LSG

Công ty Cổ phần Bất động sản Sài Gòn Vi na

VietnamReal EstateBất động sảnUPCOMCT

35.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+11.5%Calibrated value vs last close

Last close (VND): 35.000
Calibrated intrinsic value (VND): 39.029

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 model uses profit in place of cash flow, which was not available.

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

0.858

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

10.87%

E/(D+E)

76.64%

Kd(1-t)

10.68%

D/(D+E)

23.36%

WACC

10.82%

+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)→35.000

Calibrated value vs last close→+11.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

39.029

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

Discount rate (WACC)12.82%high risk: yes

Growth rate3.50%growth method: default

Base cash flow124.5 tỷone off strip ratio: 119.98

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%
10.8%	40.825	40.825	40.825	40.825	40.825
11.8%	40.069	40.069	40.069	40.069	40.825
12.8%	40.069	40.069	40.069	40.069	40.069
13.8%	39.029	39.029	40.069	40.069	40.069
14.8%	39.029	39.029	39.029	39.029	39.029

Above market priceBelow market priceCurrent estimate

LSG among Real Estate

Every stock in the sector, LSG marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one stock in the sector; the amber bead with its stem is LSG. 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)	·	717	486	946	2,079	·	3,822	1,904	1,345	2,578	963	971	890	490
Cash and cash equivalents (Bn. VND)Net debt bridge	·	49	72	22	15	·	3	31	46	36	101	106	450	280
Short-term investments (Bn. VND)Net debt bridge	·	0	0	0	0	·	0	0	383	383	503	503	183	0
Accounts receivable (Bn. VND)	·	625	370	880	948	·	2,835	904	213	1,665	186	70	67	60
Prepayments to suppliers (Bn. VND)	·	5	5	5	1	·	0.1	0.01	0.4	1,370	0.4	11	24	11
Net Inventories	·	0	0	0	1,074	·	941	927	678	486	172	289	187	143
Inventories, Net (Bn. VND)	·	0	0	0	1,074	·	941	927	678	488	174	291	189	155
Other current assets	·	43	44	44	43	·	42	42	25	8	0.9	3	4	7
Other current assets (Bn. VND)	·	0	0	0	0	·	0	0	0	0	0	0	3	0.09
LONG-TERM ASSETS (Bn. VND)	·	1,437	1,869	1,383	224	·	540	1,465	2,572	1,446	2,215	69	65	75
Long-term trade receivables (Bn. VND)	·	87	526	49	49	·	377	347	1,458	1,350	2,163	26	0	0
Other long-term receivables (Bn. VND)	·	87	55	49	49	·	377	347	1,458	1,350	2,163	26	0	0
Fixed assets (Bn. VND)	·	0.2	0.4	0.5	0.7	·	1	1	0.2	0.09	0.2	0.3	40	25
Tangible fixed assets	·	0.2	0.4	0.5	0.7	·	1.0	1	0.07	0.05	0.08	0.1	0.3	0.3
Intagible fixed assets	·	0	0	0	0.01	·	0.06	0.08	0.1	0.05	0.10	0.1	0.2	0.07
Long-term investments (Bn. VND)	·	0	0	0	0	·	0.5	1,003	1,006	4	4	3	25	50
Other long-term assets (Bn. VND)	·	3	3	3	3	·	4	1,006	1,006	4	4	3	33	66
Less: Provision for diminuation in value of long term investments	·	−3	−3	−3	−3	·	−3	−3	0	0	0	0	−8	−16
Other non-current assets	·	84	81	77	73	·	65	60	55	41	0.3	9	0.4	0.4
Long-term prepayments (Bn. VND)	·	83	80	76	72	·	64	60	55	41	0.3	9	0.4	0.4
TOTAL ASSETS (Bn. VND)	·	2,154	2,355	2,329	2,303	·	4,362	3,369	3,917	4,024	3,178	1,040	956	565
LIABILITIES (Bn. VND)	·	1,064	1,312	1,287	1,267	·	3,335	2,380	2,954	3,061	2,216	120	37	25
Current liabilities (Bn. VND)	·	1,010	368	757	736	·	3,335	564	90	1,689	1,102	119	37	25
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	318	162	481	·	3,160	362	0	200	1,000	0	0	0
Advances from customers (Bn. VND)	·	0	0	0	0	·	0	0	0	0.2	0.7	0.3	3	0.8
Long-term liabilities (Bn. VND)	·	53	944	530	530	·	0.2	1,816	2,864	1,372	1,114	1	0.04	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	530	530	·	0	1,816	1,455	69	0	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,090	1,043	1,041	1,036	·	1,027	989	963	963	962	920	918	541
Capital and reserves (Bn. VND)	·	1,090	1,043	1,041	1,036	·	1,027	989	963	963	962	920	918	541
Paid-in capital (Bn. VND)	·	900	900	900	900	·	900	900	900	900	900	900	518	518
Other Reserves	·	2	2	2	2	·	2	2	2	2	2	2	382	1
Undistributed earnings (Bn. VND)	·	189	141	140	135	·	125	87	61	61	60	18	19	21
TOTAL RESOURCES (Bn. VND)	·	2,154	2,355	2,329	2,303	·	4,362	3,369	3,917	4,024	3,178	1,040	956	565
Short-term loans receivables (Bn. VND)	·	587	340	841	893	·	1,630	821	0	0	0	0	0	0
Long-term loans receivables (Bn. VND)	·	0	471	0	0	·	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	900	900	900	900	·	900	900	900	900	900	900	518	518

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

Financial Forensics

Beneish M-Score · 2025

Remainder

M −1.72 · 75th pctile vs VN companies

YoY ▼ −1.23

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

0.721

GMI

1.527

AQI

0.841

SGI

2.342

DEPI

0.718

SGAI

0.470

TATA

0.044

LVGI

3.001

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −15.172nd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 31.5%96th 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

5/9

Neutral

Z-Score

11.34

Safe Zone

Sharpe

−0.22

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 Burden0.79×Interest Burden−0.43×Op. Margin−7.53×Turnover0.00×Leverage1.98=ROE1.9%

Price Risk

Momentum

+3.8%

Volatility

25.9%

Max Drawdown

−18.8%

Key Ratios

Fiscal year 2025

155.81P/E

P/B: 2.93
P/S: 398.38
ROE: 1.9%
ROA: 0.9%
EPS: 228
BVPS: 12.113
Gross Margin: 45.5%
Net Margin: 255.7%
D/E: 0.00
Current Ratio: 0.71
Rev Growth: +134.2%
Profit Growth: +511.1%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 90.0M
Charter Capital: 900B 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 LSG. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ Phần Quản Lý Và Phát Triển Bất Động Sản Conasi

Inst

5.0%

4.5M

2026-06-30

Trương Kim Duyên

Indiv

5.0%

4.5M

2024-07-03

Trần Thị Minh Tâm

Indiv

4.8%

4.3M

2026-06-30

Trần Thành Nhơn

Indiv

4.7%

4.2M

2026-06-30

Bùi Hữu Tài

Indiv

4.4%

3.9M

2026-06-30

Công Ty Cổ Phần Địa Ốc Đại Á

Inst

2.5%

2.2M

2026-07-01

Nguyễn Quang Hiển

Indiv

0.3%

232,335

2026-06-30

Board & Management

Trần Thị Minh Tâm4.8%

Member of Management Board/General Director

Trần Thành Nhơn4.7%

Chief Accountant

Bùi Hữu Tài4.4%

Person in charge of Corporate governace

Nguyễn Quang Hiển0.3%

Chairman of Management Board

Vũ Trung Trực

Member of Management Board

Top connections

VNF13.1%DZM7.4%

Director-deal registrations · 12 months

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

Công Ty Cổ Phần Địa Ốc Đại Á
Sale · Institution
—
2026-07-01

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

LSG 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

LSG among Real Estate

Ownership network

Director-deal registrations · 12 months