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Vietnam JSCmmercial Bank for Industry and Trade (CTG) fair value: what the stock is really worth

As of Nov 5, 2026: fair value (intrinsic value) of Vietnam JSCmmercial Bank for Industry and Trade stock VND 30,596, price VND 31,600, that is 3.2% below the price, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000CTG7

VJ Vietnam JSCmmercial Bank for Industry and Trade logo Some data Nov 5, 2026

Vietnam JSCmmercial Bank for Industry and Trade

CTG · VN
Fairly valued, in a downtrend

The stock costs about what our calculation considers fair.

Quality 60/100
Healthy Growth (revenue 5y +13.4 %/yr in VND)
Highly profitable · 51.6% net margin (TTM)
1.4% dividend yield · Low payout
Ranks above peers (10/12)
Costs just 5.7 times its yearly profit.
Fair value 30,596 VND · Fairly valued (−3.2%)
Wide moat 75/100 · thin data
Some data

Risks from the AI analysis

🚩Regulatory scrutiny on lending practices

What runs behind every stock

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

Price vs Fair Value

41,500 VND 12,151 VND Fair Value 30,596 VND Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range 12,151 VND – 41,500 VND · fair‑value band 23,318 VND – 48,034 VND · the 31,600 VND price screens above the 30,596 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Vietnam Joint Stock Commercial Bank for Industry and Trade, together with its subsidiaries, provides various banking products and services in Vietnam and internationally.

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The company offers account services; credit, debit, and other cards, as well as card payment services; digital banking; demand, escrow, regular term, and automatic term deposits; property, car, consumer, special, mid/long/short-term, and other loans, as well as loans for production and business; foreign currency trading; life and non-life insurance; overseas remittance; and other related services.

It also provides guarantees; international payments and trade finance; payables, receivables, cash, and account management, as well as money transfer; advisory services; industry and supply chain solutions; savings; financial investments; treasury products, including foreign exchange, interest rate and commodity derivatives, money market, and FI and government debt instruments; and investment bank.

The company was formerly known as Vietnam Industrial and Commercial Bank and changed its name to Vietnam Joint Stock Commercial Bank for Industry and Trade in July 2009. Vietnam Joint Stock Commercial Bank for Industry and Trade was founded in 1988 and is headquartered in Hanoi, Vietnam.

Stock analysis

Vietnam JSCmmercial Bank for Industry and Trade (CTG) currently trades at 31,600 VND, while our model-based Fair Value estimate is 30,596 VND, so the stock looks roughly fairly valued today (gap 3.3%).

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Valuation

Bull case: the Multiples group reads highest at a median of 31,427 VND per share, and 1 of the 6 models we run sit above the 31,600 VND price.

Bear case: the Dividend Discount group reads lowest at 3,531 VND, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.

Scenario range: 23,318 VND (bear) to 48,034 VND (bull), the price of 31,600 VND sits inside 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 60/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Vietnam JSCmmercial Bank for Industry and Trade reported revenue of 77.7T VND in FY2025 versus 50.1T VND in FY2021, a compound +11.6%/yr. Reported net income was 34.6T VND in FY2025, compounding +25.2%/yr from FY2021.

Key figures

Market cap 245T VND (≈ $9.6B) Mid · P/E ratio 5.7 · P/S ratio 2.98 · EPS (TTM) 5,533 VND · Dividend yield 1.4% · Net margin 51.6% · Return on equity 22.6% · Return on assets 1.5%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).

What moves the price

The share trades about 24% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −3%, CTG screens cheaper than that median.

Fair Value models

Bear 23,318 VND Fair Value 30,596 VND Bull 48,034 VND
Price 31,600 VND · Downside -3.2%
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 (4,317 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
Residual Income 23,318 VND 30,596 VND 48,034 VND 74
Gordon GGM 2,209 VND 3,745 VND 4,905 VND 68
DDM Multi-Stage 2,209 VND 3,531 VND 4,024 VND 67
All 6 models by family
Dividend Discount
Gordon GGM 2,209 VND 3,745 VND 4,905 VND 68
DDM Multi-Stage 2,209 VND 3,531 VND 4,024 VND 67
Multiples
P/E Multiple 43,440 VND 57,920 VND 72,399 VND 63
P/B Multiple 23,570 VND 31,427 VND 39,283 VND 55
Asset-Based
NCAV (Graham) 11,224 VND 15,040 VND 22,448 VND 51
Economic Profit
Residual Income 23,318 VND 30,596 VND 48,034 VND 74

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Quality Score breakdown

Overall quality 60/100

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

Profitability 49
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 62
Debt, balance sheet and risk of trouble
Investment 43
Does it invest with discipline instead of growing at any price?
Low Volatility 82
How calm the share price moves, does not count
Price momentum 30
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 24
Distance to the 52-week high, does not count
New shares 40
Buys back shares or issues new ones?

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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. 99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+13.7%
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.
+13.4%
What shareholders gained per year (last 5 years), in VND (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.7%
Dividend (yield on the price)1.4%
Per share before 2025divided by the spin-off factor 1.4464
2025 sits 98% above its own trend. The rate follows the median trend of the last 5 years, not that single year.

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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.Banks - Regional · 1002 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 60 · Top 25%
Fair Value upside −3.2% · Above median
Profitability
Return on equity (12 months) 22.6% · Top 25%
Return on assets 1.3% · Above median
Net margin (12 months) 51.6% · Top 25%
Operating margin (12 months) 65.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 25.5% · Top 25%
Dividend yield (12 months) 1.4% · Bottom 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 5.7× · Cheapest 25%
P/B 1.38× · Pricier than median
P/S (12 months) 2.98× · Cheaper than median
Price / free cash flow (fiscal year) 3.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)29 · sector 8
FUTURE (revenue growth)100 · sector 48
PAST (return on equity)91 · sector 43
HEALTH (low debt)0 · sector 85
DIVIDEND (yield)28 · sector 53

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.52 ¥7.59 +38% vs CTG
China Merchants Bank Co 600036 ¥42.54 ¥52.73 +24% vs CTG
BNP Paribas SA BNP €91.94 €106.01 +15% vs CTG
Intesa Sanpaolo S.p.A ISP €6.27 €4.59 −27% vs CTG
UniCredit S.p.A UCG €77.18 €50.44 −35% vs CTG
Oversea-Chinese Banking Corporation O39 27.93 SGD 18.20 SGD −35% vs CTG
Mizuho Financial Group MFG $9.39 $5.90 −37% vs CTG
DBS Group D05 71.20 SGD 40.39 SGD −43% vs CTG
HDFC Bank Limited HDFCBANK ₹760.00 ₹406.39 −47% vs CTG
ICICI Bank Limited ICICIBANK ₹1,500 ₹615.63 −59% vs CTG

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Vietnam JSCmmercial Bank for Industry and Trade: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Vietnam JSCmmercial Bank for Industry and Trade Fair Value". https://www.fairvalue-calculator.com/stock/CTG

Frequently asked questions

Is Vietnam JSCmmercial Bank for Industry and Trade (CTG) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 30,596 VND versus a price of 31,600 VND, about 3% lower (fairly valued).
What is the fair value of CTG?
Our model-based fair value for Vietnam JSCmmercial Bank for Industry and Trade is 30,596 VND (as of Nov 5, 2026), built from audited fundamentals. The current price: 31,600 VND.
What is the quality score of CTG?
Vietnam JSCmmercial Bank for Industry and Trade has a Quality Score of 60/100. 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Our model-based price target is the fair value of 30,596 VND (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 23,318 VND, optimistic scenario 48,034 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam JSCmmercial Bank for Industry and Trade stock forecast for 2026?
Our models put fair value at 30,596 VND, about 3% lower versus a price of 31,600 VND (fairly valued). Cautious scenario 23,318 VND, optimistic scenario 48,034 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Vietnam JSCmmercial Bank for Industry and Trade reported trailing-twelve-month revenue of about 82.4T VND (latest available figure, as of Nov 5, 2026).
Does Vietnam JSCmmercial Bank for Industry and Trade pay a dividend?
Vietnam JSCmmercial Bank for Industry and Trade currently shows a dividend yield of 1.42% relative to its recent price (as of Nov 5, 2026).
What is the intrinsic value of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam JSCmmercial Bank for Industry and Trade it is 30,596 VND per share (as of Nov 5, 2026), against a price of 31,600 VND. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam JSCmmercial Bank for Industry and Trade stock overvalued or undervalued in 2026?
As of Nov 5, 2026, CTG trades above its calculated fair value: price 31,600 VND, fair value 30,596 VND, a gap of about −3% (fairly valued). 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 CTG?
No. The price is what the market pays today (31,600 VND); the fair value is what the company's own numbers justify (30,596 VND). For Vietnam JSCmmercial Bank for Industry and Trade the two are 1,004 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam JSCmmercial Bank for Industry and Trade worth?
The market values Vietnam JSCmmercial Bank for Industry and Trade at about 245T VND (market capitalisation, as of Nov 5, 2026). Per share that is 31,600 VND; our models calculate a fair value of 30,596 VND per share.
What do the bullish and bearish scenarios say about CTG?
Our models span a range for Vietnam JSCmmercial Bank for Industry and Trade: cautious scenario 23,318 VND, base 30,596 VND, optimistic 48,034 VND per share (as of Nov 5, 2026, price 31,600 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CTG?
Vietnam JSCmmercial Bank for Industry and Trade trades at a price-to-earnings ratio of 5.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 30,596 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 3.0.
How solid is the balance sheet of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Balance-sheet figures for Vietnam JSCmmercial Bank for Industry and Trade (as of Nov 5, 2026): return on equity 22.6%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is CTG from its 52-week high?
Vietnam JSCmmercial Bank for Industry and Trade trades at 31,600 VND, about 24% below its 52-week high of 41,500 VND and 10% above the low of 28,750 VND (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 30,596 VND is for.
Which stocks are comparable to Vietnam JSCmmercial Bank for Industry and Trade?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, UniCredit S.p.A, Mizuho Financial 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 Vietnam JSCmmercial Bank for Industry and Trade stock attractive at the current price?
The data as of Nov 5, 2026: price 31,600 VND, calculated fair value 30,596 VND (−3%), Quality Score 60/100, from 6 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 CTG calculated?
We run Vietnam JSCmmercial Bank for Industry and Trade through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of 30,596 VND, 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 15.5% above its aggregate fair value. Vietnam JSCmmercial Bank for Industry and Trade 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The closing price on Nov 5, 2026 was 31,600 VND. Our model-based fair value is 30,596 VND, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam JSCmmercial Bank for Industry and Trade right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (23,318 VND to 48,034 VND) leaves room in how you read the outcome. 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 Vietnam JSCmmercial Bank for Industry and Trade

How large is the market capitalisation of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The market capitalisation of Vietnam JSCmmercial Bank for Industry and Trade is 245T VND (≈ $9.6B). 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The price-to-sales ratio of Vietnam JSCmmercial Bank for Industry and Trade is 2.98 (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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Earnings per share at Vietnam JSCmmercial Bank for Industry and Trade are 5,533 VND (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The dividend yield of Vietnam JSCmmercial Bank for Industry and Trade is 1.4% (payout 8.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The net margin of Vietnam JSCmmercial Bank for Industry and Trade is 51.6% (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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The return on equity (ROE) of Vietnam JSCmmercial Bank for Industry and Trade is 22.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The return on assets (ROA) of Vietnam JSCmmercial Bank for Industry and Trade is 1.5% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The operating margin of Vietnam JSCmmercial Bank for Industry and Trade is 65.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Revenue at Vietnam JSCmmercial Bank for Industry and Trade is growing +25.5% versus a year earlier (3y avg +9.7%). 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Earnings per share at Vietnam JSCmmercial Bank for Industry and Trade are growing +21.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Vietnam JSCmmercial Bank for Industry and Trade (CTG) generate?
The free cash flow of Vietnam JSCmmercial Bank for Industry and Trade is 80.6T 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG) carry?
The net debt of Vietnam JSCmmercial Bank for Industry and Trade is 7.7T VND (fiscal year 2021, ≈ 0.1 yrs of FCF). 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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