LEC

Công ty Cổ phần Bất động sản Điện lực Miền Trung

VietnamReal EstateBất động sảnUPCOMCT

4.500

VND · Close 28 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+55.5%Calibrated value vs last close

Last close (VND): 4.500
Calibrated intrinsic value (VND): 6.999

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

Trading liquidity is below the comparison threshold.
Recent losses require review of cash-flow assumptions.

Also note

A release of working capital contributes to cash flow.

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 27 Nov 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 28 Oct 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

1.110

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.97%

E/(D+E)

50.33%

Kd(1-t)

8.62%

D/(D+E)

49.67%

WACC

10.31%

+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)→4.500

Calibrated value vs last close→+55.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.999

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

Discount rate (WACC)12.31%high risk: yes

Growth rate3.50%growth method: default

Base cash flow105.0 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%
10.3%	6.999	6.999	6.999	6.999	6.999
11.3%	6.999	6.999	6.999	6.999	6.999
12.3%	6.999	6.999	6.999	6.999	6.999
13.3%	6.999	6.999	6.999	6.999	6.999
14.3%	6.999	6.999	6.999	6.999	6.999

Above market priceBelow market priceCurrent estimate

LEC among Real Estate

Every stock in the sector, LEC 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 LEC. 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)	·	626	662	801	931	732	758	891	874	745	158	128	119	166
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2	0.7	1	5	12	11	18	7	57	5	25	15	50
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0	0	0	0	99	22	0	0
Accounts receivable (Bn. VND)	·	515	579	739	854	597	579	686	608	572	47	51	27	2
Prepayments to suppliers (Bn. VND)	·	320	246	397	317	228	443	599	504	429	1	0.07	0.07	0.02
Net Inventories	·	107	62	48	59	114	159	176	242	105	6	30	74	114
Inventories, Net (Bn. VND)	·	107	62	48	59	114	159	176	242	105	6	31	78	120
Other current assets	·	2	19	12	14	9	9	10	18	11	0.6	1.0	3	0.2
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.03
LONG-TERM ASSETS (Bn. VND)	·	162	172	178	334	253	179	187	195	212	145	146	99	72
Long-term trade receivables (Bn. VND)	·	0	0	8	0	0.2	0.2	0.2	0.2	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	0	0	0.10	0	0.2	0.2	0.2	0.2	0	0	0	0	0
Fixed assets (Bn. VND)	·	9	11	44	48	60	54	56	56	61	10	1	98	64
Tangible fixed assets	·	8	10	13	16	27	21	22	21	25	10	1	2	0.3
Leased assets	·	0	0	0	0	0	33	0	0	0	0	0	0	0
Intagible fixed assets	·	1	1	31	32	33	0	34	35	35	0	0	96	64
Investment in properties	·	0	0	59	59	59	59	59	59	59	90	93	0	8
Long-term investments (Bn. VND)	·	71	71	0	0	0	0	0.08	0.08	0	0	50	0	0
Investments in associate companies	·	71	71	0	0	0	0	0	0	0	0	50	0	0
Other non-current assets	·	7	15	32	33	36	44	52	60	74	46	1	0.8	0.5
Long-term prepayments (Bn. VND)	·	0.04	0.04	10	4	0.1	0.3	1	2	5	5	1	0.8	0.5
TOTAL ASSETS (Bn. VND)	·	788	833	979	1,265	985	937	1,078	1,068	957	303	274	217	239
LIABILITIES (Bn. VND)	·	501	514	575	839	585	593	734	724	613	10	49	6	9
Current liabilities (Bn. VND)	·	501	512	573	838	585	593	734	724	609	10	22	6	7
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	252	324	396	571	365	298	203	193	47	0.5	13	0	0
Advances from customers (Bn. VND)	·	61	13	16	38	25	184	456	440	529	0.01	0.8	1	0.6
Long-term liabilities (Bn. VND)	·	0.4	1	3	2	0	0	0	0	4	0	26	0.02	2
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0.3	1	3	2	0	0	0	0	4	0	26	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	287	320	404	426	400	344	344	344	343	293	225	212	229
Capital and reserves (Bn. VND)	·	287	320	404	426	400	344	344	344	343	293	225	212	229
Paid-in capital (Bn. VND)	·	261	261	261	261	261	261	261	261	261	261	209	209	209
Investment and development funds (Bn. VND)	·	0	1	0	0	0	0	0	0	0	0	0	0	0.9
Other Reserves	·	1	0	1	1	1	1	1	0	0	1	1	1	0
Undistributed earnings (Bn. VND)	·	−26	−3	4	43	53	50	50	51	50	31	15	1	19
TOTAL RESOURCES (Bn. VND)	·	788	833	979	1,265	985	937	1,078	1,068	957	303	274	217	239
Short-term loans receivables (Bn. VND)	·	71	64	96	31	81	74	10	37	34	0.1	2	0	0
Long-term loans receivables (Bn. VND)	·	0	0	8	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	261	261	261	261	261	261	261	261	261	261	209	209	209
Good will (Bn. VND)	·	7	14	22	29	36	44	51	58	65	40	0	0	0
MINORITY INTERESTSNet debt bridge	·	51	61	138	121	85	32	31	31	31	0.1	0	0	0

◆vnvalue Research Note

Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.08 · 12th pctile vs VN companies

YoY ▼ −0.50

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

1.164

GMI

1.329

AQI

1.009

SGI

0.764

DEPI

0.996

SGAI

1.182

TATA

−0.144

LVGI

1.031

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 49.6%99th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.10×
Consecutive years of net lossProfit after tax of the parent: 4Statutory test met
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. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

0.24

Distress Zone

Sharpe

−0.38

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 Burden1.01×Interest Burden1.04×Op. Margin−0.32×Turnover0.12×Leverage2.74=ROE−11.2%

Price Risk

Momentum

−28.5%

Volatility

117.3%

Max Drawdown

−53.9%

Key Ratios

Fiscal year 2025

—P/E

P/B: 0.50
P/S: 1.21
ROE: −9.0%
ROA: −2.8%
EPS: −857
BVPS: 9.060
Gross Margin: 8.1%
Net Margin: −33.3%
D/E: 0.88
Current Ratio: 1.25
Rev Growth: −23.6%
Profit Growth: +45.4%
EV/EBITDA: 109.52
Div Yield: —

Company Overview

Shares outstanding: 26.1M
Charter Capital: 261B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty TNHH MTV Đầu Tư Phát Triển Và Xây Dựng Việt Trung

Inst

20.1%

5.2M

2026-06-30

Công Ty TNHH Lemony Hà Nội

Inst

20.1%

5.2M

2026-06-30

Công ty TNHH Đầu Tư Phát Triển Đoàn Linh Gia

Inst

20.1%

5.2M

2026-06-30

Board & Management

Trần Minh Tuấn

Chief Accountant/Person in charge of Corporate governace

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

LEC among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

LEC among Real Estate

Ownership network