VIC
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 — VIC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
The Beneish M-Score of -2.4263 suggests that VIC is not likely engaging in earnings manipulation, as it is below the threshold of -1.78. However, the high SGI of 1.7601 indicates aggressive growth, which could pose risks in the context of Vietnam's economic volatility.
- SGI of 1.7601 indicates aggressive growth that may not be sustainable.
- Earnings Quality Score of 71.9/100, particularly low eq_margin at 0.0/100, raises concerns about profitability.
- Strong cash conversion score of 100.0/100 suggests efficient cash management.
- Low DSRI of 0.7685 indicates a healthy inventory management relative to sales.
The ownership structure shows significant institutional control, with the largest shareholder holding 32.6%. This concentration may lead to governance risks, particularly if the interests of minority shareholders are overlooked.
Monitor VIC's growth closely, particularly the sustainability of its aggressive expansion strategy. Consider diversifying exposure due to potential volatility in earnings quality.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
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> mapping common ownership for VIC — hover nodes for intel, click to navigate