SJS

Real Estate

Công ty Cổ phần SJ Group

Bất động sảnCT

49.550

VND · Last close

Valuation Verdict

Overvalued

Medium

-120%Fair Value+120%

Intrinsic Value

5.776

Current

49.550

Gap

-88.3%

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)

38.17%

Kd(1-t)

6.09%

D/(D+E)

61.83%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend4.97%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

14.393

60%DCF Value

Blended Intrinsic

5.776

Value Decomposition

32%

68%

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

Valuation Track Record

Retroactive intrinsic value vs actual close price — SJS

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.37

Moderate

DSRI

0.759

GMI

0.976

AQI

1.017

SGI

1.164

DEPI

0.786

SGAI

0.907

TATA

0.036

LVGI

0.912

SJS exhibits a Beneish M-Score of -2.3745, indicating a low likelihood of earnings manipulation. However, the earnings quality score of 63.9/100, particularly low cash conversion metrics, suggests potential concerns regarding the sustainability of reported earnings.

Red Flags

Earnings quality score of 63.9/100 indicates moderate risk, particularly driven by a low cash conversion score of 17.0/100, suggesting that earnings may not be translating into cash effectively.
The SGI at 1.1640 indicates a growth rate that may not be supported by underlying fundamentals, raising concerns about future revenue sustainability.

Positive Signals

A Beneish M-Score of -2.3745 is well below the manipulation threshold of -1.78, suggesting that the company is unlikely to be engaging in earnings manipulation.
Strong receivables and margin scores of 100.0/100 indicate effective management in these areas, which can be a positive sign for operational efficiency.

Ownership Risk

The top shareholders include significant institutional investors, which can provide stability. However, the largest shareholder holds 23.0%, indicating potential concentration risk that could influence governance and decision-making.

Recommendation

Investors should monitor cash conversion metrics closely and consider the implications of growth rates on future performance. A cautious approach is advised, focusing on operational cash flows and potential governance risks due to ownership concentration.

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

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

3.25

Safe Zone

Sharpe

0.45

Positive

Composite

Fair

Price Risk

Momentum

+50.7%

Volatility

31.2%

Max Drawdown

-41.1%

Key Ratios

Fiscal year 2025

41.40P/E

P/B4.30

P/S19.60

ROE11.1%

ROA4.5%

EPS1196.72

BVPS11514.16

Gross Margin69.3%

Net Margin47.3%

D/E1.29

Current Ratio2.21

Rev Growth16.4%

Profit Growth32.6%

EV/EBITDA34.27

Div Yield0.0%

Company Overview

Issued Shares

297.5M

Charter Capital

2974.7B 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 SJS — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ Phần Thương Mại Dịch Vụ Đầu Tư An Phát

Inst

23.0%

68.5 trieu

Deutsche Bank Aktiengesellchaft, London Branch

Inst

4.8%

4.8 trieu

Ngân hàng Deutsche Aktiengesellschaft

Inst

4.7%

4.7 trieu

VanEck Vietnam ETF

Inst

4.4%

4.4 trieu

Công ty Cổ phần Chứng khoán Quốc Gia

Inst

1.8%

5.5 trieu

Citigroup Global

Inst

1.6%

1.6 trieu

Deutsche Asset Management (Asia) Limited

Inst

1.3%

1.3 trieu

Quỹ Đầu tư Cổ phiếu Tập trung Cổ tức DC

Inst

0.8%

834.700

Phan Ngọc Diệp

Indiv

0.7%

692.950

Quỹ Đầu tư Tăng trưởng Việt Nam (VF2)

Inst

0.6%

570.000

Vũ Hồng Sự

Indiv

0.5%

603.750

Board & Management

Trần Việt Dũng

Kế toán trưởng

Trần Đình Trụ

Phó Tổng Giám đốc/Phụ trách Công bố thông tin

Nguyễn Hải Dương

Thành viên Hội đồng Quản trị

Bùi Khắc Viện

Phó Tổng Giám đốc

Bùi Đình Đông

Thành viên Ban kiểm soát

Nguyễn Đức Diện

Phó Tổng Giám đốc

Trần Phụng Dư

Người phụ trách quản trị công ty

Nguyễn Phú Cường

Thành viên Hội đồng Quản trị

Đỗ Văn Bình

Chủ tịch Hội đồng Quản trị

Nguyễn Minh Sơn

Trưởng Ban kiểm soát

Nguyễn Công Chính

Phó Tổng Giám đốc

Nguyễn Trần Dũng

Phó Tổng Giám đốc

Nguyễn Văn Tùng

Thành viên Hội đồng Quản trị

Trần Anh Đức

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Nguyễn Ngọc Thắng

Thành viên Ban kiểm soát

Top connections

TCL7.3%AAA6.6%ABT2 links TA66.0%HTV6.0%NBB5.6%KDC4 links PPC3 links ITA2 links ANV4.9%C694.8%HSG4 links

Computed 12/04/2026