Vinhomes Joint Stock Company

HOSE:VHM Stock Report

Market Cap: ₫188.5t

Vinhomes Valuation

Is VHM 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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: VHM (₫43300) is trading above our estimate of fair value (₫10860.78)

Significantly Below Fair Value: VHM is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As VHM is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VHM. This is calculated by dividing VHM's market cap by their current earnings.
What is VHM's PE Ratio?
PE Ratio9.1x
Earnings₫20.71t
Market Cap₫188.54t

Price to Earnings Ratio vs Peers

How does VHM's PE Ratio compare to its peers?

The above table shows the PE ratio for VHM vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average73.6x
KDH Khang Dien House Trading and Investment
75.4x46.8%₫33.2t
VPI Van Phu - Invest Investment
74.4xn/a₫18.9t
NLG Nam Long Investment
50.6x42.8%₫14.6t
DXG Dat Xanh Group
93.8x48.0%₫12.4t
VHM Vinhomes
9.1x23.0%₫188.5t

Price-To-Earnings vs Peers: VHM is good value based on its Price-To-Earnings Ratio (9.1x) compared to the peer average (73.6x).

Price to Earnings Ratio vs Industry

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

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
NTL Tu Liem Urban Development
2.3xn/aUS$88.48m
VPH Van Phat Hung
4.1xn/aUS$25.92m
No more companies available in this PE range
VHM 9.1xIndustry Avg. 19.7xNo. of Companies9PE020406080100+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VHM is good value based on its Price-To-Earnings Ratio (9.1x) compared to the VN Real Estate industry average (19.7x).

Price to Earnings Ratio vs Fair Ratio

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

VHM PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio9.1x
Fair PE Ratio36.6x

Price-To-Earnings vs Fair Ratio: VHM is good value based on its Price-To-Earnings Ratio (9.1x) compared to the estimated Fair Price-To-Earnings Ratio (36.6x).

Analyst Price Targets

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

The above table shows the analyst VHM forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Current₫43,300.00
₫52,693.38
+21.7%
12.8%₫62,200.00₫37,864.00n/a13
Nov ’25₫41,500.00
₫52,526.17
+26.6%
13.3%₫62,200.00₫37,864.00n/a12
Oct ’25₫43,450.00
₫53,613.17
+23.4%
15.8%₫70,000.00₫37,864.00n/a12
Sep ’25₫41,500.00
₫54,776.17
+32.0%
17.4%₫70,000.00₫37,864.00n/a12
Aug ’25₫36,450.00
₫56,346.58
+54.6%
13.8%₫70,000.00₫46,409.00n/a12
Jul ’25₫37,700.00
₫59,175.75
+57.0%
12.2%₫70,000.00₫46,409.00n/a12
Jun ’25₫38,850.00
₫59,175.75
+52.3%
12.2%₫70,000.00₫46,409.00n/a12
May ’25₫40,800.00
₫63,017.23
+54.5%
17.3%₫93,615.00₫46,409.00n/a13
Apr ’25₫42,900.00
₫63,309.54
+47.6%
17.4%₫93,615.00₫46,409.00n/a13
Mar ’25₫43,950.00
₫63,238.23
+43.9%
17.8%₫93,615.00₫44,482.00n/a13
Feb ’25₫41,200.00
₫64,538.23
+56.6%
18.2%₫93,615.00₫44,482.00n/a13
Jan ’25₫43,200.00
₫66,015.15
+52.8%
18.3%₫93,615.00₫44,482.00n/a13
Dec ’24₫40,900.00
₫67,476.69
+65.0%
18.5%₫93,615.00₫44,482.00n/a13
Nov ’24₫38,450.00
₫71,397.69
+85.7%
15.2%₫93,615.00₫50,000.00₫41,500.0013
Oct ’24₫45,500.00
₫79,359.23
+74.4%
18.8%₫115,000.00₫57,755.00₫43,450.0013
Sep ’24₫54,700.00
₫79,359.23
+45.1%
18.8%₫115,000.00₫57,755.00₫41,500.0013
Aug ’24₫62,800.00
₫79,572.50
+26.7%
19.2%₫115,000.00₫57,755.00₫36,450.0012
Jul ’24₫55,000.00
₫75,577.36
+37.4%
23.1%₫115,000.00₫46,451.00₫37,700.0011
Jun ’24₫53,000.00
₫80,594.56
+52.1%
26.3%₫115,000.00₫46,451.00₫38,850.009
May ’24₫49,500.00
₫82,118.88
+65.9%
26.9%₫115,000.00₫46,451.00₫40,800.008
Apr ’24₫51,500.00
₫82,118.88
+59.5%
26.9%₫115,000.00₫46,451.00₫42,900.008
Mar ’24₫41,200.00
₫82,118.88
+99.3%
26.9%₫115,000.00₫46,451.00₫43,950.008
Feb ’24₫48,000.00
₫84,211.63
+75.4%
24.2%₫115,000.00₫50,693.00₫41,200.008
Jan ’24₫48,000.00
₫85,443.67
+78.0%
22.2%₫115,000.00₫50,693.00₫43,200.009
Dec ’23₫53,500.00
₫88,121.44
+64.7%
22.8%₫115,000.00₫50,693.00₫40,900.009
Nov ’23₫45,000.00
₫91,151.44
+102.6%
18.1%₫115,000.00₫65,963.00₫38,450.009

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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