VAB

Ngân hàng Thương mại Cổ phần Việt Á

VietnamBanksNgân hàngHOSENH

9.000

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+21.2%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 9.000
Calibrated intrinsic value (VND): 10.909

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: 60.3%; 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

+7.7percentage points

Banks12 monthsBack-test 2015–2024

Median 12-month return difference versus Banks 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

−9.5+8.4

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

NH→Bank

Classified as bank because company type is NH (commercial bank).

ModelP/B x ROE Regression

Intrinsic Value = Fair P/B x Book Value Per Share

Estimates a fair price-to-book (P/B) multiple from how the market prices listed peer banks on their book value and returns. ROE, asset size, a bad-loan indicator and credit growth are weighed together to place this bank among its peers.

Technical details

Why this model

A bank's free cash flow does not mean what it means for an ordinary company. Book value, ROE and asset quality give a better frame of reference for valuing a bank.

How it works

A robust (Huber) multivariate regression estimates P/B from 3-year average ROE, log total assets, a bad-loan indicator and 3-year credit growth, after limiting extreme observations. Only banks the market prices on their earnings enter the fit (positive ROE, P/B at most 3.0×). The fitted P/B is multiplied by book value per share. A weak fit (R² below 0.4), a fit where higher ROE does not mean a higher P/B, and large state-owned banks use the peer median P/B adjusted for ROE.

Best for

Commercial banks where book value represents real economic assets and ROE reflects sustainable profitability.

Model Inputs

Avg ROE→10.29%

Valuation method: Peer regression
Bank peer-model fit (R²): 0.4578
Fit observations: 25

R² describes how well the shared bank-peer regression explains P/B variation in its fitted sample. Banks using the same regression share this statistic. Forecast performance is evaluated separately through backtests.

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)→9.000

Calibrated value vs last close→+21.2%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

10.909

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

Profitability & book value10.29%regression type: huber multifactorfallback used: no

Cross-sectional featuresr squared: 0.46n obs: 25

VAB among Banks

Every stock in the sector, VAB 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 VAB. 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
Cash and cash equivalents (Bn. VND)	·	331	333	362	448	399	296	266	319	272	394	335	357	290
Fixed assets (Bn. VND)	·	477	236	244	205	212	208	197	195	217	244	279	229	224
Tangible fixed assets	·	328	79	78	73	82	73	80	81	96	118	135	119	146
Intagible fixed assets	·	148	156	166	132	130	135	116	115	120	126	144	110	78
Investment in properties	·	0	0	0	0	0	0	3	0	0	0	0	0	0
Long-term investments (Bn. VND)	·	69	83	83	135	114	114	313	313	313	247	316	519	513
Other long-term assets (Bn. VND)	·	84	83	83	135	114	114	313	313	313	247	316	519	513
Less: Provision for diminuation in value of long term investments	·	−15	0	0	0	0	0	0	0	0	0	0	0	0
TOTAL ASSETS (Bn. VND)	·	140,486	119,832	112,196	105,148	101,033	86,529	76,447	71,291	64,434	61,465	41,878	35,591	27,033
LIABILITIES (Bn. VND)	·	130,331	110,975	104,199	97,886	94,655	80,805	72,004	67,056	60,318	57,448	37,959	31,955	23,444
OWNER'S EQUITY(Bn.VND)	·	10,155	8,857	7,997	7,262	6,378	5,724	4,442	4,235	4,116	4,018	3,920	3,636	3,588
Paid-in capital (Bn. VND)	·	8,164	5,400	5,400	5,400	4,450	4,450	3,500	3,500	3,500	3,500	3,500	3,098	3,098
Other Reserves	·	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01	0.01
Undistributed earnings (Bn. VND)	·	1,098	2,837	2,089	1,487	1,651	997	715	539	438	354	271	231	191
TOTAL RESOURCES (Bn. VND)	·	140,486	119,832	112,196	105,148	101,033	86,529	76,447	71,291	64,434	61,465	41,878	35,591	27,033
Balances with the SBV	·	1,131	1,308	2,150	1,374	2,341	2,201	2,941	441	244	250	507	699	735
Placements with and loans to other credit institutions	·	22,328	17,689	21,982	21,288	22,855	15,223	11,627	15,268	12,353	10,190	4,580	2,069	1,256
Trading Securities, net	·	0	0	0	0	0	0	0	0	0	1,369	104	18	159
Trading Securities	·	0	0	0	0	0	0	0	0	0	1,371	108	22	182
Provision for diminution in value of Trading Securities	·	0	0	0	0	0	0	0	0	0	−2	−3	−4	−22
Derivatives and other financial liabilities	·	202	0	0	10	4	6	49	0.9	2	0	0	0	0
Loans and advances to customers, net	·	87,680	79,157	68,312	61,825	53,854	47,808	42,158	37,522	33,899	30,006	20,040	15,633	14,196
Loans and advances to customers	·	88,742	79,916	69,059	62,508	54,459	48,379	42,624	37,916	34,226	30,416	20,268	15,822	14,388
Less: Provision for losses on loans and advances to customers	·	−1,061	−758	−747	−683	−605	−571	−466	−394	−328	−410	−228	−189	−193
Investment Securities	·	19,194	14,133	7,416	8,984	8,773	12,400	13,442	12,096	12,522	13,817	11,056	11,514	5,857
Available-for Sales Securities	·	19,194	14,147	7,431	8,212	6,826	11,216	10,218	8,455	9,988	11,338	8,652	10,128	5,153
Held-to-Maturity Securities	·	0	0	0	790	1,962	1,200	4,063	4,288	3,069	2,905	2,700	1,449	709
Less: Provision for diminution in value of investment securities	·	0	−14	−15	−17	−15	−16	−839	−647	−535	−426	−296	−63	−5
Other Assets	·	9,075	6,894	11,647	10,879	12,481	8,275	5,448	5,135	4,612	4,945	4,624	4,553	3,803
Due to Gov and borrowings from SBV	·	4,736	2,089	0	3,621	0	0	0	10	0	0	0	109	0
Deposits and borrowings from other credit institutions	·	19,389	14,106	13,884	21,642	23,197	18,167	21,416	22,714	22,770	23,827	12,865	11,637	4,281
Deposits from customers	·	99,080	90,289	86,695	70,209	67,691	59,272	47,429	41,367	34,402	32,190	24,440	19,780	18,822
Derivatives and other financial liabilities	·	0	9	17	0	0	0	0	14	0	0	0	0	0
Funds received from Gov, international and other institutions	·	20	0	0	0	0	0	7	0	25	43	26	12	64
Convertible bonds/CDs and other valuable papers issued	·	4,959	2,145	486	150	1,882	1,358	1,249	1,682	2,164	675	8	0	0
Other liabilities	·	2,147	2,338	3,117	2,264	1,885	2,009	1,903	1,268	957	712	619	416	277
Capital	·	8,164	5,400	5,400	5,400	4,450	4,450	3,500	3,500	3,500	3,500	3,500	3,206	3,206
Reserves	·	893	620	509	375	277	277	227	196	178	163	148	199	192

Earnings Quality

Fiscal year 2025

Fair

Margin StabilityConsistency of profit margins

100

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

5/9

Neutral

Sharpe

−0.85

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 Burden0.79×Interest Burden0.83×Op. Margin0.17×Turnover0.01×Leverage9.79=ROE1.3%

Price Risk

Momentum

−16.7%

Volatility

17.7%

Max Drawdown

−20.2%

Key Ratios

Fiscal year 2025

0.80P/B

P/E: 6.15
ROE: 13.9%
ROA: 1.0%
EPS: 1.617
BVPS: 12.439
Net Margin: 34.9%
Rev Growth: +31.4%
Profit Growth: +50.2%
Div Yield: —

Company Overview

Shares outstanding: 902M
Charter Capital: 9,021B VND
Sector (ICB L2): Ngân hàng
Industry (ICB L3): Ngân hàng
Sub-industry: Ngân hàng
Company Type: NH

Ownership network

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

Shareholders

Công ty Cổ Phần Tập Đoàn Đầu Tư Việt Phương

Inst

9.1%

48.9M

2025-06-04

Công ty cổ phần Rạng Đông

Inst

4.9%

21.7M

2021-08-06

Trần Tiến Dũng

Indiv

1.0%

8.3M

2026-06-30

Công ty Cổ phần Đầu tư Phát triển Công nghiệp Thương mại Củ Chi

CCI

0.9%

8.2M

2026-10-13

Lương Thị Linh

Indiv

0.2%

1.9M

2025-12-31

Đỗ Thị Ngọc Hà

Indiv

0.1%

675,791

2024-10-24

Đỗ Công Chính

Indiv

0.1%

371,183

2009-06-30

Board & Management

Trần Tiến Dũng1.0%

Member of Management Board/Person in charge of Corporate governace

Nguyễn Kim Phượng

Head of Supervisors Board

Top connections

MIC25.6%DXG9.1%

Director-deal registrations · 12 months

Sale registrations: 3 by 1 trader; 3,000,000 shares
Purchase registrations: None
Registered net, share of outstanding:: −0.33%

Công ty Cổ phần Đầu tư Phát triển Công nghiệp Thương mại Củ Chi
Sale · Institution
1,000,000
2026-10-13
Công ty Cổ phần Đầu tư Phát triển Công nghiệp Thương mại Củ Chi
Sale · Institution
1,000,000
2026-09-09
Công ty Cổ phần Đầu tư Phát triển Công nghiệp Thương mại Củ Chi
Sale · Institution
1,000,000
2026-07-07

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

VAB among Banks

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

VAB among Banks

Ownership network

Director-deal registrations · 12 months