Back to Dashboard

CRV

Công ty Cổ phần Tập đoàn Bất động sản CRV

VietnamReal EstateBất động sảnHOSECT
23.000
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+14.5%Calibrated value vs last close
Last close (VND)
23.000
Calibrated intrinsic value (VND)
26.331

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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.

Also note

  • A release of working capital contributes to cash flow.

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.

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.

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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
1.110
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.97%
Ke
11.97%
x
E/(D+E)
94.84%
+
Kd(1-t)
3.22%
x
D/(D+E)
5.16%
=
WACC
11.52%
2
Growth Estimate
fundamental firm blend3.50%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
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)→23.000
Calibrated value vs last close→+14.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
26.331
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)11.52%high risk: no
Growth rate3.50%growth method: fundamental firm blend
Base cash flow687.0 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 \ Growth0.5%2.0%3.5%5.0%6.5%
9.5%26.82826.82826.82826.82826.828
10.5%26.33126.82826.82826.82826.828
11.5%26.33126.33126.33126.33126.331
12.5%25.64825.64825.64826.33126.331
13.5%25.64825.64825.64825.64825.648
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item20262025202420232022
CURRENT ASSETS (Bn. VND)
·9,9167,80610,3918,274
Cash and cash equivalents (Bn. VND)Net debt bridge
·756208390309
Short-term investments (Bn. VND)Net debt bridge
·1,4521,1251,6254,560
Accounts receivable (Bn. VND)
·665383249306
Prepayments to suppliers (Bn. VND)
·406303119
Net Inventories
·6,8796,0127,9952,914
Inventories, Net (Bn. VND)
·6,8796,0127,9952,914
Other current assets
·16378132185
LONG-TERM ASSETS (Bn. VND)
·1,5861,3501,324852
Fixed assets (Bn. VND)
·2902972354
Tangible fixed assets
·2872972354
Intagible fixed assets
·3000
Investment in properties
·906935702664
Long-term investments (Bn. VND)
·25502160
Other non-current assets
·135118171184
Long-term prepayments (Bn. VND)
·10.50.20.05
TOTAL ASSETS (Bn. VND)
·11,5029,15611,7159,125
LIABILITIES (Bn. VND)
·4,3321,3074,5362,215
Current liabilities (Bn. VND)
·3,8921,1703,8262,087
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·03171,3910
Advances from customers (Bn. VND)
·3,5242261,4791,609
Long-term liabilities (Bn. VND)
·440136709129
Long-term borrowings (Bn. VND)Discount rate (WACC) +1
·390906160
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·7,1707,8497,1806,910
Capital and reserves (Bn. VND)
·7,1707,8497,1806,910
Paid-in capital (Bn. VND)
·6,7246,7246,7246,724
Undistributed earnings (Bn. VND)
·4471,126457187
TOTAL RESOURCES (Bn. VND)
·11,5029,15611,7159,125
Common shares (Bn. VND)
·6,7246,7246,7246,724
Good will (Bn. VND)
·95109154173
MINORITY INTERESTSNet debt bridge
·0.20.30.30.3
◆vnvalue Research Note
Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025
55
Fair
Accrual Quality
100
Cash Conversion
100
Receivables
0
Margin Stability
36
Revenue Quality
0

Financial Forensics

Beneish M-Score · 2025
Highest band
M 1.20 · 96th pctile vs VN companies
YoY ▲ +3.12
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
7.220
GMI
1.007
AQI
0.980
SGI
0.241
DEPI
1.530
SGAI
1.613
TATA
−0.161
LVGI
2.705

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit
−1.1213th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
3.5%59th 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 accounting signals are mixed. The Beneish M‑Score is 1.2049 (96th percentile vs Vietnamese peers; year‑over‑year change +3.12), showing the company sits high in Vietnamese peer distribution for indicators of aggressive accounting—noting the US cutoff -1.78 is not directly comparable. Other metrics show acute receivables/revenue signals (DSRI 7.2203; receivables quality 0/100; revenue quality 0/100) while solvency and cash/earnings accrual measures look healthier (Altman Z = 3.56 in the ‘safe’ zone; accruals quality 100/100; cash conversion component 100/100, though an independent 3‑year cash conversion check is -1.12).

Red Flags
  • Beneish M‑Score = 1.2049 (96th percentile among Vietnamese peers; YoY change +3.12). The M‑Score aggregates eight ratios to flag earnings manipulation risk; the high percentile and large YoY rise indicate the company’s pattern of accruals and other ratios is more aggressive versus most Vietnamese companies.
  • DSRI (days‑sales receivables index) = 7.2203. DSRI measures whether receivables are growing faster than sales; a value well above 1 signals receivables expansion relative to sales and can indicate early revenue recognition or collection deterioration.
  • Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (Earnings‑quality breakdown). These scores indicate the model finds very weak support that reported revenues and receivables are high quality.
  • LVGI (leverage growth index) = 2.7051. LVGI >1 indicates balance‑sheet leverage rose materially year on year; a value this large flags an increase in leverage or financing that can affect sustainability of earnings.
  • SGAI (sales, general & admin index) = 1.6128 and DEPI (depreciation index) = 1.5297. SGAI >1 indicates SG&A growing faster than sales; DEPI >1 suggests depreciation policies or asset base changes that reduced reported depreciation expense relative to prior periods—both can inflate reported margins.
  • Earnings‑quality cash conversion discrepancy: accruals quality 100/100 and model cash‑conversion 100/100 vs Vietnam three‑year cash conversion (operating cash flow / net profit) = -1.12 (13th percentile). The published three‑year cash conversion ratio shows profits have not turned into operating cash over three years, which conflicts with the 'cash conversion' element of the other earnings‑quality score and warrants reconciliation in the filings.
Positive Signals
  • Altman Z‑Score = 3.56 (safe zone). The Altman Z aggregates liquidity, profitability and leverage proxies; 3.56 is in the range typically interpreted as distant from bankruptcy risk.
  • Piotroski F‑Score = 4/9 (neutral). The F‑Score shows mixed operational and profitability signals rather than clear deterioration.
  • Accruals quality = 100.0/100 and model cash conversion component = 100.0/100. The Beneish/Earnings‑quality components indicate reported earnings are not driven by simple accrual buildups per those specific measures (TATA = -0.1611 also indicates net total accruals measure is modestly negative).
  • No accumulated losses; owner's equity (excluding minority interest) is positive and the statutory loss tests under the cited decrees are not met. The published statements therefore do not meet the statutory criteria for listing cancellation under Decree 155/2020 Art.120(1)(e) as amended.
Ownership Risk

Ownership is concentrated: the top institutional holder (Công ty Cổ phần Đầu tư Dịch Vụ Tài Chính Hoàng Huy) holds 38.2%, and the listed group entity HHS (Công ty Cổ phần Đầu tư Dịch vụ Hoàng Huy) holds 35.3% (disclosed 2026‑06‑30), indicating a single group has significant influence (35.3%) and the top institutions together control a very large stake. Director‑deal registrations (0 sales, 2 purchase registrations totalling 12,314,398 shares; net registered volume +1.79% of shares outstanding between 2025‑10‑30 and 2026‑10‑30) are intentions to trade and show net insider registration to buy rather than sell over the year.

To check in the filings
  • Compare the year‑end trade receivables and 'other receivables / loans receivable / prepayments' lines in the FY2025 balance sheet with the related‑party transactions note and the revenue note to reconcile DSRI = 7.2203 and the 3.5% of total assets 'receivables outside the trade cycle.'
  • Reconcile operating cash flow and net profit across the last three years in the cash flow statement and management discussion to explain the 3‑year cash conversion = -1.12 (operating cash flow / net profit) versus the accruals/cash‑conversion elements in the earnings‑quality model.
  • Examine the fixed‑assets note (additions, disposals, depreciation policy) and the depreciation expense schedule to explain DEPI = 1.5297 and any change in useful lives or revaluations that affect reported depreciation.
  • Review the SG&A and revenue schedules and any related‑party service or management‑fee disclosures to understand SGAI = 1.6128 and whether SG&A growth or allocation contributed to margin changes (margin quality = 36.2/100).

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
3.56
Safe Zone
Composite
23
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 Burden0.75×Interest Burden1.01×Op. Margin0.30×Turnover0.07×Leverage1.60=ROE2.4%

Key Ratios

Fiscal year 2025
90.65P/E
P/B
2.21
P/S
20.76
ROE
2.3%
ROA
1.7%
EPS
254
BVPS
10.430
Gross Margin
40.7%
Net Margin
22.9%
D/E
0.05
Current Ratio
2.55
Rev Growth
−75.9%
Profit Growth
−76.9%
EV/EBITDA
62.34
Div Yield
5.4%

Company Overview

Shares outstanding
687M
Charter Capital
6,874B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →