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VCK
SecuritiesCông ty Cổ phần Chứng Khoán VPS
Dịch vụ tài chínhCK
34.850
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
41.864
Current
34.850
Gap
+20.1%
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
2.21x
x
BVPS
18.948
=
Intrinsic Value
41.864
Valuation Track Record
Retroactive intrinsic value vs actual close price — VCK
Earnings Quality
Fiscal year 2025
10
Poor
Accrual Quality
45Cash Conversion
0Margin Stability
4Revenue Quality
0Quantitative Scores
F-Score
3/9
Weak
Key Ratios
Fiscal year 2025
2.44P/B
P/E19.69
ROE17.8%
ROA9.1%
EPS2351.56
BVPS18947.71
Net Margin43.3%
Rev Growth27.9%
Profit Growth42.1%
Div Yield0.0%
Company Overview
Issued Shares
1521.8M
Charter Capital
24349.2B 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 VCK — hover nodes for intel, click to navigate
Computed 12/04/2026