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Gelex Group JSC (GEX) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Gelex Group JSC stock VND 23,218, price VND 22,450, upside +3.4%, quality 30 out of 100. Rating: fairly valued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.

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Industrials VN · ISIN VN000000GEX5

GG Gelex Group JSC logo Thin data Nov 6, 2026

Gelex Group JSC

GEX · VN
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Ranks above peers (9/13)
Revenue last quarter +42% vs. a year ago.
Fair value 23,218 VND · Fairly valued (+3.4%)
Expensive Growth (revenue 5y +17.1 %/yr in VND)
Thin margins · 2.0% net margin (TTM)
Moderate debt
Quality 30/100
Negative free cash flow
Narrow moat 39/100 · thin data
Thin data
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What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

45,103 VND 6,980 VND Fair Value 23,218 VND Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 6,980 VND – 45,103 VND · fair‑value band 16,253 VND – 29,649 VND · the 22,450 VND price screens below the 23,218 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

GELEX Group Joint Stock Company primarily engages in the production and sale of electrical equipment principally in Vietnam. The company operates through Industrial Production, Real Estate, and Infrastructure segments. It also offers power cables, transformers, and electrical measuring equipment.

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In addition, the company invests and develops in sectors, such as energy, industrial real estate, affordable housing, worker housing, mid-range residential projects, and social housing; and invests and operates hydropower, solar power, rooftop solar power, and wind power energy projects.

Further, it offers building materials, such as sanitary ceramics, shower faucet, autoclaved aerated concrete, sintered stone, ceramic tiles, energy-saving glass, and clear glass, as well as produces and supplies water.

Additionally, the company is involved in the development of various infrastructure projects, including transportation, urban infrastructure, energy, and telecommunication. It operates under the CADIVI, EMIC, THIBIDI, HEM, CFT, MEE, Viglacera, and Song Da Clean Water brands.

The company was formerly known as Vietnam Electrical Equipment Joint Stock Corporation. GELEX Group Joint Stock Company was founded in 1990 and is headquartered in Hanoi, Vietnam.

Stock analysis

Gelex Group JSC (GEX) currently trades at 22,450 VND, while our model-based Fair Value estimate is 23,218 VND, so the stock looks roughly fairly valued today (gap 3.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of 24,736 VND per share, and 6 of the 16 models we run sit above the 22,450 VND price.

Bear case: the Dividend Discount group reads lowest at 7,924 VND, and 10 of the 16 models stay below the price. Data coverage for this calculation is low.

Scenario range: 16,253 VND (bear) to 29,649 VND (bull), the price of 22,450 VND sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 30/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Gelex Group JSC reported revenue of 39.5T VND in FY2025 versus 28.6T VND in FY2021, a compound +8.4%/yr. Reported net income was 1.5T VND in FY2025, compounding +9.2%/yr from FY2021.

Key figures

Market cap 29.4T VND (≈ $1.1B) Small · P/E ratio 30.2 · P/S ratio 0.58 · EPS (TTM) 743.94 VND · Dividend yield 8.1% · Net margin 2.0% · Return on equity 10.7% · Return on assets (EBIT) 5.9% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 39 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −36% fair-value upside, at 3%, GEX screens cheaper than that median.

Fair Value models

Bear 16,253 VND Fair Value 23,218 VND Bull 29,649 VND
Price 22,450 VND · Upside +3.4%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (635.92 VND per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
Residual Income 9,651 VND 9,929 VND 10,569 VND 76
EPV 7,458 VND 8,479 VND 9,278 VND 73
ROIC Compounder 7,458 VND 8,479 VND 9,278 VND 71
All 16 models by family
Earnings-Based
Graham-Dodd 7,680 VND 39,625 VND 54,784 VND 64
Lynch FV 10,824 VND 15,463 VND 20,101 VND 61
PEG = 1.0 10,824 VND 15,463 VND 20,101 VND 57
EPV 7,458 VND 8,479 VND 9,278 VND 73
Dividend Discount
Gordon GGM 5,231 VND 7,954 VND 9,654 VND 69
DDM Multi-Stage 5,231 VND 7,894 VND 8,615 VND 67
Multiples
P/E Multiple 17,789 VND 23,719 VND 29,649 VND 63
P/S Multiple 14,401 VND 19,201 VND 24,001 VND 57
P/B Multiple 41,823 VND 55,764 VND 69,705 VND 55
EV/EBIT 17,398 VND 25,753 VND 34,107 VND 64
EV/EBITDA 23,563 VND 33,973 VND 44,383 VND 66
EV/Revenue 10,223 VND 17,889 VND 25,556 VND 51
Asset-Based
NCAV (Graham) 370.89 VND 561.95 VND 702.44 VND 54
Economic Profit
Residual Income 9,651 VND 9,929 VND 10,569 VND 76
ROIC Compounder 7,458 VND 8,479 VND 9,278 VND 71
Growth Earnings
Growth-Adj P/E 16,253 VND 23,218 VND 30,184 VND 67

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Quality Score breakdown

Overall quality 30/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 29
How much profit the company makes from its sales and capital
Quality Growth 46
Are margins and returns getting better?
Cashflow 5
Do the profits arrive as real cash?
Financial strength 27
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 35
How calm the share price moves, does not count
Price momentum 13
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 9
Distance to the 52-week high, does not count
New shares 47
Buys back shares or issues new ones?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 58/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+17.1%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+7.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.1%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+17.1%
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+14.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.1%
Dividend (yield on the price)8.1%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.9% → 13%
2025 sits 278% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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Peer Groupⓘ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.Electrical Equipment & Parts · 564 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 30 · Bottom 25%
Fair Value upside +3.4% · Above median
Profitability
Return on equity (12 months) 10.7% · Above median
Return on assets 4.0% · Above median
Net margin (12 months) 3.9% · Below median
Operating margin (12 months) 12.5% · Above median
Growth and dividend
Revenue growth (quarter YoY) 41.8% · Top 25%
Dividend yield (12 months) 8.1% · Top 25%
Balance sheet
Debt / equity 0.93× · Highest 25%

Valuation Multiplesvs Electrical Equipment & Parts median · lower = cheaper

P/E (12 months) 30.2× · Pricier than median
P/B 1.65× · Cheaper than median
P/S (12 months) 1.16× · Cheaper than median
EV/EBITDA 8.1× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)38 · sector 0
FUTURE (revenue growth)100 · sector 66
PAST (return on equity)43 · sector 25
HEALTH (low debt)54 · sector 97
DIVIDEND (yield)100 · sector 23

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Electrical Equipment & Parts stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Contemporary Amperex Technology Co 300750 ¥254.22 ¥648.35 +155% vs GEX
Sungrow Power Supply Co 300274 ¥81.97 ¥182.32 +122% vs GEX
NARI Technology Co 600406 ¥23.86 ¥29.39 +23% vs GEX
Vertiv Holdings VRT $182.86 $178.64 −2% vs GEX
Legrand SA LR €129.65 €82.57 −36% vs GEX
Prysmian S.p.A PRY €101.00 €64.29 −36% vs GEX
ABB Ltd ABBN CHF 66.98 CHF 29.49 −56% vs GEX
Samsung SDI Co 006400 468,000 KRW 153,766 KRW −67% vs GEX
Delta Electronics (Thailand) Public Company DELTA 177.00 THB 39.14 THB −78% vs GEX
LG Energy Solution, Ltd 373220 337,500 KRW 53,325 KRW −84% vs GEX

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Gelex Group JSC: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Gelex Group JSC Fair Value". https://www.fairvalue-calculator.com/stock/GEX

Frequently asked questions

Is Gelex Group JSC (GEX) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 23,218 VND versus a price of 22,450 VND, about +3% upside (fairly valued).
What is the fair value of GEX?
Our model-based fair value for Gelex Group JSC is 23,218 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 22,450 VND.
What is the quality score of GEX?
Gelex Group JSC has a Quality Score of 30/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Gelex Group JSC (GEX)?
Our model-based price target is the fair value of 23,218 VND (as of Nov 6, 2026) from 16 valuation models. Cautious scenario 16,253 VND, optimistic scenario 29,649 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Gelex Group JSC stock forecast for 2026?
Our models put fair value at 23,218 VND, about +3% upside versus a price of 22,450 VND (fairly valued). Cautious scenario 16,253 VND, optimistic scenario 29,649 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Gelex Group JSC (GEX)?
Gelex Group JSC reported trailing-twelve-month revenue of about 50.8T VND (latest available figure, as of Nov 6, 2026).
Does Gelex Group JSC pay a dividend?
Gelex Group JSC currently shows a dividend yield of 8.11% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Gelex Group JSC (GEX)?
Gelex Group JSC has a dividend yield of 8.1%.
What is the intrinsic value of Gelex Group JSC (GEX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Gelex Group JSC it is 23,218 VND per share (as of Nov 6, 2026), against a price of 22,450 VND. It is the blended result of 16 valuation models in 6 families (Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Gelex Group JSC stock overvalued or undervalued in 2026?
As of Nov 6, 2026, GEX trades below its calculated fair value: price 22,450 VND, fair value 23,218 VND, a gap of about +3% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of GEX?
No. The price is what the market pays today (22,450 VND); the fair value is what the company's own numbers justify (23,218 VND). For Gelex Group JSC the two are 768.39 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Gelex Group JSC worth?
The market values Gelex Group JSC at about 29.4T VND (market capitalisation, as of Nov 6, 2026). Per share that is 22,450 VND; our models calculate a fair value of 23,218 VND per share.
What do the bullish and bearish scenarios say about GEX?
Our models span a range for Gelex Group JSC: cautious scenario 16,253 VND, base 23,218 VND, optimistic 29,649 VND per share (as of Nov 6, 2026, price 22,450 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of GEX?
Gelex Group JSC trades at a price-to-earnings ratio of 30.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 23,218 VND is built from several models across several years. Excluding one-off items of fiscal year 2025 it is 19.9 (reported for FY2025: 13.7). Other multiples: P/B 1.7, P/S 1.2, EV/EBITDA 8.1.
How solid is the balance sheet of Gelex Group JSC (GEX)?
Balance-sheet figures for Gelex Group JSC (as of Nov 6, 2026): return on equity 10.7%, debt of 0.93 per unit of equity. They feed the Quality Score of 30/100, which measures business quality independently of the share price.
How far is GEX from its 52-week high?
Gelex Group JSC trades at 22,450 VND, about 38% below its 52-week high of 36,200 VND and 11% above the low of 20,300 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 23,218 VND is for.
Which stocks are comparable to Gelex Group JSC?
From the same area (Industrials) we also value Contemporary Amperex Technology Co, ABB Ltd, Vertiv Holdings, Delta Electronics (Thailand) Public Company, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Gelex Group JSC stock attractive at the current price?
The data as of Nov 6, 2026: price 22,450 VND, calculated fair value 23,218 VND (+3%), Quality Score 30/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of GEX calculated?
We run Gelex Group JSC through 16 models from 6 families: Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 23,218 VND builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Gelex Group JSC currently trades 3% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Gelex Group JSC (GEX)?
The closing price on Nov 6, 2026 was 22,450 VND. Our model-based fair value is 23,218 VND, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Gelex Group JSC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (16,253 VND to 29,649 VND) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.

Key figures of Gelex Group JSC

How large is the market capitalisation of Gelex Group JSC (GEX)?
The market capitalisation of Gelex Group JSC is 29.4T VND (≈ $1.1B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Gelex Group JSC (GEX)?
The price-to-sales ratio of Gelex Group JSC is 0.58 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Gelex Group JSC (GEX)?
Earnings per share at Gelex Group JSC are 743.94 VND (price ÷ EPS = P/E 30.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Gelex Group JSC (GEX)?
The dividend yield of Gelex Group JSC is 8.1%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Gelex Group JSC (GEX)?
The net margin of Gelex Group JSC is 2.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Gelex Group JSC (GEX)?
The return on equity (ROE) of Gelex Group JSC is 10.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Gelex Group JSC (GEX)?
On an EBIT basis the return on assets of Gelex Group JSC is 5.9% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Gelex Group JSC (GEX)?
The operating margin of Gelex Group JSC is 12.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Gelex Group JSC (GEX)?
Revenue at Gelex Group JSC is growing +41.8% versus a year earlier (3y avg +7.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Gelex Group JSC (GEX)?
Earnings per share at Gelex Group JSC are growing −60.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Gelex Group JSC (GEX) generate?
The free cash flow of Gelex Group JSC is −5.3T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Gelex Group JSC (GEX) carry?
The net debt of Gelex Group JSC is 20.1T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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