VPH
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 — VPH
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
VPH exhibits several concerning financial metrics, particularly a high SGI of 2.8404 and low earnings quality score of 42.4/100, indicating potential revenue manipulation. However, the Beneish M-Score of -0.6752 suggests that while there are risks, the likelihood of outright manipulation is lower than the threshold of -1.78.
- SGI of 2.8404 indicates aggressive revenue growth that may not be sustainable.
- Earnings Quality Score of 42.4/100, particularly low scores in eq_margin (0.0/100) and eq_revenue (0.0/100), suggest poor earnings quality and potential issues with revenue recognition.
- Beneish M-Score of -0.6752 is below the manipulation threshold of -1.78, indicating a lower likelihood of financial statement fraud.
- High receivables quality score of 100.0/100 suggests effective management of receivables, which is a positive indicator for cash flow.
The top shareholders are individuals from the same family, leading to potential governance risks and lack of diversified decision-making. This concentrated ownership can also pose risks in terms of minority shareholder rights.
Investors should closely monitor VPH's revenue growth and earnings quality metrics, considering a cautious approach until further clarity on financial sustainability is provided. Engaging with management regarding their revenue recognition practices could provide additional insights.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for VPH — hover nodes for intel, click to navigate