VCR
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 — VCR
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
VCR displays several concerning indicators of potential earnings manipulation, as evidenced by a Beneish M-Score of -3.1314, which is well below the manipulation threshold of -1.78. While the earnings quality score of 50.5 suggests some strengths, the low cash conversion and revenue metrics raise significant concerns about the sustainability of reported earnings.
- Beneish M-Score of -3.1314 indicates a high likelihood of earnings manipulation.
- Earnings quality metrics show a cash conversion score of only 40.0/100, suggesting poor cash flow relative to earnings.
- Receivables quality score of 100.0/100 indicates strong management of receivables.
The ownership structure is heavily concentrated among a few institutional investors, with the top five shareholders holding over 118% of the company, which raises concerns about potential conflicts of interest and lack of independent oversight.
Investors should proceed with caution, closely monitoring cash flow and revenue recognition practices. It may be prudent to wait for clearer signs of improved earnings quality before considering an investment.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for VCR — hover nodes for intel, click to navigate