XDH

Công ty Cổ phần Đầu tư Xây dựng Dân dụng Hà Nội

VietnamReal EstateBất động sảnUPCOMCT

16.200

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

+16.6%Calibrated value vs last close

Last close (VND): 16.200
Calibrated intrinsic value (VND): 18.896

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

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 17 Sept 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 2026Close date unavailableRecalculated 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)

95.99%

Kd(1-t)

5.09%

D/(D+E)

4.01%

WACC

11.70%

+2% WACC penalty (high leverage)

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)→16.200

Calibrated value vs last close→+16.6%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

18.896

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

Discount rate (WACC)13.70%high risk: yes

Growth rate3.50%growth method: fundamental firm blend

Base cash flow21.5 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%
11.7%	18.546	18.546	18.546	18.546	18.896
12.7%	18.065	18.546	18.546	18.546	18.546
13.7%	18.065	18.065	18.065	18.065	18.065
14.7%	18.065	18.065	18.065	18.065	18.065
15.7%	16.299	16.299	16.299	18.065	18.065

Above market priceBelow market priceCurrent estimate

XDH among Real Estate

Every stock in the sector, XDH 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 XDH. 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)	·	575	478	469	551	666	858	1,254	1,162	1,224	1,057	1,174	855	767
Cash and cash equivalents (Bn. VND)Net debt bridge	·	56	38	85	148	152	89	192	153	45	119	172	53	3
Short-term investments (Bn. VND)Net debt bridge	·	0	0	19	52	77	51	63	50	118	66	0	0	0
Accounts receivable (Bn. VND)	·	106	124	110	136	190	156	166	157	177	136	195	199	155
Prepayments to suppliers (Bn. VND)	·	24	27	29	22	27	18	35	33	64	22	29	20	18
Net Inventories	·	411	307	253	215	248	562	833	802	884	736	807	596	605
Inventories, Net (Bn. VND)	·	413	309	255	217	248	562	833	802	884	736	807	596	605
Other current assets	·	2	9	2	0	0	0	0	0	0	0	0.10	7	5
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	7	5
LONG-TERM ASSETS (Bn. VND)	·	365	380	394	405	452	416	440	214	261	126	92	84	83
Long-term trade receivables (Bn. VND)	·	41	42	42	42	42	50	54	50	50	0	0	0	0
Other long-term receivables (Bn. VND)	·	41	42	42	42	42	50	54	50	50	0	0	0	0
Fixed assets (Bn. VND)	·	50	52	56	60	52	56	59	11	5	6	21	32	32
Tangible fixed assets	·	38	40	44	48	52	56	59	11	5	6	21	21	26
Intagible fixed assets	·	12	12	12	12	0	0	0	0	0	0	0	0.00	0.01
Investment in properties	·	230	242	254	261	283	225	236	86	128	48	0	0	0
Long-term investments (Bn. VND)	·	43	43	43	42	42	42	45	45	46	46	46	50	50
Other long-term assets (Bn. VND)	·	43	43	43	42	42	42	45	45	46	46	46	50	50
Other non-current assets	·	1	1	0.4	0.4	8	20	19	1	5	2	5	2	1
Long-term prepayments (Bn. VND)	·	1	1	0.4	0.4	8	20	19	1	5	2	5	2	1
TOTAL ASSETS (Bn. VND)	·	941	858	863	956	1,118	1,274	1,694	1,376	1,485	1,184	1,266	939	850
LIABILITIES (Bn. VND)	·	379	307	310	379	594	818	1,275	901	1,255	1,011	1,163	846	751
Current liabilities (Bn. VND)	·	287	249	251	320	380	485	731	757	853	829	569	647	716
Short-term borrowings (Bn. VND)Discount rate (WACC) +1	·	14	0	0	0	0	0	0	0	0	0	0	0	7
Advances from customers (Bn. VND)	·	47	34	42	71	43	68	127	150	151	114	104	137	195
Long-term liabilities (Bn. VND)	·	92	59	59	59	214	333	544	145	402	181	595	198	36
Long-term borrowings (Bn. VND)Discount rate (WACC) +1	·	23	23	23	23	23	23	23	23	23	23	23	23	24
OWNER'S EQUITY(Bn.VND)Discount rate (WACC)	·	561	550	554	577	524	456	420	474	231	173	103	94	99
Capital and reserves (Bn. VND)	·	561	550	554	577	524	456	420	474	231	173	103	94	99
Paid-in capital (Bn. VND)	·	270	270	270	246	164	109	109	78	78	60	60	60	60
Investment and development funds (Bn. VND)	·	24	22	20	13	13	60	58	38	30	21	19	10	9
Other Reserves	·	0	0	0	13	13	9	8	8	6	0	0	0	0
Undistributed earnings (Bn. VND)	·	267	258	263	306	335	279	245	350	117	91	24	18	25
TOTAL RESOURCES (Bn. VND)	·	941	858	863	956	1,118	1,274	1,694	1,376	1,485	1,184	1,266	939	850
Common shares (Bn. VND)	·	270	270	270	246	164	109	109	78	78	60	60	60	60

Earnings Quality

Fiscal year 2025

Fair

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 −2.69 · 29th pctile vs VN companies

YoY ▼ −0.58

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

0.820

GMI

0.646

AQI

0.878

SGI

1.045

DEPI

1.000

SGAI

0.983

TATA

0.034

LVGI

1.041

Checks measured on Vietnamese companies · FY2025

Cash conversion, 3 yearsOperating cash flow / net profit: −1.5411th pctile
Receivables outside the trade cyclePrepayments to suppliers, loans and other long-term receivables / total assets: 6.9%74th 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

6/9

Neutral

Z-Score

1.85

Grey Zone

Sharpe

0.33

Positive

Composite

30 to 49

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. Margin0.23×Turnover0.17×Leverage1.68=ROE5.8%

Price Risk

Momentum

+44.1%

Volatility

32.7%

Max Drawdown

−47.1%

Key Ratios

Fiscal year 2025

13.38P/E

P/B: 0.78
P/S: 2.69
ROE: 5.9%
ROA: 3.6%
EPS: 1.211
BVPS: 20.767
Gross Margin: 31.0%
Net Margin: 20.1%
D/E: 0.07
Current Ratio: 2.00
Rev Growth: +4.5%
Profit Growth: +50.5%
EV/EBITDA: 8.07
Div Yield: 4.3%

Company Overview

Shares outstanding: 27.0M
Charter Capital: 270B 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 XDH. Hover for detail, select a link to open it.

Shareholders

Tổng công ty Đầu tư Phát triển Hạ tầng Đô thị UDIC

Inst

43.1%

11.6M

2025-12-31

Phương Kim Thảo

Indiv

14.6%

3.9M

2025-12-31

Trần Hồng Tâm

Indiv

12.7%

1.4M

2021-06-30

Nguyễn Thị Hồng

Indiv

5.0%

1.4M

2025-12-31

Đoàn Trịnh Linh

Indiv

2.6%

710,532

2025-12-31

Phương Minh Vũ

Indiv

2.0%

540,540

2025-12-31

Phương Thị Minh Thu

Indiv

2.0%

540,540

2026-02-27

Phạm Tiến Điệp

Indiv

0.3%

80,293

2025-12-31

Trần Quang Khuê

Indiv

0.3%

67,623

2025-12-31

Nguyễn Thị Hải

Indiv

0.1%

39,639

2025-12-31

Đinh Công Đức

Indiv

0.1%

17,220

2021-12-31

Board & Management

Phương Kim Thảo14.6%

Member of Management Board

Trần Hồng Tâm12.7%

Member of Management Board

Đoàn Trịnh Linh2.6%

Member of Management Board

Phạm Tiến Điệp0.3%

Director

Trần Quang Khuê0.3%

Deputy Director

Nguyễn Thị Hải0.1%

Head of Supervisors Board

Nguyễn Bình Nam

Deputy Director

Hà Vân Chi

Spokesman/Person in charge of Corporate governace

Top connections

ICC79.1%CDG43.1%CH543.1%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 23,000 shares
Registered net, share of outstanding:: +0.09%

Phương Thị Minh Thu
Purchase · Related person
23,000
2026-02-27

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

XDH 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

XDH among Real Estate

Ownership network

Director-deal registrations · 12 months