HAR

Công ty Cổ phần Đầu tư Thương mại Bất động sản An Dương Thảo Điền

VietnamReal EstateBất động sảnHOSECT

2.420

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+34.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 2.420
Calibrated intrinsic value (VND): 3.263

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.

Also note

Trading liquidity is low.

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: 51.8%; 12 monthsHistorical calibration; Chance the return beats the median return of its sector peers.

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.

12-month sector-relative outlook

+5.0percentage points

Real Estate12 monthsBack-test 2015–2024

Median 12-month return difference versus Real Estate peers, for model gaps like this one.

Not an absolute return forecast.
Not a price target.
A stock can underperform its sector and still rise.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−2.6+12.9

The sector’s historical range, not a prediction interval for this stock.
Actual returns can fall outside it.

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

0.936

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.21%

E/(D+E)

99.94%

Kd(1-t)

15.23%

D/(D+E)

0.06%

WACC

11.21%

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)→2.420

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

3.263

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

Discount rate (WACC)11.21%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow12.3 tỷone off strip ratio: 1.56

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%
9.2%	2.954	2.954	2.954	2.954	2.954
10.2%	2.954	2.954	2.954	2.954	2.954
11.2%	2.954	2.954	2.954	2.954	2.954
12.2%	2.823	2.823	2.823	2.954	2.954
13.2%	2.823	2.823	2.823	2.823	2.823

Above market priceBelow market priceCurrent estimate

HAR among Real Estate

Every stock in the sector, HAR 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 HAR. 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)	·	339	317	302	263	91	88	146	112	185	449	384	168	72
Cash and cash equivalents (Bn. VND)Net debt bridge	·	34	4	23	33	32	34	20	24	25	86	44	12	6
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	0	0	0	0	3	0	0	0	6
Accounts receivable (Bn. VND)	·	305	313	279	229	58	50	117	75	140	355	337	151	60
Prepayments to suppliers (Bn. VND)	·	221	221	221	0.10	0.5	0.9	9	15	36	161	79	59	1
Net Inventories	·	0	0	0	0	0	0	0	0	6	0	0	0.01	0.05
Inventories, Net (Bn. VND)	·	0	0	0	0	0	0	0	0	6	0	0	0.01	0.05
Other current assets	·	0	0.2	0.3	0.3	1	5	10	13	12	8	3	5	0.3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	4	0.1
LONG-TERM ASSETS (Bn. VND)	·	758	763	769	858	1,163	1,172	990	1,068	1,174	759	683	474	348
Long-term trade receivables (Bn. VND)	·	0	0	0	83	120	120	37	20	0.00	0	0	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	37	37	37	20	0.00	0	0	0	0
Fixed assets (Bn. VND)	·	81	82	82	83	126	131	136	231	302	237	304	370	299
Tangible fixed assets	·	2	3	3	4	2	2	3	4	7	4	4	14	16
Intagible fixed assets	·	79	79	79	79	124	128	133	227	295	234	300	295	223
Investment in properties	·	264	268	273	277	404	413	435	276	283	244	39	0	0
Long-term investments (Bn. VND)	·	413	413	414	414	423	415	287	290	302	142	118	105	49
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	22	0	0	0
Investments in associate companies	·	393	393	393	393	395	393	264	265	214	32	61	87	48
Other long-term assets (Bn. VND)	·	24	24	24	24	29	29	29	29	90	89	57	18	1
Less: Provision for diminuation in value of long term investments	·	−4	−4	−4	−3	0	−6	−6	−3	−0.8	−2	−0.1	0	0
Other non-current assets	·	0	0	0	0.1	18	21	24	27	65	0	0	0	0
Long-term prepayments (Bn. VND)	·	0	0	0	0.1	0	0	0.1	0.09	0.06	0	0	0	0
TOTAL ASSETS (Bn. VND)	·	1,097	1,080	1,072	1,121	1,254	1,261	1,137	1,180	1,359	1,207	1,066	642	421
LIABILITIES (Bn. VND)	·	3	3	5	89	184	226	87	130	293	193	69	29	42
Current liabilities (Bn. VND)	·	3	3	4	88	34	56	10	18	148	23	28	19	6
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0.6	0.9	81	20	42	0.5	0.9	0.9	0.6	7	0	0
Advances from customers (Bn. VND)	·	0.08	0.2	0.1	0.04	0.06	0.2	0.4	0.09	7	0	0.1	0	0
Long-term liabilities (Bn. VND)	·	0	0	0.6	2	150	170	77	112	145	170	42	11	36
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0.6	2	149	169	76	111	145	170	42	11	36
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,093	1,077	1,067	1,031	1,070	1,035	1,049	1,050	1,066	1,014	997	588	379
Capital and reserves (Bn. VND)	·	1,093	1,077	1,067	1,031	1,070	1,035	1,049	1,050	1,066	1,014	997	588	379
Paid-in capital (Bn. VND)	·	1,014	1,014	1,014	1,014	1,014	1,014	1,014	1,014	1,011	968	968	546	364
Other Reserves	·	0	0	0	0	2	2	2	0	2	0	0	0	0
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	2	1	0	0	0	0
Undistributed earnings (Bn. VND)	·	104	87	78	42	77	42	41	34	18	47	30	42	15
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	25	0
TOTAL RESOURCES (Bn. VND)	·	1,097	1,080	1,072	1,121	1,254	1,261	1,137	1,180	1,359	1,207	1,066	642	421
Short-term loans receivables (Bn. VND)	·	70	70	40	116	35	45	0	13	34	100	0	0	0
Common shares (Bn. VND)	·	1,014	1,014	1,014	1,014	1,014	1,014	1,014	1,014	1,011	968	968	546	364
Good will (Bn. VND)	·	0	0	0	0	18	21	24	27	65	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	0	0	0	0	0.7	0.7	0.6	0.6	33	0	0	0	0

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.32 · 48th pctile vs VN companies

YoY ▼ −0.14

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

1.049

GMI

1.047

AQI

0.978

SGI

0.928

DEPI

1.000

SGAI

0.001

TATA

−0.005

LVGI

0.962

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.0723rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 26.5%94th 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

72.31

Safe Zone

Sharpe

−1.64

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 Burden0.94×Interest Burden1.00×Op. Margin1.10×Turnover0.02×Leverage1.00=ROE1.6%

Price Risk

Momentum

−43.8%

Volatility

24.6%

Max Drawdown

−51.9%

Key Ratios

Fiscal year 2025

13.72P/E

P/B: 0.22
P/S: 14.24
ROE: 1.6%
ROA: 1.6%
EPS: 179
BVPS: 11.428
Gross Margin: 64.8%
Net Margin: 103.7%
D/E: 0.00
Current Ratio: 101.75
Rev Growth: −7.2%
Profit Growth: +74.0%
EV/EBITDA: 12.90
Div Yield: —

Company Overview

Shares outstanding: 95.7M
Charter Capital: 957B 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 HAR. Hover for detail, select a link to open it.

Shareholders

Nguyễn Gia Bảo

Indiv

12.0%

12.2M

2026-06-30

Công ty TNHH Thai Invest International

Inst

8.1%

8.2M

2024-12-31

Công ty TNHH Tư Vấn Đầu Tư KGB

Inst

7.0%

7.1M

2024-12-31

Nguyễn Nhân Bảo

Indiv

5.8%

5.9M

2026-06-30

PYN Elite Fund

Inst

3.4%

1.9M

2014-11-14

Vũ Thị Thu Hương

Indiv

0.8%

762,700

2026-07-27

Board & Management

Nguyễn Gia Bảo12.0%

Chairman of Management Board

Nguyễn Nhân Bảo5.8%

Member of Management Board

Trương Thị Ngọc Yến

Person in charge of Corporate governace

Top connections

ASM11.2%HDG10.0%MIG9.9%DSE9.0%YEG8.9%SHS7.7%ACC7.4%NTL5.0%AAA5.0%CTI5.0%DPR5.0%CEO5.0%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 900,000 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.94%

Vũ Thị Thu Hương
Sale · Related person
900,000
2026-07-21

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

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

HAR 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

HAR among Real Estate

Ownership network

Director-deal registrations · 12 months