IDJ

Real Estate

Công ty Cổ phần Đầu tư IDJ Việt Nam

Bất động sảnCT

4.100

VND · Last close

Valuation Verdict

Undervalued

Medium

-120%Fair Value+120%

Intrinsic Value

9.171

Current

4.100

Gap

+123.7%

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.

Weighted Avg Cost of Capital

Risk-Free (Rf)

4.50%

Betasector default

1.300

ERP

4.25%

CRP

2.75%

Cost of Equity (Ke)

13.60%

E/(D+E)

49.81%

Kd(1-t)

6.26%

D/(D+E)

50.19%

WACC

10.00%

+2% WACC penalty (high leverage)

Growth Estimate

fundamental firm blend3.00%

Growth decays 10%/yr toward terminal

Model Inputs

Valuation

40%RNAV Proxy

14.102

60%DCF Value

5.884

Blended Intrinsic

9.171

Value Decomposition

33%

67%

Explicit period (33%)Terminal value (67%)

Valuation Track Record

Retroactive intrinsic value vs actual close price — IDJ

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

-2.47

Moderate

DSRI

0.381

GMI

1.333

AQI

1.695

SGI

1.475

DEPI

0.969

SGAI

1.284

TATA

-0.066

LVGI

0.800

The Beneish M-Score of -2.4666 indicates a low likelihood of earnings manipulation, as it is below the threshold of -1.78. However, the earnings quality score of 48.4/100, particularly the low scores in revenue and margin quality, raises concerns about the sustainability of earnings.

Red Flags

Earnings Quality Score of 48.4/100, indicating potential issues with earnings sustainability.
Revenue quality score of 0.0/100, suggesting that reported revenues may not be reliable.

Positive Signals

Beneish M-Score of -2.4666, which is below the manipulation threshold, indicating a lower risk of earnings manipulation.
Receivables quality score of 100.0/100, suggesting effective management of receivables.

Ownership Risk

The top shareholders are predominantly institutional, which can provide stability; however, the largest shareholder holds only 10.3%, indicating a fragmented ownership structure that may lead to governance challenges.

Recommendation

Investors should closely monitor earnings quality metrics and consider a deeper analysis of revenue sources before making investment decisions. It may be prudent to wait for improved earnings quality indicators before increasing exposure.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.87

Distress Zone

Sharpe

-0.52

Negative

Composite

Weak

Price Risk

Momentum

-14.3%

Volatility

41.8%

Max Drawdown

-50.0%

Key Ratios

Fiscal year 2025

-6.99P/E

P/B0.37

P/S0.69

ROE-5.2%

ROA-2.8%

EPS-600.59

BVPS11281.25

Gross Margin26.3%

Net Margin-9.8%

D/E0.67

Current Ratio1.50

Rev Growth47.5%

Profit Growth-209.0%

EV/EBITDA39.90

Div Yield0.0%

Company Overview

Issued Shares

173.5M

Charter Capital

1734.9B VND

Sector (ICB L2)

Bất động sản

Industry (ICB L3)

Bất động sản

Sub-industry

Bất động sản

Company Type

// OWNERSHIP_NETWORK

> mapping common ownership for IDJ — hover nodes for intel, click to navigate

Shareholders

Công ty Cổ phần Tập đoàn Apec Group

Inst

10.3%

15.2 trieu

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

Inst

9.5%

16.4 trieu

Công Ty Cổ Phần Đầu Tư Apec Holding

Inst

5.9%

4.3 trieu

nguyen-thu-trang

Indiv

5.1%

7.6 trieu

asean small cap fund

Inst

4.9%

1.6 trieu

Công ty Cổ phần Thương mại và Đầu tư Barotex Việt Nam

Inst

4.9%

1.6 trieu

asean deep value fund

Inst

4.2%

1.4 trieu

Huỳnh Thị Mai Dung

Indiv

3.4%

5.9 trieu

Yoshihiro Matsuo

Indiv

3.2%

1.0 trieu

Công ty Cổ Phần Đầu Tư Và Phát Triển Đô Thị Quốc Tế

Inst

3.1%

1.0 trieu

Đỗ Trung Thiện

Indiv

2.0%

665.000

Nguyễn Đỗ Lăng

Indiv

1.3%

2.3 trieu

Phạm Duy Hưng

Indiv

0.9%

1.6 trieu

Lã Thị Quy

Indiv

0.7%

1.2 trieu

Nguyễn Đỗ Đức Lâm

Indiv

0.6%

1.1 trieu

Nguyễn Thị Thành

Indiv

0.6%

1.1 trieu

nguyen-quang-huy

Indiv

0.3%

550.000

Nguyễn Đức Quân

Indiv

0.3%

550.000

Phạm Hoài Phương

Indiv

0.3%

497.200

Nguyễn Hoài Giang

Indiv

0.3%

450.000

Đậu Thị Thảo

Indiv

0.3%

450.000

Lê Như Anh

Indiv

0.2%

51.500

Phạm Thị Thái

Indiv

0.1%

43.000

Nguyễn Thế Hướng

Indiv

0.1%

40.000

Board & Management

Nguyễn Đỗ Lăng1.3%

Thành viên Hội đồng Quản trị độc lập

Phạm Duy Hưng0.9%

Chủ tịch Hội đồng Quản trị

Nguyễn Thị Thanh0.6%

Trưởng Ban kiểm soát

Nguyễn Quang Huy0.3%

Tổng Giám đốc

Nguyễn Đức Quân0.3%

Thành viên Hội đồng Quản trị

Nguyễn Hoài Giang0.3%

Thành viên Ban kiểm soát

Đậu Thị Thảo0.3%

Thành viên Ban kiểm soát

Lã Thị Quy

Thành viên Hội đồng Quản trị/Kế toán trưởng

Hán Công Khanh

Phụ trách Công bố thông tin

Đỗ Thị Cẩm Tú

Giám đốc Tài chính

Nguyễn Hoàng Linh

Thành viên Hội đồng Quản trị

Top connections

VCT22.0%API5 links STL2 links APS6 links VFR12.5%CX810.7%CSC3 links NDC9.5%HUT2 links PVX9.5%CTG9.5%DCT6.5%

Computed 12/04/2026