TBR
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 — TBR
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2024
TBR displays significant red flags indicative of potential earnings manipulation, as evidenced by a Beneish M-Score of -3.6064, well below the threshold of -1.78. The low earnings quality score of 18.5/100 further raises concerns about the reliability of reported earnings.
- Beneish M-Score of -3.6064 indicates a high likelihood of earnings manipulation.
- Earnings Quality Score of 18.5/100 suggests poor earnings quality, particularly with cash conversion at 0.0/100 and receivables at 0.0/100.
- DSRI of 0.2947 indicates a lower risk of revenue manipulation through inventory, suggesting better inventory management.
- SGI of 0.5636 indicates a decrease in sales growth, which could be a positive signal if it reflects a strategic shift rather than distress.
The ownership structure is heavily concentrated, with Tổng Công ty Địa ốc Sài Gòn holding 51.0%, which may pose risks related to governance and minority shareholder rights.
Investors should exercise caution and conduct further due diligence on TBR, focusing on cash flow statements and management's strategic direction, before making investment decisions.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TBR — hover nodes for intel, click to navigate