BVS

Công ty Cổ phần Chứng khoán Bảo Việt

VietnamSecuritiesDịch vụ tài chínhHNXCK

26.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+5.3%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 26.000
Calibrated intrinsic value (VND): 27.378

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
Measure the gap
Between the model and the last close.
2
Check the record2015–2024
What gaps of that size went on to earn over the following year.
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.

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 48.5%; 12 monthsHistorical calibration; Chance the return beats the median return of its sector peers.

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.

12-month sector-relative outlook

−0.5percentage points

Securities12 monthsBack-test 2015–2024

Median 12-month return difference versus Securities peers, for model gaps like this one.

Not an absolute return forecast.
Not a price target.
A stock can underperform its sector and still rise.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−8.1+7.1

The sector’s historical range, not a prediction interval for this stock.
Actual returns can fall outside it.

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

Valuation Breakdown

CK→Securities

Classified as securities because company type is CK (securities firm).

ModelCycle-Adjusted P/B

Intrinsic Value = (50% × Own 5yr median P/B + 50% × ROE-adjusted peer P/B) × BVPS

Securities firms (brokerages) earn in step with market trading volumes, so a single year's multiple can sit at a peak or a trough. This model takes the firm's median price-to-book (P/B) over the last 5 years and averages it 50/50 with the median P/B of peer brokers, adjusted for how this firm's ROE compares with theirs.

Technical details

Why this model

Brokerage earnings are highly cyclical, tied to market volumes. A single-year P/B snapshot at a market peak would overvalue the firm; at a trough, undervalue it. A multi-year median and a peer anchor steady the reference point.

How it works

Fair P/B = 50% × the firm's own 5-year median P/B + 50% × the peer median P/B × (firm ROE / peer median ROE, held within 0.7× to 1.5×). Peers are brokers the market prices on their earnings (positive ROE, P/B at most 3.0×); with fewer than 4 peers, the firm's own median is used alone. Fair P/B (at least 0.3×) is multiplied by current BVPS.

Best for

Brokerage and securities firms whose valuations are dominated by market sentiment and trading volume cycles.

Model Inputs

Years of data→5

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)→26.000

Calibrated value vs last close→+5.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

27.378

What feeds each step— click a source to highlight it in the statements

Profitability & book valuepeer source: dynamic

BVS among Securities

Every stock in the sector, BVS marked: calibrated gap vs close across, market value up, model reliability into the board

Each bead is one valued stock in the sector; the amber bead with its stem is BVS. Drag to turn; open another stock from its bead.

Feeds valuation:Model inputsFinal calculation

Line item	2026	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013
CURRENT ASSETS (Bn. VND)	·	6,480	5,081	5,688	3,652	5,503	3,057	2,217	2,547	1,741	1,342	1,385	1,688	1,645
Cash and cash equivalents (Bn. VND)	·	368	168	2	150	67	89	174	466	228	118	449	711	535
Short-term investments (Bn. VND)	·	6,053	4,836	5,618	3,347	5,218	2,942	2,000	2,050	1,478	1,158	919	333	662
Accounts receivable (Bn. VND)	·	53	71	64	152	211	25	62	29	56	113	15	640	443
Prepayments to suppliers (Bn. VND)	·	4	10	24	4	6	5	6	7	7	43	7	8	7
Other current assets	·	6	6	3	4	8	2	3	2	1	3	2	4	5
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0.5	0.3
LONG-TERM ASSETS (Bn. VND)	·	553	548	325	206	217	356	181	380	458	513	283	195	148
Fixed assets (Bn. VND)	·	22	20	19	17	15	16	17	17	14	5	3	4	8
Tangible fixed assets	·	14	12	14	13	11	13	15	14	11	5	3	4	6
Intagible fixed assets	·	8	8	5	4	4	3	2	3	3	0.4	0.1	0.5	2
Long-term investments (Bn. VND)	·	483	471	275	159	176	304	117	306	346	450	250	169	119
Other long-term assets (Bn. VND)	·	180	172	176	162	183	153	120	191	189	181	168	0	0
Less: Provision for diminuation in value of long term investments	·	0	−3	−3	−3	−7	−4	−2	−27	−28	−30	−41	−39	−39
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	−39
Other non-current assets	·	47	57	31	30	25	34	46	57	70	28	30	22	20
Long-term prepayments (Bn. VND)	·	24	33	8	7	2	11	23	36	47	6	8	2	3
TOTAL ASSETS (Bn. VND)	·	7,033	5,629	6,014	3,858	5,719	3,413	2,398	2,927	2,199	1,855	1,668	1,884	1,793
LIABILITIES (Bn. VND)	·	4,376	3,153	3,699	1,677	3,575	1,538	591	1,235	501	307	217	543	581
Current liabilities (Bn. VND)	·	4,331	3,119	3,670	1,658	3,436	1,421	181	914	490	307	217	543	581
Short-term borrowings (Bn. VND)	·	4,070	2,909	3,358	980	2,506	895	100	130	90	160	29	0	0
Advances from customers (Bn. VND)	·	4	21	20	20	18	15	7	3	3	2	2	2	2
Long-term liabilities (Bn. VND)	·	46	34	29	18	139	117	410	321	11	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	2,657	2,475	2,315	2,181	2,144	1,875	1,807	1,692	1,698	1,548	1,451	1,341	1,212
Capital and reserves (Bn. VND)	·	2,657	2,475	2,315	2,181	2,144	1,875	1,807	1,692	1,698	1,548	1,451	1,341	1,212
Paid-in capital (Bn. VND)	·	722	722	722	722	722	722	722	722	722	722	722	722	722
Difference upon Assets Revaluation	·	130	103	82	59	98	48	31	23	25	0	0	0	0
Investment and development funds (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	14
Other Reserves	·	173	111	64	0	0	0	0	0	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	902	810	717	671	596	399	359	265	281	168	81	−20	−149
TOTAL RESOURCES (Bn. VND)	·	7,033	5,629	6,014	3,858	5,719	3,413	2,398	2,927	2,199	1,855	1,668	1,884	1,793
Common shares (Bn. VND)	·	722	722	722	722	722	722	722	722	722	722	722	722	·

Earnings Quality

Fiscal year 2025

Weak

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

3/9

Weak

Sharpe

−0.54

Negative

Composite

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 Burden0.85×Interest Burden1.00×Op. Margin0.24×Turnover0.16×Leverage2.65=ROE8.5%

Price Risk

Momentum

−17.2%

Volatility

50.9%

Max Drawdown

−32.5%

Key Ratios

Fiscal year 2025

0.70P/B

P/E: 8.30
ROE: 8.7%
ROA: 3.5%
EPS: 3.110
BVPS: 36.798
Net Margin: 20.4%
Rev Growth: +11.2%
Profit Growth: +12.4%
Div Yield: 3.1%

Company Overview

Shares outstanding: 72.2M
Charter Capital: 722B VND
Sector (ICB L2): Dịch vụ tài chính
Industry (ICB L3): Dịch vụ tài chính
Sub-industry: Môi giới chứng khoán
Company Type: CK

Ownership network

Common ownership links for BVS. Hover for detail, select a link to open it.

Shareholders

Tập đoàn Bảo Việt

BVH

59.9%

43.3M

2026-06-30

Nhữ Đình Hòa

Indiv

0.1%

78,000

2025-12-31

Board & Management

Nguyễn Xuân Việt

Member of Management Board

Nguyễn Thị Thanh Thủy

Deputy General Director

Top connections

HES59.9%VNR59.9%TCT59.9%GTA59.9%CMG59.9%SD559.9%VOS59.9%

Listed group

BVHTập đoàn Bảo Việt
Parent: holds over 50%
59.9%
2026-06-30
BVHTập đoàn Bảo Việt
Cross-holding: owns 0.0% of it; it owns 59.9% of this company

Read from the shareholder lists: control above 50% of the shares (VAS 25), significant influence at 20% or more (VAS 07). Each date is that of the disclosure.

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

12-month sector-relative outlook

Valuation Breakdown

BVS among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

BVS among Securities

Ownership network

Listed group