SSH
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 — SSH
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The forensic assessment of SSH indicates significant red flags regarding potential earnings manipulation, as evidenced by a Beneish M-Score of 0.2292, which is well above the manipulation threshold of -1.78. Additionally, the company's earnings quality score of 30.5/100, particularly low cash conversion and receivables metrics, raises concerns about the reliability of reported earnings.
- Beneish M-Score of 0.2292 indicates potential earnings manipulation, significantly above the threshold of -1.78.
- DSRI at 4.7395 suggests excessive growth in receivables relative to sales, indicating potential revenue recognition issues.
- Earnings Quality Score of 30.5/100 with 0.0/100 in receivables and revenue metrics points to severe issues in earnings reliability.
- GMI of 1.0134 indicates stable gross margins, which could suggest some operational strength.
- Ownership structure shows a single institution (Công ty Cổ phần Tập đoàn Sunshine) holding 100%, which can lead to consistent strategic direction.
The complete ownership by Công ty Cổ phần Tập đoàn Sunshine may pose risks related to lack of oversight and transparency, as minority shareholders have minimal influence.
Investors should exercise caution and conduct further due diligence before investing in SSH, particularly focusing on cash flow statements and receivables management. Consider monitoring for any changes in the ownership structure or governance practices.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for SSH — hover nodes for intel, click to navigate