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VES
Real EstateCông ty Cổ phần Đầu tư và Xây dựng Điện MÊ CA VNECO
Bất động sảnCT
24.400
VND · Last close
Valuation Verdict
Overvalued
-120%Fair Value+120%
Intrinsic Value
3.070
Current
24.400
Gap
-87.4%
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)
71.60%
+
Kd(1-t)
5.80%
x
D/(D+E)
28.40%
=
WACC
11.38%
+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
2.211
60%DCF Value
3.643
Blended Intrinsic
3.070
Value Decomposition
37%
63%
Explicit period (37%)Terminal value (63%)
Valuation Track Record
Retroactive intrinsic value vs actual close price — VES
Earnings Quality
Fiscal year 2024
60
Fair
Accrual Quality
45Cash Conversion
100Receivables
100Margin Stability
0Revenue Quality
24Quantitative Scores
F-Score
5/9
Neutral
Z-Score
-5.59
Distress Zone
Sharpe
2.08
Excellent
Composite
55
Fair
Price Risk
Momentum
+414.3%
Volatility
138.5%
Max Drawdown
-52.9%
Key Ratios
Fiscal year 2024
93.70P/E
P/B7.21
P/S144.29
ROE8.0%
ROA5.8%
EPS118.17
BVPS1535.52
Gross Margin61.5%
Net Margin154.0%
D/E0.40
Current Ratio0.43
Rev Growth-5.3%
Profit Growth1151.9%
EV/EBITDA216.82
Div Yield0.0%
Company Overview
Issued Shares
9.0M
Charter Capital
494.3B 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 VES — hover nodes for intel, click to navigate
Top connections
Computed 12/04/2026