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TCX
SecuritiesCông ty Cổ phần Chứng khoán Kỹ Thương
Dịch vụ tài chínhCK
52.600
VND · Last close
Valuation Verdict
Overvalued
-120%Fair Value+120%
Intrinsic Value
48.383
Current
52.600
Gap
-8.0%
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→2
2
Valuation
Fair P/B
2.54x
x
BVPS
19.080
=
Intrinsic Value
48.383
Valuation Track Record
Retroactive intrinsic value vs actual close price — TCX
Earnings Quality
Fiscal year 2025
35
Weak
Accrual Quality
17Cash Conversion
0Margin Stability
100Revenue Quality
27Quantitative Scores
F-Score
3/9
Weak
Key Ratios
Fiscal year 2025
2.76P/B
P/E21.39
ROE16.1%
ROA8.5%
EPS2458.92
BVPS19079.92
Net Margin50.7%
Rev Growth47.3%
Profit Growth47.6%
Div Yield0.0%
Company Overview
Issued Shares
2311.3M
Charter Capital
23115.8B 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
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Computed 12/04/2026