TV6
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 — TV6
Earnings Quality
Fiscal year 2024
Financial Forensics
Beneish M-Score · 2021
The Beneish M-Score of 6.9219 significantly exceeds the manipulation threshold of -1.78, indicating a high likelihood of earnings manipulation. Additionally, the earnings quality metrics reveal severe weaknesses in revenue recognition and margin quality, raising further concerns about the integrity of reported financials.
- Beneish M-Score of 6.9219 indicates likely earnings manipulation.
- DSRI of 12.5921 suggests significant increases in receivables relative to sales, which may indicate aggressive revenue recognition.
- AQI of 0.0000 and eq_receivables score of 0.0/100 highlight severe issues in earnings quality and cash conversion.
- Earnings Quality Score of 55.3/100 indicates some level of earnings reliability, particularly in accruals and cash conversion, which are both at 99.3/100 and 100.0/100 respectively.
The ownership structure is highly concentrated with the top five shareholders holding a combined 48.6%, which may lead to governance risks and potential conflicts of interest. This concentration can also hinder minority shareholder rights.
Investors should exercise caution and conduct further due diligence, particularly regarding revenue recognition practices. It may be prudent to avoid or limit exposure to TV6 until clearer signs of financial integrity emerge.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for TV6 — hover nodes for intel, click to navigate