh Trúc

Thành viên Hội đồng Quản trị

Đặng Thế Phát

Người phụ trách quản trị công ty/Phó Tổng Giám đốc

Nguyễn Trần Nhân

Thành viên Ban kiểm soát

Đặng Văn Phúc

Phụ trách Công bố thông tin

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Computed 12/04/2026