Both stocks run through our valuation models. Here is how REFINE Co. (377450) and Vingroup JSC (VIC) compare, as of Aug 11, 2026.
As of Aug 11, 2026, Fair Value Calculator sees REFINE Co. as the less overvalued of the two: REFINE Co. trades at KRW 13,910 versus a fair value of KRW 6,222 (-55%), while Vingroup JSC trades at VND 208,500 versus VND 25,731 (-88%).
REFINE Co.
377450.KQ · KRW · Energy
-55%
upside to fair value
overvalued
PriceKRW 13,910
Fair ValueKRW 6,222
Quality55/100
Vingroup JSC
VIC.VN · VND · Consumer Discretionary
-88%
upside to fair value
overvalued
PriceVND 208,500
Fair ValueVND 25,731
Quality30/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
REFINE Co.Vingroup JSC
Valuation
—P/E (TTM)158.7×
—P/S (TTM)4.75×
—P/B11.25×
—EV/EBITDA45.5×
2.6%Dividend yield—
KRW 260Dividend per share—
Profitability
28%Net margin3%
37%Operating margin14%
19%Return on equity9%
0%Return on assets1%
Growth
-5%Revenue growth (YoY)25%
3.8%Avg. growth/yr (3Y)48.3%
2.6%Avg. growth/yr (5Y)24.6%
Balance & size
—Debt / equity1.51×
$133MMarket cap$64B
mixedGrowth qualityexpensive
Vingroup JSC leads: 3 to 4 metric wins.
Dash = not meaningfully computable, for example with negative equity.
Quality in detail
The quality score, broken down into the same factor families as on the stock page, 0 to 100 per family.
REFINE Co.of which business quality 54 · market factors 46Vingroup JSCof which business quality 31 · market factors 66
ProfitabilityMargins and returns on capital today
37
21
Quality GrowthAre margins and returns improving?
13
67
CashflowEarnings quality: real cash, not paper profit
InvestmentDisciplined investing over empire-building
46
16
Low VolatilityCalm price path (market factor)
64
22
MomentumPrice trend over the last 3–12 months (market factor)
43
80
52W MomentumDistance to the 52-week high (market factor)
32
91
Net IssuanceBuybacks instead of dilution
26
36
What the models say
The median fair value (base case) per model family, each in the currency of its trading venue. Green = above the current price, red = below.
REFINE Co.
DCF ModelsKRW 9,730
Earnings-BasedKRW 8,301
Dividend DiscountKRW 47
MultiplesKRW 7,452
Asset-BasedKRW 8,621
Growth DCFKRW 11,489
Economic ProfitKRW 9,646
Growth EarningsKRW 5,716
22 of 24 models see the stock below the current price.
Vingroup JSC
Earnings-BasedVND 41,154
Dividend DiscountVND 6,565
MultiplesVND 29,515
Asset-BasedVND 13,280
Economic ProfitVND 17,766
Growth EarningsVND 52,663
12 of 12 models see the stock below the current price.
Scenario ranges
From our cautious bear case to the optimistic bull case. The white tick is the current price: left of fair value means room to run.
REFINE Co.
Bear KRW 4,667Fair Value KRW 6,222Bull KRW 7,778
KRW 13,910 = current price (white tick)
Vingroup JSC
Bear VND 19,298Fair Value VND 25,731Bull VND 32,164
VND 208,500 = current price (white tick)
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Ranked within their sector
Where each stock sits within its sector peer group. Band = middle 50% of peers, tick = median, dot = this stock.
REFINE Co. · Energy
Quality score55 · above median
Fair value upside-55% · bottom 25%
Vingroup JSC · Consumer Discretionary
Quality score30 · bottom 25%
Fair value upside-88% · bottom 25%
Bottom line
As of Aug 11, 2026, Fair Value Calculator sees REFINE Co. as the less overvalued of the two: REFINE Co. trades at KRW 13,910 versus a fair value of KRW 6,222 (-55%), while Vingroup JSC trades at VND 208,500 versus VND 25,731 (-88%).
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
