Ha Do Group JSC (HDG) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Ha Do Group JSC stock VND 19,627, price VND 16,200, upside +21.2%, quality 55 out of 100. Rating: undervalued. Calculated from audited financials with 16 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 6, 2026.
How to read this chart
60‑month range 13,493 VND – 35,546 VND · fair‑value band 11,156 VND – 28,265 VND · the 16,200 VND price screens below the 19,627 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Ha Do Group Joint Stock Company, together with its subsidiaries, engages in the electricity generation, transmission, and distribution activities in Vietnam. It operates through Real Estate Activities; Sales of Electricity; and Leasing Services, Construction Services and Other Activities segments.
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The company is involved in investment, construction, and trading in real estate properties; hospitality services; and rents office, as well as engages in generation, transmission and distribution of electricity; and rendering hotel services, leasing services for office buildings, commercial areas, construction, and other related services.
It also engages in design and construction investment consultancy; and real estate auction services. The company was founded in 1990 and is headquartered in Hanoi, Vietnam.
Stock analysis
Ha Do Group JSC (HDG) currently trades at 16,200 VND, while our model-based Fair Value estimate is 19,627 VND, implying the stock looks roughly 17% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 32,361 VND per share, and 9 of the 16 models we run sit above the 16,200 VND price.
Bear case: the Asset-Based group reads lowest at 10,841 VND, and 7 of the 16 models stay below the price. Data coverage for this calculation is low.
Scenario range: 11,156 VND (bear) to 28,265 VND (bull), the price of 16,200 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 55/100 (solid 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.
Ha Do Group JSC reported revenue of 2.8T VND in FY2025 versus 3.8T VND in FY2021, a compound −7.3%/yr. Reported net income was 770B VND in FY2025, compounding −8.4%/yr from FY2021.
Key figures
Market cap 6.0T VND (≈ $234M) Micro · P/E ratio 9.9 · P/S ratio 2.72 · EPS (TTM) 1,644 VND · Dividend yield 2.8% · Net margin 27.6% · Return on equity 14.1% · Return on assets (EBIT) 11.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 70 out of 100 (low confidence).
What moves the price
The share trades about 46% 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 33% fair-value upside, at 21%, HDG screens richer than that median.
Fair Value models
Bear11,156 VNDFair Value 19,627 VNDBull28,265 VND
Price 16,200 VND · Upside +21.2%
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 (1,020 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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+2.5%
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.
−10.2%
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.
−11.0%
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.
−7.1%
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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.
−7.2%
Earnings growth per share plus dividend.
Earnings per share, growth per year−10.0%
Dividend (yield on the price)2.8%
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% → 53%
Growth Forecast
Price in line with expectations
The price assumes more growth than the company has delivered so far and about what analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+9.4%
Yearly sales growth analysts expect, extended to five years.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +4.9% a year for the price and +5.1% for the forecasts.
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 - Development · 489 stocks
Beats the industry median on 7/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score55 · Above median
Fair Value upside+21.9% · Below median
Profitability
Return on equity (12 months)14.1% · Top 25%
Return on assets6.7% · Top 25%
Net margin (12 months)43.5% · Top 25%
Operating margin (12 months)81.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−16.6% · Below median
Dividend yield (12 months)2.8% · Below median
Balance sheet
Debt / equity0.59× · Above median
Valuation Multiplesvs Real Estate - Development median · lower = cheaper
P/E (12 months)9.9× · Cheaper than median
P/B0.88× · Pricier than median
P/S (12 months)2.77× · Pricier than median
Price / free cash flow (fiscal year)8.3× · Pricier than median
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). "Ha Do Group JSC Fair Value". https://www.fairvalue-calculator.com/stock/HDG
Frequently asked questions
Is Ha Do Group JSC (HDG) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 19,627 VND versus a price of 16,200 VND, about +21% upside (undervalued).
What is the fair value of HDG?
Our model-based fair value for Ha Do Group JSC is 19,627 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 16,200 VND.
What is the quality score of HDG?
Ha Do Group JSC has a Quality Score of 55/100. 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 Ha Do Group JSC (HDG)?
Our model-based price target is the fair value of 19,627 VND (as of Nov 6, 2026) from 16 valuation models. Cautious scenario 11,156 VND, optimistic scenario 28,265 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Ha Do Group JSC stock forecast for 2026?
Our models put fair value at 19,627 VND, about +21% upside versus a price of 16,200 VND (undervalued). Cautious scenario 11,156 VND, optimistic scenario 28,265 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Ha Do Group JSC (HDG)?
Ha Do Group JSC reported trailing-twelve-month revenue of about 2.8T VND (latest available figure, as of Nov 6, 2026).
Does Ha Do Group JSC pay a dividend?
Ha Do Group JSC currently shows a dividend yield of 2.81% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Ha Do Group JSC (HDG) and when is the ex-dividend date?
Ha Do Group JSC pays a dividend of 454.55 VND per share a year, a dividend yield of 2.8%. The last ex-dividend date was Mar 12, 2026. The payout ratio is 27.7% of earnings. Free cash flow covers the dividend 5.01 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Ha Do Group JSC (HDG)?
For today's price to be fair in a discounted-cash-flow model, Ha Do Group JSC would have to grow free cash flow by +9.2 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -11.0 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of HDG use?
Our models discount Ha Do Group JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.37, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Ha Do Group JSC that is +9.2 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Ha Do Group JSC (HDG) delivered so far?
Over the past 5 years revenue at Ha Do Group JSC grew -11.0 % a year. The price currently implies free-cash-flow growth of +9.2 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Ha Do Group JSC (HDG) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Ha Do Group JSC (+9.2 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ha Do Group JSC (HDG)?
The free-cash-flow yield on the price is 15.46 %: that much free cash flow Ha Do Group JSC produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Ha Do Group JSC (HDG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ha Do Group JSC it is 19,627 VND per share (as of Nov 6, 2026), against a price of 16,200 VND. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Ha Do Group JSC stock overvalued or undervalued in 2026?
As of Nov 6, 2026, HDG trades below its calculated fair value: price 16,200 VND, fair value 19,627 VND, a gap of about +21% (undervalued). 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 HDG?
No. The price is what the market pays today (16,200 VND); the fair value is what the company's own numbers justify (19,627 VND). For Ha Do Group JSC the two are 3,427 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Ha Do Group JSC worth?
The market values Ha Do Group JSC at about 6.0T VND (market capitalisation, as of Nov 6, 2026). Per share that is 16,200 VND; our models calculate a fair value of 19,627 VND per share.
What do the bullish and bearish scenarios say about HDG?
Our models span a range for Ha Do Group JSC: cautious scenario 11,156 VND, base 19,627 VND, optimistic 28,265 VND per share (as of Nov 6, 2026, price 16,200 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HDG?
Ha Do Group JSC trades at a price-to-earnings ratio of 9.9 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19,627 VND is built from several models across several years. Other multiples: P/B 0.9, P/S 2.8, EV/EBITDA 6.1.
How solid is the balance sheet of Ha Do Group JSC (HDG)?
Balance-sheet figures for Ha Do Group JSC (as of Nov 6, 2026): return on equity 14.1%, debt of 0.59 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is HDG from its 52-week high?
Ha Do Group JSC trades at 16,200 VND, about 46% below its 52-week high of 29,996 VND and 12% above the low of 14,500 VND (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 19,627 VND is for.
Which stocks are comparable to Ha Do 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 Ha Do Group JSC stock attractive at the current price?
The data as of Nov 6, 2026: price 16,200 VND, calculated fair value 19,627 VND (+21%), Quality Score 55/100, from 16 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 HDG calculated?
We run Ha Do Group JSC through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 19,627 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. Ha Do Group JSC currently trades 17% 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 Ha Do Group JSC (HDG)?
The closing price on Nov 9, 2026 was 16,200 VND. Our model-based fair value is 19,627 VND, about +21% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ha Do Group JSC right now?
Solid quality (55/100) at a price below fair value, the discount is the argument here, not the business quality. A fairly wide model range (11,156 VND to 28,265 VND) leaves room in how you read the outcome. 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 Ha Do Group JSC
How large is the market capitalisation of Ha Do Group JSC (HDG)?
The market capitalisation of Ha Do Group JSC is 6.0T VND (≈ $234M). 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 Ha Do Group JSC (HDG)?
The price-to-sales ratio of Ha Do Group JSC is 2.72 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Ha Do Group JSC (HDG)?
Earnings per share at Ha Do Group JSC are 1,644 VND (price ÷ EPS = P/E 9.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Ha Do Group JSC (HDG)?
The dividend yield of Ha Do Group JSC is 2.8% (payout 27.7%). 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 Ha Do Group JSC (HDG)?
The net margin of Ha Do Group JSC is 27.6% (fiscal year 2025). 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 Ha Do Group JSC (HDG)?
The return on equity (ROE) of Ha Do Group JSC is 14.1% (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 Ha Do Group JSC (HDG)?
On an EBIT basis the return on assets of Ha Do Group JSC is 11.2% (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 Ha Do Group JSC (HDG)?
The operating margin of Ha Do Group JSC is 81.4% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ha Do Group JSC (HDG)?
Revenue at Ha Do Group JSC is growing −16.6% versus a year earlier (3y avg −10.2%). 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 Ha Do Group JSC (HDG)?
Earnings per share at Ha Do Group JSC are growing −67.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ha Do Group JSC (HDG) carry?
The net debt of Ha Do Group JSC is 4.4T VND (fiscal year 2025, ≈ 4.8 yrs of FCF). 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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Nov 6, 2026