SZB

Công ty Cổ phần Sonadezi Long Bình

VietnamReal EstateBất động sảnHNXCT

45.600

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+16.6%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 45.600
Calibrated intrinsic value (VND): 53.189

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: 50.3%; 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

+1.8percentage 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

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

0.520

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

9.39%

E/(D+E)

90.91%

Kd(1-t)

2.23%

D/(D+E)

9.09%

WACC

10.00%

Growth Estimate

fundamental firm blend8.47%

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)→45.600

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

53.189

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

Discount rate (WACC)10.00%high risk: no

Growth rate8.47%growth method: fundamental firm blend

Base cash flow82.0 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	5.5%	7.0%	8.5%	10.0%	11.5%
8.0%	59.389	59.389	60.276	61.486	61.486
9.0%	55.671	55.861	59.389	59.389	59.389
10.0%	55.671	55.671	55.671	55.671	55.996
11.0%	55.671	55.671	55.671	55.671	55.671
12.0%	53.189	53.189	55.671	55.671	55.671

Above market priceBelow market priceCurrent estimate

SZB among Real Estate

Every stock in the sector, SZB 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 SZB. 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)	·	494	448	422	278	282	276	227	138	333	320	229	198	177
Cash and cash equivalents (Bn. VND)Net debt bridge	·	215	255	272	72	86	80	35	50	51	192	136	82	54
Short-term investments (Bn. VND)Net debt bridge	·	188	94	91	123	99	137	106	0	81	36	10	20	0
Accounts receivable (Bn. VND)	·	56	88	51	74	87	49	72	67	176	46	12	13	30
Prepayments to suppliers (Bn. VND)	·	31	32	33	57	53	25	61	58	162	2	1	0.8	3
Net Inventories	·	6	6	7	6	6	6	11	16	22	46	69	82	92
Inventories, Net (Bn. VND)	·	6	6	7	6	6	6	11	16	22	46	69	82	92
Other current assets	·	29	6	0	4	5	3	3	4	4	0.3	2	0.7	0.8
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0.1
LONG-TERM ASSETS (Bn. VND)	·	1,360	1,130	1,065	1,011	915	919	752	734	555	443	422	398	379
Long-term trade receivables (Bn. VND)	·	88	90	91	91	91	91	91	91	92	152	152	112	0
Other long-term receivables (Bn. VND)	·	88	90	91	91	91	91	91	91	91	151	151	112	0
Fixed assets (Bn. VND)	·	387	402	393	390	326	338	304	268	247	179	186	203	208
Tangible fixed assets	·	358	372	362	358	292	304	266	229	207	138	144	160	164
Intagible fixed assets	·	29	30	31	32	33	34	38	39	40	41	42	43	44
Investment in properties	·	181	108	111	50	54	58	59	42	42	29	22	13	14
Long-term investments (Bn. VND)	·	40	40	40	40	40	40	0	0	0	0	3	13	98
Other long-term assets (Bn. VND)	·	40	40	40	40	40	40	0	0	0	0	0	0	98
Other non-current assets	·	608	474	429	411	379	387	296	303	168	64	58	56	54
Long-term prepayments (Bn. VND)	·	605	471	426	408	376	384	292	299	164	60	54	56	54
TOTAL ASSETS (Bn. VND)	·	1,854	1,578	1,487	1,289	1,198	1,195	979	872	888	763	651	596	556
LIABILITIES (Bn. VND)	·	1,074	899	896	716	612	629	447	389	376	346	188	155	136
Current liabilities (Bn. VND)	·	224	187	245	128	112	116	111	109	154	183	81	51	49
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	20	12	12	8	1	1	1	0	45	0	0	0.7	3
Advances from customers (Bn. VND)	·	16	14	121	14	20	15	15	16	13	32	30	18	9
Long-term liabilities (Bn. VND)	·	850	713	651	588	500	513	336	280	222	162	107	103	86
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	94	38	47	23	6	7	9	0	0	0	0	0	2
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	780	679	591	573	585	566	532	484	513	418	463	441	421
Capital and reserves (Bn. VND)	·	780	679	591	573	585	566	532	484	513	418	463	441	421
Paid-in capital (Bn. VND)	·	300	300	300	300	300	300	300	300	300	300	300	300	300
Investment and development funds (Bn. VND)	·	185	126	114	104	93	82	72	63	52	56	39	32	14
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	0	10
Undistributed earnings (Bn. VND)	·	290	247	171	164	187	179	154	115	155	57	119	104	90
TOTAL RESOURCES (Bn. VND)	·	1,854	1,578	1,487	1,289	1,198	1,195	979	872	888	763	651	596	556
Common shares (Bn. VND)	·	300	300	300	300	300	300	300	300	300	300	300	300	300

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

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 −2.90 · 18th pctile vs VN companies

YoY ▼ −1.13

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

0.643

GMI

0.989

AQI

1.137

SGI

0.991

DEPI

0.892

SGAI

0.998

TATA

−0.011

LVGI

1.205

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.3057th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 6.4%73rd 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

5/9

Neutral

Z-Score

1.81

Distress Zone

Sharpe

1.87

Above 1

Composite

70 and above

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 Burden0.81×Interest Burden1.01×Op. Margin0.47×Turnover0.28×Leverage2.38=ROE25.9%

Price Risk

Momentum

+22.8%

Volatility

13.6%

Max Drawdown

−5.8%

Key Ratios

Fiscal year 2025

6.78P/E

P/B: 1.75
P/S: 2.62
ROE: 27.7%
ROA: 11.8%
EPS: 6.724
BVPS: 26.003
Gross Margin: 50.8%
Net Margin: 38.6%
D/E: 0.15
Current Ratio: 2.21
Rev Growth: −0.9%
Profit Growth: +2.6%
EV/EBITDA: 3.87
Div Yield: 6.6%

Company Overview

Shares outstanding: 30.0M
Charter Capital: 300B 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 SZB. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Cổ phần Phát triển Khu Công nghiệp

Inst

46.2%

13.9M

2026-03-31

Công ty Cổ phần Sonadezi Long Thành

SZL

8.4%

2.5M

2026-03-31

america limited liability company

Inst

6.9%

2.1M

2026-03-31

Công ty Cổ phần Sonadezi Châu Đức

Inst

4.2%

1.3M

2023-06-30

Quỹ Đầu Tư Phát Triển Đồng Nai

Inst

3.0%

900,000

2025-09-30

Trần Trung Chiến

Indiv

2.9%

856,300

2024-06-30

Lương Minh Hiền

Indiv

1.2%

356,224

2025-12-31

Nguyễn Bá Chuyên

Indiv

0.8%

240,300

2025-12-31

Board & Management

Lương Minh Hiền1.2%

Chairman of Management Board

Nguyễn Bá Chuyên0.8%

Member of Management Board/General Director

Đặng Hải Bằng

Chief Accountant

Lưu Thị Thúy Vân

Head of Supervisors Board

Phạm Văn Tỉnh

Independent Member of Management Board

Lê Thị Kim Tuyền

Deputy General Director

Top connections

SZE64.0%DNW64.0%D2D57.9%SZL3 links PDN2 links SZC2 links SZG46.5%DND46.2%SDN46.2%SDV3 links DGT46.2%SGN25.0%

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

SZB among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

SZB among Real Estate

Ownership network