TEG

Real Estate

Công ty Cổ phần Trường Thành Energy Group

Bất động sảnCT

6.050

VND · Last close

Valuation Verdict

Undervalued

Low

-120%Fair Value+120%

Intrinsic Value

7.001

Current

6.050

Gap

+15.7%

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)

83.66%

Kd(1-t)

5.16%

D/(D+E)

16.34%

WACC

12.22%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

14.001

60%DCF Value

-1.005

Blended Intrinsic

7.001

Value Decomposition

39%

61%

Explicit period (39%)Terminal value (61%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TEG

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-0.02

High Risk

DSRI

5.218

GMI

0.157

AQI

0.996

SGI

0.187

DEPI

4.169

SGAI

4.307

TATA

0.010

LVGI

1.266

TEG exhibits several concerning indicators that suggest potential earnings manipulation, particularly highlighted by its high DSRI of 5.2184 and low earnings quality score of 30.9/100. While the Beneish M-Score of -0.0172 does not indicate outright manipulation, the overall financial metrics raise significant red flags.

Red Flags

DSRI of 5.2184 indicates a significant increase in receivables relative to sales, suggesting potential revenue recognition issues.
Earnings Quality Score of 30.9/100, particularly low scores in eq_receivables (0.0/100) and eq_margin (0.0/100), indicate poor earnings quality and potential cash flow issues.

Positive Signals

Beneish M-Score of -0.0172, while concerning, is below the manipulation threshold of -1.78, suggesting that outright manipulation may not be present.
High eq_accrual score of 96.2/100 indicates that the company is generating earnings that are not purely based on cash flow, which could be a positive sign if managed correctly.

Ownership Risk

The ownership structure shows a concentration of institutional investors, with the largest shareholder holding 31.7%. This could imply stability; however, the presence of significant institutional ownership may also lead to pressure for short-term performance, raising risks if earnings quality does not improve.

Recommendation

Investors should closely monitor TEG's financial disclosures and earnings quality metrics, particularly focusing on cash flow performance and receivables management. A cautious approach is advised until clearer signals of financial stability emerge.

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

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

2.10

Grey Zone

Sharpe

-0.20

Negative

Composite

Weak

Price Risk

Momentum

-5.5%

Volatility

37.5%

Max Drawdown

-26.9%

Key Ratios

Fiscal year 2025

32.72P/E

P/B0.54

P/S13.09

ROE1.7%

ROA1.2%

EPS184.88

BVPS11201.00

Gross Margin41.6%

Net Margin40.0%

D/E0.23

Current Ratio5.14

Rev Growth-81.3%

Profit Growth350.2%

EV/EBITDA78.47

Div Yield0.0%

Company Overview

Issued Shares

120.8M

Charter Capital

1208.1B 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 TEG — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Tập Đoàn Trường Thành Việt Nam

Inst

31.7%

38.3 trieu

Công ty Cổ Phần Đầu Tư Mernus

Inst

9.0%

10.9 trieu

Nguyễn Thị Thanh Hà

Indiv

7.2%

8.7 trieu

Sermsang Power Corporation Public Company Limited

Inst

5.0%

6.0 trieu

Công ty Cổ phần Chứng khoán Sài Gòn - Hà Nội

Inst

3.7%

1.2 trieu

Nguyễn Tùng Lâm

Indiv

3.4%

997.420

Nguyễn Tích Phương

Indiv

2.9%

433.000

Lê Đình Ngọc

Indiv

2.7%

3.2 trieu

Phan Ngọc Anh Cương

Indiv

2.4%

1.6 trieu

Nguyễn Thị Bích Liên

Indiv

1.7%

1.1 trieu

Mạc Quang Huy

Indiv

1.6%

2.0 trieu

Nguyễn Diên

Indiv

1.0%

150.000

nguyen-dinh-chien

Indiv

1.0%

150.000

Hà Ngọc Minh

Indiv

0.7%

858.300

Nguyễn Diệu Huyền

Indiv

0.5%

65.500

Hoàng Mạnh Huy

Indiv

0.4%

474.264

Hoàng Đình Lợi

Indiv

0.3%

416.338

Đào Xuân Đức

Indiv

0.2%

229.251

Board & Management

Phan Ngọc Anh Cương2.4%

Thành viên Hội đồng Quản trị

Lê Đình Ngọc0.6%

Thành viên Hội đồng Quản trị

Hoàng Mạnh Huy0.4%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Hoàng Đình Lợi0.3%

Phó Chủ tịch Hội đồng Quản trị

Akahane Seiji

Thành viên Hội đồng Quản trị độc lập

Đặng Trần Quyết

Phó Tổng Giám đốc

Đào Xuân Đức

Trưởng Ban kiểm soát

Nguyễn Hồng Thắng

Phó Tổng Giám đốc/Kế toán trưởng

Ninh Thị Thanh

Thành viên Ban kiểm soát

Đặng Trung Kiên

Chủ tịch Hội đồng Quản trị

Trần Thị Thanh Huyền

Người phụ trách quản trị công ty/Phụ trách Công bố thông tin

Trần Tuấn Phong

Thành viên Hội đồng Quản trị độc lập

Nguyễn Thúy Quỳnh

Thành viên Ban kiểm soát

Top connections

PHC2 links PVH14.8%VRC14.5%KTL14.4%DTL12.9%VHH12.4%PLA9.8%RCC9.7%TTB8.8%HDC7.2%CLH7.2%SBL7.2%

Computed 12/04/2026