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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 9.3x - 10.3x | 9.8x |
| Selected Fwd P/E Multiple | 8.1x - 9.0x | 8.6x |
| Fair Value | ₫31,183 - ₫34,465 | ₫32,824 |
| Upside | -18.8% - -10.2% | -14.5% |
| Benchmarks | - | Full Ticker |
| Military Commercial Joint Stock Bank | - | HOSE:MBB |
| Joint Stock Commercial Bank for Investment and Development of Vietnam | - | HOSE:BID |
| Saigon Thuong Tin Commercial Joint Stock Bank | - | HOSE:STB |
| Asia Commercial Joint Stock Bank | - | HOSE:ACB |
| Vietnam Prosperity Joint Stock Commercial Bank | - | HOSE:VPB |
| Vietnam Technological and Commercial Joint Stock Bank | - | HOSE:TCB |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| MBB | BID | STB | ACB | VPB | TCB | |||
| HOSE:MBB | HOSE:BID | HOSE:STB | HOSE:ACB | HOSE:VPB | HOSE:TCB | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 25.3% | 27.5% | 37.7% | 22.6% | 13.8% | 16.4% | ||
| 3Y CAGR | 24.1% | 36.3% | 49.7% | 20.1% | 10.4% | 6.1% | ||
| Latest Twelve Months | 35.3% | 11.6% | 58.1% | 1.9% | 51.2% | -0.7% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 47.9% | 37.5% | 29.1% | 49.1% | 43.8% | 52.1% | ||
| Prior Fiscal Year | 46.1% | 35.9% | 30.4% | 51.4% | 42.9% | 49.7% | ||
| Latest Fiscal Year | 49.4% | 36.9% | 37.8% | 51.4% | 46.2% | 50.1% | ||
| Latest Twelve Months | 54.4% | 36.5% | 50.9% | 51.4% | 45.6% | 50.2% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | NA | NA | NA | NA | NA | NA | ||
| Price / LTM Sales | 4.6x | 4.8x | 3.7x | 4.2x | 6.4x | 6.4x | ||
| LTM P/E Ratio | 8.4x | 13.1x | 7.2x | 8.1x | 14.0x | 12.8x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 7.2x | 8.4x | 14.0x | |||||
| Historical LTM P/E Ratio | 4.3x | 7.7x | 10.1x | |||||
| Selected P/E Multiple | 9.3x | 9.8x | 10.3x | |||||
| (x) LTM Net Income | 21,267,894 | 21,267,894 | 21,267,894 | |||||
| (=) Equity Value | 198,080,015 | 208,505,279 | 218,930,543 | |||||
| (/) Shares Outstanding | 7,064.9 | 7,064.9 | 7,064.9 | |||||
| Implied Value Range | 28,037.39 | 29,513.04 | 30,988.70 | |||||
| FX Rate: VND/VND | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 28,037.39 | 29,513.04 | 30,988.70 | 38,400.00 | ||||
| Upside / (Downside) | -27.0% | -23.1% | -19.3% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | MBB | BID | STB | ACB | VPB | TCB | |
| Value of Common Equity | 222,317,997 | 295,950,405 | 104,440,951 | 134,580,403 | 244,364,847 | 271,290,307 | |
| (/) Shares Outstanding | 8,055.0 | 7,021.4 | 1,885.2 | 5,136.7 | 7,933.9 | 7,064.9 | |
| Implied Stock Price | 27,600.00 | 42,150.00 | 55,400.00 | 26,200.00 | 30,800.00 | 38,400.00 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | 1.00 | |
| Implied Stock Price (Trading Cur) | 27,600.00 | 42,150.00 | 55,400.00 | 26,200.00 | 30,800.00 | 38,400.00 | |
| 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 | |