TN1

Công ty Cổ phần Rox Key Holdings

VietnamReal EstateBất động sảnHOSECT

11.800

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+30.2%Calibrated value vs last close

Last close (VND): 11.800
Calibrated intrinsic value (VND): 15.368

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.

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)

64.92%

Kd(1-t)

7.82%

D/(D+E)

35.08%

WACC

10.52%

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)→11.800

Calibrated value vs last close→+30.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

15.368

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

Discount rate (WACC)10.52%high risk: no

Growth rate3.50%growth method: fundamental firm blend

Base cash flow92.9 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%
8.5%	15.911	15.911	15.911	15.911	15.911
9.5%	15.911	15.911	15.911	15.911	15.911
10.5%	15.368	15.368	15.368	15.368	15.598
11.5%	14.406	14.406	14.455	14.455	15.368
12.5%	14.406	14.406	14.406	14.406	14.406

Above market priceBelow market priceCurrent estimate

TN1 among Real Estate

Every stock in the sector, TN1 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 TN1. 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
CURRENT ASSETS (Bn. VND)	·	901	1,875	1,411	1,493	1,358	1,460	433	331	203
Cash and cash equivalents (Bn. VND)Net debt bridge	·	51	70	263	304	82	85	77	37	31
Short-term investments (Bn. VND)Net debt bridge	·	443	902	640	635	767	886	0	43	43
Accounts receivable (Bn. VND)	·	359	888	375	404	423	471	352	231	120
Prepayments to suppliers (Bn. VND)	·	13	5	9	5	10	8	7	5	3
Net Inventories	·	40	10	129	141	79	16	2	12	5
Inventories, Net (Bn. VND)	·	40	10	129	141	79	16	2	12	5
Other current assets	·	9	6	4	9	6	3	3	9	5
LONG-TERM ASSETS (Bn. VND)	·	926	266	278	203	251	316	191	161	66
Long-term trade receivables (Bn. VND)	·	4	5	4	7	7	2	3	29	33
Other long-term receivables (Bn. VND)	·	4	5	4	7	7	2	3	28	28
Fixed assets (Bn. VND)	·	58	22	21	21	20	27	24	26	29
Tangible fixed assets	·	26	13	9	8	12	18	22	26	29
Intagible fixed assets	·	32	10	13	13	8	8	2	0	0
Long-term investments (Bn. VND)	·	786	156	156	58	93	154	154	102	0
Investments in associate companies	·	786	0	0	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	35	191	191	93	93	154	154	102	0
Less: Provision for diminuation in value of long term investments	·	−35	−35	−35	−35	0	0	0	0	0
Other non-current assets	·	77	79	97	115	133	133	9	4	4
Long-term prepayments (Bn. VND)	·	8	5	10	15	21	9	9	4	4
TOTAL ASSETS (Bn. VND)	·	1,828	2,141	1,689	1,696	1,609	1,776	624	492	268
LIABILITIES (Bn. VND)	·	671	1,225	768	804	755	1,127	293	250	199
Current liabilities (Bn. VND)	·	267	730	277	314	755	1,127	293	138	102
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	58	491	7	0	491	20	41	0	2
Advances from customers (Bn. VND)	·	8	5	44	32	21	22	14	2	3
Long-term liabilities (Bn. VND)	·	405	494	491	491	0	0	0	112	97
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	404	494	491	491	0	0	0	43	41
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	1,156	916	921	891	854	649	331	242	69
Capital and reserves (Bn. VND)	·	1,156	916	921	891	854	649	331	242	69
Paid-in capital (Bn. VND)	·	601	546	497	432	346	214	133	133	38
Other Reserves	·	14	14	14	14	14	14	14	0	0
Investment and development funds (Bn. VND)	·	9	9	9	9	9	9	9	0.4	0.1
Undistributed earnings (Bn. VND)	·	302	116	140	175	226	238	170	104	30
TOTAL RESOURCES (Bn. VND)	·	1,828	2,141	1,689	1,696	1,609	1,776	624	492	268
Short-term loans receivables (Bn. VND)	·	0.8	0.8	0.8	0.8	31	4	4	7	8
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0.8	5
Common shares (Bn. VND)	·	601	546	497	432	346	214	133	133	38
Good will (Bn. VND)	·	69	74	87	99	112	125	0	0	0
MINORITY INTERESTSNet debt bridge	·	5	5	35	35	34	6	5	5	0.5

Earnings Quality

Fiscal year 2025

Good

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

100

ReceivablesDSO trend vs revenue growth

100

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −3.52 · 6th pctile vs VN companies

YoY ▼ −2.68

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

0.378

GMI

0.912

AQI

4.171

SGI

1.069

DEPI

1.459

SGAI

1.003

TATA

−0.413

LVGI

0.642

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 2.4280th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 1.0%36th 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

8/9

Strong

Z-Score

2.69

Grey Zone

Sharpe

−0.27

Negative

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 Burden0.93×Interest Burden1.46×Op. Margin0.19×Turnover0.56×Leverage1.58=ROE23.1%

Price Risk

Momentum

−0.2%

Volatility

35.6%

Max Drawdown

−32.4%

Key Ratios

Fiscal year 2025

3.00P/E

P/B: 0.69
P/S: 0.77
ROE: 25.9%
ROA: 13.5%
EPS: 4.442
BVPS: 19.157
Gross Margin: 27.5%
Net Margin: 25.9%
D/E: 0.40
Current Ratio: 3.38
Rev Growth: +6.5%
Profit Growth: +429.0%
EV/EBITDA: 4.58
Div Yield: 3.4%

Company Overview

Shares outstanding: 66.1M
Charter Capital: 661B VND
Sector (ICB L2): Bất động sản
Industry (ICB L3): Bất động sản
Sub-industry: Bất động sản
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công Ty TNHH MTV Đầu Tư Sao Hôm

Inst

64.2%

38.6M

2026-06-30

Trần Xuân Quảng

Indiv

0.2%

99,691

2024-12-31

Board & Management

Nguyễn Việt Sơn

Chairman of Management Board

Nguyễn Thị Yến

Independent Member of Management Board

Vũ Thị Thu Hà

Spokesman/Person in charge of Corporate governace

Phan Khánh Toàn

Member of Management Board

Bùi Quốc Khánh

Member of Management Board

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

TN1 among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

TN1 among Real Estate

Ownership network