Ha Tien 1 Cement JSC (HT1) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Ha Tien 1 Cement JSC VND 12,195, price VND 11,800, upside +3.4%, quality 66 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 7,013 VND – 22,489 VND · fair‑value band 9,146 VND – 15,244 VND · the 11,800 VND price screens below the 12,195 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Ha Tien 1 Cement JSC (HT1) currently trades at 11,800 VND, while our model-based Fair Value estimate is 12,195 VND, implying the stock looks roughly 3.2% fairly valued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 15,912 VND per share, and 16 of the 22 models we run sit above the 11,800 VND price.
Bear case: the Earnings-Based group reads lowest at 5,962 VND, and 6 of the 22 models stay below the price. Evidence for this calculation is low.
Scenario range: 9,146 VND (bear) to 15,244 VND (bull), the price of 11,800 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 66/100 (solid quality), in the Basic Materials sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Ha Tien 1 Cement JSC 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.
Key figures
Market cap 4.5T VND · P/E ratio 12.5 · P/S ratio 0.46 · EPS (TTM) 945.00 VND · Net margin 3.7% · Return on equity 7.2% · Return on assets (EBIT) 4.3% · Operating margin 6.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 41% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Basic Materials peers we cover trades at −47% fair-value upside, at 3%, HT1 screens cheaper than that median.
Fair Value models
Bear 9,146 VNDFair Value 12,195 VNDBull 15,244 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (693.86 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.Evidence ⓘEvidence = 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
+7.0%
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.
−6.2%
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.
−1.6%
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.
−3.0%
’19
’20
’21
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’23
’24
’25
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
−34.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−34.9%
Dividend (yield on the price)0.0%
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.13% → 6%
2025 sits 355% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
The price assumes more growth than the company has delivered so far and less than 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).
+2.5%
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.
+16.0%
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 −1.5% a year for the price and +11.4% 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.Building Materials · 258 stocks
Beats the industry median on 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score66 · Top 25%
Fair Value upside−3% · Above median
Profitability
Return on equity (TTM)7% · Above median
Return on assets4% · Above median
Net margin (TTM)5% · Above median
Operating margin (TTM)7% · Above median
Growth and dividend
Revenue growth17% · Top 25%
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.01× · Lowest 25%
Valuation Multiplesvs Building Materials median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Ha Tien 1 Cement JSC Fair Value". https://www.fairvalue-calculator.com/stock/HT1
Frequently asked questions
Is Ha Tien 1 Cement JSC (HT1) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 12,195 VND versus a price of 11,800 VND, about +3% upside (fairly valued).
What is the fair value of HT1?
Our model-based fair value for Ha Tien 1 Cement JSC is 12,195 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 11,800 VND.
What is the quality score of HT1?
Ha Tien 1 Cement JSC 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 price target for Ha Tien 1 Cement JSC (HT1)?
Our model-based price target is the fair value of 12,195 VND (as of Sep 24, 2026) from 22 valuation models. Cautious scenario 9,146 VND, optimistic scenario 15,244 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Ha Tien 1 Cement JSC stock forecast for 2026?
Our models put fair value at 12,195 VND, about +3% upside versus a price of 11,800 VND (fairly valued). Cautious scenario 9,146 VND, optimistic scenario 15,244 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Ha Tien 1 Cement JSC (HT1)?
Ha Tien 1 Cement JSC reported trailing-twelve-month revenue of about 7.6T VND (latest available figure, as of Sep 24, 2026).
What growth is priced into Ha Tien 1 Cement JSC (HT1)?
For today's price to be fair in a discounted-cash-flow model, Ha Tien 1 Cement JSC would have to grow free cash flow by +2.5 % per year for five years (discount rate 15.1 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -1.6 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of HT1 use?
Our models discount Ha Tien 1 Cement JSC at 15.1 %: a base by market capitalisation (micro), damped by beta 0.69, 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 Tien 1 Cement JSC that is +2.5 % per year a year over ten years, using the same discount rate (15.1 %) and the same formula as our fair value.
How much growth has Ha Tien 1 Cement JSC (HT1) delivered so far?
Over the past 5 years revenue at Ha Tien 1 Cement JSC grew -1.6 % a year. The price currently implies +2.5 % per year free-cash-flow growth a 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 Tien 1 Cement JSC (HT1) growing?
The median revenue growth in the sector is +0.0 % a year. That is the yardstick for the growth priced into Ha Tien 1 Cement JSC (+2.5 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Ha Tien 1 Cement JSC (HT1)?
The free-cash-flow yield on the price is 12.83 %: that much free cash flow Ha Tien 1 Cement JSC produces per unit of market value. When it exceeds the discount rate of our models (15.1 %), 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 Tien 1 Cement JSC (HT1)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Ha Tien 1 Cement JSC it is 12,195 VND per share (as of Sep 24, 2026), against a price of 11,800 VND. It is the blended result of 22 valuation models (cash flow, earnings, asset, dividend).
Is Ha Tien 1 Cement JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HT1 trades below its calculated fair value: price 11,800 VND, fair value 12,195 VND, a gap of about +3% (fairly valued). 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 HT1?
No. The price is what the market pays today (11,800 VND); the fair value is what the company's own numbers justify (12,195 VND). For Ha Tien 1 Cement JSC the two are 394.95 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Ha Tien 1 Cement JSC worth?
The market values Ha Tien 1 Cement JSC at about 4.5T VND (market capitalisation, as of Sep 24, 2026). Per share that is 11,800 VND; our models calculate a fair value of 12,195 VND per share.
What do the bullish and bearish scenarios say about HT1?
Our models span a range for Ha Tien 1 Cement JSC: cautious scenario 9,146 VND, base 12,195 VND, optimistic 15,244 VND per share (as of Sep 24, 2026, price 11,800 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HT1?
Ha Tien 1 Cement JSC trades at a price-to-earnings ratio of 12.5 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12,195 VND is built from several models across several years. Other multiples: P/B 0.9, P/S 0.6, EV/EBITDA 3.9.
How solid is the balance sheet of Ha Tien 1 Cement JSC (HT1)?
Balance-sheet figures for Ha Tien 1 Cement JSC (as of Sep 24, 2026): return on equity 7.2%, debt of 0.01 per unit of equity. They feed the Quality Score of 66/100, which measures business quality independently of the share price.
How far is HT1 from its 52-week high?
Ha Tien 1 Cement JSC trades at 11,800 VND, about 41% below its 52-week high of 20,100 VND and 1% above the low of 11,650 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 12,195 VND is for.
Which stocks are comparable to Ha Tien 1 Cement JSC?
From the same area (Basic Materials) we also value CRH plc, Holcim AG, Vulcan Materials Company, UltraTech Cement 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 Tien 1 Cement JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 11,800 VND, calculated fair value 12,195 VND (+3%), Quality Score 66/100, from 22 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 HT1 calculated?
We run Ha Tien 1 Cement JSC through 22 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 12,195 VND, 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 13.0 % above its aggregate fair value. Ha Tien 1 Cement JSC currently trades 3 % 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 Tien 1 Cement JSC (HT1)?
The closing price on Sep 24, 2026 was 11,800 VND. Our model-based fair value is 12,195 VND, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Ha Tien 1 Cement JSC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual.
Key figures of Ha Tien 1 Cement JSC
How large is the market capitalisation of Ha Tien 1 Cement JSC (HT1)?
The market capitalisation of Ha Tien 1 Cement JSC is 4.5T VND. 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 Tien 1 Cement JSC (HT1)?
The price-to-sales ratio of Ha Tien 1 Cement JSC is 0.46 (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 Tien 1 Cement JSC (HT1)?
Earnings per share at Ha Tien 1 Cement JSC are 945.00 VND (price ÷ EPS = P/E 12.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Ha Tien 1 Cement JSC (HT1)?
The net margin of Ha Tien 1 Cement JSC is 3.7% (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 Tien 1 Cement JSC (HT1)?
The return on equity (ROE) of Ha Tien 1 Cement JSC is 7.2% (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 Tien 1 Cement JSC (HT1)?
On an EBIT basis the return on assets of Ha Tien 1 Cement JSC is 4.3% (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 Tien 1 Cement JSC (HT1)?
The operating margin of Ha Tien 1 Cement JSC is 6.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Ha Tien 1 Cement JSC (HT1)?
Revenue at Ha Tien 1 Cement JSC is growing +17.2% versus a year earlier (3y avg −6.2%). 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 Tien 1 Cement JSC (HT1)?
Earnings per share at Ha Tien 1 Cement JSC are growing +412% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Ha Tien 1 Cement JSC (HT1) carry?
The net debt of Ha Tien 1 Cement JSC is 99.6B VND (fiscal year 2025, ≈ 0.2 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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