Electrically speaking it is in the proper housing, but the box is not secured, so I would ding it for that at the very least. I agree about cutting the conduit back and putting in a proper secure box and then cementing around the box. You could also use a surface mount box. In that case you would cut the existing conduit back, put a 90 degree elbow with a enough conduit to extend past the wall edge. Patch the wall and then install a surface mount box where the wires are connected in.