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Tu Liem Urban Development Joint Stock Company (NTL) Fair Value & Analysis

Industrials · VN · Market cap 1.8T VND

TL Tu Liem Urban Development Joint Stock Company NTL · VN
Price13,700 VND
Fair Value2,429 VND
Upside-82.3%
Quality42/100
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Weak Growth
Highly profitable · 138.5% net margin
Low debt · negative free cash flow
6.67% dividend yield
Mixed vs. peers (5/12)
Narrow moat 30/100
Evidence: Medium Range 1,822 VND – 3,036 VND Share as image

Fair value as of: Jul 11, 2026

From 8 valuation models · updated 30 days ago

Fair value updated Jul 11, 2026, revised from 3,000 VND to 2,429 VND (−19.0%) since Jun 24, 2026. Share price −8.7% over the past month.

Below-average quality, and screening another 82% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (3,036 VND). The favourable scenario is already priced in.
  • Weak quality (42/100) and above fair value at the same time, the margin of safety is missing on both counts.
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Price vs Fair Value (5 years)

25,085 VND 5,582 VND Fair Value 2,429 VND Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 11, 2026.

How to read this chart

60‑month range 5,582 VND – 25,085 VND · fair‑value band 1,822 VND – 3,036 VND · the 13,700 VND price screens above the 2,429 VND fair value. Dashed = 300-day average. As of Jul 11, 2026.

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Analysis

Tu Liem Urban Development Joint Stock Company (NTL) currently trades at 13,700 VND, while our model-based Fair Value estimate is 2,429 VND, implying the stock looks roughly 82.3% overvalued today. The Quality Score stands at 42/100 (below-average quality), in the Industrials sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).

Trailing-twelve-month revenue stands at 18.5B VND. Revenue grew 28.4% year over year. It earns a return on equity of 1.5%. Net debt stands at 24.9B VND. Fundamentals as of Jul 11, 2026

Our scenario range runs from 1,822 VND (bear case) to 3,036 VND (bull case); at 13,700 VND, the current price sits above 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 35% below its 52-week high, currently below its 200-day average. For context, the median of 10 Industrials peers we cover trades at -45% fair-value upside, at -82%, NTL screens richer 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.

Note: the current price implies far more future growth than the conservative anchors of our models allow (base growth is deliberately capped, we do not regard such extreme rates as sustainable). Our models are not designed for expectations this high; that is why the individual models scatter extremely (287.22 VND to 8,843 VND). Read the values as a conservative anchor, not as a price target.
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
Residual Income 9,178 VND 8,578 VND 6,445 VND 76
Growth-Adj P/E 1,589 VND 2,270 VND 2,951 VND 68
P/E Multiple 2,250 VND 3,000 VND 3,751 VND 63
All 8 models by family
DCF Models
Owner Earnings 5,923 VND 6,705 VND 8,210 VND 31
Earnings-Based
Graham-Dodd 971.58 VND 1,187 VND 1,336 VND 54
Multiples
P/E Multiple 2,250 VND 3,000 VND 3,751 VND 63
P/S Multiple 215.41 VND 287.22 VND 359.02 VND 58
P/B Multiple 1,822 VND 2,429 VND 3,036 VND 55
Asset-Based
NCAV (Graham) 6,599 VND 8,843 VND 13,199 VND 50
Economic Profit
Residual Income 9,178 VND 8,578 VND 6,445 VND 76
Growth Earnings
Growth-Adj P/E 1,589 VND 2,270 VND 2,951 VND 68

Widest divergence: Asset-Based (8,843 VND) versus Earnings-Based (1,187 VND). Highest evidence: Residual Income (76).

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Key figures & financial health

Revenue (TTM) 18.5B VND
Revenue growth (YoY) +28.4%
Net margin 139%
Return on equity 1.5%
Free cash flow −663B VND FY2025
P/E ratio 75.2
More key figures
Operating margin -141%
EPS (TTM) 199.50 VND
Dividend yield 6.7%
EPS growth (YoY) +129%
Net debt 24.9B VND FY2019

Figures from reported company fundamentals · as of Jul 11, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 42/100

Of which business quality 43 · Market factors (momentum, volatility) 32

Profitability 29
Margins and returns on capital today
Quality Growth 20
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 98
Balance sheet, leverage, solvency risk
Investment 79
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 20
Price trend over the last 3–12 months (market factor)
52W Momentum 2
Distance to the 52-week high (market factor)
Net Issuance 40
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

Tu Liem Urban Development Joint Stock Company engages in field of construction and planning in urban areas in Vietnam. It is involved in constructing urban infrastructure; and trading houses and real estate. The company also provides services for apartment blocks; and real estate consulting.

Full company description

Tu Liem Urban Development Joint Stock Company engages in field of construction and planning in urban areas in Vietnam. It is involved in constructing urban infrastructure; and trading houses and real estate. The company also provides services for apartment blocks; and real estate consulting. Tu Liem Urban Development Joint Stock Company was founded in 1974 and is headquartered in Hanoi, Vietnam.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Tu Liem Urban Development Joint Stock Company reported revenue of 17.5B VND in FY2025 versus 577B VND in FY2021, a compound −58.3%/yr. Reported net income was 17.4B VND in FY2025, compounding −48.0%/yr from FY2021.

Growth Quality 19/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
17.5B VND
Latest YoY
−98.8%
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.
−64.5%
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.
−51.5%
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.
−47.5%
Revenue −58.3%/yr
FY21 577B VND
FY22 391B VND
FY23 914B VND
FY24 1.4T VND
FY25 17.5B VND
Net income −48.0%/yr
FY21 238B VND
FY22 107B VND
FY23 364B VND
FY24 620B VND
FY25 17.4B VND

NTL screens 82% overvalued. Compare with Larsen & Toubro Limited →

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Cite: Fair Value Calculator (2026). "Tu Liem Urban Development Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/NTL

Peer Group

Engineering & Construction · 839 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 42 · Below median
Fair Value upside −82% · Bottom 25%
Return on equity (TTM) 2% · Below median
Return on assets -1% · Bottom 25%
Net margin (TTM) 139% · Top 25%
Operating margin (TTM) -141% · Bottom 25%
Revenue growth 28% · Top 25%
Dividend yield (TTM) 6.7% · Top 25%
Debt / equity 0.01× · Lower than 75% of peers

Valuation Multiples vs Engineering & Construction median · lower = cheaper

P/E (TTM) 75.2× · Pricier than 75% of peers
P/B 1.14× · Cheaper than median
P/S (TTM) 98.88× · Pricier than 75% of peers

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 0 · sector 16
FUTURE 100 · sector 17
PAST 6 · sector 26
HEALTH 100 · sector 94
DIVIDEND 100 · sector 33

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

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 Engineering & Construction stocks, each showing price versus our Fair Value estimate (as of Jul 11, 2026).

Stock Price Fair Value vs Fair Value
Larsen & Toubro Limited LT ₹3,815 ₹1,994 -48%
Samsung C&T Corporation 028260 346,000 KRW 268,779 KRW -22%
Hyundai Engineering & Construction Co 000720 99,000 KRW 63,993 KRW -35%
United Integrated Services Co 2404 1,250 TWD 925.62 TWD -26%
Samsung E&A Co 028050 42,550 KRW 44,840 KRW +5%
Rail Vikas Nigam Limited RVNL ₹232.67 ₹61.46 -74%
Daewoo Engineering & Construction Co 047040 16,240 KRW 6,507 KRW -60%
NBCC (India) Limited NBCC ₹96.32 ₹48.22 -50%
Cemindia Projects Limited CEMPRO ₹1,330 ₹730.69 -45%
KEPCO Engineering & Construction Company 052690 92,700 KRW 20,172 KRW -78%

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Frequently asked questions

Is Tu Liem Urban Development Joint Stock Company (NTL) overvalued or undervalued?
As of Jul 11, 2026, our model estimates a fair value of 2,429 VND versus a price of 13,700 VND, about −82% (overvalued).
What is the fair value of NTL?
Our model-based fair value for Tu Liem Urban Development Joint Stock Company is 2,429 VND (as of Jul 11, 2026), built from audited fundamentals. The current price is 13,700 VND.
What is the quality score of NTL?
Tu Liem Urban Development Joint Stock Company has a Quality Score of 42/100. 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 Tu Liem Urban Development Joint Stock Company (NTL)?
Tu Liem Urban Development Joint Stock Company reported trailing-twelve-month revenue of about 18.5B VND (latest available figure, as of Jul 11, 2026).
What is the net profit margin of NTL?
The net profit margin of Tu Liem Urban Development Joint Stock Company is about 138.5%, meaning it keeps roughly 138.5% of revenue as net income. Based on the latest reported figures.
Does Tu Liem Urban Development Joint Stock Company pay a dividend?
Tu Liem Urban Development Joint Stock Company currently shows a dividend yield of about 6.43% relative to its recent price (as of Jul 11, 2026).

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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