SZC

Công ty Cổ phần Sonadezi Châu Đức

VietnamReal EstateBất động sảnHOSECT

19.000

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): 19.000
Calibrated intrinsic value (VND): 22.162

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

The model uses profit in place of cash flow, which was not available.
The latest cash flow is zero or negative.

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: High; 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

1.036

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.65%

E/(D+E)

56.40%

Kd(1-t)

5.19%

D/(D+E)

43.60%

WACC

10.00%

Growth Estimate

fundamental firm blend5.20%

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)→19.000

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

22.162

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

Discount rate (WACC)10.00%high risk: no

Growth rate5.20%growth method: fundamental firm blend

Base cash flow324.3 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	2.2%	3.7%	5.2%	6.7%	8.2%
8.0%	24.745	24.745	24.745	25.115	25.619
9.0%	23.196	23.196	23.196	23.196	23.332
10.0%	22.162	22.162	22.162	23.196	23.196
11.0%	22.162	22.162	22.162	22.162	22.162
12.0%	22.162	22.162	22.162	22.162	22.162

Above market priceBelow market priceCurrent estimate

SZC among Real Estate

Every stock in the sector, SZC 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 SZC. 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)	·	2,531	3,067	2,064	1,735	352	237	560	398	312	335	474	366	78
Cash and cash equivalents (Bn. VND)Net debt bridge	·	417	705	222	266	199	89	292	236	83	19	338	32	45
Short-term investments (Bn. VND)Net debt bridge	·	35	335	30	40	60	80	120	90	100	250	0	300	0
Accounts receivable (Bn. VND)	·	124	150	67	40	52	46	144	70	122	60	111	23	32
Prepayments to suppliers (Bn. VND)	·	6	23	5	11	39	41	113	13	13	13	9	5	4
Net Inventories	·	1,893	1,743	1,621	1,343	7	3	1	1	0.8	1	6	0.4	0.04
Inventories, Net (Bn. VND)	·	1,893	1,743	1,621	1,343	7	3	1	1	0.8	1	6	0.4	0.04
Other current assets	·	62	134	123	46	34	18	3	1	6	5	18	11	0.6
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.00	0.00
LONG-TERM ASSETS (Bn. VND)	·	5,640	5,159	4,897	4,600	5,264	4,181	2,530	2,183	1,889	1,486	1,657	1,462	1,054
Long-term trade receivables (Bn. VND)	·	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0	0
Other long-term receivables (Bn. VND)	·	0.4	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0	0
Fixed assets (Bn. VND)	·	716	756	791	669	307	308	316	320	327	333	55	1,413	1,003
Tangible fixed assets	·	715	754	789	669	307	308	315	319	326	333	54	57	59
Intagible fixed assets	·	1	2	2	0.08	0.1	0.03	0.08	0.3	0.5	0.8	1	1	2
Investment in properties	·	1,080	1,120	1,055	1,123	41	43	45	72	73	51	0	0	0
Long-term investments (Bn. VND)	·	57	53	53	53	53	53	50	48	48	45	45	45	45
Other long-term assets (Bn. VND)	·	57	53	53	53	53	53	50	48	48	45	45	45	45
Other non-current assets	·	233	82	54	56	7	9	14	10	13	6	1	4	6
Long-term prepayments (Bn. VND)	·	230	82	54	56	7	9	14	10	13	6	1	3	6
TOTAL ASSETS (Bn. VND)	·	8,171	8,226	6,961	6,335	5,616	4,418	3,090	2,581	2,201	1,821	2,132	1,828	1,132
LIABILITIES (Bn. VND)	·	4,969	5,120	5,224	4,801	4,151	3,154	1,894	1,425	1,083	731	1,028	744	366
Current liabilities (Bn. VND)	·	1,464	1,912	1,789	1,540	1,259	1,043	446	219	367	117	120	443	277
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	516	676	601	491	386	187	111	80	173	56	47	33	13
Advances from customers (Bn. VND)	·	285	656	357	422	488	558	219	67	6	0.5	1.0	2	0
Long-term liabilities (Bn. VND)	·	3,504	3,209	3,434	3,261	2,892	2,110	1,448	1,206	716	614	909	302	89
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,961	1,657	2,067	2,144	1,813	1,468	854	843	569	548	462	302	89
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	3,203	3,106	1,737	1,534	1,466	1,264	1,196	1,156	1,118	1,090	1,103	1,084	766
Capital and reserves (Bn. VND)	·	3,203	3,106	1,737	1,534	1,466	1,264	1,196	1,156	1,118	1,090	1,103	1,084	766
Paid-in capital (Bn. VND)	·	1,800	1,800	1,200	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	700
Investment and development funds (Bn. VND)	·	208	158	128	88	52	44	29	29	29	29	22	9	7
Other Reserves	·	0	0	0	0	0	0	11	11	11	11	11	9	7
Undistributed earnings (Bn. VND)	·	591	544	404	441	408	214	150	111	73	44	64	52	39
TOTAL RESOURCES (Bn. VND)	·	8,171	8,226	6,961	6,335	5,616	4,418	3,090	2,581	2,201	1,821	2,132	1,828	1,132
Common shares (Bn. VND)	·	1,800	1,800	1,200	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	1,000	700

Earnings Quality

Fiscal year 2025

Good

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 −2.48 · 40th pctile vs VN companies

YoY ▼ −0.82

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

0.659

GMI

0.969

AQI

1.126

SGI

1.261

DEPI

0.918

SGAI

1.122

TATA

0.013

LVGI

0.966

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 1.7571st pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 0.1%8th 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

7/9

Strong

Z-Score

1.22

Distress Zone

Sharpe

−1.11

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 Burden0.78×Interest Burden0.92×Op. Margin0.44×Turnover0.13×Leverage2.55=ROE10.8%

Price Risk

Momentum

−38.8%

Volatility

34.8%

Max Drawdown

−53.5%

Key Ratios

Fiscal year 2025

10.07P/E

P/B: 1.08
P/S: 3.16
ROE: 10.9%
ROA: 4.2%
EPS: 1.916
BVPS: 17.795
Gross Margin: 51.0%
Net Margin: 31.4%
D/E: 0.77
Current Ratio: 1.73
Rev Growth: +25.8%
Profit Growth: +15.5%
EV/EBITDA: 6.79
Div Yield: 5.2%

Company Overview

Shares outstanding: 180M
Charter Capital: 1,800B 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 SZC. Hover for detail, select a link to open it.

Shareholders

Tổng Công ty Cổ phần Phát triển Khu Công nghiệp

Inst

46.8%

84.3M

2026-06-30

Công ty Cổ phần Sonadezi Long Thành

SZL

10.1%

18.1M

2026-06-30

Phạm Quốc Chí

Indiv

0.8%

1.4M

2026-06-30

Công ty Cổ phần Cảng Đồng Nai

PDN

0.7%

1.3M

2026-06-30

Công ty Cổ phần Kinh Doanh Nhà Đồng Nai

Inst

0.5%

960,000

2026-06-30

Công ty CP Xây Dựng Đồng Nai

Inst

0.2%

350,000

2026-06-30

Board & Management

Nguyễn Minh Tân

Deputy General Director

Nguyễn Thị Quỳnh Hoa

Chief Financial Officer/Head of Internal auditor

Nguyễn Thị Ngọc Mai

Person in charge of Corporate governace

Phạm Anh Tuấn

Member of Management Board

Nguyễn Văn Tuấn

Member of Management Board/General Director/Spokesman

Trần Trung Chiến

Deputy General Director

Phạm Thị Kim Hòa

Head of Supervisors Board

Trần Ngọc Tòng

Chief Accountant

Nguyễn Thị Thanh Hằng

Internal Audit Associate

Top connections

SZE64.0%DNW64.0%D2D57.9%SZL52.7%NTW52.4%PDN51.0%LKW51.0%SZG46.8%SZB2 links DND46.8%SDN46.8%SDV3 links

Director-deal registrations · 12 months

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

Phạm Anh Tuấn
Purchase · Insider
—
2026-07-10

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

SZC 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

SZC among Real Estate

Ownership network

Director-deal registrations · 12 months