VCK

Công ty Cổ phần Chứng Khoán VPS

VietnamSecuritiesDịch vụ tài chínhHOSECK

27.200

VND · Close 3 Nov 2026

Calibrated intrinsic value vs last close

Illustrative estimate

Close above calibrated value

−16.4%Calibrated value vs last close

−50%At last close+100%+500%

Last close (VND): 27.200
Calibrated intrinsic value (VND): 22.751

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.

Model reliability: Low; Model fitInput stabilityRisk checks; High requires the model’s diagnostic criteria to be met.
Probability of outperforming peers: 48%; 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

−1.3percentage 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→1

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)→27.200

Calibrated value vs last close→−16.4%

Last close × (1 + calibrated gap / 100)

Calibrated intrinsic value (VND)

22.751

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

Profitability & book valuepeer source: dynamic

VCK among Securities

Every stock in the sector, VCK 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 VCK. 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)	·	47,711	29,824	21,948	19,775	26,469	15,777	11,810	9,586	6,758	4,455	3,655	3,061	2,736	2,463	3,551	3,495	455	332
Cash and cash equivalents (Bn. VND)	·	8,681	1,733	2,783	9,191	6,676	3,039	1,844	1,048	1,058	1,291	692	210	555	958	1,875	241	371	169
Short-term investments (Bn. VND)	·	38,526	27,642	18,892	9,921	16,960	11,509	5,487	5,181	2,088	0	924	1,317	452	80	373	706	57	79
Accounts receivable (Bn. VND)	·	486	422	250	641	2,802	1,215	6,980	3,335	5,104	1,037	2,025	1,525	1,717	1,421	1,302	2,546	26	81
Prepayments to suppliers (Bn. VND)	·	14	20	14	13	49	12	717	27	181	3	0.6	4	2	2	1.0	2	0.04	0
Net Inventories	·	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.1	0.1	0
Inventories, Net (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.1	0.1	0
Other current assets	·	18	27	22	21	32	13	12	22	28	43	14	8	12	3	1	2	0.8	4
Other current assets (Bn. VND)	·	0	0	0	0	0	0	0	0	0	0	10	6	10	2	0.03	0.2	0.2	3
LONG-TERM ASSETS (Bn. VND)	·	692	544	515	451	388	276	194	75	76	35	36	30	120	113	122	131	118	218
Long-term trade receivables (Bn. VND)	·	63	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other long-term receivables (Bn. VND)	·	63	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Fixed assets (Bn. VND)	·	428	426	384	306	223	169	118	19	18	21	15	8	12	19	25	25	27	20
Tangible fixed assets	·	220	206	234	138	114	72	76	19	18	21	15	7	7	11	14	16	17	19
Intagible fixed assets	·	209	219	151	169	109	97	42	0.7	0.06	0.1	0.2	0.7	4	8	11	9	10	0.5
Long-term investments (Bn. VND)	·	35	18	17	19	68	33	42	27	32	0.6	8	9	98	81	90	102	88	195
Investment in joint ventures	·	0	0	0	0	0	0	0	0	0	0	0	0.5	0	0	0	0	0	0
Investments in associate companies	·	0	0	0	0	0	0	0	27	0	0	0	0	0	0	0	0	0	0
Other long-term assets (Bn. VND)	·	40	23	21	21	77	42	42	0	32	0.6	0	0	0	0	0	0	105	195
Less: Provision for diminuation in value of long term investments	·	−5	−5	−4	−2	−9	−9	0	0	0	0	0	0	0	−9	0	−7	0	0
Goodwill	·	0	0	0	0	0	0	0	0	0	0	0	0	0	−9	0	−7	−17	0
Other non-current assets	·	140	80	70	49	31	32	32	28	26	14	12	13	10	13	7	5	3	3
Long-term prepayments (Bn. VND)	·	103	46	32	19	1	0	2	0.2	0.2	0	0.09	2	0.7	0.4	2	3	2	2
TOTAL ASSETS (Bn. VND)	·	48,402	30,368	22,462	20,225	26,857	16,052	12,004	9,661	6,834	4,491	3,690	3,090	2,856	2,576	3,673	3,626	573	550
LIABILITIES (Bn. VND)	·	19,567	19,005	13,469	11,750	19,036	11,077	7,380	5,390	4,972	3,365	2,672	2,102	1,909	1,703	3,103	3,106	80	47
Current liabilities (Bn. VND)	·	14,567	19,005	13,174	11,750	19,036	10,932	7,123	4,515	3,284	2,292	522	502	309	603	3,103	3,106	80	47
Short-term borrowings (Bn. VND)	·	12,924	18,329	12,545	10,840	15,221	6,977	5,131	3,481	1,259	882	0	0	0	70	0	0	0	0
Advances from customers (Bn. VND)	·	0	0.2	0.2	10	0.2	0.2	718	5	635	0.5	12	0.6	0.3	0.1	0.1	0.10	0.2	0.2
Long-term liabilities (Bn. VND)	·	5,000	0	295	0.3	0.8	145	257	874	1,689	1,073	2,150	1,600	1,600	1,100	0	0	0.08	0.1
Long-term borrowings (Bn. VND)	·	0	0	286	0.3	0.8	1	4	5	5	3	2,150	1,600	1,600	1,100	0	0	0	0
OWNER'S EQUITY(Bn.VND)	·	28,835	11,363	8,993	8,475	7,820	4,975	4,624	4,271	1,861	1,126	1,018	988	947	873	570	520	494	504
Capital and reserves (Bn. VND)	·	28,835	11,363	8,993	8,475	7,820	4,975	4,624	4,271	1,861	1,126	1,018	988	947	873	570	520	493	502
Paid-in capital (Bn. VND)	·	15,218	5,700	5,700	5,700	5,700	3,500	3,500	3,500	1,470	970	970	800	800	800	500	500	500	500
Difference upon Assets Revaluation	·	−35	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Other Reserves	·	0	0	0	0	0	0	0	0	0	0	0	18	15	9	0	0	3	0
Undistributed earnings (Bn. VND)	·	2,142	5,474	3,104	2,586	1,932	1,336	1,031	718	360	135	28	153	116	55	58	15	−10	−0.8
Budget sources and other funds	·	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0.7	2
TOTAL RESOURCES (Bn. VND)	·	48,402	30,368	22,462	20,225	26,857	16,052	12,004	9,661	6,834	4,491	3,690	3,090	2,856	2,576	3,673	3,626	573	550
Common shares (Bn. VND)	·	15,218	5,700	3,170	3,170	3,170	970	970	3,000	970	970	970	800	800	800	500	500	0	0

Earnings Quality

Fiscal year 2025

Poor

Margin StabilityConsistency of profit margins

Revenue QualityConsistency of revenue growth

Quantitative Scores

F-Score

3/9

Weak

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 Burden0.80×Interest Burden1.00×Op. Margin0.54×Turnover0.17×Leverage1.68=ROE12.4%

Key Ratios

Fiscal year 2025

2.28P/B

P/E: 18.37
ROE: 17.8%
ROA: 9.1%
EPS: 1.470
BVPS: 11.842
Net Margin: 43.3%
Rev Growth: +27.9%
Profit Growth: +42.1%
Div Yield: —

Company Overview

Shares outstanding: 2,435M
Charter Capital: 24,349B 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 VCK. Hover for detail, select a link to open it.

Shareholders

Công ty Cổ phần Quản Lý Quỹ Sài Gòn

Inst

39.9%

591M

2025-12-01

Nguyễn Lâm Dũng

Indiv

8.5%

206M

2026-06-30

Nguyễn Ngọc Linh

Indiv

4.1%

61.8M

2025-12-29

Lê Minh Tài

Indiv

0.6%

13.4M

2026-06-30

Board & Management

Nguyễn Lâm Dũng8.5%

Chairman of Management Board

Lê Minh Tài0.6%

General Director

Nguyễn Thị Thu Hồng

Member of Management Board

Nguyễn Tuấn Anh

Chief Financial Officer

Top connections

VCS39.9%DCS39.9%

Computed 30/10/2026

Calibrated intrinsic value vs last close

Earnings-capitalised value

How it is calculated

Keep in mind

12-month sector-relative outlook

Valuation Breakdown

VCK among Securities

Financial Statements

Earnings Quality

Quantitative Scores

Key Ratios

Company Overview

Ownership network

VCK among Securities

Ownership network