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VEF
Real EstateCông ty Cổ phần Trung tâm Hội chợ Triển lãm Việt Nam
Bất động sảnCT
95.200
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
109.737
Current
95.200
Gap
+15.3%
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
4.25%
+
CRP
2.75%
=
Cost of Equity (Ke)
13.60%
Ke
13.60%
x
E/(D+E)
29.60%
+
Kd(1-t)
6.38%
x
D/(D+E)
70.40%
=
WACC
10.00%
+2% WACC penalty (high leverage)
2
Growth Estimate
Sector Default3.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
Valuation
40%RNAV Proxy
39.865
60%DCF Value
156.318
Blended Intrinsic
109.737
Value Decomposition
33%
67%
Explicit period (33%)Terminal value (67%)
Valuation Track Record
Retroactive intrinsic value vs actual close price — VEF
Earnings Quality
Fiscal year 2025
27
Poor
Accrual Quality
0Cash Conversion
29Receivables
100Margin Stability
0Revenue Quality
0Quantitative Scores
F-Score
6/9
Neutral
Z-Score
6.08
Safe Zone
Sharpe
-0.21
Negative
Composite
41
Weak
Price Risk
Momentum
+5.4%
Volatility
24.1%
Max Drawdown
-32.2%
Key Ratios
Fiscal year 2025
1.23P/E
P/B2.83
P/S0.42
ROE288.1%
ROA24.1%
EPS92451.70
BVPS40071.69
Gross Margin37.6%
Net Margin34.4%
D/E2.38
Current Ratio1.31
Rev Growth964623.4%
Profit Growth1534.8%
EV/EBITDA1.18
Div Yield55.5%
Company Overview
Issued Shares
166.6M
Charter Capital
1666.0B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
// OWNERSHIP_NETWORK
> mapping common ownership for VEF — hover nodes for intel, click to navigate
Top connections
Computed 12/04/2026