Ha Do Group JSC (HDG) - Net Assets
Based on the latest financial reports, Ha Do Group JSC (HDG) has net assets worth ₫8.38 Trillion VND (≈ $318.30 Million USD) as of December 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (₫14.73 Trillion ≈ $559.76 Million USD) and total liabilities (₫6.36 Trillion ≈ $241.46 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Check Ha Do Group JSC liquid asset ratio to evaluate the company's liquid asset resilience ratio.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ₫8.38 Trillion |
| % of Total Assets | 56.86% |
| Annual Growth Rate | 16.91% |
| 5-Year Change | 55.42% |
| 10-Year Change | N/A |
| Growth Volatility | 10.02 |
Ha Do Group JSC - Net Assets Trend (2019–2025)
This chart illustrates how Ha Do Group JSC's net assets have evolved over time, based on quarterly financial data. Also explore HDG asset base for the complete picture of this company's asset base.
Annual Net Assets for Ha Do Group JSC (2019–2025)
The table below shows the annual net assets of Ha Do Group JSC from 2019 to 2025. For live valuation and market cap data, see market value of Ha Do Group JSC.
| Year | Net Assets | Change |
|---|---|---|
| 2025-12-31 | ₫8.38 Trillion ≈ $318.30 Million |
+9.03% |
| 2024-12-31 | ₫7.68 Trillion ≈ $291.93 Million |
+6.29% |
| 2023-12-31 | ₫7.23 Trillion ≈ $274.65 Million |
+10.40% |
| 2022-12-31 | ₫6.55 Trillion ≈ $248.78 Million |
+21.48% |
| 2021-12-31 | ₫5.39 Trillion ≈ $204.80 Million |
+35.52% |
| 2020-12-31 | ₫3.98 Trillion ≈ $151.12 Million |
+21.25% |
| 2019-12-31 | ₫3.28 Trillion ≈ $124.63 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to Ha Do Group JSC's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 142.1% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (December 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ₫2.65 Trillion | 39.02% |
| Other Components | ₫4.15 Trillion | 60.98% |
| Total Equity | ₫6.80 Trillion | 100.00% |
Ha Do Group JSC Competitors by Market Cap
The table below lists competitors of Ha Do Group JSC ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Propel Funeral Partners Ltd
AU:PFP
|
$364.14 Million |
|
Padini Holdings Bhd
KLSE:7052
|
$364.22 Million |
|
ITAB Shop Concept AB ser. B
ST:ITAB
|
$364.28 Million |
|
Hellenic Exchanges - Athens Stock Exchange SA
AT:EXAE
|
$364.46 Million |
|
HL Corp Shenzhen
SHE:002105
|
$363.89 Million |
|
XinJiang GuoTong Pipeline Co Ltd
SHE:002205
|
$363.87 Million |
|
Magnera Corp placeholder
NYSE:MAGN
|
$363.83 Million |
|
Great Tree Pharmacy Co Ltd
TWO:6469
|
$363.63 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Ha Do Group JSC's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 6,328,418,917,186 to 6,799,250,829,229, a change of 470,831,912,043 (7.4%).
- Net income of 705,567,169,656 contributed positively to equity growth.
- Dividend payments of 129,646,166,000 reduced retained earnings.
- New share issuances of 204,310,000 increased equity.
- Other factors decreased equity by 105,293,401,613.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ₫705.57 Billion | +10.38% |
| Dividends Paid | ₫129.65 Billion | -1.91% |
| Share Issuances | ₫204.31 Million | +0.0% |
| Other Changes | ₫-105.29 Billion | -1.55% |
| Total Change | ₫- | 7.44% |
Book Value vs Market Value Analysis
This analysis compares Ha Do Group JSC's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.41x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has decreased from 2.97x to 1.41x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2019-12-31 | ₫8721.14 | ₫25900.00 | x |
| 2020-12-31 | ₫10863.84 | ₫25900.00 | x |
| 2021-12-31 | ₫18727.09 | ₫25900.00 | x |
| 2022-12-31 | ₫17344.59 | ₫25900.00 | x |
| 2023-12-31 | ₫19351.93 | ₫25900.00 | x |
| 2024-12-31 | ₫18816.01 | ₫25900.00 | x |
| 2025-12-31 | ₫18378.19 | ₫25900.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Ha Do Group JSC utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 10.38%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 25.33%
- • Asset Turnover: 0.19x
- • Equity Multiplier: 2.17x
- Recent ROE (10.38%) is below the historical average (21.39%), suggesting potential challenges in capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2019 | 38.48% | 21.46% | 0.31x | 5.73x | ₫689.56 Billion |
| 2020 | 32.46% | 19.59% | 0.36x | 4.60x | ₫677.46 Billion |
| 2021 | 25.30% | 29.03% | 0.24x | 3.67x | ₫663.13 Billion |
| 2022 | 26.39% | 36.31% | 0.26x | 2.85x | ₫869.13 Billion |
| 2023 | 11.24% | 23.02% | 0.20x | 2.44x | ₫73.38 Billion |
| 2024 | 5.50% | 12.82% | 0.20x | 2.20x | ₫-284.53 Billion |
| 2025 | 10.38% | 25.33% | 0.19x | 2.17x | ₫25.64 Billion |
Industry Comparison
This section compares Ha Do Group JSC's net assets metrics with peer companies in the Real Estate - Development industry.
Industry Context
- Industry: Real Estate - Development
- Average net assets among peers: $15,619,635,901,034
- Average return on equity (ROE) among peers: 12.45%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Ha Do Group JSC (HDG) | ₫8.38 Trillion | 38.48% | 0.76x | $364.06 Million |
| Development Investment Construction JSC (DIG) | $4.01 Trillion | 9.75% | 1.04x | $444.82 Million |
| Ba Ria Vung Tau House Development JSC (HDC) | $2.27 Trillion | 2.91% | 1.15x | $129.43 Million |
| Khang Dien House Trading and Investment JSC (KDH) | $21.17 Trillion | 4.97% | 0.61x | $1.08 Billion |
| Kosy JSC (KOS) | $2.31 Trillion | 0.59% | 1.06x | $313.37 Million |
| Nam Long Investment Corp (NLG) | $6.72 Trillion | 12.42% | 1.03x | $511.45 Million |
| Phat Dat Real Estate Development Corp (PDR) | $8.14 Trillion | 22.90% | 1.52x | $623.63 Million |
| Vinhomes JSC (VHM) | $64.72 Trillion | 33.60% | 2.05x | $22.78 Billion |
About Ha Do Group JSC
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 Trading; Electricity Generation and Trading; and Construction Activities, Rental Business and Other Activities segments. The company is involved in the investment, construction, and trading in real estate; ope… Read more