BMS

Công ty Cổ phần Chứng khoán Bảo Minh

VietnamSecuritiesDịch vụ tài chínhUPCOMCK

10.500

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): 10.500
Calibrated intrinsic value (VND): 10.380

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.

Also note

Trading liquidity is low.

Comparison assessed 3 Nov 2026Valid through 3 Dec 2026

Model reliability: Medium; 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)→10.500

Calibrated value vs last close→−1.1%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

10.380

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

Profitability & book valuepeer source: dynamic

BMS among Securities

Every stock in the sector, BMS 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 BMS. 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	2012	2011	2010	2009	2008
CURRENT ASSETS (Bn. VND)	·	1,681	1,715	1,160	1,013	1,207	846	797	746	370	1,571	322	138	315	304	218	158	154	268
Cash and cash equivalents (Bn. VND)	·	277	506	243	76	75	376	233	106	61	256	0.8	8	9	64	180	138	21	5
Short-term investments (Bn. VND)	·	1,398	1,193	492	481	1,054	462	378	226	251	373	305	119	237	87	5	0.4	0	262
Accounts receivable (Bn. VND)	·	3	13	417	442	78	8	186	413	56	938	15	11	69	153	33	19	15	2
Prepayments to suppliers (Bn. VND)	·	0.3	0.03	0.4	7	0.04	0	0	0	0	0	0.1	0.05	0	0	0.05	0.1	0.1	0.3
Other current assets	·	2	3	8	14	0.9	0.5	0.5	0.6	1	3	1	0.2	0.2	0.1	0.1	0.1	0.2	0.1
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	2	0.01	400,000	0.02	0.02	0.05	0.07	0.2	0.1
LONG-TERM ASSETS (Bn. VND)	·	895	48	11	13	6	5	7	8	6	5	2	192	14	92	123	175	197	55
Fixed assets (Bn. VND)	·	7	6	4	6	3	2	3	4	5	2	1.0	2	4	5	7	5	5	4
Tangible fixed assets	·	4	4	3	4	0.8	0.7	1	1	1	1	0.3	0.5	1.0	2	3	3	5	4
Intagible fixed assets	·	3	3	1	2	2	1	2	3	3	0.3	0.6	2	3	3	4	0.9	0.7	0.7
Long-term investments (Bn. VND)	·	879	0	0	0	0	0	0	0	0	0	0	187	6	84	116	169	190	50
Other long-term assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	187	6	0	0	0	0	50
Other non-current assets	·	8	41	6	8	4	3	4	4	2	2	1	3	4	3	0.7	0.7	2	1
Long-term prepayments (Bn. VND)	·	0.7	0.2	0.6	1	0	0	0	0.2	0	0	0	0	0.00	0.08	0	0.2	1	0.6
TOTAL ASSETS (Bn. VND)	·	2,575	1,763	1,171	1,027	1,213	851	804	754	376	1,576	324	330	329	397	342	333	351	324
LIABILITIES (Bn. VND)	·	364	898	381	315	405	215	208	207	19	1,255	6	9	12	66	9	10	28	5
Current liabilities (Bn. VND)	·	150	880	373	315	369	208	208	207	17	1,198	6	9	12	66	9	10	28	5
Short-term borrowings (Bn. VND)	·	100	426	300	0	0	0	0.2	0.2	0.8	272	0	0	0	3	0	0	0	0
Advances from customers (Bn. VND)	·	0.3	0.8	0.3	108	6	0.6	0.03	0.03	0.03	0.03	0.03	0.03	0.03	0.07	0.05	0.05	0.2	0.04
Long-term liabilities (Bn. VND)	·	214	18	9	0	36	7	0.2	0.4	2	57	0	0	0	0	0.07	0.04	0.04	0.02
Long-term borrowings (Bn. VND)	·	0	0	0	0	0	0	0.2	0.4	0	0.8	0	0	0	0	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	2,212	865	790	711	808	636	596	547	357	321	318	321	316	331	332	324	323	319
Capital and reserves (Bn. VND)	·	2,212	865	790	711	808	636	596	547	357	321	318	321	316	331	332	324	322	319
Paid-in capital (Bn. VND)	·	2,039	711	646	610	570	500	500	500	300	300	300	300	300	300	300	300	300	300
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	5	4	4	3	0	0	0
Other Reserves	·	0	0	0	0	0	0	0	0	0	6	0.2	0.3	0.3	0.6	0.2	2	0	0.4
Undistributed earnings (Bn. VND)	·	172	142	132	54	190	107	72	28	41	9	7	11	8	22	26	19	20	18
TOTAL RESOURCES (Bn. VND)	·	2,575	1,763	1,171	1,027	1,213	851	804	754	376	1,576	324	330	329	397	342	333	351	324
Common shares (Bn. VND)	·	2,039	711	646	610	570	500	500	500	300	300	300	300	300	300	300	300	300	300

Earnings Quality

Fiscal year 2025

Weak

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

3/9

Weak

Sharpe

−0.73

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 Burden0.81×Interest Burden1.02×Op. Margin0.24×Turnover0.21×Leverage1.16=ROE4.8%

Price Risk

Momentum

+0.6%

Volatility

28.5%

Max Drawdown

−30.7%

Key Ratios

Fiscal year 2025

1.05P/B

P/E: 21.98
ROE: 6.9%
ROA: 4.9%
EPS: 518
BVPS: 10.846
Net Margin: 20.0%
Rev Growth: +80.8%
Profit Growth: +29.7%
Div Yield: —

Company Overview

Shares outstanding: 215M
Charter Capital: 2,151B 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 BMS. Hover for detail, select a link to open it.

Shareholders

Trương Thị Thanh Trúc

Indiv

15.2%

30.6M

2026-03-31

Công Ty Cổ Phần Rồng Ngọc

Inst

9.3%

18.9M

2026-03-31

Công ty Cổ Phần Long An Solar Park

Inst

8.9%

18.2M

2026-03-31

Trương Thị Mỹ An

Indiv

5.0%

10.2M

2026-05-26

Công ty Cổ Phần Thiên Anh Sài Gòn

Inst

4.9%

10.0M

2025-12-11

Công ty TNHH Vina Green Energy La

Inst

4.9%

10.0M

2025-12-11

Công ty TNHH Solar City La

Inst

4.9%

10.0M

2025-12-11

Công ty TNHH Cosmo Medical Hub

Inst

4.8%

9.9M

2025-12-11

Công ty TNHH Blue Ocean Resort Nt

Inst

4.7%

9.5M

2025-12-11

Công ty TNHH Đầu Tư Đại Phước Lộc Đl

Inst

4.7%

9.5M

2025-12-11

Nguyễn Thị Mộng Như

Indiv

4.5%

9.3M

2025-12-11

Lê Thị Xi Na

Indiv

4.5%

9.1M

2025-12-11

Nguyễn Khả Ái Vy

Indiv

4.4%

9.1M

2025-12-11

Công ty TNHH Nhật Phượng Nt

Inst

4.4%

9.0M

2025-12-11

Lê Thanh Trí

Indiv

0.3%

102,800

2012-12-31

Nguyễn Thế Năng

Indiv

0.1%

32,900

2012-12-31

Board & Management

Nguyễn Thị Cúc

Member of Supervisors Board

Trần Thị Thủy

Member of Supervisors Board

Trần Thị Thanh Hương

Member of Management Board

Nguyễn Ngọc Thọ

Head of Supervisors Board

Đào Văn Chiêu

Member of Management Board

Hoàng Văn Thắng

Member of Management Board/General Director

Trịnh Thị Thu Hương

Person in charge of Corporate governace/Spokesman

Đặng Thùy Trang

Head of Accounting department

Top connections

NAB4.9%

Director-deal registrations · 12 months

Sale registrations: 1 by 1 trader; 1 without a stated volume
Purchase registrations: 1 by 1 trader; 1 without a stated volume

Trương Thị Mỹ An
Sale · Insider
—
2026-05-26
Trương Thị Thanh Trúc
Purchase · Insider
—
2025-12-16

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

Also note

12-month sector-relative outlook

Valuation Breakdown

BMS among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

Director-deal registrations · 12 months

BMS among Securities

Ownership network

Director-deal registrations · 12 months