SLD

Real Estate

Công ty Cổ phần Địa Ốc Sacom

Bất động sảnCT

9.600

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

5.888

Current

9.600

Gap

-38.7%

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)

88.22%

Kd(1-t)

6.84%

D/(D+E)

11.78%

WACC

12.80%

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

11.775

60%DCF Value

-710

Blended Intrinsic

5.888

Value Decomposition

35%

65%

Explicit period (35%)Terminal value (65%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — SLD

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

Financial Forensics

Beneish M-Score · 2020

6.76

High Risk

DSRI

9.961

GMI

0.883

AQI

7.373

SGI

0.241

DEPI

0.672

SGAI

1.643

TATA

0.001

LVGI

3.127

The Beneish M-Score of 6.7589 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Additionally, the earnings quality metrics show concerning signs, particularly in revenue recognition and margins, which further exacerbate the risk profile.

Red Flags

Beneish M-Score of 6.7589 indicates likely earnings manipulation.
Earnings Quality Score of 47.4/100, with eq_receivables and eq_revenue both at 0.0/100, raises significant concerns about revenue recognition practices.
DSRI of 9.9608 suggests excessive growth in receivables relative to sales, which may indicate aggressive revenue recognition.

Positive Signals

High eq_accrual score of 99.8/100 suggests that the company is generating earnings through actual cash flows rather than accounting adjustments.
SGI of 0.2413 indicates a decrease in sales growth, which may suggest a more conservative approach to revenue recognition moving forward.

Ownership Risk

The ownership structure is heavily concentrated, with SAM Holdings holding 85.7%, which could lead to potential governance issues and lack of accountability in financial reporting.

Recommendation

Investors should exercise caution and conduct further due diligence before considering an investment in SLD, particularly focusing on revenue recognition practices and the implications of concentrated ownership.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

5.18

Safe Zone

Key Ratios

Fiscal year 2025

924.64P/E

P/B1.02

P/S0.00

ROE0.1%

ROA0.1%

EPS10.38

BVPS9420.06

D/E0.13

Current Ratio0.97

Rev Growth-100.0%

Profit Growth-41.9%

EV/EBITDA-97.57

Div Yield0.0%

Company Overview

Issued Shares

78.6M

Charter Capital

785.7B 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 SLD — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần SAM Holdings

Inst

85.7%

67.3 trieu

Huỳnh Đức Thanh

Indiv

5.6%

4.4 trieu

Board & Management

Hồ Bạch Thảo

Phó Tổng Giám đốc Dự án

Nguyễn Thu Hằng

Thành viên Hội đồng Quản trị

Võ Lê Duy Đức

Thành viên Ban kiểm soát

Vũ Quang Vịnh

Thành viên Ban kiểm soát

Chung Thị Kiều Ngân

Kế toán trưởng/Phó Tổng Giám đốc

Nguyễn Thị Huyền Châu

Phó Tổng Giám đốc Kinh doanh

Đào Ngọc Thanh

Chủ tịch Hội đồng Quản trị

Phương Xuân Thụy

Thành viên Hội đồng Quản trị

Phạm Ngọc Tùng

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Trần Anh Vương

Thành viên Hội đồng Quản trị

Mai Thanh Sơn

Trưởng Ban kiểm soát

Top connections

DSP85.7%PRT85.7%DVN85.7%TTF85.7%WSS85.7%PCH2.5%

Computed 12/04/2026