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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 6.8x - 7.5x | 7.2x |
| Selected Fwd P/E Multiple | 5.6x - 6.1x | 5.9x |
| Fair Value | ₫27,422 - ₫30,308 | ₫28,865 |
| Upside | 0.1% - 10.6% | 5.3% |
| Benchmarks | - | Full Ticker |
| Vietnam Prosperity Joint Stock Commercial Bank | - | HOSE:VPB |
| Vietnam Technological and Commercial Joint Stock Bank | - | HOSE:TCB |
| Saigon Thuong Tin Commercial Joint Stock Bank | - | HOSE:STB |
| Joint Stock Commercial Bank for Investment and Development of Vietnam | - | HOSE:BID |
| Asia Commercial Joint Stock Bank | - | HOSE:ACB |
| Military Commercial Joint Stock Bank | - | HOSE:MBB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| VPB | TCB | STB | BID | ACB | MBB | |||
| HOSE:VPB | HOSE:TCB | HOSE:STB | HOSE:BID | HOSE:ACB | HOSE:MBB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 13.8% | 16.4% | 37.7% | 27.5% | 22.6% | 25.3% | ||
| 3Y CAGR | 10.4% | 6.1% | 49.7% | 36.3% | 20.1% | 24.1% | ||
| Latest Twelve Months | 51.2% | -0.7% | 24.7% | 15.0% | 3.2% | 33.2% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 43.8% | 52.1% | 28.0% | 36.9% | 48.4% | 47.3% | ||
| Prior Fiscal Year | 42.9% | 49.7% | 30.4% | 35.9% | 51.4% | 46.1% | ||
| Latest Fiscal Year | 46.2% | 50.1% | 37.8% | 36.9% | 51.4% | 49.4% | ||
| Latest Twelve Months | 45.5% | 50.2% | 46.4% | 36.6% | 51.2% | 51.3% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 4.8x | 5.8x | 3.3x | 4.5x | 3.7x | 3.5x | ||
| LTM P/E Ratio | 10.6x | 11.6x | 7.0x | 12.3x | 7.3x | 6.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 7.0x | 10.6x | 12.3x | |||||
| Historical LTM P/E Ratio | 4.6x | 6.3x | 10.4x | |||||
| Selected P/E Multiple | 6.8x | 7.2x | 7.5x | |||||
| (x) LTM Net Income | 24,668,799 | 24,668,799 | 24,668,799 | |||||
| (=) Equity Value | 167,858,148 | 176,692,788 | 185,527,427 | |||||
| (/) Shares Outstanding | 6,102.3 | 6,102.3 | 6,102.3 | |||||
| Implied Value Range | 27,507.48 | 28,955.24 | 30,403.01 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 27,507.48 | 28,955.24 | 30,403.01 | 27,400.00 | ||||
| Upside / (Downside) | 0.4% | 5.7% | 11.0% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | VPB | TCB | STB | BID | ACB | MBB | |
| Value of Common Equity | 185,257,116 | 247,269,811 | 91,810,005 | 271,726,706 | 118,143,102 | 167,202,271 | |
| (/) Shares Outstanding | 7,933.9 | 7,064.9 | 1,885.2 | 7,021.4 | 5,136.7 | 6,102.3 | |
| Implied Stock Price | 23,350.00 | 35,000.00 | 48,700.00 | 38,700.00 | 23,000.00 | 27,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 23,350.00 | 35,000.00 | 48,700.00 | 38,700.00 | 23,000.00 | 27,400.00 | |
| Trading Currency | VND | VND | VND | VND | VND | VND | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |