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Khai Hoan Land Group JSC (KHG) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Khai Hoan Land Group JSC stock VND 2,599, price VND 4,570, that is 43.1% below the price, quality 49 out of 100. Rating: strongly overvalued. Calculated from audited financials with 4 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate VN

KH Khai Hoan Land Group JSC logo Thin data Nov 9, 2026

Khai Hoan Land Group JSC

KHG · VN
Very expensive, weak quality

Our calculation puts a fair price 43% below what the stock costs today.

Solidly profitable · 10.5% net margin (TTM)
Low debt
Quality 49/100
Mixed vs. peers (5/11)
Fair value 2,599 VND · Strongly overvalued
Weak Growth (revenue 3y −24.5 %/yr in VND)
Negative free cash flow
Narrow moat 28/100 · thin data
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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

Price vs Fair Value

16,475 VND 4,050 VND Fair Value 2,599 VND Sep 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.

How to read this chart

60‑month range 4,050 VND – 16,475 VND · fair‑value band 1,949 VND – 3,249 VND · the 4,570 VND price screens above the 2,599 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.

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Company profile

Khai Hoan Land Group Joint Stock Company, together with its subsidiaries, provides real estate brokerage services in Vietnam.

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The company engages in real estate consulting; brokerage services; auction of real estate and land use rights; housing construction; site preparation; construction of other civil engineering works; trading of real estate; civil design activities; and landscape maintenance services.

It is also involved in hotel services; trade promotion; restaurants and catering services; retailing other goods in specialized stores; wholesale of other household appliances; career education; and other recreational activities.

The company was incorporated in 2009 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

Khai Hoan Land Group JSC (KHG) currently trades at 4,570 VND, while our model-based Fair Value estimate is 2,599 VND, 43% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Multiples group reads highest at a median of 13,069 VND per share, and 2 of the 4 models we run sit above the 4,570 VND price.

Bear case: the Asset-Based group reads lowest at 566.00 VND, and 2 of the 4 models stay below the price. Data coverage for this calculation is low.

Scenario range: 1,949 VND (bear) to 3,249 VND (bull), the price of 4,570 VND sits above 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 49/100 (below-average quality), in the Real Estate sector.

Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.

Khai Hoan Land Group JSC reported revenue of 601B VND in FY2025 versus 1.3T VND in FY2021, a compound −17.3%/yr. Reported net income was 68.7B VND in FY2025, compounding −36.2%/yr from FY2021.

Key figures

Market cap 2.1T VND (≈ $80.3M) Micro · P/E ratio 32.2 · P/S ratio 3.23 · EPS (TTM) 141.82 VND · Net margin 10.5% · Return on equity 1.3% · Return on assets (EBIT) 2.3% (5-year average) · Operating margin −9.6%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 44% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 33% fair-value upside, at −43%, KHG screens richer than that median.

Fair Value models

Bear 1,949 VND Fair Value 2,599 VND Bull 3,249 VND
Price 4,570 VND · Downside -43.1%
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 12 months old). Earnings retained since then (141.82 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 5,425 VND 5,913 VND 6,770 VND 71
P/S Multiple 1,949 VND 2,599 VND 3,249 VND 58
P/B Multiple 17,654 VND 23,539 VND 29,423 VND 55
All 4 models by family
Multiples
P/S Multiple 1,949 VND 2,599 VND 3,249 VND 58
P/B Multiple 17,654 VND 23,539 VND 29,423 VND 55
Asset-Based
NCAV (Graham) 373.56 VND 566.00 VND 707.50 VND 54
Economic Profit
Residual Income 5,425 VND 5,913 VND 6,770 VND 71

Open the full fair value analysis →

Quality Score breakdown

Overall quality 49/100

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

Profitability 20
How much profit the company makes from its sales and capital
Quality Growth 63
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 48
Debt, balance sheet and risk of trouble
Investment 98
Does it invest with discipline instead of growing at any price?
Low Volatility 84
How calm the share price moves, does not count
Price momentum 22
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 1
Distance to the 52-week high, does not count
New shares 82
Buys back shares or issues new ones?

Open the full quality analysis →

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. 40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+94.1%
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.
−24.5%
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.
+14.7%
Start year 2020 (pandemic)
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.
−17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
Dividend (yield on the price)0.0%
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.33% → 2%

KHG screens overvalued: fair value 43% below the price. Compare with Sun Hung Kai Properties Limited →

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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.Real Estate - Development · 489 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 49 · Above median
Fair Value upside −43.1% · Bottom 25%
Profitability
Return on equity (12 months) 1.3% · Below median
Return on assets 1.0% · Below median
Net margin (12 months) 10.5% · Above median
Operating margin (12 months) −9.6% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY) 7.8% · Above median
Balance sheet
Debt / equity 0.15× · Below median

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/E (12 months) 32.2× · Priciest 25%
P/B 0.39× · Cheaper than median
P/S (12 months) 3.23× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 68
FUTURE (revenue growth)39 · sector 0
PAST (return on equity)5 · sector 17
HEALTH (low debt)93 · sector 83
DIVIDEND (yield)0 · sector 61

VALUE 0: the price sits above our fair-value range.

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 Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
China Resources Land Limited 1109 HK$32.02 HK$80.05 +150% vs KHG
China Overseas Land & Investment Limited 0688 HK$13.18 HK$22.51 +71% vs KHG
Vinhomes Joint Stock Company VHM 62,100 VND 105,995 VND +71% vs KHG
CK Asset Holdings 1113 HK$49.12 HK$72.05 +47% vs KHG
Sun Hung Kai Properties Limited 0016 HK$117.70 HK$156.00 +33% vs KHG
Poly Developments and Holdings 600048 ¥5.60 ¥5.87 +5% vs KHG
China Merchants Shekou Industrial Zone Holdings 001979 ¥7.84 ¥5.64 −28% vs KHG
Lodha Developers Limited LODHA ₹1,179 ₹271.92 −77% vs KHG
DLF Limited DLF ₹752.90 ₹167.48 −78% vs KHG
Hongkong Land Holdings H78 $8.28 $1.52 −82% vs KHG

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Khai Hoan Land Group JSC: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Khai Hoan Land Group JSC Fair Value". https://www.fairvalue-calculator.com/stock/KHG

Frequently asked questions

Is Khai Hoan Land Group JSC (KHG) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of 2,599 VND versus a price of 4,570 VND, about 43% lower (overvalued).
What is the fair value of KHG?
Our model-based fair value for Khai Hoan Land Group JSC is 2,599 VND (as of Nov 9, 2026), built from audited fundamentals. The current price: 4,570 VND.
What is the quality score of KHG?
Khai Hoan Land Group JSC has a Quality Score of 49/100. 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 Khai Hoan Land Group JSC (KHG)?
Our model-based price target is the fair value of 2,599 VND (as of Nov 9, 2026) from 4 valuation models. Cautious scenario 1,949 VND, optimistic scenario 3,249 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Khai Hoan Land Group JSC stock forecast for 2026?
Our models put fair value at 2,599 VND, about 43% lower versus a price of 4,570 VND (overvalued). Cautious scenario 1,949 VND, optimistic scenario 3,249 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Khai Hoan Land Group JSC (KHG)?
Khai Hoan Land Group JSC reported trailing-twelve-month revenue of about 635B VND (latest available figure, as of Nov 9, 2026).
What is the intrinsic value of Khai Hoan Land Group JSC (KHG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Khai Hoan Land Group JSC it is 2,599 VND per share (as of Nov 9, 2026), against a price of 4,570 VND. It is the blended result of 4 valuation models in 3 families (Multiples, Asset-Based, Economic Profit).
Is Khai Hoan Land Group JSC stock overvalued or undervalued in 2026?
As of Nov 9, 2026, KHG trades above its calculated fair value: price 4,570 VND, fair value 2,599 VND, a gap of about −43% (overvalued). 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 KHG?
No. The price is what the market pays today (4,570 VND); the fair value is what the company's own numbers justify (2,599 VND). For Khai Hoan Land Group JSC the two are 1,971 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Khai Hoan Land Group JSC worth?
The market values Khai Hoan Land Group JSC at about 2.1T VND (market capitalisation, as of Nov 9, 2026). Per share that is 4,570 VND; our models calculate a fair value of 2,599 VND per share.
What do the bullish and bearish scenarios say about KHG?
Our models span a range for Khai Hoan Land Group JSC: cautious scenario 1,949 VND, base 2,599 VND, optimistic 3,249 VND per share (as of Nov 9, 2026, price 4,570 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KHG?
Khai Hoan Land Group JSC trades at a price-to-earnings ratio of 32.2 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 2,599 VND is built from several models across several years. Other multiples: P/B 0.4, P/S 3.2.
How solid is the balance sheet of Khai Hoan Land Group JSC (KHG)?
Balance-sheet figures for Khai Hoan Land Group JSC (as of Nov 9, 2026): return on equity 1.3%, debt of 0.15 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is KHG from its 52-week high?
Khai Hoan Land Group JSC trades at 4,570 VND, about 44% below its 52-week high of 8,200 VND and 3% above the low of 4,450 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 2,599 VND is for.
Which stocks are comparable to Khai Hoan Land Group JSC?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, CK Asset Holdings, DLF Limited, 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 Khai Hoan Land Group JSC stock attractive at the current price?
The data as of Nov 9, 2026: price 4,570 VND, calculated fair value 2,599 VND (−43%), Quality Score 49/100, from 4 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 KHG calculated?
We run Khai Hoan Land Group JSC through 4 models from 3 families: Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 2,599 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. Khai Hoan Land Group JSC itself currently trades above fair value. 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 Khai Hoan Land Group JSC (KHG)?
The closing price on Nov 6, 2026 was 4,570 VND. Our model-based fair value is 2,599 VND, about 43% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Khai Hoan Land Group JSC right now?
The price sits above even our optimistic bull case (3,249 VND). The favourable scenario is already priced in. Weak quality (49/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of Khai Hoan Land Group JSC

How large is the market capitalisation of Khai Hoan Land Group JSC (KHG)?
The market capitalisation of Khai Hoan Land Group JSC is 2.1T VND (≈ $80.3M). 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 Khai Hoan Land Group JSC (KHG)?
The price-to-sales ratio of Khai Hoan Land Group JSC is 3.23 (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 Khai Hoan Land Group JSC (KHG)?
Earnings per share at Khai Hoan Land Group JSC are 141.82 VND (price ÷ EPS = P/E 32.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Khai Hoan Land Group JSC (KHG)?
The net margin of Khai Hoan Land Group JSC is 10.5% (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 Khai Hoan Land Group JSC (KHG)?
The return on equity (ROE) of Khai Hoan Land Group JSC is 1.3% (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 Khai Hoan Land Group JSC (KHG)?
On an EBIT basis the return on assets of Khai Hoan Land Group JSC is 2.3% (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 Khai Hoan Land Group JSC (KHG)?
The operating margin of Khai Hoan Land Group JSC is −9.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Khai Hoan Land Group JSC (KHG)?
Revenue at Khai Hoan Land Group JSC is growing +7.8% versus a year earlier (3y avg −24.5%). 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 Khai Hoan Land Group JSC (KHG)?
Earnings per share at Khai Hoan Land Group JSC are growing −7.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Khai Hoan Land Group JSC (KHG) generate?
The free cash flow of Khai Hoan Land Group JSC is −443B 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 Khai Hoan Land Group JSC (KHG) carry?
The net debt of Khai Hoan Land Group JSC is 1.2T 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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