TIX

Real Estate

Công ty Cổ phần Sản xuất Kinh doanh Xuất nhập khẩu Dịch vụ và Đầu tư Tân Bình

Bất động sảnCT

43.500

VND · Last close

Valuation Verdict

Overvalued

Low

-120%Fair Value+120%

Intrinsic Value

34.834

Current

43.500

Gap

-19.9%

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)

70.41%

Kd(1-t)

6.50%

D/(D+E)

29.59%

WACC

11.50%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

29.957

60%DCF Value

38.085

Blended Intrinsic

34.834

Value Decomposition

37%

63%

Explicit period (37%)Terminal value (63%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — TIX

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2017

-1.23

High Risk

DSRI

0.892

GMI

1.223

AQI

1.261

SGI

1.835

DEPI

0.000

SGAI

0.804

TATA

0.072

LVGI

0.604

The Beneish M-Score of -1.226 suggests that TIX is not likely to be manipulating earnings, as it is above the manipulation threshold of -1.78. However, the earnings quality metrics indicate significant weaknesses, particularly in cash conversion and revenue recognition, which pose risks to the reliability of reported earnings.

Red Flags

Earnings Quality Score of 50.0/100 indicates moderate concerns, particularly with eq_cash_conv at 27.0/100, suggesting poor cash conversion relative to earnings.
SGI of 1.8352 indicates aggressive growth, which may not be sustainable and could lead to future earnings disappointments.

Positive Signals

DSRI of 0.8921 suggests that inventory levels are well managed relative to sales, potentially indicating operational efficiency.
eq_receivables score of 100.0/100 indicates strong management of receivables, which is a positive sign for cash flow.

Ownership Risk

The top shareholders are predominantly institutional, which can provide stability; however, the high concentration of ownership (top three institutions hold 49.1%) may lead to governance risks and potential conflicts of interest.

Recommendation

Investors should closely monitor TIX's cash flow performance and revenue recognition practices, considering a cautious approach given the elevated risk level. A deeper analysis of operational efficiency and growth sustainability is recommended before making investment decisions.

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

Quantitative Scores

F-Score

7/9

Strong

Z-Score

3.48

Safe Zone

Sharpe

0.42

Positive

Composite

Fair

Price Risk

Momentum

+30.9%

Volatility

34.0%

Max Drawdown

-17.5%

Key Ratios

Fiscal year 2025

10.88P/E

P/B1.54

P/S5.29

ROE14.3%

ROA10.1%

EPS3997.19

BVPS28267.41

Gross Margin78.8%

Net Margin48.6%

D/E0.41

Current Ratio6.28

Rev Growth11.1%

Profit Growth12.3%

EV/EBITDA7.49

Div Yield5.7%

Company Overview

Issued Shares

30.0M

Charter Capital

300.0B 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 TIX — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Xuất nhập khẩu và Đầu tư Chợ Lớn (CHOLIMEX)

Inst

20.1%

6.0 trieu

Công ty Cổ Phần Sản Xuất - Dịch vụ Tân Bình Tanimex

Inst

18.0%

5.4 trieu

Công ty CP Đầu Tư Và Phát Triển Minh Phát

Inst

11.0%

3.3 trieu

Võ Nguyệt Thùy Vân

Indiv

9.7%

2.9 trieu

Công ty Cổ Phần Sản Xuất Dịch Vụ Hưng Phát

Inst

6.7%

2.0 trieu

Công ty TNHH Tư Vấn Đầu Tư Trần Phan

Inst

5.0%

1.5 trieu

Lê Thị Minh Thanh

Indiv

4.3%

1.3 trieu

Quỹ Đầu Tư Chứng Khoán Bảo Việt

Inst

2.7%

646.380

Nguyễn Đình Minh Triết

Indiv

2.0%

600.000

Trần Hưng Lộc

Indiv

2.0%

600.000

Công ty Cổ Phần Xây Dựng Cơ Khí Tân Bình Tanimex

Inst

1.4%

340.000

Nguyễn Minh Tâm

Indiv

1.3%

402.144

Tổng Công ty Bảo hiểm Bảo Việt

State

0.9%

210.420

Nguyễn Văn Ngoãn

Indiv

0.5%

123.600

Trần Thị Lan

Indiv

0.4%

100.000

Võ Chí Thanh

Indiv

0.3%

84.000

Vũ Thị Thanh Hồng

Indiv

0.3%

79.545

Huỳnh An Trung

Indiv

0.3%

79.545

Nguyễn Văn Cừ

Indiv

0.2%

42.000

Nguyễn Trung Hiếu

Indiv

0.2%

52.018

Nguyễn Ngọc Loan

Indiv

0.2%

48.943

Lê Nguyễn Hướng Dương

Indiv

0.1%

42.267

nguyen-thi-minh-anh

Indiv

0.1%

25.380

Board & Management

Nguyễn Đình Minh Triết2.0%

Phó Tổng Giám đốc

Nguyễn Minh Tâm1.3%

Chủ tịch Hội đồng Quản trị

Võ Chí Thanh0.3%

Thành viên Ban kiểm soát

Lê Nguyễn Hướng Dương0.1%

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

Nguyễn Thị Thu Giang

Thành viên Hội đồng Quản trị

Nguyễn Thị Hảo

Trưởng Ban kiểm soát

Hà Thị Thu Thảo

Kế toán trưởng

Trần Quang Trường

Phó Chủ tịch Hội đồng Quản trị/Tổng Giám đốc

Trần Thị Thanh Nhàn

Thành viên Hội đồng Quản trị

La Ngọc Thông

Phó Tổng Giám đốc/Thành viên Hội đồng Quản trị

Nguyễn Văn Ngọc

Phó phòng Kiểm toán nội bộ

Trần Thị Hạnh

Thành viên Ban kiểm soát

Phan Ngọc Liêm

Thành viên Hội đồng Quản trị

Top connections

CMF40.7%DLR5.0%DID4.8%DCF4.8%DHM4.7%CLM4.6%PIT3.4%TFC3.1%VOS2.7%NSC2.7%SCL2.3%DDB1.7%

Computed 12/04/2026