Back to Dashboard

SLD

Công ty Cổ phần Địa Ốc Sacom

VietnamReal EstateBất động sảnUPCOMCT
14.200
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+11.5%Calibrated value vs last close
Last close (VND)
14.200
Calibrated intrinsic value (VND)
15.835

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. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 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

  • The closing price is too old for comparison.
  • Trading liquidity is below the comparison threshold.
  • 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.

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.

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.

1
Weighted Avg Cost of Capital
Risk-Free (Rf)
4.36%
+
Betasector default
1.110
x
ERP
4.38%
+
CRP
2.75%
=
Cost of Equity (Ke)
11.97%
Ke
11.97%
x
E/(D+E)
93.67%
+
Kd(1-t)
5.24%
x
D/(D+E)
6.33%
=
WACC
11.55%
+2% WACC penalty (high leverage)
2
Growth Estimate
Sector Default3.50%
Growth decays 10%/yr toward terminal
3
Model Inputs
4
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)→14.200
Calibrated value vs last close→+11.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
15.835
What feeds each step— click a source to highlight it in the statements
Discount rate (WACC)13.55%high risk: yes
Growth rate3.50%growth method: default
Base cash flow4.6 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 \ Growth0.5%2.0%3.5%5.0%6.5%
11.6%12.55812.55912.56012.56312.566
12.6%N/AN/A12.55312.55512.558
13.6%N/AN/AN/AN/AN/A
14.6%N/AN/AN/AN/AN/A
15.6%N/AN/AN/AN/AN/A
Above market priceBelow market priceCurrent estimate
Feeds valuation:Cost of capitalGrowthModel inputsFinal calculation
Line item20262025202420232022202120202019201820172016
CURRENT ASSETS (Bn. VND)
·96112···470544498535729
Cash and cash equivalents (Bn. VND)Net debt bridge
·106···12997462810
Short-term investments (Bn. VND)Net debt bridge
·2019···00000
Accounts receivable (Bn. VND)
·5477···335139173222364
Prepayments to suppliers (Bn. VND)
·24···5513737
Net Inventories
·0.010.05···0.1295268270328
Inventories, Net (Bn. VND)
·0.010.05···0.1295268270328
Other current assets
·1110···612111527
LONG-TERM ASSETS (Bn. VND)
·743692···559457094123
Long-term trade receivables (Bn. VND)
·1213···6929316741
Other long-term receivables (Bn. VND)
·55···44550.03
Fixed assets (Bn. VND)
·22···1220.94
Tangible fixed assets
·0.20.4···1220.94
Intagible fixed assets
·22···0.040.06000
Investment in properties
·00···331111
Other non-current assets
·99···91036259
Long-term prepayments (Bn. VND)
·99···91036259
TOTAL ASSETS (Bn. VND)
·839805···1,029588568630852
LIABILITIES (Bn. VND)
·9966···53999117204424
Current liabilities (Bn. VND)
·9965···53794117137289
Short-term borrowings (Bn. VND)Discount rate (WACC) +1
·8250···001885232
Advances from customers (Bn. VND)
·14···1027151611
Long-term liabilities (Bn. VND)
·00.2···250.568135
Long-term borrowings (Bn. VND)Discount rate (WACC) +1
·00···00093
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)
·740739···490490450425428
Capital and reserves (Bn. VND)
·740739···490490450425428
Paid-in capital (Bn. VND)
·786786···443422402402402
Investment and development funds (Bn. VND)
·0.60.6···0.60.60.60.60.6
Undistributed earnings (Bn. VND)
·−46−47···4667482225
TOTAL RESOURCES (Bn. VND)
·839805···1,029588568630852
Short-term loans receivables (Bn. VND)
·00···0201086170
Common shares (Bn. VND)
·786786···443422402402402

Earnings Quality

Fiscal year 2025
41
Weak
Accrual Quality
83
Cash Conversion
0

Financial Forensics

Beneish M-Score · 2020
Highest band
M 6.71 · 100th pctile vs VN companies
YoY ▲ +9.70
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
9.961
GMI
0.883
AQI
7.373
SGI
0.241
DEPI
0.672
SGAI
1.643
TATA
0.001
LVGI
3.270

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets
0.7%30th pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero
0.06×
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.

The company shows multiple accounting signals of elevated accrual-based and receivable-related distortion: a Beneish M-Score of 6.7119 (100th percentile vs Vietnamese peers) with a year-over-year increase of +9.70, driven by a very high DSRI (9.9608) and AQI (7.3727). Earnings-quality components are mixed: accruals quality scores very high (99.8/100) while receivables quality and revenue quality score 0/100 and margin quality is weak (19.3/100); the Piotroski F-Score is neutral at 4/9 and Vietnamese cash-conversion and receivable checks are around the median/low end of the local sample.

Red Flags
  • Beneish M-Score = 6.7119 (measures likelihood of earnings manipulation versus a US-derived threshold; here the company is at the 100th percentile among Vietnamese peers and the M-Score rose by +9.70 year-over-year, indicating a large change in the underlying ratios).
  • DSRI = 9.9608 (Days Sales Receivables Index; this very large value suggests receivables or revenue timing/recognition divergence from past patterns).
  • AQI = 7.3727 (Asset Quality Index; elevated value indicates reclassification or capitalization of expenses, or increases in intangible/long‑lived assets versus peers/own history).
  • Receivables quality = 0.0/100 and Revenue quality = 0.0/100 (the earnings-quality model flags both as poorest possible scores, consistent with the high DSRI and weak margin quality).
  • LVGI = 3.2704 (Leverage index; indicates leverage and financing changes relative to prior period that can affect reported profit persistence).
  • SGAI = 1.6432 (Selling, General & Administrative expenses index >1; suggests SGA rose relative to sales, which can indicate cost reclassification or margin pressure).
  • TATA = 0.0006 (Total Accruals to Total Assets; although small here, the rest of the indicators point to timing/revenue/receivable issues rather than pure total-accruals manipulation).
Positive Signals
  • Accruals quality = 99.8/100 (the model rates accruals as high-quality, indicating total reported accruals are not the primary flagged issue).
  • Cash-conversion (3-year operating cash flow / net profit) = 1.12 (50th percentile among Vietnamese firms; shows operating cash broadly in line with reported profit over three years rather than being dramatically weaker).
  • No accumulated losses and owner's equity (excluding minority interest) positive; net loss in parent profit = 0 years up to FY2020 (these are facts from the statements showing no statutory accumulated-loss trigger).
  • Piotroski F-Score = 4/9 (neutral; some fundamentals are not severely deteriorated).
Ownership Risk

Ownership is highly concentrated: SAM Holdings holds 85.7% (control, disclosed 2026-03-31), with two other named individual shareholders at 5.6% and 0.0%. The company is part of a listed group controlled by SAM (which also holds 35.0% of DSP among group listings), so related‑party, intra‑group transactions and capital flows are important contextual factors under VAS and group reporting.

To check in the filings
  • Compare the year-over-year movement in trade receivables and the receivables aging schedule in the audited notes to the DSRI value (9.9608) and disclose whether receivables growth matches revenue recognition.
  • Inspect the ‘Other long‑term receivables / Loans to related parties / Prepayments’ lines and the related‑party note to reconcile the 0.9% of total assets flagged as receivables outside the trade cycle.
  • Review the composition of non-current assets and the notes on additions and reclassifications to assess drivers of the AQI = 7.3727 (capitalized costs, intangible increases or reclassifications).
  • Check the statement of cash flows and the reconciliation of profit to cash from operations to confirm the 3‑year cash conversion ratio of 1.12 and to understand timing differences between profit and cash.

Generated by AI based on quantitative data. Not financial advice.

Quantitative Scores

F-Score
4/9
Neutral
Z-Score
5.18
Safe Zone
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 Burden2.81×Op. Margin−0.68×Turnover0.00×Leverage1.09=ROE0.2%

Key Ratios

Fiscal year 2025
1367.69P/E
P/B
1.51
P/S
—
ROE
0.1%
ROA
0.1%
EPS
10
BVPS
9.420
Gross Margin
0.0%
Net Margin
0.0%
D/E
0.11
Current Ratio
0.97
Rev Growth
−100.0%
Profit Growth
−41.9%
EV/EBITDA
—
Div Yield
—

Company Overview

Shares outstanding
78.6M
Charter Capital
786B VND
Sector (ICB L2)
Bất động sản
Industry (ICB L3)
Bất động sản
Sub-industry
Bất động sản
Company Type
CT
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →