NVT

Công ty Cổ phần Bất động sản Du lịch Ninh Vân Bay

VietnamReal EstateBất động sảnHOSECT

7.750

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.1%Calibrated value vs last close

Last close (VND): 7.750
Calibrated intrinsic value (VND): 9.462

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 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)

67.87%

Kd(1-t)

5.98%

D/(D+E)

32.13%

WACC

10.05%

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)→7.750

Calibrated value vs last close→+22.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.462

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

Discount rate (WACC)10.05%high risk: no

Growth rate3.50%growth method: default

Base cash flow117.4 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%
8.1%	10.604	10.604	10.604	10.604	10.604
9.1%	10.581	10.581	10.581	10.581	10.604
10.1%	10.450	10.450	10.450	10.450	10.450
11.1%	10.450	10.450	10.450	10.450	10.450
12.1%	10.093	10.244	10.244	10.450	10.450

Above market priceBelow market priceCurrent estimate

NVT among Real Estate

Every stock in the sector, NVT 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 NVT. 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)	·	195	181	141	153	131	190	251	70	74	368	348	458	344
Cash and cash equivalents (Bn. VND)Net debt bridge	·	74	85	32	36	22	6	20	12	18	6	11	14	12
Short-term investments (Bn. VND)Net debt bridge	·	51	5	1	2	8	2	98	0.1	0.1	0.2	0.7	253	229
Accounts receivable (Bn. VND)	·	48	71	82	90	82	167	119	43	42	346	323	146	58
Prepayments to suppliers (Bn. VND)	·	19	13	17	27	26	3	1	3	3	5	9	10	16
Net Inventories	·	13	12	14	14	12	12	10	10	9	10	10	42	41
Inventories, Net (Bn. VND)	·	13	12	14	14	12	12	10	10	9	10	10	42	41
Other current assets	·	8	8	10	11	6	4	4	4	4	6	3	3	4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0.05	0.2	0.2
LONG-TERM ASSETS (Bn. VND)	·	887	891	938	947	955	345	373	446	461	951	963	977	1,046
Long-term trade receivables (Bn. VND)	·	50	18	10	0.05	10	0	0	0	0	0	0	0	72
Other long-term receivables (Bn. VND)	·	22	18	10	0.05	10	0	0	0	0	0	0	0	4
Fixed assets (Bn. VND)	·	509	536	563	584	583	327	353	349	351	367	367	742	691
Tangible fixed assets	·	187	201	216	225	211	111	129	117	111	118	110	83	85
Intagible fixed assets	·	322	335	347	359	372	216	224	232	240	248	257	265	270
Long-term investments (Bn. VND)	·	7	7	7	7	8	8	8	69	70	111	116	119	148
Investments in associate companies	·	0	0	0	0	0	0	0	61	63	97	97	99	103
Other long-term assets (Bn. VND)	·	7	7	7	25	27	27	27	27	27	24	24	20	45
Less: Provision for diminuation in value of long term investments	·	0	0	0	−18	−20	−20	−20	−20	−20	−10	−5	−0.3	−0.3
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	110	133
Other non-current assets	·	213	231	243	257	275	8	12	27	33	47	60	5	2
Long-term prepayments (Bn. VND)	·	140	144	143	144	148	8	12	15	7	8	7	5	2
TOTAL ASSETS (Bn. VND)	·	1,082	1,072	1,079	1,099	1,086	535	625	516	535	1,319	1,312	1,435	1,390
LIABILITIES (Bn. VND)	·	527	542	540	566	543	131	210	133	147	452	453	435	391
Current liabilities (Bn. VND)	·	144	153	134	149	110	85	157	67	99	397	143	126	265
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	25	26	27	41	24	29	105	15	29	303	56	59	165
Advances from customers (Bn. VND)	·	31	29	23	27	27	12	15	13	8	14	8	9	10
Long-term liabilities (Bn. VND)	·	383	389	406	417	433	46	53	66	48	55	309	309	126
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	197	224	251	279	295	3	8	10	0	2	253	253	69
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	555	530	538	533	543	405	415	383	388	867	859	845	840
Capital and reserves (Bn. VND)	·	555	530	538	533	543	405	415	383	388	867	859	845	840
Paid-in capital (Bn. VND)	·	905	905	905	905	905	905	905	905	905	905	905	905	905
Investment and development funds (Bn. VND)	·	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.1
Undistributed earnings (Bn. VND)	·	−705	−722	−713	−743	−705	−655	−660	−687	−689	−210	−212	−84	−90
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	154	159
TOTAL RESOURCES (Bn. VND)	·	1,082	1,072	1,079	1,099	1,086	535	625	516	535	1,319	1,312	1,435	1,390
Short-term loans receivables (Bn. VND)	·	0	0.2	0.2	0.2	0.2	0	0.2	25	22	230	229	0	0
Long-term loans receivables (Bn. VND)	·	27	0	0	0	0	0	0	0	0	0	0	0	0
Common shares (Bn. VND)	·	905	905	905	905	905	905	905	905	905	905	905	905	905
Good will (Bn. VND)	·	73	87	100	114	127	0	0	12	26	39	53	0	0
MINORITY INTERESTSNet debt bridge	·	330	322	321	346	317	129	146	140	147	147	141	0	0

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

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.90 · 19th pctile vs VN companies

YoY ▲ +0.19

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

0.601

GMI

0.959

AQI

1.055

SGI

1.138

DEPI

0.990

SGAI

0.979

TATA

−0.045

LVGI

0.897

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.8784th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 6.3%73rd pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.78×
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

9/9

Strong

Z-Score

0.69

Distress Zone

Sharpe

−0.33

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 Burden0.72×Interest Burden1.00×Op. Margin0.20×Turnover0.43×Leverage1.95=ROE12.3%

Price Risk

Momentum

−11.6%

Volatility

58.7%

Max Drawdown

−27.2%

Key Ratios

Fiscal year 2025

40.80P/E

P/B: 3.18
P/S: 1.53
ROE: 8.1%
ROA: 1.6%
EPS: 194
BVPS: 2.486
Gross Margin: 56.8%
Net Margin: 14.6%
D/E: 0.40
Current Ratio: 1.35
Rev Growth: +13.8%
Profit Growth: +281.2%
EV/EBITDA: 7.24
Div Yield: —

Company Overview

Shares outstanding: 90.5M
Charter Capital: 905B 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 NVT. Hover for detail, select a link to open it.

Shareholders

Công ty CP Nvt Holdings

Inst

94.2%

85.3M

2026-05-29

Phùng Quang Việt

Indiv

5.0%

4.5M

2018-12-18

asean small cap fund

Inst

1.5%

1.3M

2012-07-18

Lê Xuân Hải

Indiv

0.4%

408,848

2019-06-30

Board & Management

Hồ Việt Hà

Chairman of Management Board

Nguyễn Hoàng Giang

Independent Member of Management Board

Phạm Thị Thu Phương

Member of Supervisors Board

Phạm Thành Thái Lĩnh

Person in charge of Corporate governace/General Director

Nguyễn Thúy Liên

Chief Accountant

Nguyễn Hồ Ngọc

Member of Supervisors Board

Đinh Thị Hạnh

Head of Supervisors Board

Vũ Hồng Quỳnh

Deputy General Director

Vũ Ngọc Tú

Independent Member of Management Board

Trịnh Nguyên Khánh

Member of Management Board

Top connections

STL12.0%ICG6.4%LCG5.6%IDJ4.9%PHH4.6%TNG4.3%HUT3.4%

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

NVT among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

NVT among Real Estate

Ownership network