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TVB
SecuritiesCông ty Cổ phần Chứng khoán T-Cap
Dịch vụ tài chínhCK
7.250
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
9.352
Current
7.250
Gap
+29.0%
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→5
2
Valuation
Fair P/B
0.94x
x
BVPS
9.940
=
Intrinsic Value
9.352
Valuation Track Record
Retroactive intrinsic value vs actual close price — TVB
Earnings Quality
Fiscal year 2025
4
Poor
Accrual Quality
2Cash Conversion
0Margin Stability
15Revenue Quality
0Quantitative Scores
F-Score
4/9
Neutral
Sharpe
-0.26
Negative
Composite
33
Weak
Price Risk
Momentum
+0.7%
Volatility
22.7%
Max Drawdown
-28.9%
Key Ratios
Fiscal year 2025
0.78P/B
P/E41.81
ROE1.8%
ROA1.8%
EPS186.54
BVPS9939.79
Net Margin23.0%
Rev Growth-50.6%
Profit Growth-83.4%
Div Yield0.0%
Company Overview
Issued Shares
112.1M
Charter Capital
1121.0B 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
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Computed 12/04/2026