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Khai Hoan Land Group JSC (KHG) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Khai Hoan Land Group JSC VND 1,987, price VND 4,550, upside -56.3%, quality 51 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? Yes
  3. Add to watchlist

Real Estate · VN

KH Thin data Sep 24, 2026

Khai Hoan Land Group JSC

KHG · VN

Stretched ValuationStrong overvaluation with only moderate quality.

!Fair value 1,987 VND · Strongly overvalued (−56%)
!Quality 51/100
!Weak Growth (revenue 5y +14.7 %/yr)
✓Solidly profitable · 11.0% net margin (TTM)
!Low debt · negative free cash flow
!Mixed vs. peers (5/11)
!Narrow moat 32/100
!Evidence only low, so the estimate is less certain
!Weak on past: 5 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

16,475 VND 4,050 VND Fair Value 1,987 VND Sep 2021 Sep 2026

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 4,050 VND – 16,475 VND · fair‑value band 1,491 VND – 2,888 VND · the 4,550 VND price screens above the 1,987 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Khai Hoan Land Group Joint Stock Company, together with its subsidiaries, provides real estate brokerage services in Vietnam.

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Khai Hoan Land Group Joint Stock Company, together with its subsidiaries, provides real estate brokerage services in Vietnam. The company engages in real estate consulting; brokerage services; auction of real estate and land use rights; housing construction; site preparation; construction of other civil engineering works; trading of real estate; civil design activities; and landscape maintenance services. It is also involved in hotel services; trade promotion; restaurants and catering services; retailing other goods in specialized stores; wholesale of other household appliances; career education; and other recreational activities. The company was incorporated in 2009 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

Khai Hoan Land Group JSC (KHG) currently trades at 4,550 VND, while our model-based Fair Value estimate is 1,987 VND, implying the stock looks roughly 128.9% overvalued today.

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Valuation

Bull case: the Asset-Based group reads highest at a median of 7,886 VND per share, and 3 of the 7 models we run sit above the 4,550 VND price.

Bear case: the Multiples group reads lowest at 1,987 VND, and 4 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: 1,491 VND (bear) to 2,888 VND (bull), the price of 4,550 VND sits above 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 51/100 (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.

Khai Hoan Land Group JSC reported revenue of 601B VND in FY2025 versus 1.3T VND in FY2021, a compound −17.3%/yr. Reported net income was 68.7B VND in FY2025, compounding −36.2%/yr from FY2021.

Key figures

Market cap 2.0T VND · P/E ratio 29.9 · P/S ratio 3.42 · EPS (TTM) 152.08 VND · Net margin 11.4% · Return on equity 1.3% · Return on assets (EBIT) 2.3% · Operating margin 2.0%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 44 out of 100 (low confidence).

What moves the price

The share trades about 48% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at −56%, KHG screens richer than that median.

Fair Value models

Bear 1,491 VND Fair Value 1,987 VND Bull 2,888 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 12 months old). Earnings retained since then (150.00 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.
Highest evidence
Owner Earnings 1,246 VND 3,403 VND 6,829 VND 71
Residual Income 7,273 VND 6,516 VND 4,175 VND 71
Graham-Dodd 1,040 VND 6,045 VND 8,412 VND 63
All 7 models by family
DCF Models
Owner Earnings 1,246 VND 3,403 VND 6,829 VND 71
Earnings-Based
Graham-Dodd 1,040 VND 6,045 VND 8,412 VND 63
Lynch FV 1,709 VND 2,441 VND 3,174 VND 61
Multiples
P/E Multiple 1,491 VND 1,987 VND 2,484 VND 63
P/B Multiple 1,949 VND 2,599 VND 3,249 VND 55
Asset-Based
NCAV (Graham) 5,885 VND 7,886 VND 11,770 VND 54
Economic Profit
Residual Income 7,273 VND 6,516 VND 4,175 VND 71

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Quality Score breakdown

Overall quality 51/100

Of which business quality 47 · Market factors (momentum, volatility) 33

Profitability 20
Margins and returns on capital today
Quality Growth 78
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 48
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 81
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 82
Share count: buybacks or dilution?

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Revenue & earnings trend

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
+94.1%
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.
−24.5%
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.
+14.7%
Start year 2020 (pandemic)
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.
−17.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−17.1%
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.33% → 2%

KHG screens 129% overvalued. Compare with Sun Hung Kai Properties Limited →

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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 · 577 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 52 · Above median
Fair Value upside −57% · Bottom 25%
Profitability
Return on equity (TTM) 1% · Below median
Return on assets 0% · Below median
Net margin (TTM) 11% · Above median
Operating margin (TTM) 2% · Below median
Growth and dividend
Revenue growth 22% · Above median
Balance sheet
Debt / equity 0.15× · Below median

Valuation Multiplesvs Real Estate - Development median · lower = cheaper

P/E (TTM) 29.9× · Priciest 25%
P/B 0.39× · Cheaper than median
P/S (TTM) 3.29× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 49
FUTURE (revenue growth)100 · sector 0
PAST (return on equity)5 · sector 12
HEALTH (low debt)93 · sector 83
DIVIDEND (yield)0 · sector 56

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

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

Similar stocks

10 more Real Estate - Development stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Sun Hung Kai Properties Limited 0016 HK$109.10 HK$147.78 +35%
China Resources Land Limited 1109 HK$29.62 HK$74.05 +150%
Vinhomes Joint Stock Company VHM 68,200 VND 112,796 VND +65%
CK Asset Holdings 1113 HK$46.44 HK$71.69 +54%
Hongkong Land Holdings H78 $8.74 $1.52 −83%
DLF Limited DLF ₹675.00 ₹167.21 −75%
China Overseas Land & Investment Limited 0688 HK$12.43 HK$22.35 +80%
Lodha Developers Limited LODHA ₹1,163 ₹275.95 −76%
Poly Developments and Holdings 600048 ¥5.64 ¥14.10 +150%
CTP N.V CTPNV €13.58 €10.30 −24%

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Khai Hoan Land Group JSC · Fair Value
1,987 VND −129%Fair Value
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Cite: Fair Value Calculator (2026). "Khai Hoan Land Group JSC Fair Value". https://www.fairvalue-calculator.com/stock/KHG

Frequently asked questions

Is Khai Hoan Land Group JSC (KHG) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 1,987 VND versus a price of 4,550 VND, about −56% upside (overvalued).
What is the fair value of KHG?
Our model-based fair value for Khai Hoan Land Group JSC is 1,987 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 4,550 VND.
What is the quality score of KHG?
Khai Hoan Land Group JSC has a Quality Score of 51/100. 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 Khai Hoan Land Group JSC (KHG)?
Our model-based price target is the fair value of 1,987 VND (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 1,491 VND, optimistic scenario 2,888 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Khai Hoan Land Group JSC stock forecast for 2026?
Our models put fair value at 1,987 VND, about −56% upside versus a price of 4,550 VND (overvalued). Cautious scenario 1,491 VND, optimistic scenario 2,888 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Khai Hoan Land Group JSC (KHG)?
Khai Hoan Land Group JSC reported trailing-twelve-month revenue of about 624B VND (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Khai Hoan Land Group JSC (KHG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Khai Hoan Land Group JSC it is 1,987 VND per share (as of Sep 24, 2026), against a price of 4,550 VND. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Khai Hoan Land Group JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, KHG trades above its calculated fair value: price 4,550 VND, fair value 1,987 VND, a gap of about −56% (overvalued). 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 KHG?
No. The price is what the market pays today (4,550 VND); the fair value is what the company's own numbers justify (1,987 VND). For Khai Hoan Land Group JSC the two are 2,563 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Khai Hoan Land Group JSC worth?
The market values Khai Hoan Land Group JSC at about 2.0T VND (market capitalisation, as of Sep 24, 2026). Per share that is 4,550 VND; our models calculate a fair value of 1,987 VND per share.
What do the bullish and bearish scenarios say about KHG?
Our models span a range for Khai Hoan Land Group JSC: cautious scenario 1,491 VND, base 1,987 VND, optimistic 2,888 VND per share (as of Sep 24, 2026, price 4,550 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of KHG?
Khai Hoan Land Group JSC trades at a price-to-earnings ratio of 29.9 (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 1,987 VND is built from several models across several years. Other multiples: P/B 0.4, P/S 3.3.
How solid is the balance sheet of Khai Hoan Land Group JSC (KHG)?
Balance-sheet figures for Khai Hoan Land Group JSC (as of Sep 24, 2026): return on equity 1.3%, debt of 0.15 per unit of equity. They feed the Quality Score of 51/100, which measures business quality independently of the share price.
How far is KHG from its 52-week high?
Khai Hoan Land Group JSC trades at 4,550 VND, about 48% below its 52-week high of 8,700 VND and 2% above the low of 4,450 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 1,987 VND is for.
Which stocks are comparable to Khai Hoan Land Group JSC?
From the same area (Real Estate) we also value Sun Hung Kai Properties Limited, China Resources Land Limited, Vinhomes Joint Stock Company, CK Asset Holdings, 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 Khai Hoan Land Group JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 4,550 VND, calculated fair value 1,987 VND (−56%), Quality Score 51/100, from 7 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 KHG calculated?
We run Khai Hoan Land Group JSC through 7 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 1,987 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 13.2 % above its aggregate fair value. Khai Hoan Land Group JSC itself currently trades above fair value. 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 Khai Hoan Land Group JSC (KHG)?
The closing price on Sep 24, 2026 was 4,550 VND. Our model-based fair value is 1,987 VND, about −56% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Khai Hoan Land Group JSC right now?
The price sits above even our optimistic bull case (2,888 VND). The favourable scenario is already priced in. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid but not exceptional quality (51/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (1,491 VND to 2,888 VND) leaves room in how you read the outcome.

Key figures of Khai Hoan Land Group JSC

How large is the market capitalisation of Khai Hoan Land Group JSC (KHG)?
The market capitalisation of Khai Hoan Land Group JSC is 2.0T 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 Khai Hoan Land Group JSC (KHG)?
The price-to-sales ratio of Khai Hoan Land Group JSC is 3.42 (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 Khai Hoan Land Group JSC (KHG)?
Earnings per share at Khai Hoan Land Group JSC are 152.08 VND (price ÷ EPS = P/E 29.9). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Khai Hoan Land Group JSC (KHG)?
The net margin of Khai Hoan Land Group JSC is 11.4% (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 Khai Hoan Land Group JSC (KHG)?
The return on equity (ROE) of Khai Hoan Land Group JSC is 1.3% (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 Khai Hoan Land Group JSC (KHG)?
On an EBIT basis the return on assets of Khai Hoan Land Group JSC is 2.3% (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 Khai Hoan Land Group JSC (KHG)?
The operating margin of Khai Hoan Land Group JSC is 2.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Khai Hoan Land Group JSC (KHG)?
Revenue at Khai Hoan Land Group JSC is growing +22.3% versus a year earlier (3y avg −24.5%). 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 Khai Hoan Land Group JSC (KHG)?
Earnings per share at Khai Hoan Land Group JSC are growing −2.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Khai Hoan Land Group JSC (KHG) generate?
The free cash flow of Khai Hoan Land Group JSC is −443B VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Khai Hoan Land Group JSC (KHG) carry?
The net debt of Khai Hoan Land Group JSC is 1.2T VND (fiscal year 2025). 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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