STOCK COMPARISON
Vingroup JSC vs Ke Holdings: Fair Value & Quality
Both stocks run through our valuation models. Here is how Vingroup JSC (VIC) and Ke Holdings (2423) compare, as of Aug 8, 2026.
As of Aug 8, 2026, Fair Value Calculator sees Ke Holdings as the less overvalued of the two: Vingroup JSC trades at VND 218,800 versus a fair value of VND 25,731 (-88%), while Ke Holdings trades at HK$43.54 versus HK$18.03 (-59%).
Vingroup JSC
VIC.VN · VND · Consumer Discretionary
-88%
upside to fair value
overvalued
PriceVND 218,800
Fair ValueVND 25,731
Quality41/100
Ke Holdings
2423.HK · HKD · Real Estate
-59%
upside to fair value
overvalued
PriceHK$43.54
Fair ValueHK$18.03
Quality53/100
Head-to-head numbers
Green value = the better side for that row (for valuation multiples: lower = cheaper).
Vingroup JSCKe Holdings
Valuation
158.7×P/E (TTM)34.1×
4.75×P/S (TTM)1.38×
11.25×P/B1.87×
45.5×EV/EBITDA27.4×
—PEG0.44×
—Dividend yield5.1%
—Dividend per shareHK$1.93
Profitability
3%Net margin4%
14%Operating margin7%
9%Return on equity5%
1%Return on assets2%
Growth
25%Revenue growth (YoY)-19%
48.3%Avg. growth/yr (3Y)14.9%
24.6%Avg. growth/yr (5Y)5.5%
Balance & size
1.51×Debt / equity0.01×
$64BMarket cap$16B
expensiveGrowth qualityexpensive
Ke Holdings leads: 5 to 7 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.
Vingroup JSCof which business quality 31 · market factors 67
Ke Holdingsof which business quality 56 · market factors 44
ProfitabilityMargins and returns on capital today
21
34
Quality GrowthAre margins and returns improving?
67
40
CashflowEarnings quality: real cash, not paper profit
46
13
Fin. StrengthBalance sheet, leverage, solvency risk
7
83
InvestmentDisciplined investing over empire-building
16
100
Low VolatilityCalm price path (market factor)
22
74
MomentumPrice trend over the last 3–12 months (market factor)
82
31
52W MomentumDistance to the 52-week high (market factor)
94
34
Net IssuanceBuybacks instead of dilution
36
96
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.
Vingroup JSC
Earnings-BasedVND 41,154
Dividend DiscountVND 6,565
MultiplesVND 28,001
Asset-BasedVND 13,280
Economic ProfitVND 17,766
Growth EarningsVND 50,794
12 of 12 models see the stock below the current price.
Ke Holdings
DCF ModelsHK$34.65
Earnings-BasedHK$14.17
Dividend DiscountHK$15.46
MultiplesHK$16.30
Asset-BasedHK$13.94
Economic ProfitHK$12.34
Growth EarningsHK$20.62
17 of 17 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.
Vingroup JSC
Bear VND 19,298Fair Value VND 25,731Bull VND 32,164
VND 218,800 = current price (white tick)
Ke Holdings
Bear HK$13.52Fair Value HK$18.03Bull HK$22.54
HK$43.54 = current price (white tick)
Compare two other stocks
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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.
Vingroup JSC · Consumer Discretionary
Quality score41 · bottom 25%
Fair value upside-88% · bottom 25%
Ke Holdings · Real Estate
Quality score53 · above median
Fair value upside-59% · bottom 25%
Bottom line
As of Aug 8, 2026, Fair Value Calculator sees Ke Holdings as the less overvalued of the two: Vingroup JSC trades at VND 218,800 versus a fair value of VND 25,731 (-88%), while Ke Holdings trades at HK$43.54 versus HK$18.03 (-59%).
Ke Holdings has the higher quality score (53/100).
See the full analysis →
More comparisons
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A model-based valuation snapshot from 21 models. Values change with price and fundamentals; the date shown above applies.
