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BIDV Securities JSC (BSI) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of BIDV Securities JSC stock VND 17,409, price VND 28,650, that is 39.2% below the price, quality 44 out of 100. Rating: strongly overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000BSI7

BS BIDV Securities JSC logo Some data Nov 8, 2026

BIDV Securities JSC

BSI · VN
Very expensive, weak quality

Our calculation puts a fair price 39% below what the stock costs today.

Highly profitable · 27.3% net margin (TTM)
Quality 44/100
Expensive Growth (revenue 5y +19.0 %/yr in VND)
Wide moat 67/100 · thin data
Some data
Fair value 17,409 VND · Strongly overvalued
Negative free cash flow
Trails peers (4/11)
⚠ Small free float
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

51,818 VND 8,245 VND Fair Value 17,409 VND Mar 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.

How to read this chart

60‑month range 8,245 VND – 51,818 VND · fair‑value band 13,056 VND – 21,761 VND · the 28,650 VND price screens above the 17,409 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.

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Company profile

BIDV Securities Joint Stock Company operates as a securities company in Vietnam. It provides securities trading, cash advance service, depository registration services, desecurities, investment and investment advisory services.

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The company also offers investment banking services, such as privatization advisory, listing advisory, capital raising advisory, public equity offerings advisory, corporate restructuring advisory, and merger and acquisition advisory.

In addition, it provides investment consulting services, including securities investment, portfolio restructuring, trading strategy consulting, searching for and executing block trade, personal asset management, financial market fluctuations reports, investment consulting on i-Broker and I-invest technology products.

The company was founded in 1999 and is headquartered in Hanoi, Vietnam. BIDV Securities Joint Stock Company operates as a subsidiary of Joint Stock Commercial Bank for Investment and Development of Vietnam.

Stock analysis

BIDV Securities JSC (BSI) currently trades at 28,650 VND, while our model-based Fair Value estimate is 17,409 VND, 39% below the price, so the stock looks overvalued today.

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Valuation

How firm this estimate is: it rests on 2 models at a data quality of 95/100, which puts the data coverage at medium.

Scenario range: 13,056 VND (bear) to 21,761 VND (bull), the price of 28,650 VND sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

BIDV Securities JSC reported revenue of 826B VND in FY2025 versus 1.1T VND in FY2021, a compound −6.1%/yr. Reported net income was 494B VND in FY2025, compounding +8.4%/yr from FY2021.

Key figures

Market cap 7.0T VND (≈ $275M) Micro · P/E ratio 14.5 · P/S ratio 3.73 · EPS (TTM) 1,982 VND · Net margin 27.3% · Return on equity 9.6% · Return on assets (EBIT) 4.0% (5-year average) · Operating margin 70.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 67 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 21% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −39%, BSI screens richer than that median.

Fair Value models

Bear 13,056 VND Fair Value 17,409 VND Bull 21,761 VND
Price 28,650 VND · Downside -39.2%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (1,700 VND per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
P/B Multiple 13,056 VND 17,409 VND 21,761 VND 55
NCAV (Graham) 12,554 VND 19,020 VND 23,776 VND 52
All 2 models by family
Multiples
P/B Multiple 13,056 VND 17,409 VND 21,761 VND 55
Asset-Based
NCAV (Graham) 12,554 VND 19,020 VND 23,776 VND 52

Open the full fair value analysis →

Quality Score breakdown

Overall quality 44/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 36
How much profit the company makes from its sales and capital
Quality Growth 77
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 21
Debt, balance sheet and risk of trouble
Investment 53
Does it invest with discipline instead of growing at any price?
Low Volatility 77
How calm the share price moves, does not count
Price momentum 26
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 20
Distance to the 52-week high, does not count
New shares 61
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+36.2%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.2%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+19.0%
Start year 2020 (pandemic)
Revenue growth 6 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+27.4%
What shareholders gained per year (last 5 years), in VND ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in VND: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+15.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.7%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.19% → 35%

BSI screens overvalued: fair value 39% below the price. Compare with Morgan Stanley →

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Capital Markets · 384 stocks

Beats the industry median on 4/11 measures
Overall it trails its industry peers.
Valuation
Quality Score 44 · Bottom 25%
Fair Value upside −40.2% · Bottom 25%
Profitability
Return on equity (12 months) 9.6% · Below median
Return on assets 3.0% · Above median
Net margin (12 months) 27.3% · Above median
Operating margin (12 months) 70.5% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −4.8% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 14.5× · Pricier than median
P/B 1.29× · Pricier than median
P/S (12 months) 3.73× · Pricier than median
EV/EBITDA 6.0× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 42
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)38 · sector 38
HEALTH (low debt)0 · sector 94
DIVIDEND (yield)0 · sector 47

VALUE 0: the price sits above our fair-value range.

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs BSI
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs BSI
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs BSI
Nomura Holdings NMR $9.42 $10.17 +8% vs BSI
The Goldman Sachs Group GS $865.82 $766.86 −11% vs BSI
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs BSI
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs BSI
Macquarie Group MQG A$247.94 A$123.84 −50% vs BSI
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs BSI
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs BSI

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BIDV Securities JSC: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "BIDV Securities JSC Fair Value". https://www.fairvalue-calculator.com/stock/BSI

Frequently asked questions

Is BIDV Securities JSC (BSI) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 17,409 VND versus a price of 28,650 VND, about 39% lower (overvalued).
What is the fair value of BSI?
Our model-based fair value for BIDV Securities JSC is 17,409 VND (as of Nov 8, 2026), built from audited fundamentals. The current price: 28,650 VND.
What is the quality score of BSI?
BIDV Securities JSC has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for BIDV Securities JSC (BSI)?
Our model-based price target is the fair value of 17,409 VND (as of Nov 8, 2026) from 2 valuation models. Cautious scenario 13,056 VND, optimistic scenario 21,761 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the BIDV Securities JSC stock forecast for 2026?
Our models put fair value at 17,409 VND, about 39% lower versus a price of 28,650 VND (overvalued). Cautious scenario 13,056 VND, optimistic scenario 21,761 VND. The calculation is refreshed regularly with new filings.
What is the revenue of BIDV Securities JSC (BSI)?
BIDV Securities JSC reported trailing-twelve-month revenue of about 1.9T VND (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of BIDV Securities JSC (BSI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For BIDV Securities JSC it is 17,409 VND per share (as of Nov 8, 2026), against a price of 28,650 VND. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is BIDV Securities JSC stock overvalued or undervalued in 2026?
As of Nov 8, 2026, BSI trades above its calculated fair value: price 28,650 VND, fair value 17,409 VND, a gap of about −39% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BSI?
No. The price is what the market pays today (28,650 VND); the fair value is what the company's own numbers justify (17,409 VND). For BIDV Securities JSC the two are 11,241 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is BIDV Securities JSC worth?
The market values BIDV Securities JSC at about 7.0T VND (market capitalisation, as of Nov 8, 2026). Per share that is 28,650 VND; our models calculate a fair value of 17,409 VND per share.
What do the bullish and bearish scenarios say about BSI?
Our models span a range for BIDV Securities JSC: cautious scenario 13,056 VND, base 17,409 VND, optimistic 21,761 VND per share (as of Nov 8, 2026, price 28,650 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BSI?
BIDV Securities JSC trades at a price-to-earnings ratio of 14.5 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17,409 VND is built from several models across several years. Other multiples: P/B 1.3, P/S 3.7, EV/EBITDA 6.0.
How solid is the balance sheet of BIDV Securities JSC (BSI)?
Balance-sheet figures for BIDV Securities JSC (as of Nov 8, 2026): return on equity 9.6%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is BSI from its 52-week high?
BIDV Securities JSC trades at 28,650 VND, about 26% below its 52-week high of 38,818 VND and 21% above the low of 23,750 VND (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 17,409 VND is for.
Which stocks are comparable to BIDV Securities JSC?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is BIDV Securities JSC stock attractive at the current price?
The data as of Nov 8, 2026: price 28,650 VND, calculated fair value 17,409 VND (−39%), Quality Score 44/100, from 2 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BSI calculated?
We run BIDV Securities JSC through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of 17,409 VND builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. BIDV Securities JSC itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of BIDV Securities JSC (BSI)?
The closing price on Nov 9, 2026 was 28,650 VND. Our model-based fair value is 17,409 VND, about 39% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with BIDV Securities JSC right now?
The price sits above even our optimistic bull case (21,761 VND). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of BIDV Securities JSC

How large is the market capitalisation of BIDV Securities JSC (BSI)?
The market capitalisation of BIDV Securities JSC is 7.0T VND (≈ $275M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of BIDV Securities JSC (BSI)?
The price-to-sales ratio of BIDV Securities JSC is 3.73 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of BIDV Securities JSC (BSI)?
Earnings per share at BIDV Securities JSC are 1,982 VND (price ÷ EPS = P/E 14.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of BIDV Securities JSC (BSI)?
The net margin of BIDV Securities JSC is 27.3% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of BIDV Securities JSC (BSI)?
The return on equity (ROE) of BIDV Securities JSC is 9.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of BIDV Securities JSC (BSI)?
On an EBIT basis the return on assets of BIDV Securities JSC is 4.0% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of BIDV Securities JSC (BSI)?
The operating margin of BIDV Securities JSC is 70.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at BIDV Securities JSC (BSI)?
Revenue at BIDV Securities JSC is growing −4.8% versus a year earlier (3y avg +3.2%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at BIDV Securities JSC (BSI)?
Earnings per share at BIDV Securities JSC are growing +20.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does BIDV Securities JSC (BSI) generate?
The free cash flow of BIDV Securities JSC is −4.3T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does BIDV Securities JSC (BSI) carry?
The net debt of BIDV Securities JSC is 8.8T VND (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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