VCR

Công ty Cổ phần Đầu tư và Phát triển Du lịch ITC

VietnamReal EstateBất động sảnUPCOMCT

38.200

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−11.4%Calibrated value vs last close

Last close (VND): 38.200
Calibrated intrinsic value (VND): 33.828

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

Under financial distress the model falls back to book value.

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

1.110

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.97%

E/(D+E)

43.19%

Kd(1-t)

5.20%

D/(D+E)

56.81%

WACC

10.00%

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)→38.200

Calibrated value vs last close→−11.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

33.828

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: default

Base cash flow129.6 tỷone off strip ratio: 1.34

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%	N/A	N/A	N/A	N/A	N/A
9.0%	N/A	N/A	N/A	N/A	N/A
10.0%	N/A	N/A	N/A	N/A	N/A
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A

Above market priceBelow market priceCurrent estimate

VCR among Real Estate

Every stock in the sector, VCR 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 VCR. 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	2012
CURRENT ASSETS (Bn. VND)	·	2,004	294	294	356	238	2,255	62	33	41	22	25	26	589	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	6	0.6	22	78	44	1,009	16	7	20	6	4	3	3	·
Short-term investments (Bn. VND)Net debt bridge	·	0.04	0.04	0.1	0.07	0.3	0.1	0.05	0.05	5	0.07	0.09	0.1	0.3	·
Accounts receivable (Bn. VND)	·	88	119	121	148	171	1,240	41	22	12	12	12	13	15	·
Prepayments to suppliers (Bn. VND)	·	12	12	15	23	11	1,146	7	5	5	6	6	5	8	·
Net Inventories	·	1,738	11	14	41	0	0	0	0	0	0	0	0.7	561	·
Inventories, Net (Bn. VND)	·	1,738	11	14	41	0	0	0	0	0	0	0	0.7	561	·
Other current assets	·	172	164	137	90	23	6	5	4	4	4	8	10	11	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.7	·
LONG-TERM ASSETS (Bn. VND)	·	3,429	4,889	4,661	6,808	6,538	1,196	826	832	840	835	864	854	280	·
Long-term trade receivables (Bn. VND)	·	1	1.0	257	3,234	4,063	0	0	0	0	0	0	0	0	·
Other long-term receivables (Bn. VND)	·	1	1.0	0	0	0	0	0	0	0	0	0	0	0	·
Fixed assets (Bn. VND)	·	28	29	30	3	4	4	4	4	4	5	46	50	235	·
Tangible fixed assets	·	28	29	30	3	4	4	4	4	4	5	46	50	54	·
Intagible fixed assets	·	0	0	0	0	0	0	0	0	0	0	0	0.02	0.07	·
Other non-current assets	·	0.4	11	14	18	21	24	27	30	33	36	42	43	46	·
Long-term prepayments (Bn. VND)	·	0.4	11	14	18	21	24	27	30	33	36	42	43	46	·
TOTAL ASSETS (Bn. VND)	·	5,433	5,183	4,956	7,164	6,776	3,451	888	865	880	857	889	880	870	·
LIABILITIES (Bn. VND)	·	3,928	3,600	3,351	5,273	4,890	1,858	720	578	582	544	582	577	568	·
Current liabilities (Bn. VND)	·	2,499	1,983	1,977	1,208	551	335	315	434	430	383	427	390	420	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	551	482	458	458	227	0.02	58	17	5	6	57	0.1	19	·
Advances from customers (Bn. VND)	·	3	2	3	13	21	0	0	36	36	15	16	0.08	0.08	·
Long-term liabilities (Bn. VND)	·	1,429	1,618	1,374	4,065	4,339	1,523	406	144	153	161	155	187	148	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,429	1,618	1,374	1,832	2,081	1,140	0	68	81	94	100	167	148	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,505	1,583	1,605	1,891	1,886	1,593	168	287	298	314	306	304	302	·
Capital and reserves (Bn. VND)	·	1,505	1,583	1,605	1,891	1,886	1,593	168	287	298	314	306	304	302	·
Paid-in capital (Bn. VND)	·	2,100	2,100	2,100	2,100	2,100	1,800	360	360	360	360	360	360	360	·
Investment and development funds (Bn. VND)	·	11	11	11	11	11	11	11	11	11	11	11	11	6	·
Other Reserves	·	5	5	5	5	5	5	5	5	5	5	5	5	5	·
Undistributed earnings (Bn. VND)	·	−617	−540	−518	−231	−237	−230	−215	−81	−70	−54	−61	−64	−66	·
TOTAL RESOURCES (Bn. VND)	·	5,433	5,183	4,956	7,164	6,776	3,451	888	865	880	857	889	880	870	·
Convertible bonds (Bn. VND)	·	0	0	0	0	0	300	300	0	0	0	0	0	0	·
Common shares (Bn. VND)	·	2,100	2,100	2,100	2,100	2,100	1,800	360	360	360	360	360	360	360	·

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

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 −4.66 · 1st pctile vs VN companies

YoY ▼ −8.69

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

0.736

GMI

0.945

AQI

0.668

SGI

1.009

DEPI

1.586

SGAI

1.402

TATA

−0.377

LVGI

1.041

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.2%15th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.29×
Consecutive years of net lossProfit after tax of the parent: 3Statutory 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

6/9

Neutral

Z-Score

1.27

Distress Zone

Sharpe

0.35

Positive

Composite

Below 30

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 Burden1.00×Interest Burden0.98×Op. Margin−25.11×Turnover0.00×Leverage3.61=ROE−5.1%

Price Risk

Momentum

+36.4%

Volatility

112.5%

Max Drawdown

−35.5%

Key Ratios

Fiscal year 2025

—P/E

P/B: 7.88
P/S: 3756.68
ROE: −5.0%
ROA: −1.5%
EPS: −369
BVPS: 7.168
Gross Margin: 14.4%
Net Margin: −2452.2%
D/E: 1.32
Current Ratio: 0.80
Rev Growth: +0.9%
Profit Growth: −254.2%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 210M
Charter Capital: 2,100B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Common ownership links for VCR. Hover for detail, select a link to open it.

Shareholders

Công ty TNHH Khu Đông - Phú Quốc

Inst

24.5%

51.5M

2025-08-07

Công ty TNHH Imperia An Phú

Inst

24.1%

50.7M

2025-07-15

Công ty Cổ Phần Sàn Giao Dịch Bất Động Sản Hà Nội Anpha

Inst

23.1%

48.4M

2025-07-09

Công ty TNHH Kinh Doanh Quốc Tế Silver Field

Inst

22.5%

47.3M

2025-07-22

Công ty Cổ phần Chứng khoán AGRIBANK

AGR

1.4%

2.5M

2021-03-24

Board & Management

Trần Thị Thu Hồng

Member of Management Board

Đào Ngọc Thanh

Chairman of Management Board

Trần Quang Phụng

Member of Management Board

Nguyên Tuấn Hải

Member of Management Board

Dương Văn Mậu

Vice Chairman of Management Board

Vũ Thái Dương

Member of Supervisors Board

Vũ Mạnh Hùng

Member of Supervisors Board

Nguyễn Doãn Dũng

Chief Accountant

Lê Văn Huy

General Director

Nguyễn Ngọc Kiên

Spokesman

Vũ Văn Mạnh

Head of Supervisors Board

Top connections

CYC7.0%CCL4.4%DHM1.4%CTG1.4%

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

VCR among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

VCR among Real Estate

Ownership network