DRH

Công ty Cổ phần DRH Holdings

VietnamReal EstateBất động sảnHOSECT

1.070

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+55.5%Calibrated value vs last close

Last close (VND): 1.070
Calibrated intrinsic value (VND): 1.664

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

The model uses profit in place of cash flow, which was not available.

Also note

The model’s gap was capped before calibration.
Trading liquidity is low.
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.

Comparison assessed 3 Nov 2026Valid through 8 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 2026Close date unavailableRecalculated 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

1.114

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.99%

E/(D+E)

64.19%

Kd(1-t)

7.30%

D/(D+E)

35.81%

WACC

10.31%

+2% WACC penalty (high leverage)

Growth Estimate

Sector Default3.50%

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)→1.070

Calibrated value vs last close→+55.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

1.664

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

Discount rate (WACC)12.31%high risk: yes

Growth rate3.50%growth method: default

Base cash flow63.4 tỷone off strip ratio: 28.87

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%
10.3%	1.464	1.464	1.464	1.464	1.484
11.3%	1.461	1.464	1.464	1.464	1.464
12.3%	1.443	1.443	1.443	1.443	1.461
13.3%	1.414	1.443	1.443	1.443	1.443
14.3%	1.306	1.307	1.314	1.394	1.443

Above market priceBelow market priceCurrent estimate

DRH among Real Estate

Every stock in the sector, DRH 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 DRH. 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)	·	3,166	2,804	2,805	2,489	1,748	1,693	1,597	1,614	734	197	42	77	56
Cash and cash equivalents (Bn. VND)Net debt bridge	·	96	0.09	104	160	49	53	37	38	34	8	3	10	3
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0.4	0.4	0.4	2	0.6	7	0.1	0.1	0.1
Accounts receivable (Bn. VND)	·	1,652	1,512	1,518	1,244	767	787	734	653	63	177	39	52	41
Prepayments to suppliers (Bn. VND)	·	166	137	131	135	4	87	95	157	1	3	0.4	0.2	0.2
Net Inventories	·	1,390	1,267	1,160	1,057	905	844	815	897	625	0	0	0	0
Inventories, Net (Bn. VND)	·	1,390	1,267	1,160	1,057	905	844	815	897	625	0	0	0	0
Other current assets	·	28	25	23	28	27	10	10	24	11	4	0.06	15	12
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	15	11
LONG-TERM ASSETS (Bn. VND)	·	1,121	1,097	1,155	1,359	976	808	746	578	349	636	285	223	236
Long-term trade receivables (Bn. VND)	·	2	2	5	222	2	2	2	3	1	192	127	0	0
Other long-term receivables (Bn. VND)	·	2	2	2	2	2	2	2	3	1	192	127	0	0
Fixed assets (Bn. VND)	·	0.2	0.3	0.4	0.7	0.5	0.9	2	2	1	2	1	90	89
Tangible fixed assets	·	0.2	0.3	0.4	0.6	0.2	0.2	0.3	0.4	0.6	0.9	1	2	1
Intagible fixed assets	·	0	0	0	0.10	0.3	0.8	1	2	0.6	0.8	0	0	0
Investment in properties	·	85	87	89	91	93	0	0	0	0	4	8	8	8
Long-term investments (Bn. VND)	·	838	811	864	847	693	638	564	490	323	292	88	126	139
Investments in associate companies	·	838	811	864	847	693	638	564	490	307	288	101	93	109
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	25	6	14	55	55
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	0	−9	−0.8	−26	−23	−26
Goodwill	·	0	0	0	0	0	0	0	0	0	30	0	0	0
Other non-current assets	·	197	197	198	198	188	69	76	79	20	5	0.7	0	0.00
Long-term prepayments (Bn. VND)	·	185	185	186	187	187	68	76	76	20	5	0.7	0	0
TOTAL ASSETS (Bn. VND)	·	4,288	3,901	3,961	3,848	2,725	2,501	2,342	2,192	1,083	833	327	300	292
LIABILITIES (Bn. VND)	·	2,964	2,594	2,451	2,232	1,866	1,650	1,532	1,419	394	211	107	98	114
Current liabilities (Bn. VND)	·	2,957	2,580	2,443	2,229	1,862	1,533	1,516	1,384	350	211	107	97	114
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	738	751	774	695	443	296	160	401	106	173	43	74	68
Advances from customers (Bn. VND)	·	666	535	530	530	447	408	355	115	79	4	2	2	2
Long-term liabilities (Bn. VND)	·	7	14	7	4	4	117	16	35	44	0.07	0.06	0.1	0.1
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	115	14	35	39	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,323	1,307	1,510	1,615	859	851	810	773	688	622	220	203	178
Capital and reserves (Bn. VND)	·	1,323	1,307	1,510	1,615	859	851	810	773	688	622	220	203	178
Paid-in capital (Bn. VND)	·	1,244	1,244	1,244	1,244	610	610	610	610	490	490	184	184	184
Investment and development funds (Bn. VND)	·	20	20	20	20	20	14	9	2	7	1	1	0.01	0.01
Undistributed earnings (Bn. VND)	·	−65	−81	122	228	230	228	191	155	138	82	17	2	−25
TOTAL RESOURCES (Bn. VND)	·	4,288	3,901	3,961	3,848	2,725	2,501	2,342	2,192	1,083	833	327	300	292
Short-term loans receivables (Bn. VND)	·	262	262	254	0.5	0	0	0	0	0	0	0	0	0
Long-term loans receivables (Bn. VND)	·	0.2	0.4	3	220	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	1,244	1,244	1,244	1,244	610	610	610	610	490	490	184	184	184
MINORITY INTERESTSNet debt bridge	·	12	11	11	11	6	6	6	6	4	0.04	0	0	0

◆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

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 −2.10 · 62nd pctile vs VN companies

YoY ▼ −0.68

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

0.660

GMI

1.320

AQI

0.930

SGI

1.657

DEPI

0.951

SGAI

0.466

TATA

−0.022

LVGI

1.043

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 10.0%81st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.05×
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

7/9

Strong

Z-Score

0.13

Distress Zone

Sharpe

−1.66

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 Burden0.43×Interest Burden0.94×Op. Margin6.98×Turnover0.00×Leverage3.24=ROE1.3%

Price Risk

Momentum

−30.3%

Volatility

52.2%

Max Drawdown

−67.7%

Key Ratios

Fiscal year 2025

8.46P/E

P/B: 0.10
P/S: 22.37
ROE: 1.2%
ROA: 0.4%
EPS: 126
BVPS: 10.603
Gross Margin: −139.0%
Net Margin: 283.3%
D/E: 0.56
Current Ratio: 1.07
Rev Growth: +65.7%
Profit Growth: +107.7%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 124M
Charter Capital: 1,237B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Chen Jung Chin

Indiv

4.8%

880,270

2015-03-24

Viet Nam Property Holding

Inst

4.7%

857,950

2014-11-18

Lưu Khiết Lâm

Indiv

4.4%

806,814

2012-03-09

Phan Tấn Đạt

Indiv

4.3%

5.3M

2026-06-30

Công ty Cổ phần Trí Thức Doanh Nghiệp Quốc Tế

Inst

2.2%

400,000

2015-06-15

Đoàn Trung Tín

Indiv

1.5%

267,303

2014-12-31

Trần Kim Cương

Indiv

0.5%

89,104

2014-12-31

Ngô Đức Sơn

Indiv

0.5%

600,000

2026-06-30

Trần Anh Tùng

Indiv

0.4%

66,069

2015-01-09

Trần Hoàng Anh

Indiv

0.3%

400,000

2026-06-30

Vũ Duy Bằng

Indiv

0.3%

51,291

2014-12-31

PHẠM HOÀNG LƯƠNG

Indiv

0.2%

37,926

2014-12-31

Phan Tấn Dũng

Indiv

0.2%

31,842

2013-12-31

Huỳnh Thị Hoa Mai

Indiv

0.1%

27,336

2015-01-09

Nguyễn Lâm Tùng

Indiv

0.1%

150,000

2025-06-30

Board & Management

Phan Tấn Đạt4.3%

Chairman of Management Board

Ngô Đức Sơn0.5%

Member of Management Board/General Director/Spokesman

Trần Hoàng Anh0.3%

Member of Management Board/Chief Financial Officer

Nguyễn Thị Minh Thơ

Person in charge of Corporate governace

Lê Thị Thuần

Chief Accountant

Listed group

KSBCông ty Cổ phần Khoáng sản và Xây dựng Bình Dương
Associate: 20% or more held
21.1%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

DRH among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

DRH among Real Estate

Ownership network

Listed group