VND

Công ty Cổ phần Chứng khoán VNDIRECT

VietnamSecuritiesDịch vụ tài chínhHOSECK

13.100

VND · Close 2 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close below calibrated value

+5.3%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 13.100
Calibrated intrinsic value (VND): 13.794

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: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 48.5%; 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

−0.5percentage points

Securities12 monthsBack-test 2015–2024

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.

Computed 30 Oct 2026Not updated with daily prices

Sector calibration span · percentage points

−8.1+7.1

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

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)→13.100

Calibrated value vs last close→+5.3%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

13.794

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

Profitability & book valuepeer source: dynamic

VND among Securities

Every stock in the sector, VND 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 VND. 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)	·	50,579	43,106	40,414	38,670	36,628	13,219	11,333	10,231	7,176	4,972	4,539	2,848	1,870
Cash and cash equivalents (Bn. VND)	·	1,622	881	4,862	2,557	2,702	974	719	915	342	257	1,553	1,682	1,115
Short-term investments (Bn. VND)	·	45,336	40,302	34,329	33,511	33,256	11,917	10,390	9,141	6,677	4,513	2,934	398	361
Accounts receivable (Bn. VND)	·	3,523	1,753	1,088	2,503	566	314	218	158	144	64	40	758	384
Prepayments to suppliers (Bn. VND)	·	24	32	4	10	15	29	5	2	61	0	0	6	5
Other current assets	·	99	170	136	100	103	14	6	17	13	138	12	9	10
Other current assets (Bn. VND)	·	45	21	15	0	8	7	0	4	0.5	90	2	2	0.5
LONG-TERM ASSETS (Bn. VND)	·	1,049	1,189	1,328	201	467	1,757	349	304	893	202	125	94	75
Long-term trade receivables (Bn. VND)	·	23	92	90	0	0	0	0	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	23	92	90	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	86	84	106	78	57	44	56	73	59	64	71	78	60
Tangible fixed assets	·	22	41	53	51	30	34	42	54	34	41	45	46	10
Intagible fixed assets	·	64	43	54	27	27	10	15	19	25	23	27	25	25
Long-term investments (Bn. VND)	·	844	944	1,071	30	342	1,543	117	102	722	80	0	2	2
Investments in associate companies	·	836	915	836	0	0	0	0	0	422	0	0	0	0
Other long-term assets (Bn. VND)	·	8	34	37	36	24	13	11	2	0	0	0	0	0
Less: Provision for diminuation in value of long term investments	·	0	−4	−4	−7	0	0	0	0	0	0	0	0	0
Other non-current assets	·	95	66	58	84	66	163	173	128	112	55	53	14	12
Long-term prepayments (Bn. VND)	·	58	28	20	32	14	13	19	7	5	7	8	1.0	2
TOTAL ASSETS (Bn. VND)	·	51,629	44,295	41,742	38,871	37,095	14,976	11,682	10,535	8,069	5,174	4,664	2,942	1,944
LIABILITIES (Bn. VND)	·	30,726	24,580	25,234	24,356	27,272	11,157	8,434	7,552	5,553	3,226	2,728	1,106	747
Current liabilities (Bn. VND)	·	28,656	24,502	24,736	23,529	26,361	11,040	8,028	7,050	5,218	3,226	2,628	1,106	747
Short-term borrowings (Bn. VND)	·	26,463	22,436	20,468	19,312	20,449	9,458	6,554	6,012	4,352	2,614	1,601	105	133
Advances from customers (Bn. VND)	·	0.2	23	21	18	30	9	15	3	2	0.8	0.4	0	0
Long-term liabilities (Bn. VND)	·	2,070	77	498	827	911	117	406	502	335	0	100	0	0
OWNER'S EQUITY(Bn.VND)	·	20,903	19,715	16,508	14,515	9,822	3,819	3,248	2,983	2,516	1,948	1,935	1,835	1,197
Capital and reserves (Bn. VND)	·	20,903	19,715	16,508	14,515	9,822	3,819	3,248	2,983	2,516	1,948	1,935	1,835	1,197
Paid-in capital (Bn. VND)	·	15,223	15,223	12,178	12,178	4,349	2,204	2,204	2,204	1,550	1,550	1,550	1,550	1,000
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	30	0
Undistributed earnings (Bn. VND)	·	5,680	4,492	4,329	2,335	3,556	1,452	932	707	785	355	270	188	101
TOTAL RESOURCES (Bn. VND)	·	51,629	44,295	41,742	38,871	37,095	14,976	11,682	10,535	8,069	5,174	4,664	2,942	1,944
Common shares (Bn. VND)	·	15,223	15,223	12,178	12,178	4,349	2,204	2,204	2,204	1,550	1,550	1,550	1,550	·
Good will (Bn. VND)	·	0	0	0	10	12	15	17	19	22	0	0	0	·

Earnings Quality

Fiscal year 2025

Poor

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

6/9

Neutral

Sharpe

−1.30

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 Burden0.81×Interest Burden1.00×Op. Margin0.38×Turnover0.13×Leverage2.47=ROE9.7%

Price Risk

Momentum

−34.0%

Volatility

35.0%

Max Drawdown

−38.4%

Key Ratios

Fiscal year 2025

0.98P/B

P/E: 10.09
ROE: 10.0%
ROA: 4.2%
EPS: 1.328
BVPS: 13.731
Net Margin: 30.5%
Rev Growth: +24.7%
Profit Growth: +17.7%
Div Yield: 3.7%

Company Overview

Shares outstanding: 1,522M
Charter Capital: 15,223B 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 VND. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Tập đoàn Đầu tư I.P.A

Inst

25.8%

393M

2026-06-30

Yurie Vietnam Securities Investment Trust

Inst

5.0%

60.8M

2022-03-10

Vietnam Investment Fund I, L.P

Inst

4.3%

52.0M

2022-03-10

PYN Elite Fund

Inst

4.0%

49.2M

2022-03-10

PXP Vietnam Smaller Companies Fund Limited

Inst

3.2%

39.5M

2022-03-10

Phạm Minh Hương

Indiv

2.9%

44.9M

2026-06-30

Endurance Capital Vietnam I Ltd

Inst

1.2%

14.7M

2022-03-10

access s.a., sicav-sif-asia top picks

Inst

0.8%

3.3M

2021-08-23

Board & Management

Phạm Minh Hương2.9%

Chairman of Management Board

Vũ Hiền

Vice Chairman of Management Board

Nguyễn Vũ Long

Member of Management Board/General Director

Top connections

HOT25.8%CRE25.8%ASM11.2%TNH2 links HDG10.0%MIG9.9%DSE9.0%YEG8.9%SHS7.7%ACC7.4%NTL5.0%TRA5.0%

Listed group

PTITổng Công ty Cổ phần Bảo hiểm Bưu điện
Associate: 20% or more held
20.0%
2026-06-30

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.

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

VND among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Listed group

VND among Securities

Ownership network

Listed group