HD8

Công ty Cổ phần Đầu tư Phát triển Nhà và Đô thị HUD8

VietnamReal EstateBất động sảnUPCOMCT

6.000

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): 6.000
Calibrated intrinsic value (VND): 8.090

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.
The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

Also note

A release of working capital contributes to cash flow.
Net cash exceeds the market value of the company; the step from enterprise value to equity needs a check.

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)

100.00%

Kd(1-t)

0.00%

D/(D+E)

0.00%

WACC

11.97%

+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)→6.000

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.090

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

Discount rate (WACC)13.97%high risk: yes

Growth rate3.50%growth method: default

Base cash flow1.2 tỷone off strip ratio: 21.27

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%
12.0%	8.090	8.090	8.090	8.090	8.090
13.0%	8.090	8.090	8.090	8.090	8.090
14.0%	8.090	8.090	8.090	8.090	8.090
15.0%	8.090	8.090	8.090	8.090	8.090
16.0%	8.090	8.090	8.090	8.090	8.090

Above market priceBelow market priceCurrent estimate

HD8 among Real Estate

Every stock in the sector, HD8 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 HD8. 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)	·	158	163	177	187	281	222	266	413	519	475	520	372	303
Cash and cash equivalents (Bn. VND)Net debt bridge	·	3	3	3	7	36	40	16	29	26	10	6	4	3
Short-term investments (Bn. VND)Net debt bridge	·	133	139	109	157	31	14	0	11	15	96	123	69	49
Accounts receivable (Bn. VND)	·	5	5	49	7	105	8	7	10	111	150	107	9	66
Prepayments to suppliers (Bn. VND)	·	1	1	2	2	2	3	5	4	4	2	5	5	12
Net Inventories	·	16	16	16	16	107	159	238	359	364	217	284	286	185
Inventories, Net (Bn. VND)	·	16	16	16	16	107	159	238	360	364	218	284	287	187
Other current assets	·	0.2	0.2	0.2	0.3	0.8	1	4	3	4	2	1	3	0.2
LONG-TERM ASSETS (Bn. VND)	·	12	8	9	9	11	23	26	28	31	10	9	2	3
Fixed assets (Bn. VND)	·	0.00	0.2	0.5	0.7	1	2	1	2	2	3	2	2	3
Tangible fixed assets	·	0.00	0.2	0.5	0.7	1	2	1	2	2	3	2	2	3
Investment in properties	·	5	5	5	5	5	6	6	6	6	6	7	0	0
Long-term investments (Bn. VND)	·	8	3	3	3	0	0	0	0	0	0	0	0	0
Investments in associate companies	·	8	3	3	0	0	0	0	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	0	0	0	3	0	0	0	0	0	0	0	0	0
Other non-current assets	·	0.2	0.2	0.2	0.2	5	15	18	20	23	0.2	0.2	0	0
Long-term prepayments (Bn. VND)	·	0.2	0.2	0.2	0.2	0.2	0.5	0.8	0.2	0.2	0.2	0.2	0	0
TOTAL ASSETS (Bn. VND)	·	170	172	185	196	292	245	292	441	550	485	529	374	306
LIABILITIES (Bn. VND)	·	59	60	62	67	169	118	158	312	412	348	397	230	163
Current liabilities (Bn. VND)	·	48	49	51	55	156	100	114	197	242	142	248	150	73
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	3	0	0	0	0	0	0
Advances from customers (Bn. VND)	·	0	0	0	0	0	0.01	0.01	0.01	0.01	0.01	0.01	0.03	542,048
Long-term liabilities (Bn. VND)	·	11	11	12	12	12	18	44	115	169	206	149	80	90
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	112	112	123	130	123	127	134	129	138	136	132	144	143
Capital and reserves (Bn. VND)	·	112	112	123	130	123	127	134	129	138	136	132	144	143
Paid-in capital (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	50
Investment and development funds (Bn. VND)	·	9	9	9	9	9	9	9	9	18	18	17	12	41
Undistributed earnings (Bn. VND)	·	2	2	14	21	14	18	24	20	20	18	16	32	45
TOTAL RESOURCES (Bn. VND)	·	170	172	185	196	292	245	292	441	550	485	529	374	306
Short-term loans receivables (Bn. VND)	·	0	0	40	0	100	0	0	0	4	108	100	0	0
Common shares (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	50
Good will (Bn. VND)	·	0	0	0	0	4	15	18	20	23	0	0	0	0

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.06 · 64th pctile vs VN companies

YoY ▲ +0.39

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

1.065

GMI

1.022

AQI

1.548

SGI

0.939

DEPI

0.627

SGAI

0.894

TATA

0.043

LVGI

0.988

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −2.209th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.9%33rd 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. The company trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

4/9

Neutral

Z-Score

1.57

Distress Zone

Sharpe

−0.09

Negative

Composite

30 to 49

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 Burden0.82×Interest Burden1.00×Op. Margin2.97×Turnover0.01×Leverage1.53=ROE2.2%

Price Risk

Momentum

+4.5%

Volatility

70.3%

Max Drawdown

−23.7%

Key Ratios

Fiscal year 2025

26.66P/E

P/B: 0.57
P/S: 64.87
ROE: 2.2%
ROA: 1.4%
EPS: 240
BVPS: 11.162
Gross Margin: 20.7%
Net Margin: 243.3%
D/E: 0.00
Current Ratio: 3.30
Rev Growth: −6.1%
Profit Growth: +28.5%
EV/EBITDA: —
Div Yield: 2.3%

Company Overview

Shares outstanding: 10.0M
Charter Capital: 100B 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 HD8. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Đầu tư Phát triển Nhà và Đô thị

Inst

51.0%

5.1M

2025-12-31

Công ty Cổ phần Tasco

HUT

9.0%

900,000

2025-12-31

Phạm Tiến Dũng

Indiv

1.9%

189,000

2026-06-30

Nguyễn Phúc Khánh

Indiv

0.6%

60,000

2026-06-30

Tạ Trọng Tấn

Indiv

0.2%

20,000

2026-06-30

Võ Thị Nhân

Indiv

0.1%

11,200

2026-06-30

Dương Anh Tuấn

Indiv

0.1%

10,000

2026-06-30

Board & Management

Phạm Tiến Dũng1.9%

Member of Supervisors Board

Nguyễn Phúc Khánh0.6%

Chairman of Management Board

Võ Thị Nhân0.1%

Chief Accountant

Dương Anh Tuấn0.1%

Member of Supervisors Board

Nguyễn Ngọc Hải

Member of Management Board/Director

Phan Thị Minh Hương

Head of Supervisors Board

Lê Minh Phúc

Member of Management Board/Deputy Director

Top connections

HD251.0%HLD51.0%HU451.0%HU651.0%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Why it needs review

Also note

Valuation Breakdown

DCF Sensitivity

HD8 among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

HD8 among Real Estate

Ownership network