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VRG
Real EstateCông ty Cổ phần Phát triển Đô thị và Khu Công nghiệp Cao Su Việt Nam
Bất động sảnCT
17.000
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
30.055
Current
17.000
Gap
+76.8%
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)
39.15%
+
Kd(1-t)
6.08%
x
D/(D+E)
60.85%
=
WACC
10.00%
2
Growth Estimate
fundamental firm blend3.00%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
Valuation
40%RNAV Proxy
15.181
60%DCF Value
39.970
Blended Intrinsic
30.055
Value Decomposition
26%
74%
Explicit period (26%)Terminal value (74%)
Valuation Track Record
Retroactive intrinsic value vs actual close price — VRG
Earnings Quality
Fiscal year 2025
53
Fair
Accrual Quality
93Cash Conversion
41Receivables
67Margin Stability
42Revenue Quality
0Quantitative Scores
F-Score
5/9
Neutral
Z-Score
1.23
Distress Zone
Sharpe
-0.60
Negative
Composite
48
Weak
Price Risk
Momentum
-12.1%
Volatility
28.7%
Max Drawdown
-41.5%
Key Ratios
Fiscal year 2025
12.94P/E
P/B1.33
P/S3.48
ROE9.5%
ROA3.7%
EPS1389.90
BVPS13521.22
Gross Margin61.8%
Net Margin26.9%
D/E1.69
Current Ratio5.33
Rev Growth17.9%
Profit Growth-38.7%
EV/EBITDA4.76
Div Yield0.0%
Company Overview
Issued Shares
25.9M
Charter Capital
258.9B 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 VRG — hover nodes for intel, click to navigate
Computed 12/04/2026