VRC
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 — VRC
Earnings Quality
Fiscal year 2025
Financial Forensics
Beneish M-Score · 2025
VRC exhibits several concerning indicators of potential financial manipulation, as indicated by a Beneish M-Score of -2.3887, which is below the manipulation threshold of -1.78. The company's earnings quality score of 29.5/100, particularly low cash conversion and receivables metrics, raises additional concerns about the sustainability of reported earnings.
- Beneish M-Score of -2.3887 indicates potential earnings manipulation, significantly below the threshold of -1.78.
- Earnings Quality Score of 29.5/100 highlights severe issues, particularly with eq_cash_conv and eq_receivables both at 0.0/100, suggesting poor cash flow management and high reliance on receivables.
- SGAI of 1.8748 indicates aggressive spending on selling, general, and administrative expenses, which could be a red flag for inflated earnings.
- DSRI of 1.8406 suggests that inventory levels are increasing, which could indicate growth, but may also signal potential overproduction.
- The company has a relatively stable ownership structure with significant stakes held by individuals and institutions, which can provide some level of oversight.
The top shareholders, primarily individuals with significant stakes, could lead to potential governance issues if their interests do not align with minority shareholders. However, institutional presence may provide some balance.
Investors should exercise caution and conduct further due diligence, particularly focusing on cash flow and receivables management. Monitoring future earnings reports for signs of improvement in cash conversion metrics is crucial.
Generated by AI based on quantitative data. Not financial advice.
Quantitative Scores
Key Ratios
Company Overview
// OWNERSHIP_NETWORK
> mapping common ownership for VRC — hover nodes for intel, click to navigate