TID

Real Estate

Công ty Cổ phần Tổng Công ty Tín Nghĩa

Bất động sảnCT

21.000

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

79.017

Current

21.000

Gap

+276.3%

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)

26.11%

Kd(1-t)

5.85%

D/(D+E)

73.89%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend2.83%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

11.570

60%DCF Value

123.982

Blended Intrinsic

79.017

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TID

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.83

Low Risk

DSRI

1.121

GMI

0.865

AQI

0.741

SGI

1.141

DEPI

0.957

SGAI

0.965

TATA

-0.091

LVGI

0.964

TID's Beneish M-Score of -2.8314 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality metrics reveal significant weaknesses, particularly in revenue recognition and profit margins, which could signal underlying operational issues.

Red Flags

Earnings Quality Score of 67.0/100 is moderate, with a concerning revenue score of 0.0/100 indicating potential issues in revenue recognition.
SGI of 1.1407 suggests aggressive growth that may not be sustainable, raising concerns about the company's ability to maintain performance.

Positive Signals

Cash conversion metrics are strong, with an eq_cash_conv score of 100.0/100, indicating effective cash flow management.
The Beneish M-Score of -2.8314 suggests a lower risk of earnings manipulation compared to peers.

Ownership Risk

The ownership structure is heavily dominated by state entities, with 98.1% held by government-related shareholders, which may lead to potential conflicts of interest and reduced accountability.

Recommendation

Investors should closely monitor TID's operational performance and revenue recognition practices, while considering a cautious approach given the elevated risk profile. Engaging with management on transparency and governance practices may also be beneficial.

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

Quantitative Scores

F-Score

8/9

Strong

Z-Score

1.51

Distress Zone

Sharpe

-0.14

Negative

Composite

Strong

Price Risk

Momentum

+6.4%

Volatility

26.9%

Max Drawdown

-29.1%

Key Ratios

Fiscal year 2025

6.81P/E

P/B1.43

P/S0.32

ROE23.8%

ROA3.5%

EPS3181.30

BVPS15111.74

Gross Margin7.8%

Net Margin4.8%

D/E2.83

Current Ratio1.79

Rev Growth14.1%

Profit Growth104.9%

EV/EBITDA6.99

Div Yield0.0%

Company Overview

Issued Shares

200.0M

Charter Capital

2000.0B 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 TID — hover nodes for intel, click to navigate

Shareholders

Ủy Ban Quản Lý Vốn Nhà Nước Tại Doanh Nghiệp

State

50.0%

77.9 trieu

Ủy Ban Nhân Dân Tỉnh Đồng Nai

State

48.1%

96.1 trieu

Công ty Cổ Phần Đầu Tư Xây Dựng Và Vật Liệu Xây Dựng Sài Gòn

Inst

25.0%

49.9 trieu

Quách Văn Đức

Indiv

4.4%

8.8 trieu

Công ty Cổ phần Thương Mại Thành Thành Công

Inst

0.5%

1.1 trieu

Huỳnh Bích Ngọc

Indiv

0.1%

227.632

thái văn chuyện

Indiv

0.1%

227.632

Nguyễn Văn Triển

Indiv

0.1%

101.979

Board & Management

Nguyễn Văn Hồng

Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Thị Thùy Vân

Kế toán trưởng

Trần Phạm Việt Hoàng

Khác

Quách Trọng Nguyên

Thành viên Hội đồng Quản trị

Lê Hữu Tịnh

Phó Tổng Giám đốc

Lê Ngọc Dung

Thành viên Ban kiểm soát

Lê Văn Danh

Phó Tổng Giám đốc

Trần Tấn Nhật

Trưởng Ban kiểm soát

Trần Ngọc Thơ

Thành viên Hội đồng Quản trị

Nguyễn Thành Đạt

Thành viên Hội đồng Quản trị

Trần Hoài Nam

Thành viên Hội đồng Quản trị

Dương Thị Loan Anh

Người phụ trách quản trị công ty

Trần Trung Tuấn

Phó Tổng Giám đốc

Đặng Thị Thanh Hà

Chủ tịch Hội đồng Quản trị/Phó Tổng Giám đốc

Tăng Trần Tấn Khải

Thành viên Ban kiểm soát

Nguyễn Cao Nhơn

Phó Tổng Giám đốc

Top connections

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Computed 12/04/2026