Becamex Infrastructure Development JSC (IJC) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Becamex Infrastructure Development JSC stock VND 7,785, price VND 7,060, upside +10.3%, quality 39 out of 100. Rating: fairly valued. Calculated from audited financials with 15 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 4,728 VND – 18,716 VND · fair‑value band 7,599 VND – 8,179 VND · the 7,060 VND price screens below the 7,785 VND fair value. As of Nov 8, 2026.
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Becamex Infrastructure Development Joint Stock Company engages in investment, construction, and real estate businesses in Vietnam. It operates through the Sale of Toll Tickets, Trading Real Estate, Trading Investment Properties, Construction, Business Cooperation Contract, and Other segments.
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The company engages in the investment, construction, and operation of technical infrastructure of industrial parks, residences, and urban areas; operation, maintenance, and repair of toll stations; sale of toll tickets; provision of real estate brokerage, valuation, trading floor, consultancy, auction, advertising, management, and trading services; leasing and rental of properties, equipment, and furniture; construction of social houses, public works, and civil and industrial works; and operation of restaurants and hotels.
It is also involved in the provision of catering and event organization services; airline and train ticket agency; operation of trade centers; tourism; and passenger transport.
Becamex Infrastructure Development Joint Stock Company was incorporated in 2007 and is headquartered in Thu Dau Mot, Vietnam.
Stock analysis
Becamex Infrastructure Development JSC (IJC) currently trades at 7,060 VND, while our model-based Fair Value estimate is 7,785 VND, so the stock looks roughly fairly valued today (gap 9.3%).
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Valuation
Bull case: the Growth Earnings group reads highest at a median of 15,075 VND per share, and 7 of the 15 models we run sit above the 7,060 VND price.
Bear case: the Dividend Discount group reads lowest at 1,895 VND, and 8 of the 15 models stay below the price. Data coverage for this calculation is low.
Scenario range: 7,599 VND (bear) to 8,179 VND (bull), the price of 7,060 VND sits below 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 39/100 (below-average quality), in the Industrials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Becamex Infrastructure Development JSC reported revenue of 1.6T VND in FY2025 versus 2.6T VND in FY2021, a compound −11.4%/yr. Reported net income was 597B VND in FY2025, compounding −1.0%/yr from FY2021.
Key figures
Market cap 4.4T VND (≈ $174M) Micro · P/E ratio 6.8 · P/S ratio 2.53 · EPS (TTM) 1,042 VND · Dividend yield 4.2% · Net margin 36.2% · Return on equity 9.7% · Return on assets (EBIT) 8.5% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).
What moves the price
The share trades about 40% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Industrials peers we cover trades at −42% fair-value upside, at 10%, IJC screens cheaper than that median.
Fair Value models
Bear7,599 VNDFair Value 7,785 VNDBull8,179 VND
Price 7,060 VND · Upside +10.3%
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 (893.71 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
Owner Earnings3,000 VND3,696 VND4,768 VND78
Residual Income8,940 VND9,158 VND9,623 VND76
EPV4,067 VND4,504 VND4,847 VND74
All 15 models by family
DCF Models
Owner Earnings3,000 VND3,696 VND4,768 VND78
Earnings-Based
Graham-Dodd6,452 VND7,886 VND8,871 VND67
EPV4,067 VND4,504 VND4,847 VND74
Dividend Discount
Gordon GGM1,746 VND1,844 VND1,986 VND69
DDM Multi-Stage1,746 VND1,946 VND2,189 VND67
Multiples
P/E Multiple14,944 VND19,925 VND24,906 VND63
P/S Multiple3,828 VND5,104 VND6,380 VND58
P/B Multiple43,159 VND57,545 VND71,932 VND55
EV/EBIT11,731 VND15,828 VND19,925 VND66
EV/EBITDA9,848 VND13,317 VND16,787 VND67
EV/Revenue2,655 VND4,033 VND5,410 VND53
Asset-Based
NCAV (Graham)3,929 VND5,953 VND7,442 VND54
Economic Profit
Residual Income8,940 VND9,158 VND9,623 VND76
ROIC Compounder4,067 VND4,504 VND4,847 VND72
Growth Earnings
Growth-Adj P/E10,552 VND15,075 VND19,597 VND67
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.25/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+57.5%
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.
−6.5%
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.
−5.6%
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.
+0.1%
’19
’20
’21
’22
’23
’24
’25
What shareholders gained per year (last 5 years), in VND ⓘ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. 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.
−12.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−16.4%
Dividend (yield on the price)4.2%
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.27% → 38%
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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.Engineering & Construction · 791 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside+9.3% · Above median
Profitability
Return on equity (12 months)9.7% · Above median
Return on assets5.8% · Top 25%
Net margin (12 months)36.2% · Top 25%
Operating margin (12 months)38.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)34.9% · Top 25%
Dividend yield (12 months)4.2% · Top 25%
Balance sheet
Debt / equity0.15× · Above median
Valuation Multiplesvs Engineering & Construction median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Becamex Infrastructure Development JSC Fair Value". https://www.fairvalue-calculator.com/stock/IJC
Frequently asked questions
Is Becamex Infrastructure Development JSC (IJC) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 7,785 VND versus a price of 7,060 VND, about +10% upside (fairly valued).
What is the fair value of IJC?
Our model-based fair value for Becamex Infrastructure Development JSC is 7,785 VND (as of Nov 8, 2026), built from audited fundamentals. The current price: 7,060 VND.
What is the quality score of IJC?
Becamex Infrastructure Development JSC has a Quality Score of 39/100. 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 Becamex Infrastructure Development JSC (IJC)?
Our model-based price target is the fair value of 7,785 VND (as of Nov 8, 2026) from 15 valuation models. Cautious scenario 7,599 VND, optimistic scenario 8,179 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Becamex Infrastructure Development JSC stock forecast for 2026?
Our models put fair value at 7,785 VND, about +10% upside versus a price of 7,060 VND (fairly valued). Cautious scenario 7,599 VND, optimistic scenario 8,179 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Becamex Infrastructure Development JSC (IJC)?
Becamex Infrastructure Development JSC reported trailing-twelve-month revenue of about 1.8T VND (latest available figure, as of Nov 8, 2026).
Does Becamex Infrastructure Development JSC pay a dividend?
Becamex Infrastructure Development JSC currently shows a dividend yield of 4.20% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Becamex Infrastructure Development JSC (IJC)?
Becamex Infrastructure Development JSC has a dividend yield of 4.2%.
What is the intrinsic value of Becamex Infrastructure Development JSC (IJC)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Becamex Infrastructure Development JSC it is 7,785 VND per share (as of Nov 8, 2026), against a price of 7,060 VND. It is the blended result of 15 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings).
Is Becamex Infrastructure Development JSC stock overvalued or undervalued in 2026?
As of Nov 8, 2026, IJC trades below its calculated fair value: price 7,060 VND, fair value 7,785 VND, a gap of about +10% (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 IJC?
No. The price is what the market pays today (7,060 VND); the fair value is what the company's own numbers justify (7,785 VND). For Becamex Infrastructure Development JSC the two are 724.68 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Becamex Infrastructure Development JSC worth?
The market values Becamex Infrastructure Development JSC at about 4.4T VND (market capitalisation, as of Nov 8, 2026). Per share that is 7,060 VND; our models calculate a fair value of 7,785 VND per share.
What do the bullish and bearish scenarios say about IJC?
Our models span a range for Becamex Infrastructure Development JSC: cautious scenario 7,599 VND, base 7,785 VND, optimistic 8,179 VND per share (as of Nov 8, 2026, price 7,060 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of IJC?
Becamex Infrastructure Development JSC trades at a price-to-earnings ratio of 6.8 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 7,785 VND is built from several models across several years. Other multiples: P/B 0.6, P/S 2.5, EV/EBITDA 6.6.
How solid is the balance sheet of Becamex Infrastructure Development JSC (IJC)?
Balance-sheet figures for Becamex Infrastructure Development JSC (as of Nov 8, 2026): return on equity 9.7%, debt of 0.15 per unit of equity. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is IJC from its 52-week high?
Becamex Infrastructure Development JSC trades at 7,060 VND, about 40% below its 52-week high of 11,846 VND and 10% above the low of 6,410 VND (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 7,785 VND is for.
Which stocks are comparable to Becamex Infrastructure Development JSC?
From the same area (Industrials) we also value Quanta Services, Inc, Vinci SA, Larsen & Toubro Limited, Comfort Systems USA, Inc, 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 Becamex Infrastructure Development JSC stock attractive at the current price?
The data as of Nov 8, 2026: price 7,060 VND, calculated fair value 7,785 VND (+10%), Quality Score 39/100, from 15 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 IJC calculated?
We run Becamex Infrastructure Development JSC through 15 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit, Growth Earnings. Every model gets the same audited fundamentals; the fair value of 7,785 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 13.3% above its aggregate fair value. Becamex Infrastructure Development JSC currently trades 9% 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 Becamex Infrastructure Development JSC (IJC)?
The closing price on Nov 9, 2026 was 7,060 VND. Our model-based fair value is 7,785 VND, about +10% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Becamex Infrastructure Development JSC right now?
The price is below even our cautious bear case (7,599 VND). The market is more pessimistic than our downside scenario. The price sits close to our fair value, market and models broadly agree here, little valuation tension. The models converge in a tight band (7,599 VND to 8,179 VND), unusually little disagreement for a valuation. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Becamex Infrastructure Development JSC
How large is the market capitalisation of Becamex Infrastructure Development JSC (IJC)?
The market capitalisation of Becamex Infrastructure Development JSC is 4.4T VND (≈ $174M). 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 Becamex Infrastructure Development JSC (IJC)?
The price-to-sales ratio of Becamex Infrastructure Development JSC is 2.53 (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 Becamex Infrastructure Development JSC (IJC)?
Earnings per share at Becamex Infrastructure Development JSC are 1,042 VND (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Becamex Infrastructure Development JSC (IJC)?
The dividend yield of Becamex Infrastructure Development JSC is 4.2% (payout 28.4%). 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 Becamex Infrastructure Development JSC (IJC)?
The net margin of Becamex Infrastructure Development JSC is 36.2% (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 Becamex Infrastructure Development JSC (IJC)?
The return on equity (ROE) of Becamex Infrastructure Development JSC is 9.7% (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 Becamex Infrastructure Development JSC (IJC)?
On an EBIT basis the return on assets of Becamex Infrastructure Development JSC is 8.5% (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 Becamex Infrastructure Development JSC (IJC)?
The operating margin of Becamex Infrastructure Development JSC is 38.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Becamex Infrastructure Development JSC (IJC)?
Revenue at Becamex Infrastructure Development JSC is growing +34.9% versus a year earlier (3y avg −6.5%). 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 Becamex Infrastructure Development JSC (IJC)?
Earnings per share at Becamex Infrastructure Development JSC are growing −62.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Becamex Infrastructure Development JSC (IJC) generate?
The free cash flow of Becamex Infrastructure Development JSC is −255B 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 Becamex Infrastructure Development JSC (IJC) carry?
The net debt of Becamex Infrastructure Development JSC is 353B 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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Thin data
Nov 8, 2026