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VND
SecuritiesCông ty Cổ phần Chứng khoán VNDIRECT
Dịch vụ tài chínhCK
15.850
VND · Last close
Valuation Verdict
Undervalued
-120%Fair Value+120%
Intrinsic Value
21.270
Current
15.850
Gap
+34.2%
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
1.55x
x
BVPS
13.731
=
Intrinsic Value
21.270
Valuation Track Record
Retroactive intrinsic value vs actual close price — VND
Earnings Quality
Fiscal year 2025
38
Weak
Accrual Quality
67Cash Conversion
0Margin Stability
100Revenue Quality
0Quantitative Scores
F-Score
5/9
Neutral
Sharpe
-0.01
Negative
Composite
51
Fair
Price Risk
Momentum
+23.7%
Volatility
40.1%
Max Drawdown
-46.6%
Key Ratios
Fiscal year 2025
1.35P/B
P/E14.00
ROE10.0%
ROA4.2%
EPS1328.31
BVPS13731.14
Net Margin30.5%
Rev Growth24.7%
Profit Growth17.7%
Div Yield0.0%
Company Overview
Issued Shares
1522.3M
Charter Capital
15223.0B 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