TPP
ConstructionValuation Breakdown
Construction and industrial firms have characteristics of both cyclical businesses (lumpy project-based revenue) and growth companies (expanding order books). This model blends two approaches 50/50: EV/EBITDA valuation (captures current earning power relative to peers) and FCF-based DCF (captures future cash generation potential). If EV/EBITDA produces a negative value (debt exceeds enterprise value), only DCF is used.
Valuation Track Record
Retroactive intrinsic value vs actual close price — TPP
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -1.2535 indicates a low likelihood of earnings manipulation, as it is above the threshold of -1.78. However, the low Earnings Quality Score of 19.1/100 and particularly poor cash conversion metrics raise concerns about the sustainability of earnings.
- Earnings Quality Score of 19.1/100 indicates significant issues with earnings sustainability, particularly with cash conversion at 0.0/100.
- The DSRI of 1.5333 suggests that accounts receivable are growing faster than revenue, which could indicate potential revenue recognition issues.
- Beneish M-Score of -1.2535 is above the manipulation threshold, suggesting a lower risk of earnings manipulation.
- SGI of 0.9934 indicates that sales growth is stable, which is a positive sign in the context of the Vietnamese market.
The high concentration of ownership with DNP Holding holding 52.7% raises potential governance risks, as decisions may heavily favor the interests of this entity over minority shareholders.
Investors should closely monitor cash flow performance and consider engaging with management regarding earnings quality. It may be prudent to adopt a cautious approach until there are improvements in cash conversion metrics.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TPP — hover nodes for intel, click to navigate