A reliable forward price-to-sales (P/S) ratio for Song Hong Construction Joint Stock Company (HNX: ICG) cannot be calculated from the available figures because they do not include a usable forecast of the company’s sales. The available 25.81 figure is a trailing P/S ratio—not a forward estimate—and should not be presented as one.
Why ICG’s forward P/S is unavailable
Forward P/S compares a company’s market capitalization with forecast sales for a specified future period. To calculate it, divide market capitalization by a sales forecast that matches the period being analyzed. Without a sourced forecast, there is no defensible forward P/S figure for ICG.
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The market-data snapshot dated October 9, 2026 reports market capitalization of VND 182.75 billion, trailing-twelve-month revenue of VND 7.08 billion, and trailing P/S of 25.81. It does not provide an analyst sales forecast or a forward P/S estimate; it also lists forward P/E and EV/Sales as unavailable. The data is attributed to S&P Global Market Intelligence on StockAnalysis’s ICG statistics page.
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Reported revenue has varied sharply, making it especially risky to treat a recent sales figure as a proxy for future revenue. StockAnalysis’s financial table, which attributes the data to S&P Global Market Intelligence and presents amounts in millions of VND, reports:
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| Fiscal year | Reported revenue |
|---|---|
| FY2025 | VND 6.669 billion |
| FY2024 | VND 13.209 billion |
| FY2023 | VND 1.037 billion |
| FY2022 | VND 11.135 billion |
The company’s fiscal year runs January through December. The FY2025 total was below FY2024’s, while the earlier figures show that annual revenue has not moved steadily in one direction. These historical results provide context, but they do not establish what ICG will sell in a future period. See the StockAnalysis ICG financials page for the reported annual data.
Market-price date and exchange information
HNX identifies the issuer as Song Hong Construction Joint Stock Company, ticker ICG. Its issuer page records a closing price of VND 10,400 on October 8, 2026. That is a dated exchange observation, not a current quote or a substitute for a forecast. The page also lists ICG announcements, including consolidated and parent-company semiannual 2026 statements announced August 28, 2026; those filings provide reported financial information, not by themselves a future sales forecast. See HNX’s ICG issuer page.
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How to calculate the ratio if a credible forecast becomes available
- Choose a defined forecast period. For example, identify whether the sales estimate is for the next fiscal year or the next twelve months; do not mix periods.
- Obtain a sourced sales estimate. Confirm who published it, when, the currency, and whether it is analyst consensus or company guidance. No such usable estimate is included in the figures cited above.
- Match the revenue basis. Use forecast revenue on the same basis—consolidated or parent-only—as the company information being analyzed.
- Use market capitalization from a stated date. Divide that market capitalization by the forecast sales figure, and identify the market-cap date alongside the resulting ratio.
For a meaningful comparison with another company, align the forecast period, currency, market-capitalization date, and accounting basis. Otherwise, differences in the ratios may reflect mismatched inputs rather than relative valuation.
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