Vinhomes JSC (VHM) Fair Value & Analysis
Real Estate · VN · Market cap 604T VND · ISIN VN000000VHM0
What is Vinhomes JSC really worth?
A solid business, trading 31% below our fair value of 109,431 VND.
Strengths
For context
Fair value as of: Aug 22, 2026
From 26 valuation models · updated 14 days ago
Share price −1.7% over the past month.
What runs behind every stock
69 individual criteria per stock, every one traceable See the method →
What matters now
- Solid quality (54/100) at a price below fair value, the discount is the argument here, not the business quality.
- A fairly wide model range (69,359 VND to 179,233 VND) leaves room in how you read the outcome.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 22, 2026.
How to read this chart
60‑month range 16,611 VND – 78,963 VND · fair‑value band 69,359 VND – 179,233 VND · the 75,200 VND price screens below the 109,431 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 22, 2026.
Analysis
Vinhomes JSC (VHM) currently trades at 75,200 VND, while our model-based Fair Value estimate is 109,431 VND, implying the stock looks roughly 31.3% undervalued today. The Quality Score stands at 54/100 (solid quality), in the Real Estate sector. Bull case: the Growth Earnings group reads highest at a median of 339,282 VND per share, and 20 of the 26 models we run sit above the 75,200 VND price. Bear case: the Asset-Based group reads lowest at 38,530 VND, and 6 of the 26 models stay below the price. Evidence for this calculation is high.
Over the trailing twelve months, Vinhomes JSC generated revenue of 203T VND at a net margin of 32.0%. It earns a return on equity of 26.7%. Net debt stands at 96.3T VND. The stock trades on a trailing P/E of 13.5. Fundamentals as of Aug 22, 2026
Our scenario range runs from 69,359 VND (bear case) to 179,233 VND (bull case); at 75,200 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 57% below its 52-week high and 13% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at −19% fair-value upside, at 46%, VHM screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.
All 26 models by family
Widest divergence: Growth Earnings (339,282 VND) versus Dividend Discount (4,734 VND). Highest evidence: FCF DCF (74).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 22, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 51 · Market factors (momentum, volatility) 54
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.
About the company
Vinhomes Joint Stock Company develops and sells real estate properties in Vietnam. The company also leases office properties. In addition, it provides real estate management and related services; general contractor; consulting and designing construction; and supervision and construction management services.
Full company description
Vinhomes Joint Stock Company develops and sells real estate properties in Vietnam. The company also leases office properties. In addition, it provides real estate management and related services; general contractor; consulting and designing construction; and supervision and construction management services. The company was formerly known as Hanoi Southern City Development Joint Stock Company and changed its name to Vinhomes Joint Stock Company in February 2018. The company was incorporated in 2008 and is headquartered in Hanoi, Vietnam. Vinhomes Joint Stock Company operates as a subsidiary of Vingroup Joint Stock Company.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Vinhomes JSC reported revenue of 153T VND in FY2025 versus 85.0T VND in FY2021, a compound +15.9%/yr. Reported net income was 41.9T VND in FY2025, compounding +1.9%/yr from FY2021.
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Peer Group
Real Estate - Development · 567 stocks
How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.
Valuation Multiples vs Real Estate - Development median · lower = cheaper
Strength profile in five axes (Snowflake)
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate (as of Aug 22, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Sun Hung Kai Properties Limited 80016 | HK$109.70 | HK$88.93 | −19% |
| China Resources Land Limited 1109 | HK$35.24 | HK$72.16 | +105% |
| CK Asset Holdings 1113 | HK$47.34 | HK$68.85 | +45% |
| Hongkong Land Holdings H78 | $8.20 | $1.52 | −81% |
| DLF Limited DLF | ₹667.10 | ₹170.24 | −74% |
| China Overseas Land & Investment Limited 0688 | HK$13.76 | HK$22.92 | +67% |
| Macrotech Developers Limited LODHA | ₹1,244 | ₹583.42 | −53% |
| Sino Land Company 0083 | HK$10.33 | HK$6.99 | −32% |
| PT Pantai Indah Kapuk Dua Tbk, PANI | 5,925 IDR | 1,325 IDR | −78% |
| CTP N.V CTPNV | €14.36 | €13.00 | −9% |
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