HNX:API

Công ty Cổ phần Đầu tư Châu Á - Thái Bình Dương

VietnamReal EstateBất động sảnHNXCT

4.400

VND · Close 4 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.1%Calibrated value vs last close

Last close (VND): 4.400
Calibrated intrinsic value (VND): 5.372

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 4 Nov 2026Valid through 4 Dec 2026

Model reliability: Low; 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 4 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

1.007

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.52%

E/(D+E)

56.99%

Kd(1-t)

4.27%

D/(D+E)

43.01%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.50%

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)→4.400

Calibrated value vs last close→+22.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.372

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

Discount rate (WACC)12.00%high risk: yes

Growth rate3.50%growth method: default

Base cash flow27.0 tỷone off strip ratio: 0.05

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%
10.0%	N/A	N/A	3.895	3.896	3.896
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A
13.0%	N/A	N/A	N/A	N/A	N/A
14.0%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

HNX:API among Real Estate

Every stock in the sector, HNX:API 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 HNX:API. 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	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	1,441	1,650	1,714	2,102	2,235	2,669	2,157	1,498	943	368	320	196	161
Cash and cash equivalents (Bn. VND)Net debt bridge	·	71	119	63	68	65	169	71	63	211	10	57	14	7
Short-term investments (Bn. VND)Net debt bridge	·	252	226	234	248	286	221	241	142	78	36	20	22	52
Accounts receivable (Bn. VND)	·	281	433	497	654	297	496	663	537	407	311	233	142	65
Prepayments to suppliers (Bn. VND)	·	37	13	19	22	65	67	67	54	63	50	32	47	25
Net Inventories	·	804	835	877	1,081	1,526	1,709	1,125	719	219	2	4	14	10
Inventories, Net (Bn. VND)	·	804	835	877	1,081	1,526	1,709	1,125	719	219	2	4	14	10
Other current assets	·	33	37	44	51	62	74	58	37	27	9	6	4	26
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	23
LONG-TERM ASSETS (Bn. VND)	·	754	519	572	432	615	270	295	221	336	351	249	379	344
Long-term trade receivables (Bn. VND)	·	223	90	79	121	351	53	82	81	4	4	4	4	0
Other long-term receivables (Bn. VND)	·	217	80	68	79	56	53	82	81	4	4	4	4	0
Fixed assets (Bn. VND)	·	23	17	191	183	123	67	72	43	0.2	0.2	0.5	0.6	234
Tangible fixed assets	·	22	17	191	183	123	66	72	43	0.1	0.2	0.5	0.6	1
Intagible fixed assets	·	0.3	0.10	0.09	0.09	0.3	0.4	0.5	0.05	0.09	0	0	0	0
Investment in properties	·	168	235	106	0	0	0	0	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	263	87	90	10	7	7	13	10	62	61	75	96	105
Investments in associate companies	·	258	87	7	7	7	7	8	0	52	51	55	56	65
Other long-term assets (Bn. VND)	·	14	10	91	4	0.02	0.02	0.01	10	10	10	0	40	40
Less: Provision for diminuation in value of long term investments	·	−10	−10	−8	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	15	24	38	45	55	74	60	2	0.1	0.06	0.02	0	5
Long-term prepayments (Bn. VND)	·	13	24	38	45	55	74	60	2	0.1	0.06	0.02	0	0.6
TOTAL ASSETS (Bn. VND)	·	2,195	2,170	2,286	2,534	2,850	2,939	2,453	1,719	1,278	719	569	574	505
LIABILITIES (Bn. VND)	·	1,269	1,260	1,355	1,549	2,005	2,402	1,960	1,250	844	345	192	295	227
Current liabilities (Bn. VND)	·	1,133	1,078	1,237	1,275	1,939	2,217	1,744	954	757	261	150	246	179
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	676	558	631	526	638	487	295	135	57	64	14	15	10
Advances from customers (Bn. VND)	·	51	122	194	242	621	1,141	776	213	495	0.1	0.02	0	0
Long-term liabilities (Bn. VND)	·	136	182	118	274	66	184	216	296	87	85	42	49	48
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	81	129	69	226	10	128	172	253	45	43	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	926	909	931	985	845	537	493	469	434	373	377	279	278
Capital and reserves (Bn. VND)	·	926	909	931	985	845	537	493	469	434	373	377	279	278
Paid-in capital (Bn. VND)	·	841	841	841	841	382	364	364	364	364	364	364	264	264
Investment and development funds (Bn. VND)	·	0	0	0	0	1	1	1	1	1	1	1	1	1
Undistributed earnings (Bn. VND)	·	52	44	66	122	322	131	91	67	32	−29	−25	−35	−36
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	0.01
TOTAL RESOURCES (Bn. VND)	·	2,195	2,170	2,286	2,534	2,850	2,939	2,453	1,719	1,278	719	569	574	505
Short-term loans receivables (Bn. VND)	·	8	104	143	242	0.7	15	144	5	0.7	0.7	6	6	0
Common shares (Bn. VND)	·	841	841	841	841	382	364	364	364	364	364	364	264	264
Good will (Bn. VND)	·	2	0	0	0	0	0	0	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	33	25	25	23	4	4	0.03	0.02	0.02	0.02	0.02	0.02	0

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.61 · 33rd pctile vs VN companies

YoY ▲ +0.04

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

0.510

GMI

0.836

AQI

1.439

SGI

1.274

DEPI

1.483

SGAI

0.857

TATA

−0.020

LVGI

0.994

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 12.0%83rd 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

8/9

Strong

Z-Score

0.62

Distress Zone

Sharpe

−1.27

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 Burden0.57×Interest Burden0.95×Op. Margin0.05×Turnover0.12×Leverage2.37=ROE0.8%

Price Risk

Momentum

−40.5%

Volatility

40.6%

Max Drawdown

−44.7%

Key Ratios

Fiscal year 2025

41.68P/E

P/B: 0.40
P/S: 1.35
ROE: 1.0%
ROA: 0.4%
EPS: 103
BVPS: 10.621
Gross Margin: 43.2%
Net Margin: 2.8%
D/E: 0.82
Current Ratio: 1.27
Rev Growth: +27.4%
Profit Growth: +179.3%
EV/EBITDA: 14.04
Div Yield: —

Company Overview

Shares outstanding: 84.1M
Charter Capital: 841B 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 HNX:API. Hover for detail, select a link to open it.

Shareholders

Nguyễn Đỗ Lăng

Indiv

19.6%

16.5M

2026-06-30

Công ty Cổ phần Chứng khoán Châu Á - Thái Bình Dương

HNX:APS

13.1%

11.0M

2026-06-30

Huỳnh Thị Mai Dung

Indiv

9.8%

8.3M

2026-06-30

Công ty Cổ phần Tập đoàn Apec Group

Inst

3.6%

3.1M

2026-06-30

Nguyễn Thị Hồng Cúc

Indiv

3.5%

1.2M

2014-04-11

Hồ Xuân Vinh

Indiv

0.9%

770,000

2026-06-30

asean deep value fund

Inst

0.7%

251,300

2021-09-17

Nguyễn Mạnh Hào

Indiv

0.3%

100,000

2010-06-16

Board & Management

Hồ Xuân Vinh0.9%

Member of Management Board

Top connections

HNX:APS3 links HNX:IDJ3 links HNX:CSC2 links UPCOM:STL14.3%UPCOM:NDC13.1%HNX:HUT13.1%UPCOM:PVX13.1%HOSE:CTG13.1%HNX:HCC4.8%

Listed group

HNX:APSCông ty Cổ phần Chứng khoán Châu Á - Thái Bình Dương
Cross-holding: owns 0.2% of it; it owns 13.1% of this company

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

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

HNX:API among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

HNX:API among Real Estate

Ownership network

Listed group