Calibrated intrinsic value vs last close
Illustrative estimate- Last close (VND)
- 9.100
- Calibrated intrinsic value (VND)
- 12.019
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
- 1Measure the gap
Between the model and the last close.
- 2Check the record2015–2024
What gaps of that size went on to earn over the following year.
- 3Apply 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
- 60.2%
- 12 monthsHistorical calibration
- Chance the return beats the median return of its sector peers.
These assessments address different questions. Neither establishes that the displayed valuation is correct or guarantees a future return.
12-month sector-relative outlook
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.
- The sector’s historical range, not a prediction interval for this stock.
- Actual returns can fall outside it.
Valuation Breakdown
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
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.
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.
Brokerage and securities firms whose valuations are dominated by market sentiment and trading volume cycles.
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 × (1 + calibrated gap / 100)
Earnings Quality
Quantitative Scores
Key Ratios
- P/E
- 9.72
- ROE
- 9.0%
- ROA
- 3.6%
- EPS
- 1.064
- BVPS
- 12.380
- Net Margin
- 29.3%
- Rev Growth
- +82.5%
- Profit Growth
- +19.0%
- Div Yield
- —
Company Overview
- Shares outstanding
- 154M
- Charter Capital
- 1,540B VND
- Sector (ICB L2)
- Dịch vụ tài chính
- Industry (ICB L3)
- Dịch vụ tài chính
- Sub-industry
- Môi giới chứng khoán
- Company Type
- CK