FCC

Công ty Cổ phần Bất động sản Ramond

VietnamReal EstateBất động sảnUPCOMCT

80.000

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−11.4%Calibrated value vs last close

Last close (VND): 80.000
Calibrated intrinsic value (VND): 70.844

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 closing price is too old for comparison.
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 24 Sept 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

0.794

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.59%

E/(D+E)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

10.59%

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)→80.000

Calibrated value vs last close→−11.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

70.844

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

Discount rate (WACC)10.59%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow83.4 triệuone off strip ratio: 0.34

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%
8.6%	70.844	70.844	70.844	70.844	70.844
9.6%	70.844	70.844	70.844	70.844	70.844
10.6%	70.844	70.844	70.844	70.844	70.844
11.6%	70.844	70.844	70.844	70.844	70.844
12.6%	70.843	70.844	70.844	70.844	70.844

Above market priceBelow market priceCurrent estimate

FCC among Real Estate

Every stock in the sector, FCC 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 FCC. 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)	·	16	16	16	16	19	16	14	23	33	43	45	43	64
Cash and cash equivalents (Bn. VND)Net debt bridge	·	5	3	2	3	5	7	0.7	1	1	4	7	8	4
Short-term investments (Bn. VND)Net debt bridge	·	3	4	4	3	5	0	0	0	0	0	0	19	37
Accounts receivable (Bn. VND)	·	8	9	9	9	8	8	11	20	28	36	34	12	18
Prepayments to suppliers (Bn. VND)	·	0.07	0.07	0.07	0.06	0.06	0.06	0.1	0.09	0.2	0.2	0.06	0.07	0.2
Net Inventories	·	0	0	0	0	0.1	0.3	3	2	4	3	3	3	4
Inventories, Net (Bn. VND)	·	0	0	0	0	0.1	0.3	3	2	4	3	3	3	4
Other current assets	·	0	0	0	0	0	0	0	0	0	0	0.00	0.8	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.8	0
LONG-TERM ASSETS (Bn. VND)	·	0.2	0.3	0.8	0.8	0.9	2	21	22	22	36	36	37	13
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0.3	0.3	0	0.3	0.2	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0.3	0.3	0	0.3	0.2	0	0
Fixed assets (Bn. VND)	·	0.2	0.3	0.3	0.3	0.4	0.9	1	2	2	3	4	4	5
Tangible fixed assets	·	0.2	0.3	0.3	0.3	0.4	0.8	1	2	2	2	3	4	5
Intagible fixed assets	·	0	0	0	0.02	0.05	0.08	0.1	0.1	0.2	0.2	0.2	0.2	0.3
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	19	19	19	32	32	32	8
Investments in associate companies	·	0	0	0	0	0	0	12	12	12	25	25	25	0
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	8	8	8	8	8	8	8
Other non-current assets	·	0	0.00	0.06	0.08	0.02	0.2	0.3	0.3	0.2	0.1	0.3	0.2	0.5
Long-term prepayments (Bn. VND)	·	0	0.00	0.06	0.08	0.02	0.2	0.3	0.3	0.2	0.1	0.3	0.2	0.5
TOTAL ASSETS (Bn. VND)	·	16	16	16	16	20	17	35	45	55	78	81	80	77
LIABILITIES (Bn. VND)	·	2	3	7	8	13	10	9	11	16	22	10	10	7
Current liabilities (Bn. VND)	·	2	3	3	3	9	6	5	7	11	17	5	5	2
Advances from customers (Bn. VND)	·	800	37,200	0.01	0.01	4	0.01	0.01	0.01	0.01	0.01	0.01	0.8	0.01
Long-term liabilities (Bn. VND)	·	0	0	4	4	4	4	4	4	4	4	4	5	5
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	14	13	9	9	6	7	26	34	40	56	71	71	70
Capital and reserves (Bn. VND)	·	14	13	9	9	6	7	26	34	40	56	71	71	70
Paid-in capital (Bn. VND)	·	60	60	60	60	60	60	60	60	60	60	60	60	60
Investment and development funds (Bn. VND)	·	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.5	0	0
Undistributed earnings (Bn. VND)	·	−55	−56	−60	−61	−63	−63	−43	−35	−30	−13	2	2	1
TOTAL RESOURCES (Bn. VND)	·	16	16	16	16	20	17	35	45	55	78	81	80	77
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	4	10	19	19	0	0
Common shares (Bn. VND)	·	60	60	60	60	60	60	60	60	60	60	60	60	60

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

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.46 · 41st pctile vs VN companies

YoY ▼ −0.54

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

0.858

GMI

1.162

AQI

0.000

SGI

1.121

DEPI

1.000

SGAI

0.702

TATA

0.045

LVGI

0.712

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.0423rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.4%22nd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.92×
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

13.91

Safe Zone

Sharpe

3.60

Above 1

Composite

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 Burden1.00×Interest Burden1.00×Op. Margin0.09×Turnover0.56×Leverage1.15=ROE5.8%

Price Risk

Momentum

+0.0%

Volatility

90.2%

Max Drawdown

−1.3%

Key Ratios

Fiscal year 2025

593.48P/E

P/B: 34.21
P/S: 53.37
ROE: 5.9%
ROA: 5.0%
EPS: 135
BVPS: 2.338
Gross Margin: 44.5%
Net Margin: 9.0%
D/E: 0.00
Current Ratio: 7.51
EV/EBITDA: 762.61
Div Yield: —

Company Overview

Shares outstanding: 6.0M
Charter Capital: 60.0B 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 FCC. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ Phần Xây Dựng Bông Sen Vàng

Inst

35.0%

2.1M

2025-12-31

Công ty Cổ phần Chứng khoán UP

Inst

14.4%

865,450

2026-06-30

Phan Thị Lan Trang

Indiv

13.3%

799,260

2026-04-09

Nguyễn Tuấn Hùng

Indiv

13.3%

798,260

2026-04-09

Phạm Bính Thìn

Indiv

7.1%

426,000

2026-05-15

Trần Văn Công

Indiv

0.5%

31,870

2025-12-31

Board & Management

Phan Thị Lan Trang13.3%

Member of Supervisors Board

Top connections

TLH14.4%

Director-deal registrations · 12 months

Sale registrations: 6 by 5 traders; 5,798,930 shares · 2 without a stated volume
Purchase registrations: 11 by 9 traders; 11 without a stated volume

Công ty Cổ phần Chứng khoán UP
Purchase · Institution
—
2026-05-20
Phạm Bính Thìn
Purchase · Insider
—
2026-05-15
Lê Thủy Tiên
Sale · Insider
—
2026-05-14
Nguyễn Minh Tuấn
Purchase · Insider
—
2026-05-14
Nguyễn Đức Anh
Purchase · Insider
—
2026-05-14
Đinh Hồng Phong
Purchase · Insider
—
2026-05-14
Đặng Trường Giang
Sale · Insider
—
2026-05-14
Công ty Cổ phần Chứng khoán UP
Purchase · Institution
—
2026-05-13

9 more registrations

Công ty TNHH Công Nghệ Thương Mại Sông Hồng
Sale · Institution
10,000
2026-05-13
Công ty Cổ phần Tập đoàn Gemadept
Sale · Institution
1,592,890
2026-04-17
Lê Thủy Tiên
Purchase · Insider
—
2026-04-16
Đặng Trường Giang
Purchase · Insider
—
2026-04-16
Nguyễn Tuấn Hùng
Purchase · Insider
—
2026-04-09
Phan Thị Lan Trang
Purchase · Insider
—
2026-04-09
Công ty Cổ Phần Bông Sen Vàng
Sale · Institution
2,097,520
2026-04-09
Công ty Cổ phần Chứng khoán UP
Purchase · Institution
—
2026-04-08
Công ty Cổ Phần Bông Sen Vàng
Sale · Institution
2,098,520
2026-02-23

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

FCC among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

FCC among Real Estate

Ownership network

Director-deal registrations · 12 months