VHD

Công ty Cổ phần Đầu tư phát triển nhà và đô thị VINAHUD

VietnamReal EstateBất động sảnUPCOMCT

2.500

VND · Close 30 Oct 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−11.4%Calibrated value vs last close

Last close (VND): 2.500
Calibrated intrinsic value (VND): 2.214

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.
Under financial distress the model falls back to book value.

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 29 Nov 2026

Model reliability: Very 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 30 Oct 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

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)→2.500

Calibrated value vs last close→−11.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

2.214

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

Discount rate (WACC)high risk: yes

Growth rate

Base cash flow

VHD among Real Estate

Every stock in the sector, VHD 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 VHD. 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
CURRENT ASSETS (Bn. VND)	·	2,696	3,485	3,340	211	128	47	61	163	484	121	138
Cash and cash equivalents (Bn. VND)Net debt bridge	·	6	1	19	10	7	0.9	18	17	9	14	10
Short-term investments (Bn. VND)Net debt bridge	·	0.3	0.3	0.3	0	0	23	13	0	0	10	10
Accounts receivable (Bn. VND)	·	998	1,848	1,765	182	100	4	10	49	127	85	92
Prepayments to suppliers (Bn. VND)	·	203	225	246	0.6	1	0.1	0.1	0.09	23	7	5
Net Inventories	·	1,676	1,628	1,542	19	21	19	19	96	348	11	26
Inventories, Net (Bn. VND)	·	1,677	1,629	1,542	20	22	20	20	97	348	11	26
Other current assets	·	16	8	14	0.02	0.2	0.03	0	0	0	2	0.01
LONG-TERM ASSETS (Bn. VND)	·	694	684	1,635	378	327	40	41	41	43	212	112
Long-term trade receivables (Bn. VND)	·	145	145	145	0.00	0.00	9	9	7	7	7	7
Other long-term receivables (Bn. VND)	·	145	145	145	0.00	0.00	15	15	7	7	7	7
Fixed assets (Bn. VND)	·	32	35	41	4	4	4	8	12	13	12	13
Tangible fixed assets	·	22	24	29	3	2	3	5	8	8	8	8
Intagible fixed assets	·	11	11	11	1	2	2	3	5	5	4	4
Investment in properties	·	9	10	9	39	27	27	24	21	22	23	24
Long-term investments (Bn. VND)	·	35	35	1,000	321	286	0	0	0	0	0	0
Investments in associate companies	·	35	35	1,000	321	286	0	0	0	0	0	0
Other non-current assets	·	472	459	440	1	0.4	0.3	0.2	0.3	0.5	0.05	0.07
Long-term prepayments (Bn. VND)	·	337	318	282	1	0.4	0.3	0.2	0.3	0.5	0.05	0.07
TOTAL ASSETS (Bn. VND)	·	3,390	4,170	4,975	589	455	87	103	203	527	334	250
LIABILITIES (Bn. VND)	·	3,412	4,079	4,729	177	64	15	31	112	437	251	172
Current liabilities (Bn. VND)	·	2,901	2,905	1,963	174	60	12	28	111	407	65	141
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	801	934	359	78	20	0	0	0	80	24	19
Advances from customers (Bn. VND)	·	1,339	1,296	1,268	0	0	0	0	58	254	0.1	0.6
Long-term liabilities (Bn. VND)	·	511	1,174	2,766	3	3	3	3	0.2	30	186	32
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	276	874	1,998	0	0	0	0	0	30	117	23
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	−21	91	246	412	391	72	72	92	89	83	78
Capital and reserves (Bn. VND)	·	−21	91	246	412	391	72	72	92	89	83	78
Paid-in capital (Bn. VND)	·	380	380	380	380	380	70	70	70	70	70	70
Investment and development funds (Bn. VND)	·	4	4	4	2	0.9	0.9	0.9	0.9	0.9	1	2
Undistributed earnings (Bn. VND)	·	−402	−290	−135	33	14	1	0.6	21	18	12	6
TOTAL RESOURCES (Bn. VND)	·	3,390	4,170	4,975	589	455	87	103	203	527	334	250
Short-term loans receivables (Bn. VND)	·	401	1,042	1,036	35	0	0	0	0	21	21	21
Common shares (Bn. VND)	·	380	380	380	380	380	70	70	70	70	70	70
Good will (Bn. VND)	·	124	141	158	0	0	0	0	0	0	0	0
MINORITY INTERESTSNet debt bridge	·	0.2	0.2	0.2	0	0	0	0	0	0	0	0

Earnings Quality

Fiscal year 2025

Weak

Accrual QualityLow accruals vs reported earnings

100

Cash ConversionOperating cash flow vs net income

ReceivablesDSO trend vs revenue growth

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Financial Forensics

Beneish M-Score · 2025

Remainder

M −2.57 · 35th pctile vs VN companies

YoY ▼ −0.28

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

2.678

GMI

0.535

AQI

1.254

SGI

0.202

DEPI

0.949

SGAI

4.379

TATA

−0.038

LVGI

1.034

Checks measured on Vietnamese companies · FY2025

Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 22.1%91st pctile
Accumulated losses / paid-in capitalUndistributed earnings below zero: 1.06×Statutory test met
Consecutive years of net lossProfit after tax of the parent: 3Statutory test met
Owner's equityWithout the non-controlling interest: NegativeStatutory test met

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

6/9

Neutral

Z-Score

−0.31

Distress Zone

Sharpe

−0.84

Negative

Composite

Below 30

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 Burden1.01×Interest Burden1.01×Op. Margin−2.80×Turnover0.01×Leverage−157.84=ROE521.4%

Price Risk

Momentum

−58.9%

Volatility

123.6%

Max Drawdown

−85.3%

Key Ratios

Fiscal year 2025

—P/E

P/B: —
P/S: 2.42
ROE: −325.9%
ROA: −3.0%
EPS: −2.947
BVPS: −569
Gross Margin: 9.9%
Net Margin: −284.8%
D/E: —
Current Ratio: 0.93
Rev Growth: −79.8%
Profit Growth: +28.1%
EV/EBITDA: —
Div Yield: —

Company Overview

Shares outstanding: 38.0M
Charter Capital: 380B 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

Trương Quang Minh

Indiv

24.7%

9.4M

2026-06-30

Trương Thanh Minh

Indiv

0.9%

330,000

2025-12-31

Board & Management

Trương Quang Minh24.7%

Chairman of Management Board

Trương Thanh Minh0.9%

Deputy General Director

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

VHD among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

VHD among Real Estate

Ownership network