Back to Dashboard

HAC

Công ty Cổ phần Chứng khoán Hải Phòng

VietnamSecuritiesDịch vụ tài chínhUPCOMCK
8.800
VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate
Comparison requires review
+5.3%Calibrated value vs last close
Last close (VND)
8.800
Calibrated intrinsic value (VND)
9.266

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.

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.

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.

1
Model Inputs
Years of data→5
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)→8.800
Calibrated value vs last close→+5.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)
9.266
What feeds each step— click a source to highlight it in the statements
Profitability & book valuepeer source: dynamic
Feeds valuation:Model inputsFinal calculation
Line item20262025202420232022202120202019201820172016201520142013
CURRENT ASSETS (Bn. VND)
·391266263237360323287281263268·352318
Cash and cash equivalents (Bn. VND)
·14769823218152461·181113
Short-term investments (Bn. VND)
·240194249177347311264248196166·9168
Accounts receivable (Bn. VND)
·2255910444345·78135
Prepayments to suppliers (Bn. VND)
·0.030.410.070.60.070.080.072023·47
Other current assets
·221320.8112141816·12
Other current assets (Bn. VND)
·0000000000·0.82
LONG-TERM ASSETS (Bn. VND)
·1011911161820234852·3041
Fixed assets (Bn. VND)
·340.81235669·821
Tangible fixed assets
·220.81233445·45
Intagible fixed assets
·11000.080.71234·46
Long-term investments (Bn. VND)
·0000555−5−5−5·1514
Other long-term assets (Bn. VND)
·0000151515151515·1616
Less: Provision for diminuation in value of long term investments
·0000−10−10−10−10−10−10·−29−30
Goodwill
·0000000000·0−30
Other non-current assets
·789109911121213·76
Long-term prepayments (Bn. VND)
·1246679111213·0.30.4
TOTAL ASSETS (Bn. VND)
·402278273248376341307304311320·381360
LIABILITIES (Bn. VND)
·911210183515810108·7773
Current liabilities (Bn. VND)
·911210183515810108·7773
Short-term borrowings (Bn. VND)
·80000090000·00
Advances from customers (Bn. VND)
·0000000.060.070.060.07·0.20.1
Long-term liabilities (Bn. VND)
·0000000000·00.2
OWNER'S EQUITY(Bn.VND)
·311266263229341326299293301312·305287
Capital and reserves (Bn. VND)
·311266263229341326299293301312·305287
Paid-in capital (Bn. VND)
·292292292292292292292292292292·401401
Other Reserves
·0000000000·44
Investment and development funds (Bn. VND)
·0000000000·3636
Undistributed earnings (Bn. VND)
·9−36−39−7343303−2618·−198−216
TOTAL RESOURCES (Bn. VND)
·402278273248376341307304311320·381360
Common shares (Bn. VND)
·292292292292292292292292292292·401·
◆vnvalue Research Note
Full equity analysis · PDF · Updated 30 Oct 2026

Dated original report: includes the model’s unadjusted figures; the website shows calibrated values.

Download

Earnings Quality

Fiscal year 2025
0
Poor
Margin Stability
0
Revenue Quality
0

Quantitative Scores

F-Score
4/9
Neutral
Sharpe
−0.22
Negative
Composite
32
30 to 49
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 Burden1.00×Interest Burden1.01×Op. Margin0.52×Turnover0.21×Leverage1.29=ROE14.5%
Price Risk
Momentum
−14.3%
Volatility
106.7%
Max Drawdown
−41.9%

Key Ratios

Fiscal year 2025
3.66P/B
P/E
25.32
ROE
15.6%
ROA
13.2%
EPS
347
BVPS
2.404
Net Margin
52.5%
Rev Growth
+36.7%
Profit Growth
+1526.9%
Div Yield
—

Company Overview

Shares outstanding
129M
Charter Capital
1,292B VND
Sector (ICB L2)
Dịch vụ tài chính
Industry (ICB L3)
Dịch vụ tài chính
Sub-industry
Môi giới chứng khoán
Company Type
CK
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.

By using vnvalue you accept the Terms of Service and Privacy Policy. Full disclaimer →