VRE

Công ty Cổ phần Vincom Retail

VietnamReal EstateBất động sảnHOSECT

22.950

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.6%Calibrated value vs last close

Last close (VND): 22.950
Calibrated intrinsic value (VND): 26.769

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: 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

1.175

ERP

4.38%

CRP

2.75%

Cost of Equity (Ke)

12.26%

E/(D+E)

90.24%

Kd(1-t)

7.83%

D/(D+E)

9.76%

WACC

11.82%

Growth Estimate

fundamental firm blend5.83%

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)→22.950

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

26.769

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

Discount rate (WACC)11.82%high risk: no

Growth rate5.83%growth method: fundamental firm blend

Base cash flow4.1 nghìn tỷone off strip ratio: 0.39

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	2.8%	4.3%	5.8%	7.3%	8.8%
9.8%	28.019	28.019	28.019	28.019	28.019
10.8%	26.769	26.769	28.019	28.019	28.019
11.8%	26.769	26.769	26.769	26.769	28.019
12.8%	26.769	26.769	26.769	26.769	26.769
13.8%	26.769	26.769	26.769	26.769	26.769

Above market priceBelow market priceCurrent estimate

VRE among Real Estate

Every stock in the sector, VRE 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 VRE. 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)	·	7,961	12,312	10,036	10,535	6,827	7,012	5,070	7,123	13,357	7,387	5,682	8,850	5,385
Cash and cash equivalents (Bn. VND)Net debt bridge	·	4,435	2,885	4,102	7,020	3,297	3,051	1,388	2,431	1,422	1,698	396	1,079	4,507
Short-term investments (Bn. VND)Net debt bridge	·	133	126	1,071	97	190	1,894	789	701	60	0	0	30	0
Accounts receivable (Bn. VND)	·	2,886	2,016	1,613	1,404	1,488	1,446	724	1,048	4,053	3,340	1,938	4,513	197
Prepayments to suppliers (Bn. VND)	·	1,299	95	78	99	43	97	121	282	277	112	523	1,665	4
Net Inventories	·	236	295	640	1,178	583	520	986	902	1,817	683	1,483	2,043	4
Inventories, Net (Bn. VND)	·	236	295	640	1,178	583	520	987	903	1,843	683	1,483	2,043	4
Other current assets	·	271	6,990	2,611	835	1,268	101	1,183	2,040	6,006	1,666	1,864	1,185	677
Other current assets (Bn. VND)	·	0	6,854	2,515	657	1,203	0	1,065	1,783	5,530	1,471	1,544	992	605
LONG-TERM ASSETS (Bn. VND)	·	53,318	42,914	37,617	32,166	31,047	32,804	30,768	31,561	24,777	26,912	30,280	21,209	13,807
Long-term trade receivables (Bn. VND)	·	20	19	12	8	6	8	9	10	8	2,621	2,619	2,614	0
Other long-term receivables (Bn. VND)	·	20	19	12	8	6	8	9	10	8	8	5	0	0
Fixed assets (Bn. VND)	·	273	221	413	418	439	450	474	308	171	399	45	13	3,007
Tangible fixed assets	·	263	203	387	407	426	430	450	282	137	363	32	11	13
Intagible fixed assets	·	10	19	26	11	12	20	23	26	34	36	12	1	205
Investment in properties	·	27,231	27,084	25,180	26,514	26,269	27,732	28,064	26,429	20,401	16,579	15,320	9,215	6,881
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	0	1,832	1,830	4,029	3,654	3,343	3,834
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	4,029	3,648	3,337	1,100
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	2	0	0	6	6	2,734
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	31
Other non-current assets	·	25,526	14,787	10,984	4,526	3,077	3,654	1,568	1,638	1,287	1,815	2,277	2,362	54
Long-term prepayments (Bn. VND)	·	480	433	453	478	395	514	555	593	394	1,188	75	133	53
TOTAL ASSETS (Bn. VND)	·	61,279	55,226	47,654	42,701	37,873	39,816	35,839	38,684	38,133	34,299	35,961	30,059	19,192
LIABILITIES (Bn. VND)	·	12,911	13,304	9,827	9,276	7,223	10,481	8,885	10,174	12,039	9,616	21,077	18,053	9,518
Current liabilities (Bn. VND)	·	5,174	5,921	6,245	5,819	2,890	3,538	4,780	6,260	8,138	2,733	6,267	3,713	1,066
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	21	2,010	1,792	1,065	20	20	19	18	2,816	6	327	270	799
Advances from customers (Bn. VND)	·	309	185	314	1,215	278	430	471	888	2,183	1,002	1,327	269	5
Long-term liabilities (Bn. VND)	·	7,737	7,383	3,582	3,457	4,333	6,943	4,105	3,915	3,901	6,883	14,810	14,340	8,453
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	6,380	2,523	2,144	2,121	3,138	5,706	2,765	2,762	3,158	5,954	13,913	9,894	8,119
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	48,368	41,923	37,827	33,425	30,651	29,336	26,954	28,509	26,094	24,683	14,884	12,006	9,234
Capital and reserves (Bn. VND)	·	48,368	41,923	37,827	33,425	30,651	29,336	26,954	28,509	26,094	24,683	14,884	12,006	9,234
Paid-in capital (Bn. VND)	·	23,288	23,288	23,288	23,288	23,288	23,288	23,288	23,288	19,011	21,092	14,172	12,011	9,304
Other Reserves	·	−53	−53	−53	−53	−53	−53	−53	−58	−58	−58	28	0	0
Undistributed earnings (Bn. VND)	·	27,040	20,595	16,476	12,065	9,289	7,974	5,592	5,191	2,787	1,831	512	−132	−80
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	0	440
TOTAL RESOURCES (Bn. VND)	·	61,279	55,226	47,654	42,701	37,873	39,816	35,839	38,684	38,133	34,299	35,961	30,059	19,192
Short-term loans receivables (Bn. VND)	·	0	0	0	0	295	0	0	0	2,614	0	0	2,466	0
Long-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	2,614	2,614	2,614	0
Common shares (Bn. VND)	·	23,288	23,288	23,288	23,288	23,288	23,288	23,288	23,288	19,011	15,166	8,247	8,238	9,304
Good will (Bn. VND)	·	0	49	119	189	262	334	407	479	552	625	697	28	0
MINORITY INTERESTSNet debt bridge	·	0	0.4	23	32	35	34	34	42	31	31	73	56	0

Earnings Quality

Fiscal year 2025

Poor

Accrual QualityLow accruals vs reported earnings

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

75th–90th

M −1.34 · 83rd pctile vs VN companies

YoY ▲ +0.62

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

1.448

GMI

0.993

AQI

1.120

SGI

0.989

DEPI

1.032

SGAI

0.863

TATA

0.158

LVGI

1.233

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: 0.0923rd pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 2.1%50th 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’s Beneish M-Score is -1.3412 (83rd percentile vs Vietnamese peers) with a year-over-year increase of +0.62, signalling that its accounting profile is more aggressive than most local peers and has moved materially this year. Earnings-quality diagnostics are weak overall (Earnings Quality 15.0/100) driven by very low cash conversion (0.0/100) and receivables/revenue quality (0.0/100), while solvency/bankruptcy distance appears comfortable (Altman Z-Score 4.87) and operating fundamentals are neutral (Piotroski F-Score 5/9).

Red Flags

Beneish M-Score -1.3412 and Vietnam peer percentile 83rd: the score is higher (more aggressive) than ~83% of Vietnamese non-financial peers; the YoY change of +0.62 shows a notable upward move in the score (Beneish components should be read individually).
DSRI (Days Sales Receivable Index) = 1.4476: receivables/sales grew relative to prior year, which can indicate revenue recognition timing or slower collections.
TATA (Total Accruals to Total Assets) = 0.1584: unusually high accruals (15.84% of assets) indicating earnings are supported by accrual accounting rather than cash flow.
AQI (Quality of Accruals Index) = 1.1198 and LVGI (Leverage Index) = 1.2332: accrual quality deterioration and increased leverage versus prior period are flagged in Beneish components.
Earnings-Quality sub-scores extremely low: Cash conversion 0.0/100 and Receivables quality 0.0/100 and Revenue quality 0.0/100 — indicating profits are not converting into cash, receivables composition or aging is concerning, and revenue reliability metrics are weak.
Three-year cash conversion (operating cash flow / net profit) = 0.09 (23rd percentile): reported profits are not translating into operating cash (only 9% conversion), a common red flag for earnings sustainability.

Positive Signals

Altman Z-Score 4.87: places the company in the ‘safe’ zone for bankruptcy distance under the Altman model (higher distance from insolvency).
Piotroski F-Score 5/9: a neutral score, with some improving and some weakening operating/financial fundamentals rather than clear deterioration.
No accumulated losses and owner’s equity (ex. minority interest) positive: retained earnings are not negative and equity is positive on the balance sheet.
Receivables outside the trade cycle = 2.1% of total assets (50th percentile): exposures such as prepayments, long-term receivables or loans to related parties are present but not unusually large relative to peers.

Ownership Risk

Ownership is concentrated: Sado holds 40.5% and Vingroup (VIC) 18.4%, together commanding a majority influence; several foreign institutional holders are present but much smaller (WP Investments III 4.9%, PYN 2.8%, RWC 2.0%). This structure implies group/controlling-shareholder influence over strategy and reporting consistent with common Vietnamese listed-group dynamics.

To check in the filings

Compare the FY2025 movements in trade receivables, long-term receivables, and prepayments with the related-party note(s) and schedule(s) in the financial statements to identify the composition of the 2.1% of assets classified as receivables outside the trade cycle.
Reconcile operating cash flow to reported net profit in the consolidated cash flow statement and the cash-flow notes to trace why three-year cash conversion is 0.09 (low) and to identify major non-cash adjustments or timing items.
Inspect the notes on revenue recognition and the accounts-receivable ageing table (or note) to assess the drivers behind DSRI = 1.4476 and the 0.0/100 revenue/receivables quality scores.
Review the consolidated statement of changes in equity and the auditor’s report for any emphasis-of-matter or qualification, and confirm the statutory loss test disclosures — the FY2025 audited statements show none of the statutory loss-cancellation tests were met.

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

Quantitative Scores

F-Score

5/9

Neutral

Z-Score

4.87

Safe Zone

Sharpe

−0.98

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 Burden0.80×Interest Burden1.07×Op. Margin0.86×Turnover0.14×Leverage1.27=ROE13.3%

Price Risk

Momentum

−34.9%

Volatility

36.6%

Max Drawdown

−44.0%

Key Ratios

Fiscal year 2025

8.48P/E

P/B: 1.13
P/S: 6.18
ROE: 14.3%
ROA: 11.1%
EPS: 2.837
BVPS: 21.286
Gross Margin: 53.5%
Net Margin: 72.9%
D/E: 0.13
Current Ratio: 1.54
Rev Growth: −1.1%
Profit Growth: +57.4%
EV/EBITDA: 10.71
Div Yield: —

Company Overview

Shares outstanding: 2,272M
Charter Capital: 22,723B 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 VRE. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Kinh Doanh Thương Mại Sado

Inst

40.5%

943M

2024-12-31

Tập đoàn Vingroup

VIC

18.4%

428M

2026-06-30

WP Investments III B.V.

Inst

4.9%

93.0M

2018-01-04

PYN Elite Fund

Inst

2.8%

63.1M

2022-05-31

RWC Emerging Equities

Inst

2.0%

46.3M

2022-05-12

Credit Suisse Singapore Branch

Inst

1.6%

31.0M

2018-01-04

APG Emerging Markets

Inst

0.9%

21.1M

2022-05-12

RWC Global Emerging Markets

Inst

0.6%

14.4M

2022-05-12

AI MEHWAR Emerging Markets

Inst

0.4%

8.7M

2022-05-12

RWC Emerging Markets SRI

Inst

0.2%

5.5M

2022-05-12

SIIT International Equities

Inst

0.1%

2.6M

2022-05-12

VFM Emerging Markets

Inst

0.1%

2.2M

2022-05-12

SIT Emerging Equities

Inst

0.1%

2.2M

2022-05-12

RWC Frontier Markets

Inst

0.1%

2.2M

2022-05-12

Top connections

VEF86.7%VPL85.5%VHM2 links VNB65.3%ASM11.2%HDG10.0%MIG9.9%DSE9.0%YEG8.9%SHS7.7%ACC7.4%NTL5.0%

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

VRE among Real Estate

Financial Statements

Earnings Quality

Financial Forensics

Checks measured on Vietnamese companies · FY2025

Quantitative Scores

Key Ratios

Company Overview

Ownership network

VRE among Real Estate

Ownership network