CTG

Ngân hàng Thương mại Cổ phần Công thương Việt Nam

VietnamBanksNgân hàngHOSENH

29.750

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+20.5%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 29.750
Calibrated intrinsic value (VND): 35.856

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: 58.7%; 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

+5.7percentage points

Banks12 monthsBack-test 2015–2024

Median 12-month return difference versus Banks 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

−9.5+8.4

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

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.

Model Inputs

Avg ROE→18.57%

Valuation method: ROE-adjusted peer median
Bank peer-model fit (R²): N/A
Peers used: 3

This valuation uses an ROE-adjusted peer median. R² does not apply to this method.

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)→29.750

Calibrated value vs last close→+20.5%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

35.856

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

Profitability & book value18.57%regression type: soe peer median tiltfallback used: yes

Cross-sectional featuresr squared: 0n obs: 3

CTG among Banks

Every stock in the sector, CTG 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 CTG. 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	2011
Cash and cash equivalents (Bn. VND)	·	12,583	11,148	9,760	11,067	11,331	9,930	8,283	7,028	5,980	5,187	5,091	4,631	2,833	·
Fixed assets (Bn. VND)	·	10,827	10,002	10,126	10,203	10,496	10,825	10,997	11,140	11,437	10,624	8,666	8,895	7,080	·
Tangible fixed assets	·	6,729	6,149	6,133	6,048	6,193	6,423	6,422	6,195	6,387	6,422	4,375	4,662	3,465	·
Intagible fixed assets	·	4,098	3,853	3,992	4,156	4,303	4,402	4,575	4,945	5,050	4,201	4,291	4,233	3,616	·
Long-term investments (Bn. VND)	·	4,428	3,934	3,426	3,519	3,290	3,336	3,283	3,317	3,114	3,203	3,892	3,787	3,113	·
Investments in associate companies	·	4,194	3,707	3,206	3,303	3,073	3,118	3,018	2,906	2,704	2,775	2,783	2,844	2,795	·
Other long-term assets (Bn. VND)	·	234	234	234	234	241	241	265	413	413	430	1,131	1,030	321	·
Less: Provision for diminuation in value of long term investments	·	0	−7	−14	−18	−24	−23	0	−2	−3	−3	−22	−87	−3	·
TOTAL ASSETS (Bn. VND)	·	2,767,699	2,385,388	2,032,614	1,808,811	1,531,587	1,341,510	1,240,711	1,164,290	1,095,061	948,568	779,483	661,242	576,368	·
LIABILITIES (Bn. VND)	·	2,588,044	2,236,883	1,906,742	1,700,495	1,437,938	1,256,071	1,163,357	1,096,973	1,031,296	888,261	723,373	605,983	522,081	·
OWNER'S EQUITY(Bn.VND)	·	179,655	148,505	125,872	108,316	93,650	85,439	77,355	67,316	63,765	60,307	56,110	55,034	54,075	·
Paid-in capital (Bn. VND)	·	77,669	53,700	53,700	48,058	48,058	37,234	37,234	37,234	37,234	37,234	37,234	37,234	37,234	·
Other Reserves	·	1,575	909	836	836	516	516	516	207	0	0	0	0	0	·
Foreign Currency Difference reserve	·	363	243	87	121	245	482	626	600	551	480	442	338	318	·
Undistributed earnings (Bn. VND)	·	58,213	58,390	42,369	33,513	21,488	26,027	19,833	11,837	9,234	6,991	3,942	4,141	4,177	·
TOTAL RESOURCES (Bn. VND)	·	2,767,699	2,385,388	2,032,614	1,808,811	1,531,587	1,341,510	1,240,711	1,164,290	1,095,061	948,568	779,483	661,242	576,368	·
MINORITY INTERESTS	·	1,206	971	861	739	695	600	561	296	296	260	242	225	213	·
Balances with the SBV	·	35,226	34,432	40,597	29,727	23,383	57,617	24,874	23,182	20,757	13,503	11,893	9,876	10,160	·
Placements with and loans to other credit institutions	·	476,488	378,483	279,842	242,432	149,317	102,533	129,389	130,512	107,510	94,469	66,019	75,434	73,079	·
Trading Securities, net	·	2,942	2,799	2,488	1,406	2,475	5,602	3,825	3,132	3,529	1,895	3,346	3,648	655	·
Trading Securities	·	3,044	2,991	2,676	1,623	2,523	5,723	4,051	3,280	3,602	1,975	3,373	3,654	658	·
Provision for diminution in value of Trading Securities	·	−102	−192	−188	−217	−47	−121	−226	−148	−73	−80	−27	−6	−3	·
Derivatives and other financial liabilities	·	228	0	0	3,059	1,455	137	470	281	529	683	0	0	164	·
Loans and advances to customers, net	·	1,957,463	1,685,291	1,445,572	1,245,430	1,104,873	1,002,751	922,325	851,866	782,385	655,089	533,530	435,503	372,989	·
Loans and advances to customers	·	1,992,273	1,721,955	1,473,345	1,274,844	1,130,668	1,015,333	935,271	864,926	790,688	661,988	538,080	439,869	376,289	·
Less: Provision for losses on loans and advances to customers	·	−34,810	−36,664	−27,773	−29,413	−25,795	−12,582	−12,946	−13,060	−8,303	−6,899	−4,550	−4,367	−3,300	·
Investment Securities	·	211,880	214,607	181,211	180,313	177,545	114,942	104,615	102,100	128,393	134,227	120,024	93,404	83,002	·
Available-for Sales Securities	·	203,605	188,557	180,595	178,685	174,973	112,678	97,132	88,586	125,760	125,574	108,940	87,339	80,628	·
Held-to-Maturity Securities	·	8,807	26,636	865	1,697	2,697	2,617	15,368	16,208	5,133	11,743	12,929	6,709	2,587	·
Less: Provision for diminution in value of investment securities	·	−532	−586	−250	−69	−126	−353	−7,884	−2,694	−2,500	−3,090	−1,845	−643	−212	·
Other Assets	·	55,634	44,693	59,593	81,654	47,423	33,838	32,651	31,731	31,428	29,689	27,022	26,064	23,292	·
Due to Gov and borrowings from SBV	·	144,592	154,284	21,814	104,779	33,294	44,597	70,603	62,600	15,207	4,808	13,227	4,731	147	·
Deposits and borrowings from other credit institutions	·	417,724	276,141	304,322	209,430	138,834	128,519	109,483	111,400	115,159	85,152	99,169	103,770	80,465	·
Deposits from customers	·	1,793,732	1,606,317	1,410,899	1,249,176	1,161,848	990,331	892,785	825,816	752,935	655,060	492,960	424,181	364,497	·
Derivatives and other financial liabilities	·	0	391	556	0	0	0	0	0	0	0	118	416	0	·
Funds received from Gov, international and other institutions	·	2,114	2,180	2,238	2,392	2,528	2,733	5,776	5,934	6,364	6,075	54,237	32,022	32,425	·
Convertible bonds/CDs and other valuable papers issued	·	174,030	151,678	115,376	91,370	64,497	59,876	57,066	46,216	22,502	23,849	20,860	5,294	16,565	·
Other liabilities	·	55,852	45,892	51,537	43,347	36,937	30,014	27,643	45,007	119,129	113,315	42,802	35,569	27,982	·
Capital	·	88,219	63,584	63,511	57,868	57,548	46,725	46,725	46,416	46,209	46,209	46,209	46,209	46,206	·
Reserves	·	31,654	25,317	19,044	16,075	13,673	11,605	9,610	8,168	7,476	6,367	5,275	4,346	3,375	·

Earnings Quality

Fiscal year 2025

Weak

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

4/9

Neutral

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 Burden0.78×Interest Burden0.65×Op. Margin0.53×Turnover0.03×Leverage12.02=ROE10.4%

Price Risk

Momentum

−13.5%

Volatility

22.6%

Max Drawdown

−29.7%

Key Ratios

Fiscal year 2025

1.32P/B

P/E: 6.80
ROE: 21.3%
ROA: 1.4%
EPS: 4.455
BVPS: 22.975
Net Margin: 39.9%
Rev Growth: +15.0%
Profit Growth: +36.5%
Div Yield: 1.0%

Company Overview

Shares outstanding: 7,767M
Charter Capital: 77,669B VND
Sector (ICB L2): Ngân hàng
Industry (ICB L3): Ngân hàng
Sub-industry: Ngân hàng
Company Type: NH

Ownership network

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

Shareholders

Ngân Hàng Nhà Nước Việt Nam

State

64.5%

5,007M

2026-06-30

Ngân Hàng Tokyo Mitsubishi Ufj

Inst

19.7%

1,532M

2026-01-15

Công Đoàn Ngân Hàng Thương Mại Cổ Phần Công Thương Việt Nam

Inst

1.1%

89.1M

2026-06-30

Công ty TNHH Bảo hiểm Nhân thọ Prudential Việt Nam

Inst

1.1%

57.6M

2025-06-18

Quỹ ETF SSIAM VNFIN LEAD

Inst

0.1%

4.3M

2020-06-30

Board & Management

Lê Như Hoa

Deputy General Director

Trần Minh Đức

Person in charge of Corporate governace

Cát Quang Dương

Independent Member of Management Board

Nguyễn Hải Hưng

Chief Accountant

Lê Duy Hải

Deputy General Director

Nguyễn Bảo Thanh Vân

Deputy General Director/Chief Financial Officer

Nguyễn Thị Hương

Member of Supervisors Board

Trần Minh Bình

Chairman of Management Board

Lê Anh Hà

Head of Supervisors Board

Nguyễn Thị Anh Thư

Member of Supervisors Board

Top connections

BID2 links VCB74.8%TDB14.1%API13.1%PAI11.8%XHC11.4%MSH10.7%CAT10.1%CK810.0%IDJ9.5%KHX7.2%CYC7.0%

Listed group

CTSCông ty Cổ phần Chứng khoán Vietinbank
Subsidiary: over 50% held
75.6%
2026-06-30

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

CTG among Banks

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

CTG among Banks

Ownership network

Listed group