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PPI
Real EstateCông ty Cổ phần Đầu tư và Phát triển dự án hạ tầng Thái Bình Dương
Bất động sảnCT
400
VND · Last close
Valuation Verdict
Undervalued
−120%Fair Value+120%
Intrinsic Value
4.3k
Current
400
Gap
+500.0%
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
5.00%
+
CRP
4.00%
=
Cost of Equity (Ke)
15.00%
Ke
15.00%
x
E/(D+E)
100.00%
+
Kd(1-t)
0.00%
x
D/(D+E)
0.00%
=
WACC
15.00%
2
Growth Estimate
Historical Revenue YoY3.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
Valuation
40%RNAV Proxy
—
60%DCF Value
4.3k
Blended Intrinsic
4.3k
Value Decomposition
45%
55%
Explicit period (45%)Terminal value (55%)
Key Ratios
Fiscal year 2022
P/E
-7.12
P/B
0.00
P/S
0.00
ROE
2.4%
ROA
-2.2%
EPS
-69.90
BVPS
0.00
D/E
-1.99
Current Ratio
0.46
Rev Growth
-100.0%
Profit Growth
86.2%
EV/EBITDA
-26.80
Div Yield
0.0%
Company Overview
Issued Shares
48.3M
Charter Capital
482.9B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
Computed 06/03/2026