CRE

Công ty Cổ phần Bất động sản Thế Kỷ

VietnamReal EstateBất động sảnHOSECT

4.180

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.5%Calibrated value vs last close

Last close (VND): 4.180
Calibrated intrinsic value (VND): 5.121

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

1
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
3
Apply to the close
That return is applied to the last close.

Keep in mind

For illustration only: not a validated forecast.
No uncertainty range: the estimate is a single figure.
Older record: it has not been re-measured on the current data.

Why it needs review

Under financial distress the model falls back to book value.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 3 Dec 2026

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: Not assessed; A separate peer-outperformance probability is unavailable for this valuation.

Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 3 Nov 2026Recalculated when the displayed close changes.

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 RNAV proxy + 60% x DCF Value

Developers often carry land banks at historical cost under VAS, so book value can understate asset value. This model blends two approaches: an RNAV proxy (book value with its property share marked up 1.5×) 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; cash flows depend on project delivery timing. RNAV captures hidden land value, while DCF captures earnings power. The leverage screen guards against over-leveraged developers.

How it works

RNAV proxy: the property share of BVPS (investment property, fixed assets and inventories over total assets) × 1.5 plus the rest at book, or 1.25× all of book when that share is 10% or less or unknown, cut by up to 50% as D/E rises above 2. DCF: 5-year projection on median cash flow 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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.36%

Betasector default

0.867

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.91%

E/(D+E)

87.69%

Kd(1-t)

5.58%

D/(D+E)

12.31%

WACC

10.25%

Growth Estimate

fundamental firm blend3.50%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→4.180

Calibrated value vs last close→+22.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.121

What feeds each step— click a source to highlight it in the statements

Discount rate (WACC)10.25%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow1.3 tỷone off strip ratio: 0

DCF Sensitivity

Illustrative calibrated values from the standalone DCF scenarios below, anchored to the same last close. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.

WACC \ Growth	0.5%	2.0%	3.5%	5.0%	6.5%
8.2%	N/A	N/A	N/A	N/A	N/A
9.3%	N/A	N/A	N/A	N/A	N/A
10.3%	N/A	N/A	N/A	N/A	N/A
11.2%	N/A	N/A	N/A	N/A	N/A
12.3%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

CRE among Real Estate

Every stock in the sector, CRE marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is CRE. Drag to turn; open another stock from its bead.

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CURRENT ASSETS (Bn. VND)	·	6,790	4,298	4,961	5,106	4,084	2,077	1,774	1,678	715	256
Cash and cash equivalents (Bn. VND)Net debt bridge	·	115	31	142	101	123	191	168	323	61	74
Short-term investments (Bn. VND)Net debt bridge	·	165	157	134	284	1,463	220	0	0	0	0
Accounts receivable (Bn. VND)	·	5,797	3,746	4,111	4,270	1,977	1,615	1,439	895	649	168
Prepayments to suppliers (Bn. VND)	·	88	47	110	172	266	148	22	12	7	16
Net Inventories	·	691	354	556	424	502	32	142	460	4	5
Inventories, Net (Bn. VND)	·	691	354	556	424	502	32	142	460	4	5
Other current assets	·	23	9	18	26	20	19	25	1	1	9
LONG-TERM ASSETS (Bn. VND)	·	755	2,882	2,141	2,511	2,187	1,734	908	650	339	669
Long-term trade receivables (Bn. VND)	·	14	2,470	1,750	2,104	1,765	1,477	654	482	315	653
Other long-term receivables (Bn. VND)	·	14	2,494	1,774	2,127	1,484	1,477	654	482	315	653
Fixed assets (Bn. VND)	·	152	185	209	214	235	226	188	141	18	9
Tangible fixed assets	·	101	111	122	138	140	143	144	139	15	8
Leased assets	·	0	0	0	0	0	0	0.08	0.2	0	0
Intagible fixed assets	·	51	74	87	76	94	82	43	2	3	0.6
Investment in properties	·	167	177	125	130	134	0	0	0	0	0
Other non-current assets	·	162	47	49	39	46	24	23	7	6	8
Long-term prepayments (Bn. VND)	·	35	46	48	37	46	24	23	7	6	8
TOTAL ASSETS (Bn. VND)	·	7,545	7,181	7,101	7,617	6,271	3,811	2,682	2,328	1,054	925
LIABILITIES (Bn. VND)	·	1,598	1,519	1,481	2,002	2,833	1,767	784	839	476	585
Current liabilities (Bn. VND)	·	1,360	1,446	1,123	1,997	1,880	1,315	780	837	474	585
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	660	946	433	1,003	766	371	83	170	100	330
Advances from customers (Bn. VND)	·	6	9	20	31	137	91	20	17	54	73
Long-term liabilities (Bn. VND)	·	238	73	358	6	953	452	4	2	2	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	175	0.5	354	2	950	450	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	5,947	5,662	5,621	5,615	3,438	2,044	1,898	1,489	578	340
Capital and reserves (Bn. VND)	·	5,947	5,662	5,621	5,615	3,438	2,044	1,898	1,489	578	340
Paid-in capital (Bn. VND)	·	4,637	4,637	4,637	4,637	2,016	800	800	500	250	130
Other Reserves	·	54	54	54	54	54	45	9	0	0	0
Investment and development funds (Bn. VND)	·	144	144	144	125	100	69	67	35	13	0
Undistributed earnings (Bn. VND)	·	707	635	594	617	1,091	950	808	556	297	190
TOTAL RESOURCES (Bn. VND)	·	7,545	7,181	7,101	7,617	6,271	3,811	2,682	2,328	1,054	925
Short-term loans receivables (Bn. VND)	·	69	165	518	618	104	68	155	0	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	281	0	0	0	0	0
Common shares (Bn. VND)	·	4,637	4,637	4,637	4,637	2,016	800	800	500	250	130
Good will (Bn. VND)	·	128	0.5	1	0	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	256	42	42	32	27	30	64	23	19	8

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.41 · 44th pctile vs VN companies

YoY ▼ −0.75

Conservative vs VN peersUnusual accounting movement

Compare across the whole market

Ranked vs Vietnamese peers. The −1.78 Beneish cutoff is US-calibrated; ~28% of VN stocks exceed it.

DSRI

1.798

GMI

0.854

AQI

0.213

SGI

0.861

DEPI

0.978

SGAI

1.002

TATA

−0.029

LVGI

1.010

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −2.608th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.3%51st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: None
Consecutive years of net lossProfit after tax of the parent: 0
Owner's equityWithout the non-controlling interest: Positive

Percentiles rank each fiscal year against Vietnamese non-financial companies (0 lowest, 100 highest). Over FY2015-2024, low cash conversion and a large share of receivables outside the trade cycle came before more listing trouble and more net losses the next year.

Statutory loss tests (Decree 155/2020/NĐ-CP, Art. 120(1)(e), amended by Decree 245/2025/NĐ-CP): a HOSE or HNX listing is cancelled when the audited annual statements show net losses in each of the latest 3 years, accumulated losses above the paid-in charter capital, or negative owner's equity. Read here from the annual statements as the data vendor publishes them.

Quantitative Scores

F-Score

7/9

Strong

Z-Score

2.71

Grey Zone

Sharpe

−1.99

Negative

Composite

30 to 49

Piotroski F-Score Breakdown

✓Net Income > 0

✓Operating CF > 0

✓ROA Rising

✓OCF > Net Income

✗Lower Leverage

✓Better Liquidity

✓No Dilution

✓Margin Up

✗Turnover Up

DuPont Decomposition

Tax Burden0.74×Interest Burden1.03×Op. Margin0.07×Turnover0.18×Leverage1.27=ROE1.3%

Price Risk

Momentum

−36.7%

Volatility

41.2%

Max Drawdown

−53.6%

Key Ratios

Fiscal year 2025

28.53P/E

P/B: 0.37
P/S: 1.58
ROE: 1.3%
ROA: 1.0%
EPS: 158
BVPS: 12.274
Gross Margin: 22.0%
Net Margin: 5.7%
D/E: 0.14
Current Ratio: 4.99
Rev Growth: −11.8%
Profit Growth: +82.6%
EV/EBITDA: 14.43
Div Yield: —

Company Overview

Shares outstanding: 464M
Charter Capital: 4,637B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Common ownership links for CRE. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ Phần Tập Đoàn Thế Kỷ

Inst

49.9%

232M

2026-06-30

Công ty Cổ phần Tập đoàn Đầu tư I.P.A

Inst

10.9%

50.6M

2026-06-30

Phạm Thanh Hưng

Indiv

3.4%

15.6M

2026-06-30

Nguyễn Trung Vũ

Indiv

1.8%

8.5M

2026-06-30

Nguyễn Minh Hồi

Indiv

0.7%

3.1M

2026-06-30

Nguyễn Thị Thanh

Indiv

0.1%

610,472

2022-12-31

Trần Thị Tuyết Mai

Indiv

0.1%

599,000

2026-06-30

Phạm Đức Hùng

Indiv

0.1%

539,000

2026-06-30

Board & Management

Nguyễn Trung Vũ1.8%

Chairman of Management Board

Nguyễn Minh Hồi0.7%

Vice Chairman of Management Board/Deputy General Director

Trần Thị Tuyết Mai0.1%

Vice Head of Department

Phạm Đức Hùng0.1%

General Director

Mậu Minh Tuyến

Spokesman/Person in charge of Corporate governace

Lê Thị Lan

Chief Accountant

Vũ Thị Xuân Giang

Deputy General Director

Trần Thị Mai Hương

Vice Head of Department

Top connections

VND25.8%HOT20.0%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 1,000,000 shares
Registered net, share of outstanding:: +0.22%

Phạm Đức Hùng
Purchase · Insider
1,000,000
2026-05-04

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DCF Sensitivity

CRE among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

CRE among Real Estate

Ownership network

Director-deal registrations · 12 months