SCR

Công ty Cổ phần Địa Ốc Sài Gòn Thương Tín

VietnamReal EstateBất động sảnHOSECT

3.820

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+32.2%Calibrated value vs last close

Last close (VND): 3.820
Calibrated intrinsic value (VND): 5.049

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

Under financial distress the model falls back to book value.

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

0.994

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.47%

E/(D+E)

59.79%

Kd(1-t)

4.86%

D/(D+E)

40.21%

WACC

10.00%

+2% WACC penalty (high leverage)

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)→3.820

Calibrated value vs last close→+32.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.049

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

Discount rate (WACC)12.00%high risk: yes

Growth rate3.50%growth method: default

Base cash flow186.8 tỷone off strip ratio: 0.73

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%	N/A	N/A	N/A	N/A	N/A
11.0%	N/A	N/A	N/A	N/A	N/A
12.0%	N/A	N/A	N/A	N/A	N/A
13.0%	N/A	N/A	N/A	N/A	N/A
14.0%	N/A	N/A	N/A	N/A	N/A

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)	·	6,798	6,970	7,532	6,000	6,722	8,460	8,973	8,974	7,848	6,317	3,962	4,015	4,140
Cash and cash equivalents (Bn. VND)Net debt bridge	·	360	175	115	122	41	208	84	158	104	451	147	38	113
Short-term investments (Bn. VND)Net debt bridge	·	89	98	18	63	91	84	101	183	157	80	53	41	447
Accounts receivable (Bn. VND)	·	2,714	3,187	3,569	2,981	3,768	4,828	4,608	4,302	3,503	2,155	1,004	1,235	563
Prepayments to suppliers (Bn. VND)	·	1,075	550	901	387	652	1,035	1,353	1,332	901	628	220	111	54
Net Inventories	·	3,493	3,337	3,664	2,776	2,796	3,310	4,160	4,291	4,036	3,606	2,735	2,679	2,954
Inventories, Net (Bn. VND)	·	3,500	3,338	3,665	2,777	2,797	3,310	4,160	4,297	4,036	3,606	2,738	2,683	2,958
Other current assets	·	142	173	166	59	27	29	21	40	47	24	23	21	63
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	42
LONG-TERM ASSETS (Bn. VND)	·	6,098	4,877	3,100	3,691	3,075	2,954	1,912	1,905	1,706	1,182	1,045	1,389	1,447
Long-term trade receivables (Bn. VND)	·	2,436	1,988	903	1,267	1,061	967	331	355	357	255	231	179	0
Other long-term receivables (Bn. VND)	·	2,032	1,582	749	1,267	1,060	966	328	330	233	225	220	179	0
Fixed assets (Bn. VND)	·	93	99	197	204	207	210	213	218	133	128	6	8	19
Tangible fixed assets	·	3	0.8	0.5	1	2	3	5	13	14	6	3	3	6
Leased assets	·	0	2	3	4	2	0	0	0.5	0.7	0.9	1	1	0
Intagible fixed assets	·	91	97	193	199	202	207	208	204	118	121	3	3	1
Investment in properties	·	1,558	710	857	892	605	631	557	266	135	95	114	146	122
Long-term investments (Bn. VND)	·	822	1,145	848	1,005	875	730	406	645	888	656	611	798	1,016
Investments in associate companies	·	0	79	74	116	115	158	146	603	647	205	184	158	228
Other long-term assets (Bn. VND)	·	879	1,067	769	884	756	572	260	42	241	450	427	640	789
Less: Provision for diminuation in value of long term investments	·	−56	−2	−0.8	−0.7	−0.6	−0.2	0	0	0	0	0	−0.3	−0.9
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	285
Other non-current assets	·	575	322	295	323	325	415	403	397	179	39	82	256	5
Long-term prepayments (Bn. VND)	·	541	275	234	246	234	314	288	268	17	5	2	7	5
TOTAL ASSETS (Bn. VND)	·	12,896	11,847	10,631	9,691	9,797	11,414	10,885	10,879	9,554	7,498	5,007	5,404	5,587
LIABILITIES (Bn. VND)	·	7,538	6,382	5,506	4,623	4,764	6,522	6,147	6,407	6,070	4,236	1,964	3,087	3,317
Current liabilities (Bn. VND)	·	3,216	3,801	3,712	3,383	3,438	4,538	4,913	5,118	5,457	3,533	1,525	1,554	1,756
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,285	1,610	1,617	1,071	788	1,385	1,338	1,398	1,386	634	121	619	656
Advances from customers (Bn. VND)	·	531	497	585	530	1,356	879	1,231	1,648	2,803	2,328	1,008	506	722
Long-term liabilities (Bn. VND)	·	4,323	2,581	1,794	1,240	1,326	1,984	1,234	1,289	613	703	439	1,533	1,561
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	2,900	2,066	1,377	838	778	1,401	920	1,032	535	645	436	1,506	1,541
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	5,357	5,465	5,125	5,068	5,033	4,892	4,738	4,472	3,484	3,262	3,043	2,317	2,261
Capital and reserves (Bn. VND)	·	5,357	5,465	5,125	5,068	5,033	4,892	4,738	4,472	3,484	3,262	3,043	2,317	2,261
Paid-in capital (Bn. VND)	·	4,306	4,306	3,957	3,957	3,664	3,664	3,392	3,392	2,439	2,171	2,171	1,577	1,501
Investment and development funds (Bn. VND)	·	157	157	157	157	150	145	134	130	110	99	92	87	32
Other Reserves	·	25	25	25	25	25	25	25	25	25	20	17	15	15
Undistributed earnings (Bn. VND)	·	470	398	406	392	661	497	621	365	380	413	285	70	54
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	9
TOTAL RESOURCES (Bn. VND)	·	12,896	11,847	10,631	9,691	9,797	11,414	10,885	10,879	9,554	7,498	5,007	5,404	5,587
Short-term loans receivables (Bn. VND)	·	887	1,700	1,287	1,447	2,031	2,203	2,090	2,058	991	773	453	513	0
Long-term loans receivables (Bn. VND)	·	10	9	9	0	0	0	0.6	20	118	30	11	0.2	0
Common shares (Bn. VND)	·	4,306	4,306	3,957	3,957	3,664	3,664	3,392	3,392	2,439	2,171	2,171	1,577	1,501
Good will (Bn. VND)	·	34	47	61	74	88	101	115	129	1	2	14	247	0
MINORITY INTERESTSNet debt bridge	·	68	247	248	205	200	228	232	226	196	118	36	33	0

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.30 · 50th pctile vs VN companies

YoY ▼ −0.75

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

0.555

GMI

0.615

AQI

1.155

SGI

1.536

DEPI

0.768

SGAI

1.870

TATA

0.089

LVGI

0.958

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −30.401st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 31.1%95th 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.

Quantitative Scores

F-Score

6/9

Neutral

Z-Score

0.77

Distress Zone

Sharpe

−2.54

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 Burden0.70×Interest Burden0.67×Op. Margin0.12×Turnover0.10×Leverage2.41=ROE1.3%

Price Risk

Momentum

−56.5%

Volatility

26.6%

Max Drawdown

−56.4%

Key Ratios

Fiscal year 2025

22.45P/E

P/B: 0.32
P/S: 1.40
ROE: 1.5%
ROA: 0.6%
EPS: 177
BVPS: 12.284
Gross Margin: 32.3%
Net Margin: 5.5%
D/E: 0.78
Current Ratio: 2.11
Rev Growth: +51.8%
Profit Growth: +2499.2%
EV/EBITDA: 21.31
Div Yield: —

Company Overview

Shares outstanding: 431M
Charter Capital: 4,306B 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 SCR. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Đầu tư Thành Thành Công

Inst

22.7%

97.7M

2025-12-31

Đặng Hồng Anh

Indiv

9.3%

40.0M

2025-12-31

Trương Thị Ngọc Hiền

Indiv

5.8%

24.8M

2026-03-13

Công ty Cổ phần Thương Mại Thành Thành Công

Inst

4.8%

16.3M

2019-12-19

Công ty Cổ phần Khu Công Nghiệp Thành Thành Công

Inst

2.0%

8.4M

2026-06-30

Board & Management

Tô Hoài Long

Member of Management Board

Top connections

VNG2 links GEG2 links SBT22.7%SPM7.6%SDK6.9%COM5.3%TID4.8%HTE4.4%HMC3.8%HLA2.9%

Listed group

STBNgân hàng Thương mại Cổ phần Sài Gòn Tài Lộc
Cross-holding: owns 0.0% of it; it owns 0.0% of this company

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

Trương Thị Ngọc Hiền
Purchase · Insider
—
2026-03-13

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

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