TVB

Công ty Cổ phần Chứng khoán T-Cap

VietnamSecuritiesDịch vụ tài chínhHOSECK

5.970

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Comparison requires review

−1.1%Calibrated value vs last close

Last close (VND): 5.970
Calibrated intrinsic value (VND): 5.902

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 3 Nov 2026Valid through 2 Dec 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 2026Anchored to close on 2 Nov 2026Recalculated 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)→5.970

Calibrated value vs last close→−1.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

5.902

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

Profitability & book valuepeer source: dynamic

TVB among Securities

Every stock in the sector, TVB 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 TVB. 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)	·	1,127	1,167	991	982	1,790	926	630	212	182	159	102	104	75
Cash and cash equivalents (Bn. VND)	·	25	582	193	100	149	92	27	29	84	84	72	43	7
Short-term investments (Bn. VND)	·	796	400	628	726	1,607	821	543	171	83	54	8	0.08	0.08
Accounts receivable (Bn. VND)	·	129	144	167	154	32	12	114	7	11	17	16	53	59
Prepayments to suppliers (Bn. VND)	·	0.6	0.3	0.3	0.7	0.6	1	21	4	1	0	0.3	0.3	0.4
Other current assets	·	177	41	3	3	1	1	1	6	5	4	5	8	9
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	8	9
LONG-TERM ASSETS (Bn. VND)	·	17	15	16	17	15	35	122	46	12	3	18	10	11
Fixed assets (Bn. VND)	·	2	0.2	0.6	2	3	4	5	6	2	0.8	0.9	1	2
Tangible fixed assets	·	1	0.2	0.4	0.8	1	2	2	1	1	0.1	0.2	0.3	0.5
Intagible fixed assets	·	0.03	0.07	0.2	1	2	3	3	4	0.7	0.7	0.6	0.8	1
Long-term investments (Bn. VND)	·	0	0	0	0	0	22	56	22	8	0	15	7	7
Investments in associate companies	·	0	0	0	0	0	0	0	0	0	0	0	0	7
Other long-term assets (Bn. VND)	·	0	0	0	0	0	22	56	22	8	0	15	7	0
Other non-current assets	·	16	15	15	15	12	9	61	19	3	2	2	2	2
Long-term prepayments (Bn. VND)	·	0.7	0.2	0.9	2	2	2	0.3	0.10	0.08	0.06	0.01	0.2	0.4
TOTAL ASSETS (Bn. VND)	·	1,145	1,182	1,007	999	1,805	961	752	259	194	162	120	115	86
LIABILITIES (Bn. VND)	·	30	33	22	130	434	358	208	75	31	60	38	33	10
Current liabilities (Bn. VND)	·	30	33	10	130	259	137	70	41	31	25	3	33	10
Short-term borrowings (Bn. VND)	·	0	0	0	0	94	108	39	10	24	19	0	0	0
Advances from customers (Bn. VND)	·	0.4	0.4	0.4	0.4	0.5	0.5	0.7	0.6	0.06	0	0.1	0	0.1
Long-term liabilities (Bn. VND)	·	0	0.9	13	0	175	221	138	34	0	35	35	0	0
OWNER'S EQUITY(Bn.VND)	·	1,114	1,149	984	869	1,371	603	544	184	164	102	82	81	77
Capital and reserves (Bn. VND)	·	1,114	1,149	984	869	1,371	603	544	184	164	102	82	81	77
Paid-in capital (Bn. VND)	·	1,121	1,121	1,121	1,121	1,120	547	486	162	150	96	96	96	96
Difference upon Assets Revaluation	·	−28	−2	−41	−93	−23	16	0	0	0	0	0	0	0
Undistributed earnings (Bn. VND)	·	28	7	−119	−182	244	18	38	20	13	6	−14	−15	−19
TOTAL RESOURCES (Bn. VND)	·	1,145	1,182	1,007	999	1,805	961	752	259	194	162	120	115	86
Common shares (Bn. VND)	·	1,121	1,121	1,121	1,121	1,120	547	486	162	150	96	96	96	·

Earnings Quality

Fiscal year 2025

Poor

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

4/9

Neutral

Sharpe

−1.61

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 Burden1.05×Interest Burden1.00×Op. Margin0.22×Turnover0.08×Leverage1.03=ROE1.9%

Price Risk

Momentum

−32.1%

Volatility

32.3%

Max Drawdown

−33.8%

Key Ratios

Fiscal year 2025

0.58P/B

P/E: 31.21
ROE: 1.8%
ROA: 1.8%
EPS: 191
BVPS: 10.210
Net Margin: 23.0%
Rev Growth: −50.6%
Profit Growth: −83.4%
Div Yield: —

Company Overview

Shares outstanding: 109M
Charter Capital: 1,091B 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 TVB. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp

TVC

73.4%

80.1M

2026-10-21

Phạm Thanh Tùng

Indiv

2.5%

2.8M

2024-12-31

Đỗ Thanh Hà

Indiv

1.3%

1.5M

2023-01-12

Đỗ Đức Nam

Indiv

0.5%

550,000

2022-12-31

Nguyễn Tiến Sơn

Indiv

0.4%

498,000

2022-06-30

Phạm Thị Thanh Huyền

Indiv

0.3%

328,400

2024-12-31

Lê Thị Thu Hương

Indiv

0.2%

200,000

2021-12-31

Board & Management

Nguyễn Thị Hằng

Member of Management Board/General Director/Person in charge of Corporate governace

Top connections

TVC2 links

Listed group

TVCCông ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Parent: holds over 50%
73.4%
2026-10-21

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; 24,800,000 shares · 1 without a stated volume
Purchase registrations: 7 by 1 trader; 5,175,000 shares · 1 without a stated volume

Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
500,000
2026-09-11
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
1,875,000
2026-07-31
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Sale · Institution
—
2026-07-29
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Sale · Institution
24,800,000
2026-06-22
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
500,000
2026-06-04
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
500,000
2026-04-24
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
800,000
2026-03-09
Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
—
2026-01-27

1 more registration

Công ty Cổ phần Tập đoàn Quản lý tài sản T-Corp
Purchase · Institution
1,000,000
2025-12-04

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

TVB among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

Director-deal registrations · 12 months

TVB among Securities

Ownership network

Listed group

Director-deal registrations · 12 months