AAS

Công ty Cổ phần Chứng khoán SmartInvest

VietnamSecuritiesDịch vụ tài chínhUPCOMCK

9.900

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close near calibrated value

−1.1%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 9.900
Calibrated intrinsic value (VND): 9.787

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 3 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)→9.900

Calibrated value vs last close→−1.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

9.787

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

Profitability & book valuepeer source: dynamic

AAS among Securities

Every stock in the sector, AAS 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 AAS. 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)	·	4,024	4,785	3,332	2,104	1,639	623	472	263	226	146	5	15	11
Cash and cash equivalents (Bn. VND)	·	100	295	569	251	536	254	184	37	52	111	5	5	0.7
Short-term investments (Bn. VND)	·	1,805	2,160	1,298	937	1,016	264	256	215	172	0	0	0	0
Accounts receivable (Bn. VND)	·	2,118	2,328	1,464	915	86	105	35	18	0.6	1	0.6	10	10
Prepayments to suppliers (Bn. VND)	·	13	5	73	35	3	1	0.3	7	0.03	0	0	2	2
Other current assets	·	1	1	1	1	1	0.4	0.2	0.8	1	33	0.01	0.4	0.01
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0.01	33	0	0.4	0
LONG-TERM ASSETS (Bn. VND)	·	242	271	234	203	6	29	49	77	82	160	10	0.03	4
Long-term trade receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	7	0	0
Other long-term receivables (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	7	0	0
Fixed assets (Bn. VND)	·	236	226	33	5	3	26	48	73	78	82	3	0.03	1
Tangible fixed assets	·	42	46	21	3	3	2	2	4	5	5	3	0.03	1
Intagible fixed assets	·	194	180	12	2	0.1	23	46	69	73	77	0	0	0
Long-term investments (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	3
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	−0.2
Other non-current assets	·	6	6	6	5	2	3	0.6	0.6	1	75	0	0.01	0.3
Long-term prepayments (Bn. VND)	·	0.9	0.6	0.9	0.9	0.6	0.2	0.04	0.4	0.9	1	0	0	0
TOTAL ASSETS (Bn. VND)	·	4,266	5,056	3,567	2,307	1,646	651	521	340	307	306	15	15	14
LIABILITIES (Bn. VND)	·	1,615	2,562	1,147	774	431	305	178	16	3	4	0.7	1	0.9
Current liabilities (Bn. VND)	·	1,527	2,366	944	705	421	295	178	16	3	4	0.7	1	0.9
Short-term borrowings (Bn. VND)	·	1,370	2,214	807	371	0	11	0	0	0	0	0	0.4	0.4
Advances from customers (Bn. VND)	·	0.7	0.3	0.4	0.5	2	0	0	0.03	0.2	0.2	0.05	0.10	0
Long-term liabilities (Bn. VND)	·	88	196	202	68	11	10	0.05	0	0	0	0	0	0
Long-term borrowings (Bn. VND)	·	88	128	134	0.4	0.6	0	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	2,651	2,493	2,420	1,533	1,214	347	343	324	305	302	14	14	14
Capital and reserves (Bn. VND)	·	2,651	2,493	2,420	1,533	1,214	347	343	324	305	302	14	14	14
Paid-in capital (Bn. VND)	·	2,300	2,300	2,300	800	800	310	310	310	310	310	22	22	22
Undistributed earnings (Bn. VND)	·	347	189	116	729	410	32	32	14	−5	−8	−8	−8	−8
TOTAL RESOURCES (Bn. VND)	·	4,266	5,056	3,567	2,307	1,646	651	521	340	307	306	15	15	14
Common shares (Bn. VND)	·	2,300	2,300	2,300	800	800	310	310	310	310	310	22	22	22

Earnings Quality

Fiscal year 2025

Poor

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

9/9

Strong

Sharpe

0.02

Positive

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 Burden0.76×Interest Burden0.99×Op. Margin0.39×Turnover0.13×Leverage1.61=ROE6.0%

Price Risk

Momentum

−3.1%

Volatility

40.1%

Max Drawdown

−38.4%

Key Ratios

Fiscal year 2025

0.85P/B

P/E: 14.25
ROE: 6.1%
ROA: 3.4%
EPS: 688
BVPS: 11.526
Net Margin: 29.2%
Rev Growth: +32.1%
Profit Growth: +124.0%
Div Yield: —

Company Overview

Shares outstanding: 230M
Charter Capital: 2,300B 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 AAS. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Quản lý quỹ HD

Inst

5.2%

12.0M

2026-10-28

Ngô Thị Thùy Linh

Indiv

2.1%

4.8M

2026-06-30

Nguyễn Thị Lan

Indiv

0.4%

900,000

2026-06-30

Công ty Cổ phần Tập đoàn Khách sạn Đông Á

DAH

0.4%

900,000

2026-06-30

Board & Management

Ngô Thị Thùy Linh2.1%

Chairman of Management Board

Top connections

PET18.7%FCN5.2%

Director-deal registrations · 12 months

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

Công ty Cổ phần Quản lý quỹ HD
Purchase · Institution
—
2026-10-28

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

AAS among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

AAS among Securities

Ownership network

Director-deal registrations · 12 months