LDG

Công ty Cổ phần Đầu tư LDG

VietnamReal EstateBất động sảnHOSECT

2.250

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+36.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 2.250
Calibrated intrinsic value (VND): 3.078

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

A release of working capital contributes to cash flow.

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: 52.6%; 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

+6.7percentage 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

1.009

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.53%

E/(D+E)

62.64%

Kd(1-t)

3.68%

D/(D+E)

37.36%

WACC

10.00%

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)→2.250

Calibrated value vs last close→+36.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

3.078

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

Discount rate (WACC)10.00%high risk: no

Growth rate3.50%growth method: default

Base cash flow267.8 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%
8.0%	3.500	3.500	3.500	3.500	3.500
9.0%	3.500	3.500	3.500	3.500	3.500
10.0%	3.500	3.500	3.500	3.500	3.500
11.0%	3.164	3.179	3.179	3.179	3.179
12.0%	3.078	3.078	3.078	3.078	3.078

Above market priceBelow market priceCurrent estimate

LDG among Real Estate

Every stock in the sector, LDG 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 LDG. 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)	·	5,511	3,413	4,861	5,437	4,749	4,066	3,943	3,750	1,890	1,875	1,488	1,767	1,145
Cash and cash equivalents (Bn. VND)Net debt bridge	·	1,612	0.9	4	3	75	10	40	586	75	113	22	30	3
Accounts receivable (Bn. VND)	·	2,832	2,298	3,708	4,170	3,508	2,701	1,834	1,150	742	672	211	301	347
Prepayments to suppliers (Bn. VND)	·	972	420	568	394	421	388	211	127	77	122	180	238	268
Net Inventories	·	865	908	963	1,106	1,045	1,095	1,735	1,748	1,052	1,080	1,238	1,421	791
Inventories, Net (Bn. VND)	·	902	908	986	1,106	1,045	1,095	1,735	1,748	1,052	1,080	1,238	1,421	791
Other current assets	·	201	206	187	158	121	260	334	265	20	10	16	15	3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.02	1
LONG-TERM ASSETS (Bn. VND)	·	2,529	2,744	2,404	2,424	2,092	1,466	1,905	1,119	1,756	930	787	353	130
Long-term trade receivables (Bn. VND)	·	1,330	1,501	1,169	1,521	1,228	782	1,386	444	146	55	44	38	0
Other long-term receivables (Bn. VND)	·	1,594	1,720	1,169	1,521	1,228	782	1,386	444	93	11	20	20	0
Fixed assets (Bn. VND)	·	0	0.06	0.3	0.6	0.5	5	6	145	190	141	119	55	1
Tangible fixed assets	·	0	0.06	0.3	0.6	0.3	4	5	98	135	130	106	48	1
Intagible fixed assets	·	0	0	0	0	0.2	0.6	1	47	55	12	12	7	0.02
Investment in properties	·	0	0	0	0	0	7	0	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	0	0	0	0.1	0.1	0	0	0	0	38	44	44	51
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	38	44	44	51
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	74
Other non-current assets	·	393	428	459	390	448	275	174	379	413	99	89	83	4
Long-term prepayments (Bn. VND)	·	384	411	354	328	320	127	87	83	80	47	29	16	4
TOTAL ASSETS (Bn. VND)	·	8,040	6,157	7,265	7,861	6,841	5,532	5,848	4,869	3,646	2,806	2,275	2,120	1,275
LIABILITIES (Bn. VND)	·	6,736	4,946	4,552	4,619	3,597	2,427	2,725	2,299	1,642	1,625	1,249	1,219	1,039
Current liabilities (Bn. VND)	·	5,489	3,954	3,257	2,791	2,488	2,422	2,557	1,624	784	664	256	82	1,039
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	778	1,024	982	773	612	588	250	103	69	15	14	26	0
Advances from customers (Bn. VND)	·	471	463	434	457	521	529	1,081	524	365	219	96	9	13
Long-term liabilities (Bn. VND)	·	1,248	992	1,295	1,828	1,109	5	169	674	858	961	992	1,137	0.1
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	50	350	450	658	0.6	1	53	17	86	41	52	0.1
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,304	1,211	2,714	3,242	3,244	3,104	3,123	2,570	2,004	1,180	1,026	901	235
Capital and reserves (Bn. VND)	·	1,304	1,211	2,714	3,242	3,244	3,104	3,123	2,570	2,004	1,180	1,026	901	235
Paid-in capital (Bn. VND)	·	2,570	2,570	2,570	2,570	2,402	2,402	2,402	1,906	1,600	885	750	750	228
Investment and development funds (Bn. VND)	·	0	37	37	37	34	34	22	10	6	4	4	0.4	0
Undistributed earnings (Bn. VND)	·	−1,252	−1,388	115	643	815	676	703	645	340	246	228	50	7
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	0.08
TOTAL RESOURCES (Bn. VND)	·	8,040	6,157	7,265	7,861	6,841	5,532	5,848	4,869	3,646	2,806	2,275	2,120	1,275
Short-term loans receivables (Bn. VND)	·	0	0	0	1	25	139	0.9	0.3	0.3	0	0	0	0
Common shares (Bn. VND)	·	2,570	2,570	2,570	2,570	2,402	2,402	2,402	1,906	1,600	885	750	750	228
Good will (Bn. VND)	·	9	17	25	33	110	126	58	257	332	52	59	67	0
MINORITY INTERESTSNet debt bridge	·	952,144	956,141	922,699	953,465	0.05	0.1	0.5	9	58	45	44	100	0

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2022

Remainder

M −1.78 · 67th pctile vs VN companies

YoY ▼ −3.26

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

1.977

GMI

1.464

AQI

1.008

SGI

0.601

DEPI

1.004

SGAI

1.872

TATA

0.005

LVGI

0.897

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 31.9%96th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.49×
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

8/9

Strong

Z-Score

−0.06

Distress Zone

Sharpe

−1.21

Negative

Composite

70 and above

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 Burden3.68×Op. Margin0.06×Turnover0.05×Leverage6.17=ROE7.1%

Price Risk

Momentum

−40.2%

Volatility

41.1%

Max Drawdown

−51.9%

Key Ratios

Fiscal year 2025

6.51P/E

P/B: 0.46
P/S: 1.50
ROE: 7.4%
ROA: 1.3%
EPS: 363
BVPS: 5.101
Gross Margin: 59.2%
Net Margin: 23.0%
D/E: 0.60
Current Ratio: 1.00
Rev Growth: +125.6%
Profit Growth: +109.1%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 256M
Charter Capital: 2,556B 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

La Mỹ Phượng

Indiv

3.8%

9.7M

2025-10-05

La Mỹ Hoàng

Indiv

3.6%

9.3M

2025-10-05

Nguyễn Khánh Hưng

Indiv

2.2%

5.7M

2026-07-29

Lê Thị Phương Uyên

Indiv

0.4%

950,300

2026-07-29

Bùi Đắc Tuấn

Indiv

0.2%

149,598

2025-10-05

Board & Management

Nguyễn Khánh Hưng2.2%

Member of Management Board

Lê Thị Phương Uyên0.4%

Chief Accountant

TÔ THỊ KIỀU TRINH

Secretary of Management Board/Person in charge of Corporate governace

Đặng Quang Hải

Chief Financial Officer

Ngô Văn Minh

Chairman of Management Board/Spokesman

Nguyễn Quốc Vy Liêm

Deputy General Director of Sales and marketing

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 500,000 shares
Registered net, share of outstanding:: +0.20%

TO THI KIEU TRINH
Purchase · Insider
500,000
2026-04-08

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

LDG 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

LDG among Real Estate

Ownership network

Director-deal registrations · 12 months