DTR

Real Estate

Công ty Cổ phần Đông Tây Land

Bất động sảnCT

10.900

VND · Last close

Valuation Verdict

Overvalued

Very Low

-11.6%

-120%Fair Value+120%

Current

10.900

Intrinsic Value

9.635

ModelDCF LEVERAGE SCREEN

Valuation Breakdown

CT→Bất động sản→Real Estate

Classified as real estate because ICB sector “Bất động sản” maps to the real estate group.

ModelRNAV + DCF Blend

Intrinsic = 40% x (BVPS x 1.5) + 60% x DCF Value

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.

Technical details

Why this model

RE developers carry large land inventories at historical cost under VAS; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen protects against over-leveraged developers (a common risk in Vietnam's property market).

How it works

RNAV proxy: BVPS x 1.5 revaluation factor. DCF: 10-year projection on median FCF with CAPM-derived WACC. If D/E > 3 or interest coverage < 1.5, WACC is increased by 2%. Final value = 40% RNAV + 60% DCF.

Best for

Property developers and real estate firms with significant land banks recorded at below-market historical cost.

Distressed Valuation

Negative Cash Flow

BVPS

—

Discount

50%

Floor Value

—

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Key Ratios

No ratio data available

Company Overview

Issued Shares

80.0M

Charter Capital

800.0B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Bất động sản

Company Type

// OWNERSHIP_NETWORK

> shareholder structure

Shareholders

Nguyễn Thái Bình

Indiv

73.5%

58.8 triệu

Phạm Minh Tuấn

Indiv

0.6%

500.000

nguyen-thi-hong-van

Indiv

0.3%

210.000

Trần Văn Hiệp

Indiv

0.3%

200.000

Nghiêm Vũ Hải

Indiv

0.3%

200.000

Phạm Duy Hiếu

Indiv

0.2%

130.000

Board & Management

Phạm Minh Tuấn0.6%

Thành viên Ban kiểm soát

Trần Văn Hiệp0.3%

Thành viên Hội đồng Quản trị/Phó Tổng Giám đốc

Nghiêm Vũ Hải0.3%

Thành viên Hội đồng Quản trị/Tổng Giám đốc

Phạm Duy Hiếu0.2%

Thành viên Hội đồng Quản trị

Nguyễn Hoàng Bảo

Trưởng Ban kiểm soát

Ngàn Quốc Phong

Thành viên Ban kiểm soát

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Computed 02/10/2026