PWA

Công ty Cổ phần Bất động sản dầu khí

VietnamReal EstateBất động sảnUPCOMCT

5.100

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+36.5%Calibrated value vs last close

Last close (VND): 5.100
Calibrated intrinsic value (VND): 6.963

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

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 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)

97.33%

Kd(1-t)

9.71%

D/(D+E)

2.67%

WACC

11.91%

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)→5.100

Calibrated value vs last close→+36.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.963

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

Discount rate (WACC)11.91%high risk: no

Growth rate3.50%growth method: default

Base cash flow10.6 tỷone off strip ratio: 0.56

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%
9.9%	6.978	6.978	6.978	6.978	6.978
10.9%	6.978	6.978	6.978	6.978	6.978
11.9%	6.978	6.978	6.978	6.978	6.978
12.9%	6.978	6.978	6.978	6.978	6.978
13.9%	6.977	6.978	6.978	6.978	6.978

Above market priceBelow market priceCurrent estimate

PWA among Real Estate

Every stock in the sector, PWA 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 PWA. 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)	·	148	149	135	175	188	246	444	670	135	118	85	75	72
Cash and cash equivalents (Bn. VND)Net debt bridge	·	37	28	25	24	33	80	74	30	72	50	7	6	0.4
Short-term investments (Bn. VND)Net debt bridge	·	27	25	22	19	19	17	10	0	0	1	0	0	0
Accounts receivable (Bn. VND)	·	29	37	29	61	76	81	50	55	33	26	36	8	6
Prepayments to suppliers (Bn. VND)	·	2	2	2	2	9	2	3	5	3	9	10	3	3
Net Inventories	·	54	56	57	68	57	67	308	583	20	33	43	61	63
Inventories, Net (Bn. VND)	·	54	56	57	68	57	67	308	583	20	33	43	61	63
Other current assets	·	1	2	2	4	3	1	2	2	10	8	0.06	0.4	2
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	1
LONG-TERM ASSETS (Bn. VND)	·	51	54	76	81	93	90	92	28	421	191	84	64	56
Long-term trade receivables (Bn. VND)	·	0	0	18	20	17	11	11	11	8	7	6	6	0
Other long-term receivables (Bn. VND)	·	0	0	18	20	17	11	11	11	8	7	0	0	0
Fixed assets (Bn. VND)	·	38	40	43	45	44	46	47	0	0	0	0	0.04	41
Tangible fixed assets	·	34	36	39	41	40	42	43	0	0	0	0	0.04	0.3
Intagible fixed assets	·	4	4	4	4	4	4	4	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	3	3	3	2	2	2	3	4	4	4	4	9	14
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	0	0	0.6	0
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	0	0	0	0.6
Other long-term assets (Bn. VND)	·	4	4	4	4	4	4	4	8	8	8	8	8	14
Less: Provision for diminuation in value of long term investments	·	−1.0	−1	−1	−2	−2	−2	−1.0	−4	−4	−4	−4	0	0
Other non-current assets	·	11	11	13	14	15	16	17	0.03	0.03	0.2	0.9	0.02	0.01
Long-term prepayments (Bn. VND)	·	11	11	13	14	15	16	17	0.03	0.03	0.2	0.9	0.02	0.01
TOTAL ASSETS (Bn. VND)	·	199	203	212	256	281	335	536	698	557	308	169	139	128
LIABILITIES (Bn. VND)	·	123	130	136	176	193	210	414	588	452	204	63	38	24
Current liabilities (Bn. VND)	·	101	108	115	155	172	189	414	588	415	49	31	28	24
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	2	2	4	3	3	3	3	99	203	32	8	7	3
Advances from customers (Bn. VND)	·	0	14	15	21	21	26	235	388	162	3	7	0	0.05
Long-term liabilities (Bn. VND)	·	21	21	21	21	21	21	0	0	36	155	32	10	0
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	0	0	0	0	0	0	0	119	0	0	0
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	77	73	75	80	88	125	122	110	105	104	106	101	103
Capital and reserves (Bn. VND)	·	77	73	75	80	88	125	122	110	105	104	106	101	103
Paid-in capital (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	100
Investment and development funds (Bn. VND)	·	9	9	9	9	9	7	1	1	1	1	0	0	0
Other Reserves	·	0.3	0.3	0.3	0.3	0.3	0.3	0	0	0	0	0.9	0.9	0
Undistributed earnings (Bn. VND)	·	−33	−37	−34	−30	−22	18	20	8	4	3	5	0.03	2
TOTAL RESOURCES (Bn. VND)	·	199	203	212	256	281	335	536	698	557	308	169	139	128
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	15	2	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	6	6	0
Common shares (Bn. VND)	·	100	100	100	100	100	100	100	100	100	100	100	100	100

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 −2.37 · 46th pctile vs VN companies

YoY ▲ +0.52

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

0.343

GMI

0.093

AQI

0.985

SGI

2.259

DEPI

0.949

SGAI

0.362

TATA

−0.010

LVGI

0.948

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 13.1297th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.0%35th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 0.33×
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

8/9

Strong

Z-Score

0.66

Distress Zone

Sharpe

0.29

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 Burden1.00×Interest Burden1.22×Op. Margin0.28×Turnover0.13×Leverage2.59=ROE11.2%

Price Risk

Momentum

+59.5%

Volatility

134.0%

Max Drawdown

−50.5%

Key Ratios

Fiscal year 2025

5.58P/E

P/B: 0.62
P/S: 1.91
ROE: 11.5%
ROA: 4.3%
EPS: 860
BVPS: 7.686
Gross Margin: 59.4%
Net Margin: 34.3%
D/E: 0.03
Current Ratio: 1.46
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 10.0M
Charter Capital: 100B 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 PWA. Hover for detail, select a link to open it.

Shareholders

Tổng công ty Đầu tư Nước và Môi trường Việt Nam

Inst

24.9%

2.5M

2026-03-31

Lê Văn Đô

Indiv

6.7%

671,000

2026-03-11

Lê Thị Hiền

Indiv

3.4%

341,600

2025-12-31

Trần Ngọc Phương

Indiv

0.1%

11,500

2026-07-17

Board & Management

Trần Ngọc Phương0.1%

Person in charge of Corporate governace

Trương Huy Hải

General Director

Nguyễn Thái Hoàng

Deputy General Director

Top connections

VSI60.0%VW354.5%VHH36.0%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 2 by 1 trader; 2 without a stated volume

Lê Văn Đô
Purchase · Insider
—
2026-03-11
Lê Văn Đô
Purchase · Insider
—
2026-01-20

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

PWA among Real Estate

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

PWA among Real Estate

Ownership network

Director-deal registrations · 12 months