Vincom Retail JSC (VRE) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Vincom Retail JSC stock VND 20,304, price VND 23,750, that is 14.5% below the price, quality 49 out of 100. Rating: overvalued. Calculated from audited financials with 9 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 4, 2026.
How to read this chart
60‑month range 15,549 VND – 41,914 VND · fair‑value band 18,256 VND – 23,789 VND · the 23,750 VND price screens above the 20,304 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 4, 2026.
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Vincom Retail Joint Stock Company, together with its subsidiaries, engages in the investment, construction, development, and leasing of shopping centers in Vietnam.
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It is also involved in real estate development and transfer activities; sale of real estate; and leases investment properties, as well as offers real estate and management consulting activities. Vincom Retail Joint Stock Company was founded in 2012 and is headquartered in Hanoi, Vietnam.
Stock analysis
Vincom Retail JSC (VRE) currently trades at 23,750 VND, while our model-based Fair Value estimate is 20,304 VND, 15% 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 36,826 VND per share, and 4 of the 9 models we run sit above the 23,750 VND price.
Bear case: the Dividend Discount group reads lowest at 8,658 VND, and 5 of the 9 models stay below the price. Data coverage for this calculation is low.
Scenario range: 18,256 VND (bear) to 23,789 VND (bull), the price of 23,750 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 49/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue growth is weak: less than 2 % a year.
Vincom Retail JSC reported revenue of 8.8T VND in FY2025 versus 5.9T VND in FY2021, a compound +10.7%/yr. Reported net income was 6.4T VND in FY2025, compounding +48.8%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 54.0T VND (≈ $2.1B) Mid · P/E ratio 7.3 · P/S ratio 5.77 · EPS (TTM) 3,241 VND · Dividend yield 4.2% · Net margin 79.1% · Return on equity 15.3% · Return on assets (EBIT) 7.1% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 74 out of 100 (low confidence).
What moves the price
The share trades about 36% below its 52-week high and 12% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at −15%, VRE screens cheaper than that median.
Fair Value models
Bear18,256 VNDFair Value 20,304 VNDBull23,789 VND
Price 23,750 VND · Downside -14.5%
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 (1,922 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.
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.26/100
Revenue growth is weak: less than 2 % a year.
Revenue growth 1 year
−1.1%
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.
+6.3%
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.
+1.2%
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.
−0.8%
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’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. Basis: EBIT basis. 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.
≈ +8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+4.6%
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.37% → 44%
⚠ Rate on operating basis: 2025 sits 57% above its own trend.
Price, fair value, quality and upside side by side.
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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 - Diversified · 114 stocks
Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−14.5% · Below median
Profitability
Return on equity (12 months)15.3% · Top 25%
Return on assets10.5% · Top 25%
Net margin (12 months)79.1% · Top 25%
Operating margin (12 months)46.4% · Above median
Growth and dividend
Revenue growth (quarter YoY)5.5% · Above median
Dividend yield (12 months)4.2% · Above median
Balance sheet
Debt / equity0.13× · Lowest 25%
Valuation Multiplesvs Real Estate - Diversified median · lower = cheaper
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Is Vincom Retail JSC (VRE) overvalued or undervalued?
As of Nov 4, 2026, our model estimates a fair value of 20,304 VND versus a price of 23,750 VND, about 15% lower (overvalued).
What is the fair value of VRE?
Our model-based fair value for Vincom Retail JSC is 20,304 VND (as of Nov 4, 2026), built from audited fundamentals. The current price: 23,750 VND.
What is the quality score of VRE?
Vincom Retail 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 Vincom Retail JSC (VRE)?
Our model-based price target is the fair value of 20,304 VND (as of Nov 4, 2026) from 9 valuation models. Cautious scenario 18,256 VND, optimistic scenario 23,789 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Vincom Retail JSC stock forecast for 2026?
Our models put fair value at 20,304 VND, about 15% lower versus a price of 23,750 VND (overvalued). Cautious scenario 18,256 VND, optimistic scenario 23,789 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Vincom Retail JSC (VRE)?
Vincom Retail JSC reported trailing-twelve-month revenue of about 9.4T VND (latest available figure, as of Nov 4, 2026).
Does Vincom Retail JSC pay a dividend?
Vincom Retail JSC currently shows a dividend yield of 4.21% relative to its recent price (as of Nov 4, 2026).
How much is the dividend of Vincom Retail JSC (VRE) and when is the ex-dividend date?
Vincom Retail JSC pays a dividend of 1,000 VND per share a year, a dividend yield of 4.2%. The last ex-dividend date was Jun 30, 2026. The payout ratio is 30.9% of earnings. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What is the intrinsic value of Vincom Retail JSC (VRE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vincom Retail JSC it is 20,304 VND per share (as of Nov 4, 2026), against a price of 23,750 VND. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Vincom Retail JSC stock overvalued or undervalued in 2026?
As of Nov 4, 2026, VRE trades above its calculated fair value: price 23,750 VND, fair value 20,304 VND, a gap of about −15% (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 VRE?
No. The price is what the market pays today (23,750 VND); the fair value is what the company's own numbers justify (20,304 VND). For Vincom Retail JSC the two are 3,446 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Vincom Retail JSC worth?
The market values Vincom Retail JSC at about 54.0T VND (market capitalisation, as of Nov 4, 2026). Per share that is 23,750 VND; our models calculate a fair value of 20,304 VND per share.
What do the bullish and bearish scenarios say about VRE?
Our models span a range for Vincom Retail JSC: cautious scenario 18,256 VND, base 20,304 VND, optimistic 23,789 VND per share (as of Nov 4, 2026, price 23,750 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VRE?
Vincom Retail JSC trades at a price-to-earnings ratio of 7.3 (as of Nov 4, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 20,304 VND is built from several models across several years. Median P/E at fiscal year-end, 7 fiscal years (2019 to 2025), reported earnings, FY2025 ex one-offs: 21.5. Other multiples: P/B 1.1, P/S 5.8, EV/EBITDA 10.0.
How solid is the balance sheet of Vincom Retail JSC (VRE)?
Balance-sheet figures for Vincom Retail JSC (as of Nov 4, 2026): return on equity 15.3%, debt of 0.13 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is VRE from its 52-week high?
Vincom Retail JSC trades at 23,750 VND, about 36% below its 52-week high of 37,230 VND and 12% above the low of 21,300 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 20,304 VND is for.
Which stocks are comparable to Vincom Retail JSC?
From the same area (Real Estate) we also value Swiss Prime Site AG, The Phoenix Mills Limited, Prestige Estates Projects Limited, Umm Al Qura for Development and Construction 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 Vincom Retail JSC stock attractive at the current price?
The data as of Nov 4, 2026: price 23,750 VND, calculated fair value 20,304 VND (−15%), Quality Score 49/100, from 9 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 VRE calculated?
We run Vincom Retail JSC through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 20,304 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. Vincom Retail 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 Vincom Retail JSC (VRE)?
The closing price on Nov 6, 2026 was 23,750 VND. Our model-based fair value is 20,304 VND, about 15% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vincom Retail JSC right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Vincom Retail JSC
How large is the market capitalisation of Vincom Retail JSC (VRE)?
The market capitalisation of Vincom Retail JSC is 54.0T VND (≈ $2.1B). 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 Vincom Retail JSC (VRE)?
The price-to-sales ratio of Vincom Retail JSC is 5.77 (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 Vincom Retail JSC (VRE)?
Earnings per share at Vincom Retail JSC are 3,241 VND (price ÷ EPS = P/E 7.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vincom Retail JSC (VRE)?
The dividend yield of Vincom Retail JSC is 4.2% (payout 30.9%). 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 Vincom Retail JSC (VRE)?
The net margin of Vincom Retail JSC is 79.1% (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 Vincom Retail JSC (VRE)?
The return on equity (ROE) of Vincom Retail JSC is 15.3% (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 Vincom Retail JSC (VRE)?
On an EBIT basis the return on assets of Vincom Retail JSC is 7.1% (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 Vincom Retail JSC (VRE)?
The operating margin of Vincom Retail JSC is 46.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vincom Retail JSC (VRE)?
Revenue at Vincom Retail JSC is growing +5.5% versus a year earlier (3y avg +6.3%). 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 Vincom Retail JSC (VRE)?
Earnings per share at Vincom Retail JSC are growing +10.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vincom Retail JSC (VRE) generate?
The free cash flow of Vincom Retail JSC is −5.9T 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 Vincom Retail JSC (VRE) carry?
The net debt of Vincom Retail JSC is 2.0T 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 4, 2026