SGR

Công ty Cổ phần Tổng Công ty Cổ phần Địa ốc Sài Gòn

VietnamReal EstateBất động sảnHOSECT

9.630

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.8%Calibrated value vs last close

Last close (VND): 9.630
Calibrated intrinsic value (VND): 11.825

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

The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

Trading liquidity is low.

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 3 Dec 2026

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.

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 3 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

0.840

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.79%

E/(D+E)

72.41%

Kd(1-t)

6.73%

D/(D+E)

27.59%

WACC

10.00%

Growth Estimate

fundamental firm blend3.50%

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)→9.630

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

11.825

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

Discount rate (WACC)10.00%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow75.5 tỷone off strip ratio: 1.29

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%
8.0%	12.985	12.985	12.985	12.985	12.985
9.0%	12.542	12.542	12.542	12.542	12.542
10.0%	11.757	11.757	11.757	11.757	11.757
11.0%	11.757	11.757	11.757	11.757	11.757
12.0%	11.233	11.233	11.233	11.233	11.757

Above market priceBelow market priceCurrent estimate

SGR among Real Estate

Every stock in the sector, SGR 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 SGR. 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)	·	1,792	1,463	1,525	1,508	1,639	1,616	1,528	1,545	1,148	1,443	785	575	573
Cash and cash equivalents (Bn. VND)Net debt bridge	·	111	32	48	334	73	44	48	588	98	395	67	5	7
Short-term investments (Bn. VND)Net debt bridge	·	228	27	7	17	116	0.05	0	1	0	100	0	0	8
Accounts receivable (Bn. VND)	·	914	980	935	573	625	806	884	424	311	315	92	66	73
Prepayments to suppliers (Bn. VND)	·	76	279	386	138	323	461	479	74	41	58	44	19	26
Net Inventories	·	537	421	533	580	814	757	588	527	736	631	604	501	477
Inventories, Net (Bn. VND)	·	537	421	533	581	817	757	588	527	736	631	604	501	477
Other current assets	·	3	3	3	4	10	8	9	4	4	2	22	2	8
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	8
LONG-TERM ASSETS (Bn. VND)	·	945	789	523	491	360	341	567	421	401	131	115	29	18
Long-term trade receivables (Bn. VND)	·	314	454	192	263	117	115	55	0.2	0.2	0	0	0	0
Other long-term receivables (Bn. VND)	·	50	50	146	250	70	68	0.2	0.2	0.2	0	0	0	0
Fixed assets (Bn. VND)	·	8	10	12	12	10	8	12	14	13	10	5	6	5
Tangible fixed assets	·	6	8	10	9	8	6	10	12	11	8	3	4	3
Intagible fixed assets	·	2	2	2	2	2	2	2	2	2	2	2	2	2
Investment in properties	·	107	118	115	118	121	124	126	129	132	0	0	0	0
Long-term investments (Bn. VND)	·	80	69	79	80	96	73	350	255	242	3	3	11	13
Investments in associate companies	·	32	31	32	60	81	61	291	251	239	1	1	9	9
Other long-term assets (Bn. VND)	·	45	35	35	7	3	3	59	3	3	2	2	2	3
Less: Provision for diminuation in value of long term investments	·	−0.5	−0.5	−0.5	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	12	12	12	12	12	13	15	15	13	24	94	0.3	0
Long-term prepayments (Bn. VND)	·	8	9	10	10	11	13	15	15	13	24	94	0.3	0
TOTAL ASSETS (Bn. VND)	·	2,737	2,252	2,048	1,999	1,999	1,957	2,095	1,966	1,550	1,575	900	604	591
LIABILITIES (Bn. VND)	·	1,303	1,278	1,130	1,119	1,301	1,211	1,401	1,297	972	1,087	684	376	377
Current liabilities (Bn. VND)	·	940	1,038	826	868	1,040	988	1,203	1,075	672	1,025	684	346	344
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	205	347	253	267	291	235	266	143	190	218	52	38	13
Advances from customers (Bn. VND)	·	13	4	5	26	389	385	316	255	7	309	109	166	187
Long-term liabilities (Bn. VND)	·	363	240	304	251	261	223	199	222	300	62	0	30	33
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	205	77	97	45	60	24	48	72	104	16	0	30	33
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,434	975	918	880	698	746	693	670	578	487	216	228	207
Capital and reserves (Bn. VND)	·	1,433	975	918	880	697	746	693	669	578	487	216	228	207
Paid-in capital (Bn. VND)	·	699	600	600	600	600	600	455	455	396	198	132	132	132
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	7	7	0
Investment and development funds (Bn. VND)	·	2	2	2	2	2	2	2	2	2	2	9	9	0
Undistributed earnings (Bn. VND)	·	409	337	281	240	59	123	215	194	167	278	11	23	11
Budget sources and other funds	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Budget sources and other funds	·	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	7
TOTAL RESOURCES (Bn. VND)	·	2,737	2,252	2,048	1,999	1,999	1,957	2,095	1,966	1,550	1,575	900	604	591
Short-term loans receivables (Bn. VND)	·	122	121	85	180	66	75	152	103	12	5	6	8	0
Long-term loans receivables (Bn. VND)	·	11	12	2	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	699	600	600	600	600	600	455	455	396	198	132	132	132
MINORITY INTERESTSNet debt bridge	·	27	35	35	37	36	21	21	18	12	9	9	9	0

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

Remainder

M −2.09 · 63rd pctile vs VN companies

YoY ▲ +0.33

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

0.646

GMI

0.752

AQI

0.988

SGI

1.443

DEPI

0.946

SGAI

0.594

TATA

0.073

LVGI

0.846

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.6615th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 9.4%80th 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

5/9

Neutral

Z-Score

1.64

Distress Zone

Sharpe

−1.76

Negative

Composite

50 to 69

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 Burden0.82×Interest Burden0.97×Op. Margin0.46×Turnover0.08×Leverage1.91=ROE5.6%

Price Risk

Momentum

−37.2%

Volatility

31.4%

Max Drawdown

−47.8%

Key Ratios

Fiscal year 2025

10.60P/E

P/B: 0.59
P/S: 3.79
ROE: 6.7%
ROA: 3.1%
EPS: 1.120
BVPS: 20.128
Gross Margin: 65.5%
Net Margin: 36.4%
D/E: 0.29
Current Ratio: 1.91
Rev Growth: +45.7%
Profit Growth: +32.1%
EV/EBITDA: 9.21
Div Yield: —

Company Overview

Shares outstanding: 83.8M
Charter Capital: 838B 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

Phạm Thu

Indiv

29.8%

20.8M

2026-06-30

Công ty TNHH Bất Động Sản Ree

Inst

21.0%

14.7M

2026-06-30

Phạm Đình Thành

Indiv

5.3%

3.7M

2026-06-30

Phạm Tuấn

Indiv

5.1%

3.5M

2026-06-30

Trần Thị Ga

Indiv

3.6%

2.5M

2026-06-30

Đặng Văn Phúc

Indiv

1.4%

963,137

2026-06-30

Trần Quí Thanh

Indiv

1.2%

159,494

2015-06-30

Đỗ Thị Trang

Indiv

1.2%

155,994

2015-06-30

Trần Thị Tuyết Mai

Indiv

1.0%

681,819

2026-06-30

Nguyễn Hồng Phát

Indiv

0.1%

73,471

2021-05-05

Board & Management

Phạm Thu29.8%

Chairman of Management Board

Phạm Đình Thành5.3%

Member of Management Board/Deputy General Director/Spokesman

Phạm Tuấn5.1%

Member of Management Board/Deputy General Director/Head of Investment

Trần Thị Ga3.6%

Member of Management Board/Deputy General Director

Phạm Thị Bích Đào

Head of Supervisors Board

Thái Quốc Dương

Deputy General Director

Trần Văn Chường

Director of Investment/Head of Investment

Nguyễn Khắc Cường

Director of Northern Branch

ĐỖ THỊ THANH HẰNG

Member of Supervisors Board

Lê Xuân Khương

Department Director

Director-deal registrations · 12 months

Sale registrations: 4 by 1 trader; 4,852,800 shares
Purchase registrations: None
Registered net, share of outstanding:: −5.79%

Công ty TNHH Bất Động Sản Ree
Sale · Institution
600,000
2026-04-01
Công ty TNHH Bất Động Sản Ree
Sale · Institution
600,000
2026-02-12
Công ty TNHH Bất Động Sản Ree
Sale · Institution
600,000
2026-01-06
Công ty TNHH Bất Động Sản Ree
Sale · Institution
3,052,800
2025-12-02

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

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

SGR among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

SGR among Real Estate

Ownership network

Director-deal registrations · 12 months