DXS

Công ty Cổ phần Dịch vụ Bất động sản Đất Xanh

VietnamReal EstateBất động sảnHOSECT

4.720

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.1%Calibrated value vs last close

Last close (VND): 4.720
Calibrated intrinsic value (VND): 5.762

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

Under financial distress the model falls back to book value.

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: Medium; 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

1.196

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

12.35%

E/(D+E)

78.99%

Kd(1-t)

3.36%

D/(D+E)

21.01%

WACC

10.46%

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)→4.720

Calibrated value vs last close→+22.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.762

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

Discount rate (WACC)10.46%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow322.3 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%
8.5%	5.764	5.782	5.796	6.147	6.147
9.5%	5.762	5.762	5.762	5.762	5.762
10.5%	5.505	5.505	5.505	5.505	5.505
11.5%	5.505	5.505	5.505	5.505	5.505
12.5%	5.263	5.263	5.404	5.404	5.404

Above market priceBelow market priceCurrent estimate

DXS among Real Estate

Every stock in the sector, DXS 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 DXS. 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
CURRENT ASSETS (Bn. VND)	·	16,165	14,276	14,569	15,673	14,505	10,525	8,339	5,591
Cash and cash equivalents (Bn. VND)Net debt bridge	·	795	416	207	493	1,632	1,146	351	322
Short-term investments (Bn. VND)Net debt bridge	·	322	78	97	171	156	110	98	48
Accounts receivable (Bn. VND)	·	9,758	9,221	9,977	10,657	10,560	7,428	6,674	4,366
Prepayments to suppliers (Bn. VND)	·	962	1,037	756	740	802	470	324	178
Net Inventories	·	5,113	4,391	4,119	4,190	1,986	1,699	1,144	808
Inventories, Net (Bn. VND)	·	5,113	4,391	4,119	4,190	1,986	1,699	1,144	808
Other current assets	·	177	171	169	163	171	141	72	49
LONG-TERM ASSETS (Bn. VND)	·	677	792	889	930	643	570	654	392
Long-term trade receivables (Bn. VND)	·	2	79	204	94	65	36	380	194
Other long-term receivables (Bn. VND)	·	2	79	159	94	65	36	380	194
Fixed assets (Bn. VND)	·	217	203	199	204	195	145	140	54
Tangible fixed assets	·	157	138	146	142	129	119	112	36
Intagible fixed assets	·	61	65	54	62	66	26	27	19
Investment in properties	·	80	63	37	45	44	46	9	0
Long-term investments (Bn. VND)	·	35	142	94	201	21	31	30	68
Investments in associate companies	·	35	117	69	176	0.5	0.5	0	0
Other long-term assets (Bn. VND)	·	0	0.5	0	0	0	0	0	68
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	30	30	0
Other non-current assets	·	239	208	226	268	259	270	62	38
Long-term prepayments (Bn. VND)	·	116	74	71	67	48	42	39	20
TOTAL ASSETS (Bn. VND)	·	16,843	15,069	15,457	16,602	15,148	11,095	8,993	5,983
LIABILITIES (Bn. VND)	·	8,010	6,752	7,354	8,317	7,384	5,256	3,915	3,748
Current liabilities (Bn. VND)	·	6,882	6,313	6,754	7,350	7,214	5,104	3,912	3,747
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,967	1,834	1,606	1,375	1,034	630	677	238
Advances from customers (Bn. VND)	·	858	398	364	396	193	129	71	170
Long-term liabilities (Bn. VND)	·	1,128	439	600	968	171	151	2	1.0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,026	378	548	942	97	145	2	1.0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	8,832	8,316	8,103	8,285	7,764	5,839	5,079	2,235
Capital and reserves (Bn. VND)	·	8,832	8,316	8,103	8,285	7,764	5,839	5,079	2,235
Paid-in capital (Bn. VND)	·	5,791	5,791	5,741	4,531	3,582	3,225	3,000	1,100
Other Reserves	·	25	25	25	25	−9	−9	−9	−9
Investment and development funds (Bn. VND)	·	6	6	6	6	5	5	5	5
Undistributed earnings (Bn. VND)	·	518	186	90	680	942	456	462	192
TOTAL RESOURCES (Bn. VND)	·	16,843	15,069	15,457	16,602	15,148	11,095	8,993	5,983
Short-term loans receivables (Bn. VND)	·	107	200	170	214	41	0.7	0	0
Long-term loans receivables (Bn. VND)	·	0	0	45	0	0	0	0	0
Common shares (Bn. VND)	·	5,791	5,791	5,741	4,531	3,582	3,225	3,000	1,100
Good will (Bn. VND)	·	94	115	136	157	181	199	7	8
MINORITY INTERESTSNet debt bridge	·	2,488	2,304	2,237	2,239	2,139	1,822	1,621	948

Earnings Quality

Fiscal year 2025

Weak

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 −2.10 · 62nd pctile vs VN companies

YoY ▲ +0.56

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

0.650

GMI

1.118

AQI

0.699

SGI

1.627

DEPI

1.158

SGAI

0.871

TATA

0.039

LVGI

1.057

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.1720th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 6.4%73rd 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

5/9

Neutral

Z-Score

1.45

Distress Zone

Sharpe

−1.96

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 Burden0.79×Interest Burden1.09×Op. Margin0.15×Turnover0.24×Leverage1.91=ROE5.9%

Price Risk

Momentum

−52.2%

Volatility

38.0%

Max Drawdown

−56.8%

Key Ratios

Fiscal year 2025

7.89P/E

P/B: 0.44
P/S: 0.70
ROE: 5.7%
ROA: 2.2%
EPS: 607
BVPS: 10.956
Gross Margin: 43.2%
Net Margin: 13.2%
D/E: 0.34
Current Ratio: 2.35
Rev Growth: +50.9%
Profit Growth: +139.2%
EV/EBITDA: 9.94
Div Yield: —

Company Overview

Shares outstanding: 579M
Charter Capital: 5,791B 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

Shareholder structure

Shareholders

Công ty Cổ phần Bluemarq Group

DXG

55.4%

321M

2026-06-30

Đỗ Thị Hiền

Indiv

4.9%

22.1M

2023-05-12

Board & Management

Nguyễn Trường Sơn

Chairman of Management Board

Trần Quốc Thịnh

Vice Chairman of Management Board/General Director/Person in charge of Corporate governace

Hà Đức Hiếu

Member of Management Board

Trần Thanh Tân

Independent Member of Management Board

Listed group

DXGCông ty Cổ phần Bluemarq Group
Parent: holds over 50%
55.4%
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.

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1 without a stated volume
Purchase registrations: None

Victory Holding Investment Limited
Sale · Institution
—
2025-12-22

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

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

DXS 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

Director-deal registrations · 12 months

DXS among Real Estate

Ownership network

Listed group

Director-deal registrations · 12 months