TAL
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 — TAL
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
TAL exhibits a concerning Beneish M-Score of -0.9493, indicating potential earnings manipulation risk, especially with a significant SGI of 2.2144 suggesting aggressive revenue growth. The earnings quality score of 32.4/100, particularly low cash conversion metrics, raises further concerns about the sustainability of reported earnings.
- Beneish M-Score of -0.9493 is above the manipulation threshold of -1.78, indicating potential earnings manipulation.
- SGI of 2.2144 suggests aggressive revenue growth that may not be sustainable.
- Earnings Quality Score of 32.4/100, with cash conversion at 0.0/100, indicates severe issues in converting earnings to cash.
- Receivables quality score of 100.0/100 indicates strong management of receivables, suggesting potential reliability in revenue collection.
The ownership structure shows a high concentration with Taseco holding 60.0%, which could lead to governance risks and lack of minority shareholder protections.
Investors should conduct further due diligence on TAL, focusing on cash flow sustainability and revenue recognition practices, while considering a cautious approach given the elevated risk indicators.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TAL — hover nodes for intel, click to navigate