TIG

Công ty Cổ phần Tập đoàn Đầu tư Thăng Long

VietnamReal EstateBất động sảnHNXCT

5.100

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+34.8%Calibrated value vs last close

Last close (VND): 5.100
Calibrated intrinsic value (VND): 6.877

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: Medium; 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

0.943

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

11.24%

E/(D+E)

72.22%

Kd(1-t)

3.34%

D/(D+E)

27.78%

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)→5.100

Calibrated value vs last close→+34.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

6.877

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 flow179.4 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%	6.978	6.978	6.978	6.978	6.978
9.0%	6.877	6.877	6.906	6.963	6.978
10.0%	6.877	6.877	6.877	6.877	6.877
11.0%	6.741	6.877	6.877	6.877	6.877
12.0%	6.642	6.642	6.642	6.642	6.741

Above market priceBelow market priceCurrent estimate

TIG among Real Estate

Every stock in the sector, TIG 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 TIG. 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)	·	1,620	2,040	1,421	1,439	1,471	891	512	264	602	463	497	296	90
Cash and cash equivalents (Bn. VND)Net debt bridge	·	20	287	299	442	540	167	98	59	63	72	241	137	49
Short-term investments (Bn. VND)Net debt bridge	·	493	248	221	0	0	0	0	0	0	0	8	45	6
Accounts receivable (Bn. VND)	·	500	1,027	539	514	640	487	354	109	454	302	240	59	25
Prepayments to suppliers (Bn. VND)	·	149	74	260	278	257	255	246	35	139	162	112	35	3
Net Inventories	·	588	467	346	478	290	237	46	85	76	83	4	49	7
Inventories, Net (Bn. VND)	·	588	467	346	478	290	237	46	85	76	83	4	49	7
Other current assets	·	19	10	16	5	0.7	0.5	13	12	10	7	4	5	3
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	4	1
LONG-TERM ASSETS (Bn. VND)	·	2,460	2,034	2,720	2,877	2,048	966	988	867	444	483	368	217	190
Long-term trade receivables (Bn. VND)	·	718	477	1,593	1,725	1,265	258	209	243	148	213	131	0	0
Other long-term receivables (Bn. VND)	·	200	169	581	667	915	101	40	88	71	131	61	0	0
Fixed assets (Bn. VND)	·	135	141	164	74	74	65	182	139	79	54	41	25	20
Tangible fixed assets	·	135	141	164	74	74	65	182	139	79	54	41	2	3
Intagible fixed assets	·	0	0	0	0	0	0	0.03	0.07	0.1	0.00	0.03	0.6	0.6
Investment in properties	·	96	78	0	0	0	0	0	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	609	413	809	938	405	533	528	413	148	150	109	138	136
Investments in associate companies	·	282	282	799	928	396	488	483	403	138	140	100	19	17
Other long-term assets (Bn. VND)	·	28	28	10	10	10	45	45	10	10	10	10	119	120
Less: Provision for diminuation in value of long term investments	·	0	0	−0.04	−0.08	−0.08	−0.08	−0.08	−0.08	−0.08	−0.1	−0.1	−0.1	−0.1
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	24
Other non-current assets	·	591	651	59	12	261	14	11	15	16	18	41	10	10
Long-term prepayments (Bn. VND)	·	22	29	32	12	14	10	5	8	6	3	3	0.1	0.5
TOTAL ASSETS (Bn. VND)	·	4,080	4,073	4,142	4,316	3,519	1,857	1,500	1,131	1,047	946	865	512	280
LIABILITIES (Bn. VND)	·	1,910	1,979	1,559	1,815	1,510	553	282	131	181	101	149	142	54
Current liabilities (Bn. VND)	·	1,224	1,111	546	910	660	525	268	97	130	84	95	53	37
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	808	364	273	0	0	40	54	42	20	13	1	5	0
Advances from customers (Bn. VND)	·	21	30	27	21	169	105	133	1	2	2	0.3	0.5	20
Long-term liabilities (Bn. VND)	·	686	868	1,012	905	850	28	14	33	51	17	54	89	17
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	247	434	720	200	0.06	11	10	29	35	0.2	5	0.6	2
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	2,170	2,095	2,583	2,500	2,009	1,304	1,217	1,000	865	845	716	301	171
Capital and reserves (Bn. VND)	·	2,170	2,095	2,583	2,500	2,009	1,304	1,217	1,000	865	845	716	301	171
Paid-in capital (Bn. VND)	·	1,936	1,936	1,936	1,760	1,300	909	827	827	772	736	557	265	165
Foreign Currency Difference reserve	·	−5	0	0	0	0	0	0	0	0	0	0	0	0
Investment and development funds (Bn. VND)	·	7	7	7	7	7	7	7	7	7	6	2	0	1.0
Other Reserves	·	1	1	1	1	1	1	1	1	1	1	1	2	0
Undistributed earnings (Bn. VND)	·	114	36	345	299	231	127	138	65	60	41	90	33	4
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	56
TOTAL RESOURCES (Bn. VND)	·	4,080	4,073	4,142	4,316	3,519	1,857	1,500	1,131	1,047	946	865	512	280
Short-term loans receivables (Bn. VND)	·	31	344	123	126	7	9	0.1	10	3	9	8	0	0
Long-term loans receivables (Bn. VND)	·	397	0	0	17	14	18	24	25	17	79	66	0	0
Common shares (Bn. VND)	·	1,936	1,936	1,936	1,760	1,300	909	827	827	772	736	557	265	165
Good will (Bn. VND)	·	569	623	27	0	247	3	5	8	10	14	39	44	0
MINORITY INTERESTSNet debt bridge	·	103	99	279	418	454	260	245	101	24	62	66	70	0

Earnings Quality

Fiscal year 2025

Weak

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 −3.53 · 5th pctile vs VN companies

YoY ▲ +0.19

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

0.680

GMI

0.884

AQI

1.226

SGI

0.717

DEPI

0.213

SGAI

4.131

TATA

0.018

LVGI

0.951

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.3379th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 19.0%90th 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

0.76

Distress Zone

Sharpe

−1.42

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 Burden0.68×Interest Burden0.92×Op. Margin0.11×Turnover0.26×Leverage1.88=ROE3.3%

Price Risk

Momentum

−26.0%

Volatility

22.4%

Max Drawdown

−42.9%

Key Ratios

Fiscal year 2025

13.27P/E

P/B: 0.48
P/S: 0.92
ROE: 3.7%
ROA: 1.8%
EPS: 384
BVPS: 10.681
Gross Margin: 19.3%
Net Margin: 6.7%
D/E: 0.49
Current Ratio: 1.32
Rev Growth: −28.3%
Profit Growth: −60.2%
EV/EBITDA: 9.56
Div Yield: —

Company Overview

Shares outstanding: 194M
Charter Capital: 1,936B 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 TIG. Hover for detail, select a link to open it.

Shareholders

Nguyễn Phúc Long

Indiv

19.7%

38.1M

2026-06-30

Park Jin Ku

Indiv

9.1%

17.7M

2026-06-30

Công ty Cổ phần Đầu tư Xây dựng và Quản lý Kinh doanh Bất động sản Thăng Long

Inst

7.2%

4.0M

2014-08-26

Công ty Cổ Phần Đầu Tư Tòa Nhà Công Nghệ Xanh Tig - Hde

Inst

5.9%

3.3M

2015-08-24

Công ty Cổ Phần Đầu Tư Hde Holdings

Inst

5.4%

3.0M

2015-09-01

Nguyễn Văn Nghĩa

Indiv

4.9%

9.5M

2026-06-30

Hồ Thanh Hương

Indiv

1.8%

3.4M

2026-06-30

Công ty Cổ phần Chứng khoán Đầu tư Tài chính Việt Nam

VIG

1.7%

2.9M

2022-12-26

Phạm Thị Hồng Nhung

Indiv

0.4%

800,000

2024-06-30

Phạm Quang Tiến

Indiv

0.3%

150,000

2010-09-13

Nguyễn Xuân Biểu

Indiv

0.3%

150,000

2010-09-13

Nguyễn Hồ Hương Ly

Indiv

0.3%

500,000

2026-10-20

Hồ Ngọc Hải

Indiv

0.2%

446,763

2026-06-30

Nguyễn Văn Thương

Indiv

0.2%

404,185

2026-06-30

Nguyễn Thị Minh Châu

Indiv

0.2%

404,185

2026-06-30

Board & Management

Nguyễn Phúc Long19.7%

Chairman of Management Board

Hồ Ngọc Hải0.2%

Member of Management Board/General Director

Trần Thị Thuý Hằng

Member of Supervisors Board

Top connections

VIG7.2%

Listed group

VIGCông ty Cổ phần Chứng khoán Đầu tư Tài chính Việt Nam
Cross-holding: owns 1.9% of it; it owns 1.7% of this company

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Director-deal registrations · 12 months

Sale registrations: 2 by 1 trader; 2 without a stated volume
Purchase registrations: 2 by 1 trader; 1,000,000 shares

Nguyễn Hồ Hương Ly
Purchase · Related person
500,000
2026-10-20
Nguyễn Hồ Hương Ly
Purchase · Related person
500,000
2026-09-14
Nguyễn Văn Nghĩa
Sale · Insider
—
2025-12-30
Nguyễn Văn Nghĩa
Sale · Insider
—
2025-12-25

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

TIG among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

TIG among Real Estate

Ownership network

Listed group

Director-deal registrations · 12 months