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Vicem Ha Tien Cement Joint Stock Company (HT1) Fair Value & Analysis

Basic Materials · VN · Market cap 4.8T VND

VH Vicem Ha Tien Cement Joint Stock Company HT1 · VN
Price13,300 VND
Fair Value14,347 VND
Upside+7.9%
Quality66/100
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Weak Growth
Thin margins · 4.7% net margin
Low debt · generates free cash flow
Ranks above peers (12/14)
Narrow moat 39/100
Evidence: High Range 10,760 VND – 17,934 VND Share as image

Fair value as of: Jul 20, 2026

From 22 valuation models · updated 21 days ago

Share price +1.5% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from 10,760 VND (bear) to 17,934 VND (bull), base 14,347 VND. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 66/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

22,489 VND 7,013 VND Fair Value 14,347 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.

How to read this chart

60‑month range 7,013 VND – 22,489 VND · fair‑value band 10,760 VND – 17,934 VND · the 13,300 VND price screens below the 14,347 VND fair value. Dashed = 300-day average. As of Jul 20, 2026.

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Analysis

Vicem Ha Tien Cement Joint Stock Company (HT1) currently trades at 13,300 VND, while our model-based Fair Value estimate is 14,347 VND, implying the stock looks roughly 7.9% fairly valued today. The Quality Score stands at 66/100 (solid quality), in the Basic Materials sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Vicem Ha Tien Cement Joint Stock Company generated revenue of 7.6T VND at a net margin of 4.7%. Revenue grew 17.2% year over year. It earns a return on equity of 7.2%. Net debt stands at 99.6B VND. Fundamentals as of Jul 20, 2026

Our scenario range runs from 10,760 VND (bear case) to 17,934 VND (bull case); at 13,300 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 37% below its 52-week high and 17% above its 52-week low, currently below its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at -59% fair-value upside, at 8%, HT1 screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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. Evidence
Highest evidence
Growth DCF 17,556 VND 23,976 VND 35,402 VND 80
Residual Income 10,481 VND 10,747 VND 10,730 VND 76
Rev-Margin DCF 12,847 VND 17,858 VND 24,075 VND 74
All 22 models by family
DCF Models
FCF DCF 16,761 VND 23,317 VND 35,935 VND 38
Owner Earnings 18,345 VND 25,572 VND 39,482 VND 31
5Y Revenue Exit 12,847 VND 17,508 VND 24,268 VND 39
5Y EBITDA Exit 17,661 VND 25,846 VND 36,690 VND 41
5Y P/E Exit 11,944 VND 15,945 VND 20,756 VND 38
10Y Revenue Exit 13,924 VND 17,599 VND 21,478 VND 36
10Y EBITDA Exit 17,192 VND 22,876 VND 28,941 VND 37
10Y P/E Exit 13,642 VND 16,610 VND 19,367 VND 35
Earnings-Based
Graham-Dodd 4,878 VND 5,962 VND 6,707 VND 54
EPV 10,643 VND 12,294 VND 13,762 VND 59
Multiples
P/E Multiple 9,146 VND 12,195 VND 15,244 VND 63
P/S Multiple 9,146 VND 12,195 VND 15,244 VND 58
P/B Multiple 9,146 VND 12,195 VND 15,244 VND 55
EV/EBIT 12,939 VND 16,825 VND 20,710 VND 53
EV/EBITDA 21,054 VND 27,644 VND 34,234 VND 54
EV/Revenue 11,385 VND 15,715 VND 20,044 VND 43
Asset-Based
NCAV (Graham) 6,655 VND 8,918 VND 13,310 VND 50
Growth DCF
Growth DCF 17,556 VND 23,976 VND 35,402 VND 80
Rev-Margin DCF 12,847 VND 17,858 VND 24,075 VND 74
Economic Profit
Residual Income 10,481 VND 10,747 VND 10,730 VND 76
ROIC Compounder 10,643 VND 12,294 VND 13,937 VND 72
Growth Earnings
Growth-Adj P/E 6,516 VND 9,308 VND 12,101 VND 68

Widest divergence: Growth DCF (17,858 VND) versus Earnings-Based (5,962 VND). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 7.6T VND
Revenue growth (YoY) +17.2%
Net margin 4.7%
Return on equity 7.2%
Free cash flow 578B VND FY2025
P/E ratio 13.2
More key figures
Operating margin 6.9%
EPS (TTM) 945.00 VND
EPS growth (YoY) +412%
Net debt 99.6B VND FY2025

Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 66/100

Of which business quality 65 · Market factors (momentum, volatility) 38

Profitability 37
Margins and returns on capital today
Quality Growth 63
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 66
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 31
Price trend over the last 3–12 months (market factor)
52W Momentum 19
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Vicem Ha Tien Cement Joint Stock Company engages in production and trading of cement, building materials, clinker, construction materials, and supplies in Vietnam. The company offers building materials, including bricks, tiles, mortar, and concrete.

Full company description

Vicem Ha Tien Cement Joint Stock Company engages in production and trading of cement, building materials, clinker, construction materials, and supplies in Vietnam. The company offers building materials, including bricks, tiles, mortar, and concrete. It also undertakes civil construction works and construction of traffic works; trades in real estate, such as office building for leasing; exploits stone, sand, gravel, and clay; and collects and disposes waste and recycling scrap. The company was formerly known as Ha Tien 1 Cement Joint Stock Company. Vicem Ha Tien Cement Joint Stock Company was founded in 1964 and is headquartered in Ho Chi Minh City, Vietnam.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Vicem Ha Tien Cement Joint Stock Company reported revenue of 7.4T VND in FY2025 versus 7.1T VND in FY2021, a compound +1.0%/yr. Reported net income was 274B VND in FY2025, compounding −7.2%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
7.4T VND
Latest YoY
+7.0%
Avg. growth/yr (3Y) 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.
−6.2%
Avg. growth/yr (5Y) 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.
−1.6%
Avg. growth/yr (6Y) 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.
−3.0%
Revenue +1.0%/yr
FY21 7.1T VND
FY22 8.9T VND
FY23 7.0T VND
FY24 6.9T VND
FY25 7.4T VND
Net income −7.2%/yr
FY21 369B VND
FY22 258B VND
FY23 17.7B VND
FY24 60.1B VND
FY25 274B VND

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Cite: Fair Value Calculator (2026). "Vicem Ha Tien Cement Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/HT1

Peer Group

Building Materials · 253 stocks

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.

Quality Score 66 · Top 25%
Fair Value upside +8% · Above median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 5% · Above median
Operating margin (TTM) 7% · Above median
Revenue growth 17% · Top 25%
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Building Materials median · lower = cheaper

P/E (TTM) 13.2× · Cheaper than median
P/B 0.94× · Pricier than median
P/S (TTM) 0.63× · Cheaper than median
P/FCF 0.0× · Cheaper than 75% of peers
EV/EBITDA 3.8× · Cheaper than median

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 44 · sector 27
FUTURE 86 · sector 2
PAST 29 · sector 15
HEALTH 100 · sector 92
DIVIDEND 0 · sector 42

Insider activity: 40/100

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Building Materials stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).

Stock Price Fair Value vs Fair Value
CRH plc CRH $102.92 $70.57 -31%
UltraTech Cement Limited ULTRACEMCO ₹11,711 ₹4,719 -60%
China Jushi Co 600176 ¥54.52 ¥13.95 -74%
Grasim Industries Limited GRASIM ₹3,073 ₹1,245 -59%
CEMEX, S.A. CEMEXCPO 21.71 MXN 15.42 MXN -29%
Anhui Conch Cement Company 600585 ¥16.99 ¥26.14 +54%
Ambuja Cements Limited AMBUJACEM ₹435.25 ₹227.96 -48%
Shree Cement Limited SHREECEM ₹26,930 ₹8,215 -69%
TCC Group 1101B 43.70 TWD 10.48 TWD -76%
Taiwan Glass Ind. Corp 1802 53.30 TWD 13.98 TWD -74%

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Frequently asked questions

Is Vicem Ha Tien Cement Joint Stock Company (HT1) overvalued or undervalued?
As of Jul 20, 2026, our model estimates a fair value of 14,347 VND versus a price of 13,300 VND, about +8% (fairly valued).
What is the fair value of HT1?
Our model-based fair value for Vicem Ha Tien Cement Joint Stock Company is 14,347 VND (as of Jul 20, 2026), built from audited fundamentals. The current price is 13,300 VND.
What is the quality score of HT1?
Vicem Ha Tien Cement Joint Stock Company has a Quality Score of 66/100. 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 revenue of Vicem Ha Tien Cement Joint Stock Company (HT1)?
Vicem Ha Tien Cement Joint Stock Company reported trailing-twelve-month revenue of about 7.6T VND (latest available figure, as of Jul 20, 2026).
What is the net profit margin of HT1?
The net profit margin of Vicem Ha Tien Cement Joint Stock Company is about 4.7%, meaning it keeps roughly 4.7% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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