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VCI
SecuritiesCông ty Cổ phần Chứng khoán Vietcap
Dịch vụ tài chínhCK
26.700
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
34.805
Current
26.700
Gap
+30.4%
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
1.64x
x
BVPS
21.186
=
Intrinsic Value
34.805
Valuation Track Record
Retroactive intrinsic value vs actual close price — VCI
Earnings Quality
Fiscal year 2025
26
Poor
Accrual Quality
25Cash Conversion
0Margin Stability
85Revenue Quality
0Quantitative Scores
F-Score
4/9
Neutral
Sharpe
-0.00
Negative
Composite
40
Weak
Price Risk
Momentum
-1.0%
Volatility
35.0%
Max Drawdown
-32.2%
Key Ratios
Fiscal year 2025
1.72P/B
P/E23.12
ROE8.7%
ROA4.3%
EPS1578.58
BVPS21185.62
Net Margin26.9%
Rev Growth34.8%
Profit Growth47.4%
Div Yield1.4%
Company Overview
Issued Shares
850.1M
Charter Capital
8501.0B 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 VCI — hover nodes for intel, click to navigate
Computed 12/04/2026