PWA
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 — PWA
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2024
PWA exhibits significant red flags indicating potential earnings manipulation, as evidenced by a Beneish M-Score of -3.811, which is well below the manipulation threshold of -1.78. The earnings quality score of 27.7/100 further highlights concerns, particularly in receivables and revenue recognition.
- Beneish M-Score of -3.811 indicates strong likelihood of earnings manipulation.
- Earnings Quality Score of 27.7/100, with eq_receivables and eq_revenue both at 0.0/100, suggests severe issues in revenue recognition and cash conversion.
- DSRI of 2.2027 indicates that the company is managing its inventory levels, although this is offset by other negative signals.
- Ownership by Tổng công ty Đầu tư Nước và Môi trường Việt Nam at 24.9% may provide some stability due to institutional backing.
The ownership structure shows a significant concentration with the largest shareholder holding 24.9%, which could lead to governance risks if their interests diverge from minority shareholders.
Investors should exercise caution and consider further due diligence on PWA's financial practices and governance before making investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for PWA — hover nodes for intel, click to navigate