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FCC
Real EstateCông ty Cổ phần Liên hợp Thực phẩm
Bất động sảnCT
37.500
VND · Last close
Valuation Verdict
Overvalued
-120%Fair Value+120%
Intrinsic Value
2.175
Current
37.500
Gap
-94.2%
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 ValueReal 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.
1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.50%
+
Betasector default
1.300
x
ERP
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
13.60%
Ke
13.60%
x
E/(D+E)
55.35%
+
Kd(1-t)
6.40%
x
D/(D+E)
44.65%
=
WACC
10.39%
2
Growth Estimate
Sector Default3.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
Valuation
40%RNAV Proxy
2.754
60%DCF Value
1.789
Blended Intrinsic
2.175
Value Decomposition
28%
72%
Explicit period (28%)Terminal value (72%)
Valuation Track Record
Retroactive intrinsic value vs actual close price — FCC
Earnings Quality
Fiscal year 2024
33
Weak
Accrual Quality
27Cash Conversion
10Receivables
100Margin Stability
0Revenue Quality
22Quantitative Scores
F-Score
6/9
Neutral
Z-Score
8.64
Safe Zone
Sharpe
1.73
Excellent
Composite
23
Poor
Price Risk
Momentum
+0.0%
Volatility
67.8%
Max Drawdown
0.0%
Key Ratios
Fiscal year 2024
14.46P/E
P/B4.54
P/S7.48
ROE37.2%
ROA25.4%
EPS691.35
BVPS2203.42
Gross Margin51.7%
Net Margin51.7%
D/E0.23
Current Ratio5.33
Rev Growth3.0%
Profit Growth672.6%
EV/EBITDA-362.65
Div Yield0.0%
Company Overview
Issued Shares
6.0M
Charter Capital
60.0B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
// OWNERSHIP_NETWORK
> mapping common ownership for FCC — hover nodes for intel, click to navigate
Computed 12/04/2026