OGC

Công ty Cổ phần Tập đoàn Đại Dương

VietnamReal EstateBất động sảnHOSECT

2.150

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+22.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 2.150
Calibrated intrinsic value (VND): 2.640

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

Trading liquidity is low.

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: 51.8%; 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

+5.0percentage 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

OGC→Real Estate

Classified as real estate via a per-symbol override — a web-verified, revenue-grounded correction for a company its ICB tag misroutes.

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

0.925

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.16%

E/(D+E)

54.90%

Kd(1-t)

6.73%

D/(D+E)

45.10%

WACC

10.00%

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)→2.150

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

2.640

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: fundamental firm blend

Base cash flow208.6 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%
8.0%	3.038	3.038	3.185	3.344	3.344
9.0%	2.942	2.942	2.942	2.942	3.038
10.0%	2.942	2.942	2.942	2.942	2.942
11.0%	2.899	2.899	2.899	2.935	2.942
12.0%	2.899	2.899	2.899	2.899	2.899

Above market priceBelow market priceCurrent estimate

Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2010
CURRENT ASSETS (Bn. VND)	·	579	676	614	1,309	1,209	1,839	1,803	2,044	2,163	2,553	3,054	3,903	6,096	·	·
Cash and cash equivalents (Bn. VND)Net debt bridge	·	103	191	198	735	170	288	224	366	416	204	239	239	448	·	·
Short-term investments (Bn. VND)Net debt bridge	·	55	33	51	21	334	269	215	170	86	32	117	1,706	1,479	·	·
Accounts receivable (Bn. VND)	·	244	197	99	348	481	982	1,037	1,200	1,337	2,002	2,421	1,257	3,541	·	·
Prepayments to suppliers (Bn. VND)	·	52	67	64	198	290	567	504	449	454	462	546	656	722	·	·
Net Inventories	·	156	233	239	178	195	277	295	285	293	286	248	266	404	·	·
Inventories, Net (Bn. VND)	·	173	336	341	280	302	282	300	290	298	286	248	266	404	·	·
Other current assets	·	21	22	28	28	29	22	32	24	31	30	29	436	225	·	·
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	410	193	·	·
LONG-TERM ASSETS (Bn. VND)	·	3,870	3,832	4,153	1,678	1,724	1,921	2,461	2,670	3,192	3,468	3,866	4,982	5,328	·	·
Long-term trade receivables (Bn. VND)	·	290	324	649	156	159	382	383	382	584	829	1,161	2,150	2,258	·	·
Other long-term receivables (Bn. VND)	·	290	324	693	4	30	8	8	8	507	508	549	2,650	2,258	·	·
Fixed assets (Bn. VND)	·	516	483	513	671	701	761	1,167	1,308	1,348	1,397	795	1,361	1,175	·	·
Tangible fixed assets	·	412	427	455	612	640	698	1,103	1,206	1,244	1,290	704	749	995	·	·
Intagible fixed assets	·	104	56	58	60	61	62	64	103	105	107	90	91	34	·	·
Investment in properties	·	20	21	22	24	25	0	43	0	0	0	132	137	141	·	·
Long-term investments (Bn. VND)	·	2,310	2,293	2,257	157	149	151	215	237	484	369	670	776	1,149	·	·
Investments in associate companies	·	225	208	2,257	152	142	134	129	120	366	248	319	438	1,064	·	·
Other long-term assets (Bn. VND)	·	2,101	2,101	18	41	64	64	121	153	153	153	360	352	97	·	·
Less: Provision for diminuation in value of long term investments	·	−16	−16	−18	−36	−57	−47	−36	−35	−35	−31	−10	−14	−12	·	·
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	251	364	·	·
Other non-current assets	·	536	497	501	389	414	416	442	534	552	595	607	307	241	·	·
Long-term prepayments (Bn. VND)	·	454	465	463	337	336	362	365	424	408	417	378	298	190	·	·
TOTAL ASSETS (Bn. VND)	·	4,449	4,509	4,768	2,987	2,933	3,760	4,264	4,715	5,355	6,021	6,920	8,885	11,424	·	·
LIABILITIES (Bn. VND)	·	2,550	2,774	3,211	1,923	1,919	2,525	3,503	3,840	4,511	4,823	4,882	7,289	7,374	·	·
Current liabilities (Bn. VND)	·	688	724	713	795	764	1,290	2,188	2,330	2,640	3,063	3,057	3,496	3,502	·	·
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	160	155	140	19	22	576	544	712	893	1,016	1,006	1,005	1,550	·	·
Advances from customers (Bn. VND)	·	17	16	19	44	47	267	286	288	312	317	498	260	73	·	·
Long-term liabilities (Bn. VND)	·	1,862	2,050	2,498	1,129	1,155	1,235	1,315	1,511	1,870	1,759	1,825	3,793	3,871	·	·
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,110	1,270	1,532	132	151	153	160	212	420	361	575	630	2,077	·	·
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,899	1,735	1,557	1,064	1,014	1,235	761	875	844	1,198	2,038	910	3,206	·	·
Capital and reserves (Bn. VND)	·	1,899	1,735	1,557	1,064	1,014	1,235	761	875	844	1,198	2,038	910	3,206	·	·
Paid-in capital (Bn. VND)	·	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	·	·
Other Reserves	·	6	6	6	6	6	6	1	1	1	1	1	0	0	·	·
Investment and development funds (Bn. VND)	·	106	105	105	111	111	111	111	110	110	110	108	65	65	·	·
Other Reserves	·	14	14	14	14	14	14	14	14	14	14	14	16	14	·	·
Undistributed earnings (Bn. VND)	·	−2,379	−2,449	−2,577	−2,691	−2,726	−2,662	−2,843	−2,861	−2,884	−2,480	−1,780	−2,214	84	·	·
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	685	845	·	·
TOTAL RESOURCES (Bn. VND)	·	4,449	4,509	4,768	2,987	2,933	3,760	4,264	4,715	5,355	6,021	6,920	8,885	11,424	·	·
Short-term loans receivables (Bn. VND)	·	6	6	6	7	170	1,414	1,442	1,517	1,519	1,519	1,524	0	0	·	·
Common shares (Bn. VND)	·	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	·	·
Good will (Bn. VND)	·	0	32	38	52	78	54	77	110	144	176	217	0	0	·	·
MINORITY INTERESTSNet debt bridge	·	1,152	1,058	1,008	623	609	765	477	610	603	552	694	0	0	·	·

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.31 · 50th pctile vs VN companies

YoY ▼ −0.71

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

1.091

GMI

1.009

AQI

1.015

SGI

1.134

DEPI

1.050

SGAI

1.073

TATA

−0.014

LVGI

0.914

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.1451st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 7.8%76th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.79×
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

6/9

Neutral

Z-Score

−0.14

Distress Zone

Sharpe

−1.48

Negative

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 Burden0.78×Interest Burden1.00×Op. Margin0.14×Turnover0.26×Leverage2.34=ROE6.5%

Price Risk

Momentum

−42.4%

Volatility

36.5%

Max Drawdown

−52.5%

Key Ratios

Fiscal year 2025

9.88P/E

P/B: 0.89
P/S: 0.58
ROE: 9.4%
ROA: 1.5%
EPS: 224
BVPS: 2.491
Gross Margin: 47.0%
Net Margin: 10.8%
D/E: 0.67
Current Ratio: 0.84
Rev Growth: +15.1%
Profit Growth: −28.7%
EV/EBITDA: 11.56
Div Yield: —

Company Overview

Shares outstanding: 300M
Charter Capital: 3,000B 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 OGC. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Thương mại Phát triển nhà và đô thị Việt Nam

Inst

17.2%

51.7M

2024-01-02

Công ty TNHH Đầu Tư Bất Động Sản Thương Mại Hùng Lĩnh

Inst

16.1%

48.3M

2024-06-07

CÔNG TY CỔ PHẦN XÂY DỰNG SÔNG HỒNG BẮC VIỆT

Inst

9.0%

27.1M

2023-12-11

PYN Elite Fund

Inst

4.9%

14.7M

2016-10-03

Công Ty Cổ Phần Đầu Tư Và Xây Dựng Sông Đà

Inst

4.9%

14.6M

2014-12-11

Công ty Cổ phần Đầu tư và Thương mại VNECO Hà Nội

Inst

4.8%

14.5M

2012-03-26

Công ty Cổ phần Thương mại và Kho vận Thành Đông

Inst

4.7%

14.2M

2015-01-06

Công ty Cổ phần Quản lý quỹ đầu tư FPT

Inst

4.4%

13.3M

2012-03-26

Ngân hàng Thương mại Cổ phần Đại chúng Việt Nam

Inst

4.0%

12.0M

2012-03-26

Công ty Cổ phần Đầu tư và Xây dựng Bảo Minh

Inst

3.2%

9.6M

2012-03-26

Công ty Cổ phần Bảo Linh

Inst

3.1%

9.3M

2012-03-26

Công ty Cổ phần Đầu tư và Tư vấn tài chính Liên Việt

Inst

3.0%

8.9M

2012-03-26

Deutsche Bank Aktiengesellchaft, London Branch

Inst

2.8%

8.3M

2012-03-26

Công Ty TNHH Vnt

Inst

2.1%

6.3M

2012-12-31

Hà Văn Thắm

Indiv

1.1%

3.3M

2015-12-31

Lò Hồng Hiệp

Indiv

1.0%

3.0M

2020-07-29

Công ty TNHH Đầu Tư Và Quản Lý Bảo Lâm Holdings

Inst

0.8%

2.4M

2026-06-30

Nguyễn Thị Dung

Indiv

0.3%

970,150

2021-12-31

Board & Management

Lò Hồng Hiệp1.0%

General Director/Spokesman

Trần Thị Chung

Member of Supervisors Board

Lê Đình Quang

Member of Management Board

Top connections

PSI51.2%FUEFCV5015.1%TDB14.1%XHC11.4%ASM11.2%HDG10.0%MIG9.9%DSE9.0%YEG8.9%SHS7.7%ACC7.4%HTV2 links

Listed group

OCHCông ty Cổ phần One Capital Hospitality
Subsidiary: over 50% held
55.6%
2025-09-30

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.

Director-deal registrations · 12 months

Sale registrations: 3 by 1 trader; 8,500,000 shares
Purchase registrations: None
Registered net, share of outstanding:: −2.83%

Công ty TNHH Đầu Tư Và Quản Lý Bảo Lâm Holdings
Sale · Institution
3,500,000
2026-02-25
Công ty TNHH Đầu Tư Và Quản Lý Bảo Lâm Holdings
Sale · Institution
2,000,000
2026-01-20
Công ty TNHH Đầu Tư Và Quản Lý Bảo Lâm Holdings
Sale · Institution
3,000,000
2025-11-18

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

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months