IPA

Công ty Cổ phần Tập đoàn Đầu tư I.P.A

VietnamSecuritiesHàng & Dịch vụ Công nghiệpTư vấn & Hỗ trợ Kinh doanhHNXCT

12.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+32.1%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 12.000
Calibrated intrinsic value (VND): 15.850

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.

Also note

Trading liquidity is low.

Comparison assessed 3 Nov 2026Valid through 2 Dec 2026

Model reliability: Medium; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 59.3%; 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

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

IPA→Securities

Classified as securities via a per-symbol override — a web-verified, revenue-grounded correction for a company its ICB tag misroutes.

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)→12.000

Calibrated value vs last close→+32.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

15.850

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

Profitability & book valuepeer source: dynamic

IPA among Securities

Every stock in the sector, IPA 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 IPA. 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)	·	2,753	1,956	2,867	3,317	4,150	1,528	576	583	774	447	345	238	208
Cash and cash equivalents (Bn. VND)	·	59	66	84	48	117	19	11	34	29	97	106	62	31
Short-term investments (Bn. VND)	·	1,700	748	369	980	1	0.9	11	6	11	45	40	90	114
Accounts receivable (Bn. VND)	·	951	1,112	2,395	2,271	4,018	1,496	500	478	700	297	190	67	49
Prepayments to suppliers (Bn. VND)	·	9	24	874	25	25	31	23	23	38	8	5	5	4
Net Inventories	·	32	25	15	13	9	7	49	59	31	3	5	8	10
Inventories, Net (Bn. VND)	·	32	25	16	13	9	7	49	59	31	3	5	8	10
Other current assets	·	11	5	4	6	5	5	4	6	4	5	4	10	5
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0.01	0	0	8	3
LONG-TERM ASSETS (Bn. VND)	·	8,480	6,715	5,969	5,457	4,252	2,593	2,313	2,007	2,154	2,308	1,737	1,744	1,650
Long-term trade receivables (Bn. VND)	·	23	19	17	41	34	30	12	4	329	571	5	0	0
Other long-term receivables (Bn. VND)	·	18	19	17	41	34	30	12	4	19	45	3	0	0
Fixed assets (Bn. VND)	·	570	622	687	730	753	876	718	762	808	854	892	986	1,031
Tangible fixed assets	·	562	606	649	701	752	799	640	683	728	772	808	851	895
Intagible fixed assets	·	8	16	38	29	0.5	77	78	79	81	82	84	77	77
Investment in properties	·	11	11	12	12	12	12	12	12	12	47	47	47	48
Long-term investments (Bn. VND)	·	7,539	5,739	4,928	4,324	3,172	1,215	1,017	972	874	737	701	577	423
Investments in associate companies	·	7,100	5,339	4,487	3,791	2,460	1,110	1,012	967	869	737	701	512	361
Other long-term assets (Bn. VND)	·	938	941	941	942	713	5	5	5	5	0	0	75	62
Less: Provision for diminuation in value of long term investments	·	−499	−541	−501	−409	−1	0	0	0	0	0	0	−10	0
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	118	137
Other non-current assets	·	268	270	280	295	241	249	231	31	36	34	33	16	11
Long-term prepayments (Bn. VND)	·	137	133	132	169	172	151	155	2	4	4	4	4	1
TOTAL ASSETS (Bn. VND)	·	11,233	8,671	8,836	8,774	8,402	4,120	2,888	2,590	2,928	2,755	2,082	1,982	1,858
LIABILITIES (Bn. VND)	·	6,332	4,173	4,776	4,962	4,668	2,187	1,098	977	1,300	1,331	782	824	703
Current liabilities (Bn. VND)	·	610	469	3,672	839	1,031	736	393	419	848	476	410	410	207
Short-term borrowings (Bn. VND)	·	346	112	3,330	515	714	465	218	223	695	178	256	253	81
Advances from customers (Bn. VND)	·	0	2	0.6	0.3	0.5	0.03	4	4	5	88	0.01	0	0
Long-term liabilities (Bn. VND)	·	5,722	3,704	1,104	4,123	3,637	1,451	705	557	452	855	372	414	496
Long-term borrowings (Bn. VND)	·	5,660	3,662	1,062	4,072	3,588	1,292	543	514	428	839	358	402	476
OWNER'S EQUITY(Bn.VND)	·	4,902	4,499	4,061	3,813	3,734	1,933	1,791	1,613	1,629	1,424	1,300	977	989
Capital and reserves (Bn. VND)	·	4,902	4,499	4,061	3,813	3,734	1,933	1,791	1,613	1,629	1,424	1,300	977	989
Paid-in capital (Bn. VND)	·	2,138	2,138	2,138	2,138	1,782	891	891	891	891	600	600	600	600
Other Reserves	·	32	32	32	32	21	13	6	6	6	3	2	0	0
Foreign Currency Difference reserve	·	0	0	0	0	0	0	0	0	0	0	0	372,096	372,096
Investment and development funds (Bn. VND)	·	64	64	64	64	43	27	11	11	11	7	4	0	0
Other Reserves	·	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	2	0.8	0	0
Undistributed earnings (Bn. VND)	·	2,456	1,908	1,541	1,168	1,424	495	379	380	401	192	94	42	54
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	181	166
TOTAL RESOURCES (Bn. VND)	·	11,233	8,671	8,836	8,774	8,402	4,120	2,888	2,590	2,928	2,755	2,082	1,982	1,858
Short-term loans receivables (Bn. VND)	·	718	895	1,351	2,126	3,808	1,146	409	360	363	29	52	0	0
Long-term loans receivables (Bn. VND)	·	5	0	0	0	0	0	0	0.3	310	526	2	0	0
Common shares (Bn. VND)	·	2,138	2,138	2,138	2,138	1,782	891	891	891	891	600	600	600	600
Good will (Bn. VND)	·	45	50	60	43	51	81	59	13	15	13	12	0	0
MINORITY INTERESTS	·	211	355	307	411	369	462	460	281	275	285	265	0	0

Earnings Quality

Fiscal year 2025

Weak

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

3/9

Weak

Z-Score

1.13

Distress Zone

Sharpe

−0.86

Negative

Composite

70 and above

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 Burden0.93×Interest Burden1.00×Op. Margin0.91×Turnover0.05×Leverage2.29=ROE10.2%

Price Risk

Momentum

−18.9%

Volatility

29.1%

Max Drawdown

−31.4%

Key Ratios

Fiscal year 2025

0.63P/B

P/E: 6.31
ROE: 10.6%
ROA: 4.7%
EPS: 2.186
BVPS: 21.937
Net Margin: 84.9%
Rev Growth: +5.3%
Profit Growth: +13.7%
Div Yield: —

Company Overview

Shares outstanding: 246M
Charter Capital: 2,459B VND
Sector (ICB L2): Hàng & Dịch vụ Công nghiệp
Industry (ICB L3): Tư vấn & Hỗ trợ Kinh doanh
Sub-industry: Tư vấn & Hỗ trợ KD
Company Type: CT

Ownership network

Shareholder structure

Shareholders

Công ty TNHH Quản Lý Đầu Tư H&H

Inst

55.5%

119M

2026-03-31

Lương Thu Hằng

Indiv

5.3%

11.2M

2026-03-31

Vũ Hiền

Indiv

1.0%

2.1M

2026-06-30

Board & Management

Vũ Hiền1.0%

Chairman of Management Board

Phạm Minh Hương

Member of Management Board

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

Also note

12-month sector-relative outlook

Valuation Breakdown

IPA among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

IPA among Securities

Ownership network