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BAB

Ngân hàng Thương mại Cổ phần Bắc Á

VietnamBanksNgân hàngHNXNH
10.500
VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+19.4%Calibrated value vs last close
Last close (VND)
10.500
Calibrated intrinsic value (VND)
12.536

Last close × (1 + calibrated gap / 100)

Earnings-capitalised value

Not available: the company reported a loss last year or its shares have too short a price history.

How it is calculated

  1. 1
    Measure the gap

    Between the model and the last close.

  2. 2
    Check the record2015–2024

    What gaps of that size went on to earn over the following year.

  3. 3
    Apply to the close

    That return is applied to the last close.

Keep in mind

  • For illustration only: not a validated forecast.
  • No uncertainty range: the estimate is a single figure.
  • Older record: it has not been re-measured on the current data.

Why it needs review

  • Trading liquidity is below the comparison threshold.

This estimate remains visible for checking its calculation. Its inputs require review before using it in a stock comparison. The model comparison behind this value needs review. The estimate does not remove the data limitations listed above.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

Model reliability
Low
Model fitInput stabilityRisk checks
High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers
Not assessed
A separate peer-outperformance probability is unavailable for this valuation.
Assessed 30 Oct 2026Not updated with daily prices

These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.

Published filingsValued 30 Oct 2026Anchored to close on 2 Nov 2026Recalculated when the displayed close changes.

Valuation Breakdown

NH→Bank
Classified as bank because company type is NH (commercial bank).
ModelP/B x ROE Regression
Intrinsic Value = Fair P/B x Book Value Per Share

Estimates a fair price-to-book (P/B) multiple from how the market prices listed peer banks on their book value and returns. ROE, asset size, a bad-loan indicator and credit growth are weighed together to place this bank among its peers.

Technical details
Why this model

A bank's free cash flow does not mean what it means for an ordinary company. Book value, ROE and asset quality give a better frame of reference for valuing a bank.

How it works

A robust (Huber) multivariate regression estimates P/B from 3-year average ROE, log total assets, a bad-loan indicator and 3-year credit growth, after limiting extreme observations. Only banks the market prices on their earnings enter the fit (positive ROE, P/B at most 3.0×). The fitted P/B is multiplied by book value per share. A weak fit (R² below 0.4), a fit where higher ROE does not mean a higher P/B, and large state-owned banks use the peer median P/B adjusted for ROE.

Best for

Commercial banks where book value represents real economic assets and ROE reflects sustainable profitability.

1
Model Inputs
Avg ROE→8.93%
Valuation method
Peer regression
Bank peer-model fit (R²)
0.4578
Fit observations
25

R² describes how well the shared bank-peer regression explains P/B variation in its fitted sample. Banks using the same regression share this statistic. Forecast performance is evaluated separately through backtests.

2
Valuation

We take the model’s gap to the last close, read what gaps of that size went on to earn over the following year in our 2015 to 2024 record, and apply that to the last close.

Last close (VND)→10.500
Calibrated value vs last close→+19.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
12.536
What feeds each step— click a source to highlight it in the statements
Profitability & book value8.93%regression type: huber multifactorfallback used: no
Cross-sectional featuresr squared: 0.46n obs: 25
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
Cash and cash equivalents (Bn. VND)
·585567617712650639568460504426745684444
Fixed assets (Bn. VND)
·1,0411,0591,053761759726671655656659213240260
Tangible fixed assets
·168172177177174150132116114121101120133
Intagible fixed assets
·873887876584585576539539541537112120127
Investment in properties
·444414488916233830
Long-term investments (Bn. VND)
·29146143143147194269268251252269564734
Other long-term assets (Bn. VND)
·53168163163163196271304288288306626765
Less: Provision for diminuation in value of long term investments
·−23−22−20−20−16−2−2−36−36−35−38−62−30
TOTAL ASSETS (Bn. VND)
·195,820165,487152,243128,794119,792117,189107,89097,02991,78275,93863,46057,18250,308
LIABILITIES (Bn. VND)
·182,511153,704141,375118,993110,741108,826100,07589,94785,40870,13158,44853,06046,996
OWNER'S EQUITY(Bn.VND)
·13,30911,78210,8689,8009,0518,3647,8157,0826,3755,8075,0124,1223,312
Paid-in capital (Bn. VND)
·10,0328,9598,3348,1347,5317,0856,5005,5005,0005,0004,4003,7003,000
Undistributed earnings (Bn. VND)
·1,9241,6701,5088648266738211,1751,055564423274164
TOTAL RESOURCES (Bn. VND)
·195,820165,487152,243128,794119,792117,189107,89097,02991,78275,93863,46057,18250,308
Balances with the SBV
·1,2207988877861,023730495512484402398526287
Placements with and loans to other credit institutions
·26,32816,02415,36311,89510,59612,37912,52110,82613,1256,2801,7471,5391,864
Trading Securities, net
·22,58924,60020,9934,7688,5287,8373,1372,0991,11110598135596
Trading Securities
·22,58924,60020,9934,7688,5287,8373,1372,0991,136128121159618
Provision for diminution in value of Trading Securities
·00000000−25−24−24−24−22
Derivatives and other financial liabilities
·281184010351028833629030
Loans and advances to customers, net
·124,841108,22898,65493,07383,53878,61972,27963,38654,87547,65841,27236,08529,245
Loans and advances to customers
·126,405109,55399,85494,12184,59879,44072,93363,97955,48848,10241,75536,43829,513
Less: Provision for losses on loans and advances to customers
·−1,564−1,324−1,200−1,047−1,060−822−655−594−613−444−482−353−268
Investment Securities
·12,6319,38110,54912,94811,86613,21914,73015,69618,11217,23114,98113,87512,773
Available-for Sales Securities
·12,6439,40110,57012,97611,88213,23214,63715,49917,81116,78614,41913,79012,666
Held-to-Maturity Securities
·000000473487596612626124107
Less: Provision for diminution in value of investment securities
·−12−20−21−28−17−14−380−290−294−167−64−390
Other Assets
·6,2724,4973,9823,5992,6652,8343,1863,0362,6212,8803,7143,4924,075
Due to Gov and borrowings from SBV
·1,022824539614819611210642897637305
Deposits and borrowings from other credit institutions
·25,35711,88111,15911,0909,08713,23214,65813,40618,8377,1382,5075,0413,497
Deposits from customers
·127,024122,550118,47796,90593,44086,44276,16372,53463,41559,15752,89646,31242,408
Derivatives and other financial liabilities
·00970000000020
Funds received from Gov, international and other institutions
·64261034361248009
Convertible bonds/CDs and other valuable papers issued
·24,90016,0217,0627,8385,3145,8906,1341,3349501,4505005000.2
Other liabilities
·4,1443,2204,5463,1052,8013,1112,9172,5472,0951,9501,5691,167777
Capital
·10,1399,0678,4428,1417,5397,0926,5075,5075,0075,0074,4073,7073,007
Reserves
·1,2451,045919795686598487400312235181140140

Earnings Quality

Fiscal year 2025
50
Fair
Margin Stability
100
Revenue Quality
0

Quantitative Scores

F-Score
4/9
Neutral
Sharpe
−0.48
Negative
Composite
55
50 to 69
Piotroski F-Score Breakdown
✓Net Income > 0
✓Operating CF > 0
✗ROA Rising
✓OCF > Net Income
✗Lower Leverage
✗Better Liquidity
✗No Dilution
✓Margin Up
✗Turnover Up
DuPont Decomposition
Tax Burden0.80×Interest Burden0.91×Op. Margin0.49×Turnover0.02×Leverage13.08=ROE8.6%
Price Risk
Momentum
−4.6%
Volatility
34.2%
Max Drawdown
−19.8%

Key Ratios

Fiscal year 2025
0.91P/B
P/E
10.17
ROE
9.5%
ROA
0.7%
EPS
1.110
BVPS
12.413
Net Margin
29.5%
Rev Growth
+14.8%
Profit Growth
+17.6%
Div Yield
—

Company Overview

Shares outstanding
1,153M
Charter Capital
11,526B VND
Sector (ICB L2)
Ngân hàng
Industry (ICB L3)
Ngân hàng
Sub-industry
Ngân hàng
Company Type
NH
Computed 30/10/2026
Methodology & Disclosure

vnvalue is a stock research tool. Its results are calculated from public financial data with published formulas. Nothing on this page constitutes investment, financial, legal, or tax advice, nor a recommendation to buy, sell, or hold any security.

All data, models, and outputs are provided AS IS without warranty of any kind. You are solely responsible for your investment decisions. Past performance and historical valuations are not indicative of future results.

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