BVL

Công ty Cổ phần BV Land

VietnamReal EstateBất động sảnUPCOMCT

10.800

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+34.8%Calibrated value vs last close

Last close (VND): 10.800
Calibrated intrinsic value (VND): 14.563

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

Trading liquidity is below the comparison threshold.

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 29 Nov 2026

Model reliability: Low; 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 30 Oct 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)

78.70%

Kd(1-t)

4.24%

D/(D+E)

21.30%

WACC

10.32%

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)→10.800

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

14.563

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

Discount rate (WACC)10.32%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow259.2 tỷone off strip ratio: 0

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%
8.3%	14.777	14.777	14.777	14.777	15.261
9.3%	14.777	14.777	14.777	14.777	14.777
10.3%	14.745	14.745	14.777	14.777	14.777
11.3%	14.563	14.563	14.563	14.563	14.745
12.3%	14.563	14.563	14.563	14.563	14.563

Above market priceBelow market priceCurrent estimate

BVL among Real Estate

Every stock in the sector, BVL 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 BVL. 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
CURRENT ASSETS (Bn. VND)	·	1,689	1,484	1,164	1,510	420	278	275
Cash and cash equivalents (Bn. VND)Net debt bridge	·	207	20	30	145	38	30	72
Short-term investments (Bn. VND)Net debt bridge	·	384	46	26	94	60	71	0
Accounts receivable (Bn. VND)	·	187	723	535	620	262	125	155
Prepayments to suppliers (Bn. VND)	·	92	14	20	19	25	9	40
Net Inventories	·	794	650	536	593	59	50	46
Inventories, Net (Bn. VND)	·	794	650	536	593	59	50	46
Other current assets	·	118	46	36	58	1	2	2
LONG-TERM ASSETS (Bn. VND)	·	857	304	308	315	97	98	87
Long-term trade receivables (Bn. VND)	·	2	7	2	1	0.7	0.4	0.3
Other long-term receivables (Bn. VND)	·	2	7	2	1	0.7	0.4	0.3
Fixed assets (Bn. VND)	·	4	26	29	31	30	17	4
Tangible fixed assets	·	4	26	29	31	30	17	4
Investment in properties	·	209	230	232	238	17	17	18
Long-term investments (Bn. VND)	·	635	12	11	0.6	0.6	1	1
Investments in associate companies	·	623	12	11	0.9	0.9	1	1
Other long-term assets (Bn. VND)	·	12	0	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	0	−0.3	−0.3	−0.3	−0.3	0	0
Other non-current assets	·	3	30	34	44	49	56	60
Long-term prepayments (Bn. VND)	·	0.7	0.6	0.6	2	3	3	0.2
TOTAL ASSETS (Bn. VND)	·	2,546	1,788	1,471	1,825	518	376	362
LIABILITIES (Bn. VND)	·	957	499	499	902	221	109	94
Current liabilities (Bn. VND)	·	563	372	431	524	205	93	86
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	88	100	251	201	112	53	8
Advances from customers (Bn. VND)	·	202	110	81	131	0	2	2
Long-term liabilities (Bn. VND)	·	393	127	68	378	16	16	7
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	342	104	35	346	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,589	1,289	973	923	296	267	268
Capital and reserves (Bn. VND)	·	1,589	1,289	973	923	296	267	268
Paid-in capital (Bn. VND)	·	894	828	573	573	231	220	220
Investment and development funds (Bn. VND)	·	2	13	13	12	5	3	0.9
Undistributed earnings (Bn. VND)	·	414	145	183	140	25	7	8
TOTAL RESOURCES (Bn. VND)	·	2,546	1,788	1,471	1,825	518	376	362
Short-term loans receivables (Bn. VND)	·	18	473	266	136	38	56	14
Common shares (Bn. VND)	·	894	828	573	573	231	220	220
Good will (Bn. VND)	·	2	28	33	40	46	53	60
MINORITY INTERESTSNet debt bridge	·	279	304	204	198	35	36	39

Earnings Quality

Fiscal year 2025

Fair

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 −2.43 · 43rd pctile vs VN companies

YoY ▲ +0.02

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

0.141

GMI

0.326

AQI

2.154

SGI

1.829

DEPI

0.461

SGAI

1.072

TATA

0.038

LVGI

1.337

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.6167th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 4.4%64th 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. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

3.10

Safe Zone

Sharpe

−0.53

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 Burden0.81×Interest Burden1.00×Op. Margin0.31×Turnover0.58×Leverage1.60=ROE23.3%

Price Risk

Momentum

−26.6%

Volatility

109.2%

Max Drawdown

−54.5%

Key Ratios

Fiscal year 2025

3.51P/E

P/B: 0.88
P/S: 0.79
ROE: 28.8%
ROA: 15.2%
EPS: 3.694
BVPS: 14.646
Gross Margin: 36.7%
Net Margin: 25.1%
D/E: 0.27
Current Ratio: 3.00
Rev Growth: +82.9%
Profit Growth: +3872.5%
EV/EBITDA: 3.20
Div Yield: —

Company Overview

Shares outstanding: 107M
Charter Capital: 1,073B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Tư Vấn, Định giá, Môi giới Bất động sản
Company Type: CT

Ownership network

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

Shareholders

Công ty Cổ Phần Tập Đoàn Bách Việt

Inst

63.4%

68.0M

2026-06-30

Công ty Cổ Phần Bv Asset

Inst

10.8%

11.6M

2026-06-30

Công ty Cổ Phần Tg Capital

Inst

5.0%

4.4M

2026-03-31

Nguyễn Tân Thành

Indiv

1.5%

1.3M

2026-06-30

Lê Huy Giang

Indiv

0.4%

100,000

2020-09-15

Ngô Thu Hương

Indiv

0.3%

214,000

2024-12-31

Lý Tuấn Anh

Indiv

0.1%

120,000

2026-06-30

Board & Management

Nguyễn Tân Thành1.5%

Chairman of Management Board

Lê Huy Giang0.4%

General Director

Lý Tuấn Anh0.1%

Member of Management Board/General Director/Spokesman

Dương Trung Thông

Deputy General Director

Top connections

VCM63.4%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Valuation Breakdown

DCF Sensitivity

BVL among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

BVL among Real Estate

Ownership network