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HCM
SecuritiesCông ty Cổ phần Chứng khoán Thành phố Hồ Chí Minh
Dịch vụ tài chínhCK
22.250
VND · Last close
Valuation Verdict
Fairly Valued
-120%Fair Value+120%
Intrinsic Value
21.316
Current
22.250
Gap
-4.2%
ModelCYCLE ADJUSTED PB
Valuation Breakdown
CK→Securities
Classified as securities because company type is CK (securities firm)
ModelCycle-Adjusted P/B
Intrinsic Value = Avg P/B (5yr) x Cycle Discount x BVPSSecurities firms (brokerages) have earnings that swing dramatically with market trading volumes. Instead of using a single year's valuation, this model averages Price-to-Book over 5 years to capture a full market cycle, similar to how Shiller's CAPE smooths earnings for the broader market. If the firm is currently earning much more than its historical average (ROE > 1.3x avg), a 15% discount is applied as a mean-reversion signal.
1
Model Inputs
Years of data→5
2
Valuation
Fair P/B
1.58x
x
BVPS
13.456
=
Intrinsic Value
21.316
Valuation Track Record
Retroactive intrinsic value vs actual close price — HCM
Earnings Quality
Fiscal year 2025
30
Weak
Accrual Quality
26Cash Conversion
0Margin Stability
100Revenue Quality
0Quantitative Scores
F-Score
1/9
Weak
Sharpe
-0.36
Negative
Composite
32
Weak
Price Risk
Momentum
-3.2%
Volatility
38.8%
Max Drawdown
-34.6%
Key Ratios
Fiscal year 2025
1.75P/B
P/E21.64
ROE9.4%
ROA3.0%
EPS1090.51
BVPS13455.94
Net Margin22.9%
Rev Growth20.1%
Profit Growth13.4%
Div Yield1.7%
Company Overview
Issued Shares
1080.8M
Charter Capital
10808.0B 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
> mapping common ownership for HCM — hover nodes for intel, click to navigate
Computed 12/04/2026