PRT

Tổng Công ty Sản xuất - Xuất nhập khẩu Bình Dương - Công ty cổ phần

VietnamReal EstateBất động sảnUPCOMCT

9.900

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.6%Calibrated value vs last close

Last close (VND): 9.900
Calibrated intrinsic value (VND): 11.548

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)

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)→9.900

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

11.548

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 flow86.5 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%	11.548	11.548	11.548	11.548	11.548
11.0%	11.548	11.548	11.548	11.548	11.548
12.0%	11.548	11.548	11.548	11.548	11.548
13.0%	11.548	11.548	11.548	11.548	11.548
14.0%	11.548	11.548	11.548	11.548	11.548

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
CURRENT ASSETS (Bn. VND)	·	2,108	1,958	2,053	2,678	2,196	2,241	2,660	2,208	2,374	2,622	1,922	1,733	2,786
Cash and cash equivalents (Bn. VND)Net debt bridge	·	390	355	547	311	286	818	219	275	492	214	264	203	198
Short-term investments (Bn. VND)Net debt bridge	·	650	622	320	645	396	30	17	4	4	0	89	60	355
Accounts receivable (Bn. VND)	·	503	442	638	774	556	615	1,595	1,008	642	1,154	1,396	1,108	557
Prepayments to suppliers (Bn. VND)	·	62	13	44	5	10	8	43	449	77	26	38	39	105
Net Inventories	·	527	498	507	564	653	740	795	886	1,145	1,201	169	346	1,564
Inventories, Net (Bn. VND)	·	565	536	546	603	667	754	815	886	1,145	1,202	170	347	1,566
Other current assets	·	38	40	40	384	305	39	33	35	92	52	3	16	112
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	98
LONG-TERM ASSETS (Bn. VND)	·	3,529	3,614	3,779	3,059	3,750	4,223	3,013	3,481	2,875	3,274	3,154	3,772	2,606
Long-term trade receivables (Bn. VND)	·	830	901	971	81	423	532	531	698	314	474	469	422	394
Other long-term receivables (Bn. VND)	·	972	972	972	0.1	30	138	129	404	314	315	309	296	394
Fixed assets (Bn. VND)	·	1,386	1,469	1,547	1,713	2,006	2,188	964	1,017	270	332	476	471	630
Tangible fixed assets	·	879	936	988	1,128	1,394	1,550	434	463	235	237	321	370	401
Intagible fixed assets	·	507	533	560	585	611	638	530	554	35	95	155	100	101
Investment in properties	·	184	187	190	193	195	174	89	89	117	199	113	116	85
Long-term investments (Bn. VND)	·	878	833	820	805	795	899	1,091	1,362	1,178	1,106	1,051	1,217	1,225
Investments in associate companies	·	866	831	818	803	793	897	1,091	1,361	1,178	1,105	1,050	1,212	1,206
Other long-term assets (Bn. VND)	·	2	2	2	2	2	2	0.5	0.5	0.5	0.5	0.7	9	23
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	0	0	0	0	0	0	0	−4	−4
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	241
Other non-current assets	·	86	94	117	138	161	197	204	227	354	386	208	244	32
Long-term prepayments (Bn. VND)	·	86	94	117	138	161	197	204	227	9	8	16	26	28
TOTAL ASSETS (Bn. VND)	·	5,637	5,572	5,832	5,737	5,945	6,465	5,673	5,689	5,249	5,896	5,076	5,505	5,392
LIABILITIES (Bn. VND)	·	1,663	1,586	1,851	1,611	1,916	2,439	2,510	2,747	3,392	3,625	2,668	3,078	3,609
Current liabilities (Bn. VND)	·	1,380	1,286	1,532	1,240	1,471	1,904	2,269	2,597	3,054	2,907	2,054	1,726	2,032
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	203	84	158	151	455	849	717	937	1,006	1,072	984
Advances from customers (Bn. VND)	·	48	12	31	24	23	48	123	164	1,127	681	15	23	16
Long-term liabilities (Bn. VND)	·	282	300	320	371	445	535	241	150	338	718	614	1,351	1,577
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	44	131	232	34	0	120	490	115	211	357
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	3,975	3,985	3,981	4,126	4,029	4,026	3,163	2,942	1,856	2,270	2,408	2,428	1,664
Capital and reserves (Bn. VND)	·	3,975	3,985	3,981	4,126	4,029	4,026	3,163	2,942	1,856	2,270	2,408	2,428	1,664
Paid-in capital (Bn. VND)	·	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	1,350	1,350	1,350	1,350	684
Other Reserves	·	12	12	12	12	12	12	12	12	3	2	15	15	15
Difference upon Assets Revaluation	·	−35	−35	−35	−35	−35	−35	−35	−35	0	0	0	0	0
Foreign Currency Difference reserve	·	−149	−164	−176	−139	−46	10	33	28	73	75	81	94	92
Investment and development funds (Bn. VND)	·	89	68	64	55	55	45	19	12	143	288	377	168	389
Other Reserves	·	0	0	0	0	0	0	0	0	0.04	0.04	0.04	0.04	0
Undistributed earnings (Bn. VND)	·	601	661	726	816	561	473	115	−93	271	542	420	664	459
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	120
TOTAL RESOURCES (Bn. VND)	·	5,637	5,572	5,832	5,737	5,945	6,465	5,673	5,689	5,249	5,896	5,076	5,505	5,392
Short-term loans receivables (Bn. VND)	·	92	107	150	176	75	241	44	147	116	760	643	472	0
Long-term loans receivables (Bn. VND)	·	10	10	10	10	117	117	117	10	0	0	160	126	0
Common shares (Bn. VND)	·	3,000	3,000	3,000	3,000	3,000	3,000	3,000	3,000	1,350	1,350	1,350	1,350	684
Good will (Bn. VND)	·	0	0	0	0	0	0	0	0	345	379	188	215	0
MINORITY INTERESTSNet debt bridge	·	457	443	392	418	483	520	19	19	16	14	165	137	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

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.48 · 40th pctile vs VN companies

YoY ▲ +0.40

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

1.074

GMI

0.919

AQI

0.987

SGI

1.060

DEPI

1.000

SGAI

1.013

TATA

−0.012

LVGI

1.061

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.0146th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 20.2%91st 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

9/9

Strong

Z-Score

1.72

Distress Zone

Sharpe

−0.38

Negative

Composite

Below 30

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 Burden1.01×Op. Margin0.16×Turnover0.19×Leverage1.42=ROE3.3%

Price Risk

Momentum

−13.8%

Volatility

105.0%

Max Drawdown

−32.8%

Key Ratios

Fiscal year 2025

33.26P/E

P/B: 0.86
P/S: 2.90
ROE: 2.6%
ROA: 1.6%
EPS: 304
BVPS: 11.725
Gross Margin: 33.1%
Net Margin: 12.7%
D/E: 0.00
Current Ratio: 1.53
Rev Growth: +5.8%
Profit Growth: +8.2%
EV/EBITDA: 16.80
Div Yield: 3.0%

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 PRT. Hover for detail, select a link to open it.

Shareholders

Ủy Ban Nhân Dân Tỉnh Bình Dương

State

61.0%

183M

2022-06-30

Công ty TNHH MTV Đầu Tư Và Quản Lý Dự Án Bình Dương

Inst

61.0%

183M

2026-03-31

Công ty Cổ phần SAM Holdings

SAM

8.0%

24.0M

2026-03-31

Công Ty Cổ Phần Đầu Tư U&i.

Inst

6.0%

18.0M

2026-03-31

Trần Thị Thu Hà

Indiv

5.0%

15.0M

2026-03-31

Công ty Cổ phần - Tổng công ty Nước - Môi trường Bình Dương

Inst

4.0%

12.0M

2025-12-31

Nguyễn Văn Thiền

Indiv

0.4%

1.3M

2025-12-31

Board & Management

Nguyễn Văn Thiền0.4%

Member of Management Board

Huỳnh Hữu Hùng

Deputy General Director

Nguyễn Ngọc Trường Long

Head of Supervisors Board

Trần Thị Tuyết Nga

Member of Supervisors Board

Nguyễn Thị Kim Phượng

Chief Accountant

Trần Hồng Khôi

Member of Management Board

Nguyễn Mai Khánh Trình

Chief Financial Officer

Ngô Châu Bình

Director of Administration & Human resource

Top connections

SLD85.7%TLP61.0%NQB41.0%LAW38.1%NNT37.2%DSP35.0%VLW33.7%PWS29.7%ULG29.3%CTW24.6%DNW19.0%DVN8.0%

Director-deal registrations · 12 months

Sale registrations: 3 by 2 traders; 160,400 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.05%

Huỳnh Hữu Hùng
Sale · Insider
39,400
2026-04-29
Huỳnh Hữu Hùng
Sale · Insider
100,000
2026-04-21
Huỳnh Quốc Huy
Sale · Insider
21,000
2026-04-21

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

Also note

Valuation Breakdown

DCF Sensitivity

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

Ownership network

Director-deal registrations · 12 months