TCH

Công ty Cổ phần Đầu tư Dịch vụ Tài chính Hoàng Huy

VietnamReal EstateBất động sảnHOSECT

11.850

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+30.2%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 11.850
Calibrated intrinsic value (VND): 15.433

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

A release of working capital contributes to cash flow.

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: 51.8%; 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

+5.0percentage 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

1.278

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

12.71%

E/(D+E)

97.34%

Kd(1-t)

1.95%

D/(D+E)

2.66%

WACC

12.42%

Growth Estimate

fundamental firm blend3.50%

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)→11.850

Calibrated value vs last close→+30.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

15.433

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

Discount rate (WACC)12.42%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow1.9 nghìn 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	0.5%	2.0%	3.5%	5.0%	6.5%
10.4%	15.978	15.978	15.978	15.978	16.124
11.4%	15.978	15.978	15.978	15.978	15.978
12.4%	15.978	15.978	15.978	15.978	15.978
13.4%	15.978	15.978	15.978	15.978	15.978
14.4%	15.433	15.433	15.433	15.664	15.978

Above market priceBelow market priceCurrent estimate

TCH among Real Estate

Every stock in the sector, TCH 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 TCH. 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)	·	18,894	13,264	14,500	12,772	13,026	9,811	4,247	1,586	1,452	1,388	1,545	1,347	1,270
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2,293	324	544	868	1,311	631	116	119	456	423	133	72	20
Short-term investments (Bn. VND)Net debt bridge	·	4,579	3,413	2,551	6,301	7,027	5,336	1,005	343	8	80	0	0	0
Accounts receivable (Bn. VND)	·	1,263	670	485	2,221	1,173	1,702	444	251	131	64	323	65	85
Prepayments to suppliers (Bn. VND)	·	545	120	148	140	94	164	154	192	51	17	303	37	61
Net Inventories	·	10,403	8,676	10,658	3,097	3,352	2,030	2,502	815	841	796	1,070	1,208	1,162
Inventories, Net (Bn. VND)	·	10,409	8,695	10,658	3,102	3,359	2,043	2,502	815	841	796	1,071	1,208	1,162
Other current assets	·	356	181	262	285	164	111	180	57	15	24	20	1	4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.9	0.10
LONG-TERM ASSETS (Bn. VND)	·	2,227	2,084	2,275	1,539	1,328	1,179	3,951	3,628	3,520	3,195	728	386	325
Long-term trade receivables (Bn. VND)	·	0	0.1	0	0	0	0	0	0	289	230	0	0	0
Other long-term receivables (Bn. VND)	·	0	0.1	0	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	350	358	297	105	105	117	77	84	77	91	289	100	108
Tangible fixed assets	·	290	301	240	48	47	60	24	31	24	38	41	44	54
Intagible fixed assets	·	60	57	57	57	57	57	53	53	53	53	249	54	54
Investment in properties	·	1,536	1,672	1,569	1,275	1,085	926	657	611	624	512	0	0	0
Long-term investments (Bn. VND)	·	248	0	276	4	0	0	1,812	2,312	2,405	2,361	422	286	216
Investments in associate companies	·	0	0	0	0	0	0	1,812	2,268	2,359	2,317	422	286	216
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	44	44	44	0	0	0
Other non-current assets	·	87	42	124	139	123	135	107	1	3	0.3	0.2	0	0.1
Long-term prepayments (Bn. VND)	·	23	23	25	37	39	40	95	0.7	3	0.3	0	0	0.1
TOTAL ASSETS (Bn. VND)	·	21,121	15,349	16,776	14,311	14,355	10,990	8,198	5,215	4,971	4,583	2,273	1,732	1,595
LIABILITIES (Bn. VND)	·	6,850	2,072	4,829	2,865	2,170	2,687	3,728	890	633	301	663	1,002	1,117
Current liabilities (Bn. VND)	·	6,369	1,880	4,058	2,513	1,692	2,008	2,238	384	363	255	659	991	1,111
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	0	0	1,398	138	109	986	0	129	124	0	191	93	205
Advances from customers (Bn. VND)	·	5,350	478	1,495	1,641	828	301	810	218	148	63	159	28	23
Long-term liabilities (Bn. VND)	·	482	191	772	352	478	679	1,490	505	270	45	4	12	7
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	390	90	641	226	412	0	392	0	22	0	2	10	7
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	14,271	13,277	11,946	11,446	12,185	8,303	4,470	4,325	4,338	4,282	1,610	635	437
Capital and reserves (Bn. VND)	·	14,271	13,277	11,946	11,446	12,185	8,303	4,470	4,325	4,338	4,282	1,610	635	437
Paid-in capital (Bn. VND)	·	9,121	6,682	6,682	6,682	6,187	3,630	3,630	3,630	3,630	3,630	1,200	465	435
Other Reserves	·	238	238	257	0	0	0	0	0	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	1,230	1,799	808	478	1,816	1,470	994	894	874	652	379	170	2
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	95	40
TOTAL RESOURCES (Bn. VND)	·	21,121	15,349	16,776	14,311	14,355	10,990	8,198	5,215	4,971	4,583	2,273	1,732	1,595
Convertible bonds (Bn. VND)	·	0	0	0	0	0	585	569	0	0	0	0	0	0
Common shares (Bn. VND)	·	9,121	6,682	6,682	6,682	6,187	3,630	3,630	3,630	3,630	3,630	1,200	465	435
Good will (Bn. VND)	·	0	0	62	73	84	95	12	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	2,839	3,715	3,356	3,443	3,337	3,379	21	21	20	0.03	31	0	0

Earnings Quality

Fiscal year 2025

Fair

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Highest band

M 0.11 · 94th pctile vs VN companies

YoY ▲ +2.11

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

5.349

GMI

1.310

AQI

0.790

SGI

0.352

DEPI

1.746

SGAI

1.469

TATA

−0.091

LVGI

2.493

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −0.2819th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.6%54th 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.

The company shows multiple signals consistent with aggressive revenue/receivables recognition: a Beneish M‑Score of 0.1135 (94th percentile vs Vietnamese peers, year-over-year change +2.11) driven mainly by a very high DSRI (5.3494) and elevated LVGI (2.4933). At the same time accruals and operating-cash metrics score well (accruals quality 100/100; cash conversion 100/100, though the Vietnam three‑year cash-conversion ratio is -0.28), while the Altman Z‑Score of 2.91 sits in the grey zone and the Piotroski F‑Score is weak at 3/9.

Red Flags

Beneish M-Score 0.1135 (94th percentile among Vietnamese peers; YoY change +2.11) — the peer percentile and rising trajectory indicate relatively more aggressive accounting versus Vietnamese peers; note the -1.78 US cutoff is not directly calibrated to VN firms.
DSRI (Days’ Sales Receivable Index) = 5.3494 — this measures receivables growing faster than sales and is the main upward driver of the M‑Score.
Receivables-quality 0.0/100 and Revenue-quality 0.0/100 — these scores indicate weak evidence that reported revenue and receivables are supported by underlying quality metrics.
Receivables outside the trade cycle = 2.6% of total assets (54th percentile) — a material but not extreme proportion of assets are in prepayments, loans receivable or other non-trade receivables, consistent with elevated DSRI.
Earnings-quality margin and revenue signals: Margin quality 31.6/100 and Revenue quality 0.0/100 — margins and revenue recognition raise concerns about sustainability of reported profit.
Cash-conversion (Vietnam 3‑year OCF / Net profit) = -0.28 (19th percentile) — low percentile indicates profits have not reliably converted to cash over three years.
Piotroski F‑Score = 3/9 — weak fundamental-score signal (profitability, leverage, liquidity and operating performance checklist).
Director‑deal registrations (2025-10-30 to 2026-10-30): 10 sale registrations (8 traders; 10 without a volume) and 9 purchase registrations (5 traders; 9 without a volume) — these are registered intentions disclosed to the exchange, not executed trades.

Positive Signals

Accruals-quality 100.0/100 — accruals appear well aligned with cash flows on the metrics used.
Cash-conversion score 100.0/100 in the earnings-quality composite — at the company-reporting level some short‑term cash metrics appear strong even though the three‑year Vietnam check is weak.
TATA (Total Accruals) = -0.0911 — modest negative total accruals can indicate conservative accrual direction in the period measured.
No accumulated losses; owner's equity (excluding minority interest) is positive, and parent net loss in 0 years up to FY2025 — the published statements do not show statutory loss conditions.
Statutory loss tests (Decree 155/2020 Art.120(1)(e), amended) — none met in the audited FY2025 statements.

Ownership Risk

Ownership is concentrated: an individual, Đỗ Hữu Hạ, holds 30.2% (largest shareholder). The next largest are institutions at 5.8% and 3.2% and two other individuals at 4.9% and 3.5%, indicating significant insider control by the founding/major shareholder. Director‑deal registrations show multiple insiders and related persons registering both sales and purchases in the 12‑month window.

To check in the filings

Compare the year‑end trade receivables and the note(s) for 'loans receivable', 'prepayments to suppliers' and 'other long‑term receivables' in the FY2025 annual report to reconcile the DSRI drivers.
Review the revenue-recognition note and the detailed sales/contract schedules for FY2024–FY2025 to see the composition of revenue growth versus accounts receivable growth.
Match operating cash flow reconciliation and the cash-flow statement (FY2023–FY2025) against reported net profit to verify the cash-conversion pattern that produced the Vietnam three‑year ratio of -0.28.
Read the related‑party transactions note for amounts, terms and balances with major shareholders and group entities given the 2.6% of assets classified as receivables outside the trade cycle.

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

Quantitative Scores

F-Score

3/9

Weak

Z-Score

2.91

Grey Zone

Sharpe

−1.24

Negative

Composite

30 to 49

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 Burden1.01×Op. Margin0.28×Turnover0.09×Leverage1.48=ROE2.9%

Price Risk

Momentum

−38.8%

Volatility

38.8%

Max Drawdown

−48.8%

Key Ratios

Fiscal year 2025

37.37P/E

P/B: 1.04
P/S: 6.22
ROE: 3.0%
ROA: 1.7%
EPS: 349
BVPS: 12.534
Gross Margin: 30.4%
Net Margin: 21.9%
D/E: 0.03
Current Ratio: 2.97
Rev Growth: −64.8%
Profit Growth: −67.5%
EV/EBITDA: 20.70
Div Yield: —

Company Overview

Shares outstanding: 1,003M
Charter Capital: 10,033B 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 TCH. Hover for detail, select a link to open it.

Shareholders

Đỗ Hữu Hạ

Indiv

30.2%

275M

2026-06-30

Công ty CỔ PHẦN HH FINANCE

Inst

5.8%

53.0M

2026-06-30

Nguyễn Thị Hà

Indiv

4.9%

44.6M

2026-06-30

Trần Thị Hoàng Hà

Indiv

3.5%

23.1M

2022-06-30

Công ty Cổ Phần Hh Investment

Inst

3.2%

29.5M

2026-06-30

Hanoi Investments Holdings Limited

Inst

1.3%

12.1M

2026-05-26

Vietnam Enterprise Investments Limited

Inst

1.1%

10.2M

2026-06-18

Hoàng Thị Huyên

Indiv

1.0%

9.0M

2026-06-30

amersham industries limited

Inst

0.8%

7.4M

2026-06-18

Norges Bank

Inst

0.6%

5.9M

2026-06-18

Đỗ Thị Huyền Trang

Indiv

0.6%

5.5M

2026-06-30

Wareham Group Limited

Inst

0.5%

4.5M

2026-06-18

Đỗ Hữu Hưng

Indiv

0.4%

3.5M

2026-06-30

Saigon Investments Limited

Inst

0.2%

2.2M

2026-06-18

Board & Management

Đỗ Hữu Hạ30.2%

Chairman of Management Board

Nguyễn Thị Hà4.9%

Member of Management Board

Hoàng Thị Huyên1.0%

General Director

Đỗ Hữu Hưng0.4%

Member of Management Board/Deputy General Director

Phùng Thị Thu Hương

Chief Accountant

Hồ Thị Xuân Hòa

Deputy General Director

Nguyễn Hoàng Tùng

Member of Supervisors Board

Phan Thị Thu Hường

Member of Supervisors Board

Top connections

MWG2 links TNC4.7%TNG4.7%DPG3 links PTB4.0%HDG2 links TAL4 links VSC2 links CSM2 links CTD2 links AGG2 links VHC2 links

Director-deal registrations · 12 months

Sale registrations: 10 by 8 traders; 10 without a stated volume
Purchase registrations: 9 by 5 traders; 9 without a stated volume

Norges Bank
Sale · Institution
—
2026-06-18
Saigon Investments Limited
Sale · Institution
—
2026-06-18
Vietnam Enterprise Investments Limited
Sale · Institution
—
2026-06-18
Amersham Industries Limited
Sale · Institution
—
2026-05-26
Gates Foundation Trust
Sale · Institution
—
2026-05-26
Samsung Vietnam Securities Master Investment Trust
Sale · Institution
—
2026-05-26
Norges Bank
Purchase · Institution
—
2026-04-07
Samsung Vietnam Securities Master Investment Trust
Purchase · Institution
—
2026-04-07

11 more registrations

Vietnam Enterprise Investments Limited
Purchase · Institution
—
2026-04-07
Hanoi Investments Holdings Limited
Sale · Institution
—
2026-03-27
DC Developing Markets Strategies Public Limited Company
Sale · Institution
—
2026-02-27
Samsung Vietnam Securities Master Investment Trust
Sale · Institution
—
2026-02-27
Amersham Industries Limited
Purchase · Institution
—
2026-02-27
DC Developing Markets Strategies Public Limited Company
Sale · Institution
—
2026-02-27
Hanoi Investments Holdings Limited
Purchase · Institution
—
2026-02-27
Samsung Vietnam Securities Master Investment Trust
Purchase · Institution
—
2026-02-27
Norges Bank
Purchase · Institution
—
2025-12-29
Samsung Vietnam Securities Master Investment Trust
Purchase · Institution
—
2025-12-29
Vietnam Enterprise Investments Limited
Purchase · Institution
—
2025-12-29

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

Also note

12-month sector-relative outlook

Valuation Breakdown

DCF Sensitivity

TCH 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

TCH among Real Estate

Ownership network

Director-deal registrations · 12 months