MH3

Công ty Cổ phần Khu công nghiệp Cao su Bình Long

VietnamReal EstateBất động sảnUPCOMCT

25.000

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.5%Calibrated value vs last close

Last close (VND): 25.000
Calibrated intrinsic value (VND): 30.626

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.

Also note

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 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

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)→25.000

Calibrated value vs last close→+22.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

30.626

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: fundamental firm blend

Base cash flow24.5 tỷone off strip ratio: 0.23

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%	33.710	33.710	33.710	33.710	33.710
11.0%	33.710	33.710	33.710	33.710	33.710
12.0%	32.819	33.046	33.046	33.046	33.152
13.0%	32.560	32.560	32.560	32.560	32.688
14.0%	32.560	32.560	32.560	32.560	32.560

Above market priceBelow market priceCurrent estimate

MH3 among Real Estate

Every stock in the sector, MH3 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 MH3. 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)	·	848	838	909	613	582	629	691	623	557	507	481	328	213
Cash and cash equivalents (Bn. VND)Net debt bridge	·	10	2	341	45	16	95	51	20	4	31	15	60	166
Short-term investments (Bn. VND)Net debt bridge	·	808	810	532	533	519	482	581	571	523	451	426	208	0
Accounts receivable (Bn. VND)	·	30	24	33	33	44	52	59	31	30	26	41	58	47
Prepayments to suppliers (Bn. VND)	·	1.0	0.9	5	0.8	2	3	7	6	9	7	15	32	26
Net Inventories	·	0.1	0.4	0.2	0.10	0.3	0.09	0.06	0	0	0	0	0	0
Inventories, Net (Bn. VND)	·	0.1	0.4	0.2	0.10	0.3	0.09	0.06	0	0	0	0	0	0
Other current assets	·	0.1	2	2	1	2	0.2	0.5	0.2	0.3	0.6	0	2	0.7
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0.2	0	0	0	0.2	0.2
LONG-TERM ASSETS (Bn. VND)	·	352	369	382	380	364	340	301	319	228	204	213	178	132
Fixed assets (Bn. VND)	·	88	94	99	68	74	77	53	57	61	58	70	63	56
Tangible fixed assets	·	88	94	99	68	74	77	53	57	61	58	70	63	50
Investment in properties	·	122	133	133	105	109	109	89	96	98	92	96	63	67
Long-term investments (Bn. VND)	·	0	0	7	14	15	17	49	39	4	2	24	21	0
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	21	0
Other non-current assets	·	118	118	119	119	116	116	79	112	50	25	16	12	9
Long-term prepayments (Bn. VND)	·	118	118	119	119	116	116	79	112	50	25	16	12	9
TOTAL ASSETS (Bn. VND)	·	1,201	1,207	1,291	993	946	969	992	942	786	712	694	506	345
LIABILITIES (Bn. VND)	·	610	615	702	734	707	704	701	728	573	506	484	301	161
Current liabilities (Bn. VND)	·	46	31	96	52	60	42	69	118	36	66	48	20	5
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	15	8	0	16	0	13	16	31	12	0
Advances from customers (Bn. VND)	·	0	0	6	0	0	0	0	0.1	0	0	0	0.02	0
Long-term liabilities (Bn. VND)	·	563	585	606	681	647	662	631	610	537	440	436	281	155
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	591	592	589	259	239	265	291	214	212	206	210	204	185
Capital and reserves (Bn. VND)	·	559	557	551	218	194	217	240	160	155	146	140	135	125
Paid-in capital (Bn. VND)	·	240	240	240	120	120	120	120	120	120	120	120	120	120
Investment and development funds (Bn. VND)	·	61	55	50	36	24	6	6	6	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	43	46	45	62	50	91	114	34	35	26	20	15	5
Budget sources and other funds	·	32	35	38	41	45	48	51	54	57	60	70	69	60
Budget sources and other funds	·	11	11	11	11	11	11	11	11	11	17	17	69	60
TOTAL RESOURCES (Bn. VND)	·	1,201	1,207	1,291	993	946	969	992	942	786	712	694	506	345
Common shares (Bn. VND)	·	240	240	240	120	120	120	120	120	120	120	120	120	120

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 −2.11 · 61st 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

1.229

GMI

1.234

AQI

0.967

SGI

1.044

DEPI

1.000

SGAI

0.857

TATA

0.032

LVGI

1.516

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.4317th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%8th 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

1.80

Distress Zone

Sharpe

−0.03

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 Burden0.80×Interest Burden1.03×Op. Margin0.53×Turnover0.08×Leverage2.03=ROE7.2%

Price Risk

Momentum

−4.2%

Volatility

89.3%

Max Drawdown

−28.1%

Key Ratios

Fiscal year 2025

14.03P/E

P/B: 1.01
P/S: 6.13
ROE: 7.2%
ROA: 3.6%
EPS: 1.781
BVPS: 24.638
Gross Margin: 32.2%
Net Margin: 43.7%
D/E: 0.00
Current Ratio: 18.33
Rev Growth: +4.4%
Profit Growth: −6.9%
EV/EBITDA: —
Div Yield: 6.4%

Company Overview

Shares outstanding: 24.0M
Charter Capital: 240B 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 MH3. Hover for detail, select a link to open it.

Shareholders

Công ty TNHH MTV Cao su Bình Long

Inst

41.1%

9.9M

2026-06-30

Công ty Cổ phần Khu Công nghiệp Nam Tân Uyên

NTC

37.8%

9.1M

2026-06-30

Vũ Thị Luyên

Indiv

0.2%

44,200

2025-12-31

Trần Thị Kim Thanh

Indiv

0.1%

36,550

2024-12-31

LÊ VĂN VUI

Indiv

0.1%

26,000

2024-12-31

Board & Management

LÊ VĂN VUI0.1%

Chairman of Management Board

Phạm Ánh

Member of Management Board

Hà Huệ Hải

Member of Management Board/General Director

Nguyễn Đức Cường

Spokesman

Huỳnh Văn Thi

Deputy General Director

Đỗ Chí Hiếu

Person in charge of Corporate governace

Trịnh Xuân Tiến

Member of Management Board

Vũ Mạnh Xuân Tùng

Head of Supervisors Board

Lê Văn Trung

Chief Accountant

Đỗ Minh Dương

Member of Supervisors Board

Hoàng Văn Xuyên

Member of Supervisors Board

Hà Trọng Bình

Member of Management Board

Top connections

GTA48.9%VRG41.1%SIP37.8%

Listed group

NTCCông ty Cổ phần Khu Công nghiệp Nam Tân Uyên
Holds 20% or more
37.8%
2026-06-30

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

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

MH3 among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

MH3 among Real Estate

Ownership network

Listed group