PXL

Real Estate

Công ty Cổ phần Đầu tư Khu Công Nghiệp Dầu khí Long Sơn

Bất động sảnCT

13.900

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

31.755

Current

13.900

Gap

+128.4%

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)

94.30%

Kd(1-t)

5.00%

D/(D+E)

5.70%

WACC

13.11%

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

12.495

60%DCF Value

44.596

Blended Intrinsic

31.755

Value Decomposition

36%

64%

Explicit period (36%)Terminal value (64%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — PXL

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2024

-2.36

Moderate

DSRI

1.213

GMI

1.053

AQI

0.996

SGI

0.855

DEPI

0.892

SGAI

1.045

TATA

0.010

LVGI

1.002

PXL exhibits several concerning financial metrics that suggest potential earnings manipulation, particularly with a Beneish M-Score of -2.3626, which is below the manipulation threshold of -1.78. Additionally, the Earnings Quality Score of 29.9/100 indicates significant issues with cash conversion and revenue recognition.

Red Flags

Beneish M-Score of -2.3626 indicates potential earnings manipulation, well below the threshold of -1.78.
Earnings Quality Score of 29.9/100, with cash conversion and receivables both at 0.0/100, suggests severe issues in revenue recognition.

Positive Signals

DSRI of 1.2135 indicates a slight increase in receivables relative to sales, which could suggest growth, though it is concerning given the low cash conversion.
Institutional ownership is high at 65.0% and 25.5%, indicating strong confidence from major investors.

Ownership Risk

The high concentration of ownership by institutional investors (90.5% combined) may limit shareholder influence and raise concerns about governance and transparency.

Recommendation

Investors should proceed with caution, closely monitoring future earnings reports and cash flow statements. Consider a deeper analysis of operational practices and potential governance issues before making investment decisions.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

31.66

Safe Zone

Sharpe

0.37

Positive

Composite

Fair

Price Risk

Momentum

+22.1%

Volatility

33.8%

Max Drawdown

-38.4%

Key Ratios

Fiscal year 2025

2926.79P/E

P/B1.58

P/S247.68

ROE0.1%

ROA0.1%

EPS5.41

BVPS9995.62

Gross Margin49.0%

Net Margin8.5%

D/E0.03

Current Ratio26.52

Rev Growth7.1%

Profit Growth5.2%

EV/EBITDA-63.22

Div Yield0.0%

Company Overview

Issued Shares

176.1M

Charter Capital

1761.5B 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 PXL — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Hạ tầng GELEX

Inst

65.0%

114.5 trieu

Công ty Cổ phần Hạ tầng GELEX

Inst

25.5%

21.1 trieu

Tổng Công ty IDICO

Inst

8.5%

7.1 trieu

Công ty Cổ phần Quản lý quỹ đầu tư MB

Inst

5.0%

4.1 trieu

Công ty Cổ phần Đầu tư MHC

Inst

5.0%

4.1 trieu

Trần Minh Chính

Indiv

4.8%

3.9 trieu

Trần Ngọc Hùng

Indiv

0.4%

285.900

Board & Management

Trần Ngọc Hưng0.4%

Thành viên Hội đồng Quản trị độc lập

Lê Công Trung

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Phạm Việt Bằng

Phó Tổng Giám đốc

Lê Chuyển

Phó Tổng Giám đốc

Nguyễn Đăng Thanh

Trưởng Ban kiểm soát

Đặng Việt Hưng

Thành viên Hội đồng Quản trị độc lập

Lê Bá Thọ

Chủ tịch Hội đồng Quản trị

Nguyễn Hồng Hải

Thành viên Hội đồng Quản trị

Phạm Thị Huyền Anh

Thành viên Ban kiểm soát

Bùi Hoàng Giang

Thành viên Ban kiểm soát

Phạm Quang Tùng

Kế toán trưởng

Hoàng Bình Trung

Phó Tổng Giám đốc

Top connections

VGC2 links HJS2 links UIC64.5%HTI57.5%ISH51.8%ICN51.0%LAI51.0%INC44.0%LMI20.1%VC113.4%NAC8.5%NT28.5%

Computed 12/04/2026