TID

Công ty Cổ phần Tổng Công ty Tín Nghĩa

VietnamReal EstateBất động sảnUPCOMCT

18.300

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+22.8%Calibrated value vs last close

Last close (VND): 18.300
Calibrated intrinsic value (VND): 22.472

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

Trading liquidity is below the comparison threshold.
The model uses profit in place of cash flow, which was not available.

Also note

A release of working capital contributes to cash flow.

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

1.110

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.97%

E/(D+E)

47.44%

Kd(1-t)

1.95%

D/(D+E)

52.56%

WACC

10.00%

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)→18.300

Calibrated value vs last close→+22.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

22.472

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

Discount rate (WACC)10.00%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow530.7 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%
8.0%	25.038	25.038	25.038	25.038	25.038
9.0%	24.984	24.984	24.984	24.984	25.038
10.0%	24.675	24.675	24.675	24.675	24.675
11.0%	24.675	24.675	24.675	24.675	24.675
12.0%	24.675	24.675	24.675	24.675	24.675

Above market priceBelow market priceCurrent estimate

TID among Real Estate

Every stock in the sector, TID 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 TID. 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	2014	2013
CURRENT ASSETS (Bn. VND)	·	8,929	5,067	3,681	2,837	2,911	2,397	3,612	2,534	2,649	2,495	3,948	2,944
Cash and cash equivalents (Bn. VND)Net debt bridge	·	2,801	537	602	474	1,013	664	863	577	687	760	344	250
Short-term investments (Bn. VND)Net debt bridge	·	669	563	219	222	330	166	235	228	243	105	82	90
Accounts receivable (Bn. VND)	·	5,247	3,590	2,443	1,771	968	885	1,274	701	641	685	1,351	512
Prepayments to suppliers (Bn. VND)	·	119	763	20	30	52	70	51	60	88	152	124	87
Net Inventories	·	187	312	336	271	522	623	1,139	965	1,038	886	2,148	2,055
Inventories, Net (Bn. VND)	·	195	320	336	272	525	669	1,167	994	1,071	892	2,149	2,056
Other current assets	·	25	66	82	100	78	58	102	63	39	59	23	38
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	6	7
LONG-TERM ASSETS (Bn. VND)	·	9,074	13,014	11,896	11,795	11,370	10,928	9,219	7,874	6,959	6,402	3,904	4,992
Long-term trade receivables (Bn. VND)	·	3	1,043	52	52	55	139	127	186	4	4	0	0
Other long-term receivables (Bn. VND)	·	3	1,043	52	52	55	94	67	127	2	3	0	0
Fixed assets (Bn. VND)	·	476	504	536	580	573	1,203	764	541	555	648	2,933	3,299
Tangible fixed assets	·	398	426	456	500	493	1,125	683	470	477	565	477	510
Leased assets	·	0	0	0	0	0	0	0	0	0	0.9	3	0
Intagible fixed assets	·	78	79	80	80	81	78	81	71	77	83	76	33
Investment in properties	·	2,019	2,058	1,924	1,944	1,791	1,858	1,596	1,159	855	473	289	331
Long-term investments (Bn. VND)	·	265	267	278	329	330	557	314	408	305	384	416	1,086
Investments in associate companies	·	135	134	148	199	200	456	213	277	180	93	85	52
Other long-term assets (Bn. VND)	·	130	137	137	132	132	92	92	132	126	295	331	1,035
Less: Provision for diminuation in value of long term investments	·	−0.1	−5	−7	−2	−1	−1	−1	−1	−1	−4	−0.09	−0.09
Goodwill	·	0	0	0	0	0	0	0	0	0	0	5	13
Other non-current assets	·	831	809	727	744	668	760	719	597	355	394	261	263
Long-term prepayments (Bn. VND)	·	803	808	726	742	665	678	673	596	352	369	241	243
TOTAL ASSETS (Bn. VND)	·	18,003	18,081	15,577	14,632	14,281	13,325	12,831	10,408	9,607	8,897	7,852	7,936
LIABILITIES (Bn. VND)	·	13,247	13,865	11,481	10,600	10,497	10,151	9,543	7,264	6,946	6,208	6,000	6,240
Current liabilities (Bn. VND)	·	4,621	5,150	2,988	2,342	2,181	2,117	3,194	2,588	3,294	2,696	1,842	2,272
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	2,999	3,615	1,766	1,214	1,314	1,318	2,095	1,107	2,134	2,143	1,069	1,452
Advances from customers (Bn. VND)	·	202	372	312	351	148	70	32	84	551	114	96	68
Long-term liabilities (Bn. VND)	·	8,626	8,715	8,493	8,257	8,315	8,033	6,349	4,676	3,653	3,511	4,159	3,968
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	1,057	2,601	2,772	2,699	2,833	3,091	1,908	1,361	926	1,167	3,019	3,034
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	4,756	4,217	4,096	4,032	3,785	3,174	3,288	3,144	2,661	2,690	908	740
Capital and reserves (Bn. VND)	·	4,756	4,217	4,096	4,032	3,784	3,174	3,288	3,144	2,661	2,690	908	740
Paid-in capital (Bn. VND)	·	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,558	1,453	201	201
Other Reserves	·	83	83	83	83	82	81	81	64	64	53	462	462
Difference upon Assets Revaluation	·	−34	−217	−217	−217	−217	−217	−217	−266	−266	−35	0	0
Foreign Currency Difference reserve	·	−11	−11	−12	−8	0.9	6	6	8	10	9	41	41
Investment and development funds (Bn. VND)	·	198	174	153	125	65	53	44	50	26	18	104	93
Other Reserves	·	1	1	1	1	0.9	0.7	0.7	0.5	5	5	5	4
Undistributed earnings (Bn. VND)	·	825	289	230	144	294	36	27	26	78	26	85	−72
Budget sources and other funds	·	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0	0	0
Budget sources and other funds	·	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0.08	0	0	0
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	944	956
TOTAL RESOURCES (Bn. VND)	·	18,003	18,081	15,577	14,632	14,281	13,325	12,831	10,408	9,607	8,897	7,852	7,936
Short-term loans receivables (Bn. VND)	·	1,381	313	310	298	294	63	184	14	14	14	0	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	46	61	59	2	2	0	0
Common shares (Bn. VND)	·	2,000	2,000	2,000	2,000	2,000	2,000	2,000	2,000	1,558	1,453	201	201
Good will (Bn. VND)	·	0	0.5	1	2	3	12	14	1	2	2	0	0
MINORITY INTERESTSNet debt bridge	·	1,687	1,892	1,852	1,899	1,553	1,208	1,342	1,256	1,179	1,155	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

Remainder

M −2.67 · 30th pctile vs VN companies

YoY ▼ −1.04

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

1.280

GMI

0.855

AQI

0.690

SGI

1.142

DEPI

0.972

SGAI

0.850

TATA

−0.102

LVGI

0.736

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.9945th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 8.3%77th 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 trades on UPCoM, where these tests do not apply.

Quantitative Scores

F-Score

9/9

Strong

Z-Score

1.57

Distress Zone

Sharpe

−0.57

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 Burden0.77×Interest Burden0.77×Op. Margin0.10×Turnover0.74×Leverage3.79=ROE17.5%

Price Risk

Momentum

−8.1%

Volatility

60.5%

Max Drawdown

−24.0%

Key Ratios

Fiscal year 2025

5.36P/E

P/B: 1.19
P/S: 0.27
ROE: 25.3%
ROA: 3.8%
EPS: 3.412
BVPS: 15.344
Gross Margin: 7.9%
Net Margin: 6.2%
D/E: 0.85
Current Ratio: 1.93
Rev Growth: +14.1%
Profit Growth: +104.9%
EV/EBITDA: 6.91
Div Yield: 6.0%

Company Overview

Shares outstanding: 200M
Charter Capital: 2,000B 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 TID. Hover for detail, select a link to open it.

Shareholders

Ủy Ban Nhân Dân Tỉnh Đồng Nai

State

48.1%

96.1M

2026-06-30

Công ty Cổ Phần Đầu Tư Xây Dựng Và Vật Liệu Xây Dựng Sài Gòn

Inst

2.7%

5.3M

2026-05-04

Quách Văn Đức

Indiv

2.4%

4.8M

2021-12-31

Công ty Cổ phần Thương Mại Thành Thành Công

Inst

0.5%

1.1M

2019-10-03

Thái Văn Chuyện

Indiv

0.1%

227,632

2018-12-31

Huỳnh Bích Ngọc

Indiv

0.1%

227,632

2019-12-31

Nguyễn Văn Triển

Indiv

0.1%

101,979

2018-12-31

Lê Văn Công

Indiv

0.1%

200,000

2026-06-30

Board & Management

Lê Văn Công0.1%

Head of Supervisors Board

Quách Trọng Nguyên

Member of Management Board

Nguyễn Thị Thùy Vân

Chief Accountant

Top connections

SNZ99.5%BAX6.5%SCR4.8%

Director-deal registrations · 12 months

Sale registrations: 3 by 1 trader; 3 without a stated volume
Purchase registrations: None

Công ty Cổ Phần Đầu Tư Xây Dựng Và Vật Liệu Xây Dựng Sài Gòn
Sale · Institution
—
2026-05-04
Công ty Cổ Phần Đầu Tư Xây Dựng Và Vật Liệu Xây Dựng Sài Gòn
Sale · Institution
—
2026-05-04
Công ty Cổ Phần Đầu Tư Xây Dựng Và Vật Liệu Xây Dựng Sài Gòn
Sale · Institution
—
2026-04-20

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

Also note

Valuation Breakdown

DCF Sensitivity

TID 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

TID among Real Estate

Ownership network

Director-deal registrations · 12 months