PXA

Real Estate

Công ty Cổ phần Đầu tư và Thương mại Dầu khí Nghệ An

Bất động sảnCT

800

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

633

Current

800

Gap

-20.9%

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)

16.69%

Kd(1-t)

6.40%

D/(D+E)

83.31%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend5.06%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

1.266

60%DCF Value

-3.025

Blended Intrinsic

633

Value Decomposition

32%

68%

Explicit period (32%)Terminal value (68%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PXA

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.24

Moderate

DSRI

2.393

GMI

0.364

AQI

1.313

SGI

0.380

DEPI

0.971

SGAI

3.047

TATA

0.016

LVGI

1.012

PXA exhibits several concerning financial metrics indicating potential earnings manipulation, particularly with a Beneish M-Score of -2.2439, which is below the manipulation threshold. The earnings quality score of 33.4/100, especially low scores in receivables and revenue, further raises red flags about the reliability of reported earnings.

Red Flags

Beneish M-Score of -2.2439 indicates potential earnings manipulation as it is below the threshold of -1.78.
Earnings Quality Score of 33.4/100, with particularly low scores in receivables (0.0/100) and revenue (0.0/100), suggests poor earnings quality.
SGAI of 3.0475 indicates excessive growth in selling, general, and administrative expenses relative to revenue growth, which could signal inefficiencies or potential misreporting.

Positive Signals

DSRI of 2.3929 indicates that the company is managing its inventory levels, which could suggest operational efficiency despite other red flags.
High accrual quality score of 93.5/100 indicates that the company's earnings are primarily derived from cash flows, which is a positive sign in the context of overall earnings quality.

Ownership Risk

The ownership structure is concentrated, with the top three shareholders holding a combined 87.8% of shares, which could lead to potential governance issues and lack of minority shareholder protections.

Recommendation

Investors should exercise caution and conduct further due diligence on PXA, particularly focusing on cash flow statements and operational performance, before considering any investment.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

-1.03

Distress Zone

Sharpe

-0.37

Negative

Composite

Weak

Price Risk

Momentum

-25.0%

Volatility

124.9%

Max Drawdown

-53.8%

Key Ratios

Fiscal year 2025

31.58P/E

P/B0.44

P/S0.25

ROE1.4%

ROA0.2%

EPS28.50

BVPS2024.80

Gross Margin20.8%

Net Margin0.8%

D/E4.88

Current Ratio0.65

Rev Growth135.3%

Profit Growth153.0%

EV/EBITDA14.69

Div Yield0.0%

Company Overview

Issued Shares

15.0M

Charter Capital

150.0B 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 PXA — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Xây dựng Dầu khí Nghệ An

Inst

40.5%

6.1 trieu

Trần Thị Toàn

Indiv

24.4%

3.7 trieu

Lê Mạnh Trung

Indiv

22.9%

3.4 trieu

Đường Hùng Cường

Indiv

14.4%

2.2 trieu

Hoàng Công Thành

Indiv

5.3%

801.300

Phùng Thị Hoa Phượng

Indiv

4.9%

740.000

Tôn Thất Cảnh Hưng

Indiv

4.9%

734.100

Công ty Cổ phần Chứng khoán Dầu khí

Inst

3.5%

520.000

Trần Lương Sơn

Indiv

2.4%

355.400

Hoàng Việt Hùng

Indiv

1.9%

278.500

Trần Đình Toàn

Indiv

0.2%

24.800

Board & Management

Trần Lương Sơn2.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Trần Đình Quang

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Phạm Mạnh Hùng

Người phụ trách quản trị công ty

Phan Huy Hoàn

Thành viên Hội đồng Quản trị

Dương Thanh Ngọc

Thành viên Ban kiểm soát

Đường Dũng Tiến

Chủ tịch Hội đồng Quản trị

Đặng Thị Quỳnh Nga

Thành viên Ban kiểm soát

Nguyễn Thị Vân Khánh

Trưởng Ban kiểm soát

Nguyễn Thị Lê Trâm

Trưởng phòng Tổ chức hành chính

Trần Hoàng Đạt

Phó Tổng Giám đốc

Nguyễn Ngọc Hoa

Kế toán trưởng

Top connections

PX196.3%DIC24.4%PAI11.8%NGC7.8%PTX5.3%PVG4.3%PDC3.5%PWA3.5%AAA3.5%GSP3.5%PPY3.5%TMT3.5%

Computed 12/04/2026