Intrinsic value vs last close
Model estimate- Last close (USD)
- 241.17
- Intrinsic value (USD)
- 75.37
Intrinsic value = sector model's value (no adjustment)
Earnings-capitalised value
Cost of equity 10.5% · price volatility 23.3%
Last year's earnings per share, capitalised at a cost of equity that rises with this share's own price swings, growing at the sector's long-run rate.
This is a different figure from the intrinsic value above. The intrinsic value is what the sector model says the business is worth. On Vietnamese stocks this figure has ranked future returns best in our track record; this market has no track record here yet.
- 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.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
Valuation Breakdown
Developers often carry land banks at historical cost under US GAAP, 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
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.
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.
Property developers and real estate firms with significant land banks recorded at below-market historical cost.
We compare the sector model's value with the last close. This market has no track record here yet, so the value is shown as the model gives it.
Intrinsic value = sector model's value (no adjustment)
DCF Sensitivity
Values from the standalone DCF scenarios below. These scenarios leave out the other parts of a blended model and do not reproduce the headline value.
Earnings Quality
Quantitative Scores
Key Ratios
- P/B
- 4.12
- P/S
- 16.32
- EPS
- 1.41
- BVPS
- 64.51
- D/E
- 0.45
- Rev Growth
- +35.6%
- EV/EBITDA
- —
- Div Yield
- —
Company Overview
- Shares outstanding
- 734M
- Industry
- Real Estate Investment Trusts