PHS

Công ty Cổ phần Chứng khoán Phú Hưng

VietnamSecuritiesDịch vụ tài chínhUPCOMCK

8.900

VND · Last close

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−1.1%Calibrated value vs last close

Last close (VND): 8.900
Calibrated intrinsic value (VND): 8.798

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.

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.

Comparison assessed 4 Nov 2026Valid through 21 Nov 2026

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.

Published filingsValued 30 Oct 2026Close date unavailableRecalculated 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)→8.900

Calibrated value vs last close→−1.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

8.798

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

Profitability & book valuepeer source: dynamic

PHS among Securities

Every stock in the sector, PHS 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 PHS. 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)	·	5,271	3,848	3,959	3,595	4,694	2,078	1,652	1,495	1,138	755	763	472	342
Cash and cash equivalents (Bn. VND)	·	318	182	197	764	325	128	320	188	301	103	106	90	100
Short-term investments (Bn. VND)	·	4,820	3,597	3,666	2,754	4,151	1,920	1,290	1,252	790	635	77	53	0
Accounts receivable (Bn. VND)	·	120	62	92	74	215	28	40	73	75	19	580	329	186
Prepayments to suppliers (Bn. VND)	·	1	1	7	2	2	1	0.9	1	0.4	0	0.2	0.1	0.03
Other current assets	·	13	7	5	3	3	2	2	2	1	2	0.8	0.6	0.9
Other current assets (Bn. VND)	·	9	0	0	0	0	0	0	0	0	0	0.06	0.05	0.2
LONG-TERM ASSETS (Bn. VND)	·	313	83	81	81	73	57	25	18	15	13	21	25	31
Fixed assets (Bn. VND)	·	18	29	24	30	30	19	10	7	7	7	9	17	22
Tangible fixed assets	·	6	12	14	18	17	15	8	4	3	1	2	7	11
Intagible fixed assets	·	12	17	10	12	12	4	2	3	5	6	7	7	11
Long-term investments (Bn. VND)	·	250	0	0	0	0	0	0	0	0	0	0	0	0
Other non-current assets	·	45	54	58	50	40	29	15	10	8	6	13	8	9
Long-term prepayments (Bn. VND)	·	3	10	18	17	13	6	5	4	4	4	5	1.0	2
TOTAL ASSETS (Bn. VND)	·	5,584	3,931	4,041	3,676	4,767	2,135	1,677	1,512	1,153	768	785	498	373
LIABILITIES (Bn. VND)	·	3,444	1,864	2,429	2,079	3,162	1,142	907	767	644	457	617	315	194
Current liabilities (Bn. VND)	·	3,441	1,862	2,427	2,077	3,160	1,140	906	766	644	456	616	314	194
Short-term borrowings (Bn. VND)	·	2,872	1,433	1,990	1,833	2,255	748	775	648	557	385	484	166	82
Advances from customers (Bn. VND)	·	0.05	0.05	0	0	0	0	0	0	0.08	0.2	0.2	0.05	0.05
Long-term liabilities (Bn. VND)	·	2	2	2	2	2	1	0.3	0.4	0.3	0.7	0.4	0.4	0.4
OWNER'S EQUITY(Bn.VND)	·	2,140	2,067	1,612	1,597	1,605	993	770	746	508	311	168	183	179
Capital and reserves (Bn. VND)	·	2,140	2,067	1,612	1,597	1,605	993	770	746	508	311	168	183	179
Paid-in capital (Bn. VND)	·	2,000	2,000	1,500	1,500	1,400	900	700	700	320	320	347	347	347
Other Reserves	·	0	0	0	0	0	0	0	0	180	0	0	0	0
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	2	2	2
Undistributed earnings (Bn. VND)	·	128	55	100	73	181	83	66	46	8	−9	−182	−167	−170
TOTAL RESOURCES (Bn. VND)	·	5,584	3,931	4,041	3,676	4,767	2,135	1,677	1,512	1,153	768	785	498	373
Common shares (Bn. VND)	·	2,000	2,000	1,500	1,500	1,400	900	700	700	320	320	347	347	0

◆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

Poor

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

5/9

Neutral

Sharpe

−0.27

Negative

Composite

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 Burden0.80×Interest Burden1.00×Op. Margin0.19×Turnover0.11×Leverage2.61=ROE4.4%

Price Risk

Momentum

−4.4%

Volatility

79.6%

Max Drawdown

−44.6%

Key Ratios

Fiscal year 2025

1.04P/B

P/E: 23.84
ROE: 4.4%
ROA: 2.0%
EPS: 467
BVPS: 10.702
Net Margin: 15.1%
Rev Growth: +28.2%
Profit Growth: +86257.3%
Div Yield: 0.9%

Company Overview

Shares outstanding: 250M
Charter Capital: 2,500B 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 PHS. Hover for detail, select a link to open it.

Shareholders

Phu Hung Far East Holding Corporation

Inst

46.0%

92.0M

2026-06-30

New Beam International Inc

Inst

20.8%

41.7M

2026-06-30

An Thinh Development Limited

Inst

18.1%

16.3M

2020-02-13

Công ty TNHH Tư vấn Đầu tư Quang Huy

Inst

13.5%

4.7M

2015-06-15

Công ty Cổ phần CX Technology (Vietnam)

Inst

6.7%

2.3M

2013-04-15

Cat Tinh Development Limited

Inst

5.0%

10.0M

2024-12-04

Công ty TNHH Tư vấn Đầu tư Phú Lập

Inst

4.3%

1.5M

2012-03-20

Công ty TNHH Tư Vấn Đầu Tư Vũ Thái

Inst

3.7%

7.5M

2026-06-30

Nguyễn Hồng Mai

Indiv

2.3%

793,166

2013-01-10

Công ty TNHH Một Thành Viên Thương Mại Dịch Vụ Cuộc Sống Mới

Inst

1.6%

3.1M

2025-09-23

Công ty Cổ phần Âu Lạc

Inst

1.4%

500,000

2015-06-15

Trần Thị Quỳnh Mai

Indiv

1.4%

500,000

2010-04-20

Freshfields Capital Corporation

Inst

0.7%

1.3M

2026-06-30

Nguyễn Hùng Mạnh

Indiv

0.1%

258,177

2026-06-30

Board & Management

Teo Peoh Huat (Jason)

Chief Financial Officer

Lii San Rong

Member of Supervisors Board

Nguyễn Quốc Đại

Deputy Director

Nguyễn Lê Đức Hạnh

Deputy of Chief Financial Officer

Bùi Thi Thanh Hương

Head of Internal auditor

Liu, Hsiu-Mei

Independent Member of Management Board

Wu Jin-Jeng

Member of Management Board

Nguyễn Đoan Hùng

Member of Management Board

Ting Kwang-Chin Albert

Chairman of Management Board

Liew Sep Siang

Head of Supervisors Board

Chiu Hsien-Chih

Member of Supervisors Board

Phạm Thị Thu Nhàn

Deputy General Director

Đỗ Thị Ái Vy

Chief Accountant

Chiêu Nhã Thy

Person in charge of Corporate governace

Chen Chia Ken

Spokesman/Member of Management Board/General Director

Top connections

FUEPHVNS78.2%

Director-deal registrations · 12 months

Sale registrations: None
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Công ty Cổ Phần Cx Technology (VN)
Purchase · Institution
—
2026-08-21

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

Why it needs review

Valuation Breakdown

PHS among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

PHS among Securities

Ownership network

Director-deal registrations · 12 months