MA1

Công ty Cổ phần Thiết bị

VietnamReal EstateBất động sảnUPCOMCT

31.500

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+34.8%Calibrated value vs last close

Last close (VND): 31.500
Calibrated intrinsic value (VND): 42.474

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.

Also note

A release of working capital contributes to cash flow.

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 29 Nov 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 30 Oct 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%

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)→31.500

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

42.474

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

Discount rate (WACC)11.97%high risk: no

Growth rate3.50%growth method: default

Base cash flow68.6 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%
10.0%	43.099	43.099	43.099	43.099	43.099
11.0%	43.099	43.099	43.099	43.099	43.099
12.0%	42.710	43.006	43.006	43.006	43.099
13.0%	42.474	42.474	42.474	42.474	42.474
14.0%	42.474	42.474	42.474	42.474	42.474

Above market priceBelow market priceCurrent estimate

MA1 among Real Estate

Every stock in the sector, MA1 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 MA1. 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	2014	2013
CURRENT ASSETS (Bn. VND)	·	124	66	27	20	14	24	42	52	104	48	70	58
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2	4	22	12	5	1	5	5	14	9	19	6
Short-term investments (Bn. VND)Net debt bridge	·	118	54	2	1	0	0	0	0	0	0	0	11
Accounts receivable (Bn. VND)	·	4	7	3	5	8	23	29	33	80	35	47	36
Prepayments to suppliers (Bn. VND)	·	0.5	0.8	0.09	2	1.0	0.04	0.04	0.05	15	4	1	0.6
Net Inventories	·	0.2	0.2	0.1	0.2	0.1	0.1	2	2	3	0.06	4	4
Inventories, Net (Bn. VND)	·	0.2	0.2	0.1	0.2	0.1	0.1	2	2	3	0.2	4	4
Other current assets	·	0.4	0.8	0.2	2	0.2	0.2	6	13	7	4	0.8	1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0.6	1
LONG-TERM ASSETS (Bn. VND)	·	189	202	218	228	231	244	259	268	159	96	41	44
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	1	1	1	0	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	1	1	1	0	0	0
Fixed assets (Bn. VND)	·	10	12	14	15	52	60	68	75	14	16	25	28
Tangible fixed assets	·	10	12	14	15	52	60	68	75	14	16	20	22
Investment in properties	·	173	185	197	209	176	181	185	186	13	14	14	15
Other non-current assets	·	5	5	7	3	2	3	5	7	0.4	0.6	2	2
Long-term prepayments (Bn. VND)	·	5	5	7	3	2	3	5	7	0.4	0.6	2	2
TOTAL ASSETS (Bn. VND)	·	314	268	245	248	244	268	301	321	263	144	111	103
LIABILITIES (Bn. VND)	·	49	47	64	96	118	148	195	230	178	69	47	38
Current liabilities (Bn. VND)	·	31	28	28	19	20	35	49	51	79	39	42	35
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0.7	0.9	5	12	23	25	48	20	36	25
Advances from customers (Bn. VND)	·	0.01	0.2	0.01	0.3	0.2	0.02	0.5	0.5	0.4	0.3	0.4	2
Long-term liabilities (Bn. VND)	·	17	19	36	78	99	113	145	180	99	30	5	4
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	17	61	86	100	132	170	98	29	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	265	221	181	151	126	120	106	90	85	75	64	64
Capital and reserves (Bn. VND)	·	265	221	181	151	126	120	106	90	85	75	64	64
Paid-in capital (Bn. VND)	·	101	101	53	53	53	53	53	53	44	37	37	37
Investment and development funds (Bn. VND)	·	31	31	31	31	31	31	31	20	29	29	14	14
Undistributed earnings (Bn. VND)	·	134	90	97	67	42	36	22	17	12	9	12	12
TOTAL RESOURCES (Bn. VND)	·	314	268	245	248	244	268	301	321	263	144	111	103
Common shares (Bn. VND)	·	101	101	53	53	53	53	53	53	44	37	37	37

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.08 · 12th pctile vs VN companies

YoY ▼ −1.53

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

0.703

GMI

0.985

AQI

0.806

SGI

0.971

DEPI

0.929

SGAI

1.107

TATA

−0.042

LVGI

0.960

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.3157th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.2%12th 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

7/9

Strong

Z-Score

6.36

Safe Zone

Sharpe

0.00

Positive

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 Burden0.80×Interest Burden1.03×Op. Margin0.56×Turnover0.42×Leverage1.18=ROE22.5%

Price Risk

Momentum

+7.2%

Volatility

122.6%

Max Drawdown

−29.8%

Key Ratios

Fiscal year 2025

5.31P/E

P/B: 1.19
P/S: 2.43
ROE: 24.5%
ROA: 20.5%
EPS: 5.930
BVPS: 26.365
Gross Margin: 60.2%
Net Margin: 45.7%
D/E: 0.00
Current Ratio: 3.97
EV/EBITDA: 2.42
Div Yield: 4.8%

Company Overview

Shares outstanding: 10.1M
Charter Capital: 101B 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

Vũ Thanh Tùng

Indiv

36.4%

3.7M

2026-06-30

Hoàng Thị Liên Hồng

Indiv

6.2%

627,217

2026-06-30

Phạm Mạnh Kiếm

Indiv

3.6%

366,741

2026-06-30

Vũ Ngọc Lan

Indiv

3.3%

335,049

2026-06-30

Nguyễn Hồng Trang

Indiv

2.4%

237,771

2026-06-30

Vũ Tường Vân

Indiv

1.8%

179,660

2026-06-30

Vũ Bảo Thạch

Indiv

1.1%

111,777

2026-06-30

Bạch Hồng Quế

Indiv

0.8%

84,388

2026-06-30

Trần Lê Trang

Indiv

0.6%

56,661

2026-06-30

Phạm Phương Lan

Indiv

0.5%

52,468

2026-06-30

Phan Thị Thu Hương

Indiv

0.2%

18,006

2026-06-30

Board & Management

Vũ Thanh Tùng36.4%

Member of Management Board/General Director

Hoàng Thị Liên Hồng6.2%

Member of Management Board/Chief Accountant

Phạm Mạnh Kiếm3.6%

Member of Management Board

Nguyễn Hồng Trang2.4%

Head of Supervisors Board

Vũ Tường Vân1.8%

Chairman of Management Board

Trần Lê Trang0.6%

Deputy General Director

Phạm Phương Lan0.5%

Member of Supervisors Board

Phan Thị Thu Hương0.2%

Member of Supervisors Board

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

MA1 among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

MA1 among Real Estate

Ownership network