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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 7.1x - 7.9x | 7.5x |
| Selected Fwd P/E Multiple | 6.2x - 6.9x | 6.6x |
| Fair Value | ₫23,806 - ₫26,312 | ₫25,059 |
| Upside | -9.0% - 0.6% | -4.2% |
| Benchmarks | - | Full Ticker |
| Vietnam Technological and Commercial Joint Stock Bank | - | HOSE:TCB |
| Joint Stock Commercial Bank for Investment and Development of Vietnam | - | HOSE:BID |
| Vietnam Prosperity Joint Stock Commercial Bank | - | HOSE:VPB |
| Saigon Thuong Tin Commercial Joint Stock Bank | - | HOSE:STB |
| Asia Commercial Joint Stock Bank | - | HOSE:ACB |
| Military Commercial Joint Stock Bank | - | HOSE:MBB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| TCB | BID | VPB | STB | ACB | MBB | |||
| HOSE:TCB | HOSE:BID | HOSE:VPB | HOSE:STB | HOSE:ACB | HOSE:MBB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 16.4% | 27.5% | 13.8% | 37.7% | 22.6% | 25.3% | ||
| 3Y CAGR | 6.1% | 36.3% | 10.4% | 49.7% | 20.1% | 24.1% | ||
| Latest Twelve Months | -0.7% | 11.6% | 51.2% | 58.1% | 1.9% | 35.3% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 52.1% | 37.5% | 43.8% | 29.1% | 49.1% | 47.9% | ||
| Prior Fiscal Year | 49.7% | 35.9% | 42.9% | 30.4% | 51.4% | 46.1% | ||
| Latest Fiscal Year | 50.1% | 36.9% | 46.2% | 37.8% | 51.4% | 49.4% | ||
| Latest Twelve Months | 50.2% | 36.5% | 45.6% | 50.9% | 51.4% | 54.4% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 6.3x | 4.6x | 6.2x | 3.7x | 4.0x | 4.4x | ||
| LTM P/E Ratio | 12.6x | 12.5x | 13.6x | 7.2x | 7.9x | 8.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 7.2x | 12.5x | 13.6x | |||||
| Historical LTM P/E Ratio | 4.6x | 6.8x | 10.4x | |||||
| Selected P/E Multiple | 7.1x | 7.5x | 7.9x | |||||
| (x) LTM Net Income | 26,343,701 | 26,343,701 | 26,343,701 | |||||
| (=) Equity Value | 187,410,165 | 197,273,858 | 207,137,551 | |||||
| (/) Shares Outstanding | 8,055.0 | 8,055.0 | 8,055.0 | |||||
| Implied Value Range | 23,266.31 | 24,490.86 | 25,715.40 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 23,266.31 | 24,490.86 | 25,715.40 | 26,150.00 | ||||
| Upside / (Downside) | -11.0% | -6.3% | -1.7% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | TCB | BID | VPB | STB | ACB | MBB | |
| Value of Common Equity | 264,931,940 | 287,875,839 | 234,050,746 | 103,309,821 | 129,186,913 | 210,638,248 | |
| (/) Shares Outstanding | 7,064.9 | 7,021.4 | 7,933.9 | 1,885.2 | 5,136.7 | 8,055.0 | |
| Implied Stock Price | 37,500.00 | 41,000.00 | 29,500.00 | 54,800.00 | 25,150.00 | 26,150.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 37,500.00 | 41,000.00 | 29,500.00 | 54,800.00 | 25,150.00 | 26,150.00 | |
| 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 | |