D11

Công ty Cổ phần Địa ốc 11

VietnamReal EstateBất động sảnHNXCT

11.600

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+34.8%Calibrated value vs last close

Last close (VND): 11.600
Calibrated intrinsic value (VND): 15.641

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 2 Dec 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 2 Nov 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)

96.87%

Kd(1-t)

5.38%

D/(D+E)

3.13%

WACC

11.77%

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)→11.600

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

15.641

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

Discount rate (WACC)11.77%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow23.9 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%
9.8%	15.871	15.871	15.871	15.871	15.871
10.8%	15.871	15.871	15.871	15.871	15.871
11.8%	15.837	15.837	15.837	15.871	15.871
12.8%	15.641	15.641	15.641	15.641	15.837
13.8%	15.641	15.641	15.641	15.641	15.641

Above market priceBelow market priceCurrent estimate

D11 among Real Estate

Every stock in the sector, D11 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 D11. 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	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	257	269	253	238	254	581	565	537	345	190	141	156	166
Cash and cash equivalents (Bn. VND)Net debt bridge	·	68	16	27	13	27	83	198	86	34	51	35	21	15
Short-term investments (Bn. VND)Net debt bridge	·	0.01	33	20	7	16	38	0	0	3	8	52	88	93
Accounts receivable (Bn. VND)	·	179	176	166	185	141	167	152	106	90	53	38	41	55
Prepayments to suppliers (Bn. VND)	·	30	28	29	29	30	32	67	45	48	18	0.3	18	18
Net Inventories	·	9	44	40	31	69	288	215	345	217	78	15	7	1
Inventories, Net (Bn. VND)	·	9	44	40	31	69	288	215	345	217	78	15	7	1
Other current assets	·	0.6	0.6	1	0.3	0.5	6	0	0	0	0	0	0	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	1
LONG-TERM ASSETS (Bn. VND)	·	99	95	98	107	112	71	78	12	6	6	23	5	6
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	7	0	0	18	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	7	0	0	1	0	0
Fixed assets (Bn. VND)	·	3	4	4	4	4	5	5	2	2	2	0.1	0.2	3
Tangible fixed assets	·	3	4	4	4	4	5	5	2	2	2	0.1	0.2	0.5
Investment in properties	·	95	92	94	102	107	63	67	3	3	3	4	4	1
Other non-current assets	·	0	0	0	0.9	0.8	3	6	0.9	1	1	0.5	0.5	1
Long-term prepayments (Bn. VND)	·	0	0	0	0.9	0.8	3	6	0.9	1	1	0.5	0.5	1
TOTAL ASSETS (Bn. VND)	·	355	365	351	345	366	653	643	549	351	196	163	161	172
LIABILITIES (Bn. VND)	·	159	175	165	162	199	524	533	455	262	99	85	80	84
Current liabilities (Bn. VND)	·	153	155	145	136	178	429	447	339	257	79	74	79	83
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	6	6	10	60	67	18	50	27	0	0	0	1
Advances from customers (Bn. VND)	·	15	34	32	31	29	266	329	183	155	15	6	11	15
Long-term liabilities (Bn. VND)	·	6	21	20	25	21	95	86	116	5	20	12	1.0	1.0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	73	62	49	4	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	196	189	186	183	166	129	109	94	89	97	78	82	87
Capital and reserves (Bn. VND)	·	196	189	186	183	166	129	109	94	89	97	78	82	87
Paid-in capital (Bn. VND)	·	82	73	66	66	66	66	66	66	66	66	44	44	44
Investment and development funds (Bn. VND)	·	79	79	79	77	66	44	17	15	15	14	14	14	9
Other Reserves	·	11	7	7	7	6	4	2	0.8	0.08	0	0	0	0
Undistributed earnings (Bn. VND)	·	24	29	35	34	29	16	25	13	9	17	20	24	29
TOTAL RESOURCES (Bn. VND)	·	355	365	351	345	366	653	643	549	351	196	163	161	172
Short-term loans receivables (Bn. VND)	·	2	2	2	2	2	2	2	0	0	0	0	0	0
Common shares (Bn. VND)	·	82	73	66	66	66	66	66	66	66	66	44	44	44

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.36 · 47th pctile vs VN companies

YoY ▼ −2.88

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

0.509

GMI

1.400

AQI

1.066

SGI

1.997

DEPI

0.914

SGAI

0.435

TATA

−0.136

LVGI

1.014

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 3.6288th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 8.8%78th 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.

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

1.64

Distress Zone

Sharpe

0.40

Positive

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 Burden0.85×Interest Burden1.00×Op. Margin0.05×Turnover0.60×Leverage1.81=ROE4.4%

Price Risk

Momentum

+22.3%

Volatility

37.7%

Max Drawdown

−16.1%

Key Ratios

Fiscal year 2025

12.13P/E

P/B: 0.53
P/S: 0.49
ROE: 4.5%
ROA: 2.4%
EPS: 1.052
BVPS: 23.856
Gross Margin: 10.8%
Net Margin: 4.1%
D/E: 0.00
Current Ratio: 1.68
Rev Growth: +99.7%
Profit Growth: +121.9%
EV/EBITDA: 2.95
Div Yield: —

Company Overview

Shares outstanding: 9.0M
Charter Capital: 90.4B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Common ownership links for D11. Hover for detail, select a link to open it.

Shareholders

Lê Thành Nhơn

Indiv

23.7%

1.9M

2026-06-30

Tổng Công ty Địa ốc Sài Gòn

Inst

20.0%

1.6M

2026-06-30

Đinh Thị Việt Hương

Indiv

5.0%

220,000

2014-12-11

Nguyễn Khắc Giang

Indiv

3.3%

272,069

2026-06-30

Trần Thị Kim Huệ

Indiv

3.0%

243,709

2026-06-30

Đỗ Vương Tú

Indiv

1.6%

132,157

2026-06-30

Trần Thị Kim Phượng

Indiv

0.8%

68,883

2026-06-30

Đặng Hữu Thành

Indiv

0.8%

49,060

2023-06-30

Trần Thị Kim Loan

Indiv

0.7%

59,790

2026-06-30

Trần Quốc Hùng

Indiv

0.4%

29,227

2026-06-30

Trần Thị Kim Hồng

Indiv

0.3%

28,352

2026-06-30

Huỳnh Thị Yến Nhi

Indiv

0.2%

15,996

2024-12-31

Phạm Văn Đan Duy

Indiv

0.1%

11,200

2026-06-30

Nguyễn Thị Hương Giang

Indiv

0.1%

7,947

2026-06-30

Board & Management

Lê Thành Nhơn23.7%

Member of Management Board

Nguyễn Khắc Giang3.3%

Member of Management Board/Deputy General Director/Spokesman

Trần Thị Kim Huệ3.0%

Chairman of Management Board

Trần Quốc Hùng0.4%

Member of Management Board

Phạm Văn Đan Duy0.1%

General Director

Trịnh Phi Công

Deputy General Director

Võ Hữu Tâm

Deputy General Director/Person in charge of Corporate governace

Huỳnh Đỗ Trà My

Member of Supervisors Board

Nguyễn Minh Hiền

Head of Supervisors Board

Top connections

TBR51.0%RCL20.0%ITC20.0%HTE20.0%

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

D11 among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

D11 among Real Estate

Ownership network