MIG

Tổng Công ty Cổ phần Bảo hiểm Quân đội

VietnamInsuranceBảo hiểmBảo hiểm phi nhân thọHOSEBH

15.150

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+6.8%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 15.150
Calibrated intrinsic value (VND): 16.178

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: 51.3%; 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

−0.6percentage points

Insurance12 monthsBack-test 2015–2024

Median 12-month return difference versus Insurance 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

−2.1+2.1

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

BH→Insurance

Classified as insurance because company type is BH (insurance company).

ModelPeer-Relative P/B

Intrinsic Value = Peer P/B x (Target ROE / Peer ROE) x BVPS

Insurance companies hold long-duration liabilities (future claims) whose true economic value isn't fully captured by accounting book value. This model benchmarks the insurer against peers: it takes the median P/B of comparable insurers and adjusts it based on how the target's profitability (ROE) compares to the peer group. A more profitable insurer deserves a premium; a less profitable one, a discount.

Technical details

Why this model

Insurers' embedded value (present value of future profits from in-force policies) is difficult to calculate from public data alone. Peer-relative P/B with an ROE adjustment serves as a practical proxy within the limits of the available data.

How it works

Takes the median P/B multiple of listed insurance peers and pulls it toward a 1.5x prior, more strongly when there are few peers (weight N/(N+4)). Adjusts by the ratio of the company's ROE to the peer median ROE (clamped to 0.7x-1.5x to prevent extremes). Multiplies adjusted P/B by current BVPS.

Best for

Life and non-life insurance companies where embedded value data is unavailable and peer benchmarking provides the most reliable reference.

Model Inputs

Avg ROE (3yr)→13.03%

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)→15.150

Calibrated value vs last close→+6.8%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

16.178

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

Profitability & book valuepeer source: dynamic

MIG among Insurance

Every stock in the sector, MIG 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 MIG. 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)	·	10,719	9,131	7,965	7,102	5,633	4,139	4,300	3,064	2,248	2,412	1,759	1,363	825
Cash and cash equivalents (Bn. VND)	·	227	330	182	92	9	12	13	156	35	41	254	49	91
Short-term investments (Bn. VND)	·	5,093	4,113	3,507	2,632	2,987	2,229	2,680	1,763	1,367	1,555	849	576	211
Accounts receivable (Bn. VND)	·	1,217	683	862	1,012	601	661	781	553	392	437	394	321	439
Prepayments to suppliers (Bn. VND)	·	691	342	435	360	247	301	224	156	116	127	115	137	99
Net Inventories	·	0.8	0.8	0.8	1	2	3	3	4	13	15	8	8	6
Inventories, Net (Bn. VND)	·	0.8	0.8	0.8	1	2	3	3	4	13	15	8	8	6
Other current assets	·	1,483	1,316	1,267	1,228	627	274	87	73	83	69	68	155	78
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	99	23
LONG-TERM ASSETS (Bn. VND)	·	555	704	854	1,443	934	1,412	614	614	766	538	497	649	520
Long-term trade receivables (Bn. VND)	·	18	17	15	16	16	13	12	12	13	12	9	6	0
Other long-term receivables (Bn. VND)	·	18	17	15	16	16	13	12	12	13	12	9	6	0
Fixed assets (Bn. VND)	·	179	139	84	79	81	423	420	73	99	107	101	303	41
Tangible fixed assets	·	71	84	46	52	59	58	60	56	82	90	84	74	26
Intagible fixed assets	·	107	55	38	27	22	19	19	18	17	17	17	15	15
Long-term investments (Bn. VND)	·	0	150	365	979	423	928	128	128	300	100	130	325	283
Other long-term assets (Bn. VND)	·	0	150	365	979	128	128	128	128	300	100	0	325	283
Less: Provision for diminuation in value of long term investments	·	0	0	0	0	−11	0	0	−0.01	−0.01	−0.01	−0.01	−0.10	0
Other non-current assets	·	8	13	17	23	64	47	54	52	58	24	17	15	8
Long-term prepayments (Bn. VND)	·	8	13	17	23	64	47	54	52	58	24	17	13	0.2
TOTAL ASSETS (Bn. VND)	·	11,274	9,835	8,819	8,545	6,567	5,551	4,914	3,678	3,013	2,950	2,255	2,013	1,345
LIABILITIES (Bn. VND)	·	8,647	7,705	6,738	6,653	4,820	4,016	3,434	2,689	2,123	2,096	1,697	1,465	900
Current liabilities (Bn. VND)	·	7,858	7,326	6,561	6,511	4,713	3,928	3,375	2,645	2,076	2,043	1,642	1,400	864
Short-term borrowings (Bn. VND)	·	0	0	0	0	0	0	68	81	204	233	207	259	117
Advances from customers (Bn. VND)	·	25	11	21	24	19	22	32	34	7	6	11	13	9
Long-term liabilities (Bn. VND)	·	789	379	177	142	107	88	59	44	47	53	55	65	35
Long-term borrowings (Bn. VND)	·	0	0	0	0	0	0	0	0	4	8	12	20	0
OWNER'S EQUITY(Bn.VND)	·	2,628	2,130	2,081	1,892	1,747	1,535	1,480	988	890	854	558	540	438
Capital and reserves (Bn. VND)	·	2,628	2,130	2,081	1,892	1,747	1,535	1,480	988	890	854	558	540	438
Paid-in capital (Bn. VND)	·	2,115	1,727	1,727	1,645	1,430	1,300	1,300	840	800	800	500	500	400
Undistributed earnings (Bn. VND)	·	412	319	282	189	266	195	150	125	65	31	38	30	30
Minority Interest	·	0	0	0	0	0	0	0	0	0	0	0	8	7
TOTAL RESOURCES (Bn. VND)	·	11,274	9,835	8,819	8,545	6,567	5,551	4,914	3,678	3,013	2,950	2,255	2,013	1,345
Short-term loans receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	1	0	0
Common shares (Bn. VND)	·	2,115	1,727	1,727	1,645	1,430	1,300	1,300	840	800	800	500	500	400
MINORITY INTERESTS	·	0	0	0	0	0	0	0	0	7	7	8	0	0

Earnings Quality

Fiscal year 2025

Weak

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

6/9

Neutral

Sharpe

−0.26

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 Burden0.79×Interest Burden10.46×Op. Margin0.01×Turnover0.36×Leverage4.29=ROE12.4%

Price Risk

Momentum

+2.7%

Volatility

21.0%

Max Drawdown

−21.6%

Key Ratios

Fiscal year 2025

1.25P/B

P/E: 10.09
ROE: 13.7%
ROA: 3.1%
EPS: 1.536
BVPS: 12.424
Net Margin: 8.0%
Rev Growth: +14.3%
Profit Growth: +36.2%
Div Yield: 3.1%

Company Overview

Shares outstanding: 212M
Charter Capital: 2,115B VND
Sector (ICB L2): Bảo hiểm
Industry (ICB L3): Bảo hiểm phi nhân thọ
Sub-industry: Bảo hiểm phi nhân thọ
Company Type: BH

Ownership network

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

Shareholders

Ngân hàng Thương mại Cổ phần Quân đội

MBB

67.7%

143M

2026-06-30

PYN Elite Fund

Inst

9.9%

17.1M

2025-01-03

Công Đoàn Tổng Công ty Cổ Phần Bảo Hiểm Quân Đội

State

0.1%

313,730

2026-07-23

Nguyễn Thị Thủy

Indiv

0.1%

199,600

2025-03-21

Nguyễn Đức Tuấn

Indiv

0.1%

171,950

2023-06-30

Board & Management

Nguyễn Thị Thảo

Head of Supervisors Board

Hoàng Thị Hiền

Deputy General Director/Spokesman

Đặng Quốc Tiến

Independent Member of Management Board

Lê Như Hải

Deputy General Director

Đinh Như Tuynh

Member of Management Board/General Director

Ngô Bích Ngọc

Chief Financial Officer

Top connections

MBS67.7%VFR67.7%HNA67.7%ASM11.2%HDG10.0%DSE9.9%YEG9.9%SHS9.9%ACC9.9%NTL9.9%AAA9.9%CTI9.9%

Listed group

MBBNgân hàng Thương mại Cổ phần Quân đội
Parent: holds over 50%
67.7%
2026-06-30

Also held by MBB:MBS

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.

Director-deal registrations · 12 months

Sale registrations: 2 by 1 trader; 6,047,580 shares
Purchase registrations: 2 by 1 trader; 188,648 shares
Registered net, share of outstanding:: −2.77%

Công Đoàn Tổng Công ty Cổ Phần Bảo Hiểm Quân Đội
Purchase · Institution
19,545
2026-07-01
Công Đoàn Tổng Công ty Cổ Phần Bảo Hiểm Quân Đội
Purchase · Institution
169,103
2026-05-21
Công ty Cổ phần Quản lý quỹ đầu tư MB
Sale · Institution
3,023,790
2026-01-15
Công ty Cổ phần Quản lý quỹ đầu tư MB
Sale · Institution
3,023,790
2025-12-30

Insiders, large holders and related persons register a trade before they make it. A registration is not an executed trade, and a holder that did not trade often registers again.

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

MIG among Insurance

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

Ownership network

Listed group

Director-deal registrations · 12 months

MIG among Insurance