Thuduc Housing Development Valuation

Is TDH undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of TDH when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: TDH (₫2360) is trading below our estimate of fair value (₫54391.71)

Significantly Below Fair Value: TDH is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for TDH?

Key metric: As TDH is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TDH. This is calculated by dividing TDH's market cap by their current revenue.
What is TDH's PS Ratio?
PS Ratio	3.5x
Sales	₫75.91b
Market Cap	₫265.86b

TDH key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.6x
Enterprise Value/EBITDA	-2.9x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does TDH's PS Ratio compare to its peers?

The above table shows the PS ratio for TDH vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	8.9x
BAX Thong Nhat	4.2x	n/a	₫323.9b
SCR Sai Gon Thuong Tin Real Estate	4.9x	n/a	₫2.1t
HQC Hoang Quan Consulting - Trading - Service Real Estate	16.5x	n/a	₫1.8t
RCL Cho Lon Real Estate JSC	9.9x	n/a	₫163.5b
TDH Thuduc Housing Development	3.5x	n/a	₫265.9b

Price-To-Sales vs Peers: TDH is good value based on its Price-To-Sales Ratio (3.5x) compared to the peer average (8.9x).

Price to Sales Ratio vs Industry

How does TDH's PS Ratio compare vs other companies in the VN Real Estate Industry?

6 Companies	Price / Sales	Estimated Growth	Market Cap
VIC Vingroup	1x	0.2%	US$5.85b
ASM Sao Mai Group	0.3x	n/a	US$124.30m
FLC FLC Group	0.8x	n/a	US$105.68m
AGG An Gia Real Estate Investment and Development	0.7x	n/a	US$93.81m

6 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: TDH is good value based on its Price-To-Sales Ratio (3.5x) compared to the VN Real Estate industry average (5x).

Price to Sales Ratio vs Fair Ratio

What is TDH's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

TDH PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	3.5x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate TDH's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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