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Viet Dragon Securities Corp (VDS) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Viet Dragon Securities Corp stock VND 12,302, price VND 9,860, upside +24.8%, quality 33 out of 100. Rating: undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000VDS6

VD Viet Dragon Securities Corp logo Thin data Nov 8, 2026

Viet Dragon Securities Corp

VDS · VN
Speculative

The stock costs 20% less than our calculation considers fair.

Fair value 12,302 VND · Undervalued
Highly profitable · 37.2% net margin (TTM)
Low debt
Ranks above peers (10/12)
Costs just 9.6 times its yearly profit.
Expensive Growth (revenue 5y +26.2 %/yr in VND)
Wide moat 67/100 · thin data
Quality 33/100
Negative free cash flow
Thin data
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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

22,955 VND 5,151 VND Fair Value 12,302 VND Jul 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 5,151 VND – 22,955 VND · fair‑value band 9,226 VND – 15,377 VND · the 9,860 VND price screens below the 12,302 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

Viet Dragon Securities Corporation, together with its subsidiary, Viet Dragon Asset Management Corporation, provides brokerage, securities trading, finance and investment advisory, underwriting, securities custodian, and derivatives services.

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It operates through Proprietary Activities; Brokerage and Securities Services; Investment Banking; and Others segments.

The company offers securities brokerages, securities investment advisory services, and margin custodian services; and corporate financial advisory, M&A consultancy, and other consultancy services.

It also provides underlying securities, covered warrant, corporate bond, and fund certificate distribution services; financial services and other value-added services; and equity capital and debt capital market, merger and acquisition, and corporate finance advisory services, as well as online services.

In addition, the company establishes and manages securities investment funds and securities investment companies; and manages securities portfolios. It serves individual, institutional, and corporate clients in Vietnam.

Viet Dragon Securities Corporation was incorporated in 2006 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

Viet Dragon Securities Corp (VDS) currently trades at 9,860 VND, while our model-based Fair Value estimate is 12,302 VND, implying the stock looks roughly 20% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 35,262 VND per share, and 5 of the 7 models we run sit above the 9,860 VND price.

Bear case: the Asset-Based group reads lowest at 6,750 VND, and 2 of the 7 models stay below the price. Data coverage for this calculation is low.

Scenario range: 9,226 VND (bear) to 15,377 VND (bull), the price of 9,860 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 33/100 (below-average quality), in the Financial Services sector.

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

Viet Dragon Securities Corp reported revenue of 615B VND in FY2025 versus 749B VND in FY2021, a compound −4.8%/yr. Reported net income was 283B VND in FY2025, compounding −9.7%/yr from FY2021.

Key figures

Market cap 2.7T VND (≈ $105M) Micro · P/E ratio 9.6 · P/S ratio 3.50 · EPS (TTM) 1,031 VND · Net margin 37.2% · Return on equity 9.6% · Return on assets (EBIT) 3.1% (5-year average) · Operating margin 49.8%.

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 43% below its 52-week high and 17% 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 25%, VDS screens cheaper than that median.

Fair Value models

Bear 9,226 VND Fair Value 12,302 VND Bull 15,377 VND
Price 9,860 VND · Upside +24.8%
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 (884.20 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
Owner Earnings 16,490 VND 26,536 VND 42,437 VND 75
Residual Income 7,770 VND 7,875 VND 8,499 VND 71
Graham-Dodd 7,078 VND 49,362 VND 69,272 VND 63
All 7 models by family
DCF Models
Owner Earnings 16,490 VND 26,536 VND 42,437 VND 75
Earnings-Based
Graham-Dodd 7,078 VND 49,362 VND 69,272 VND 63
Lynch FV 14,813 VND 21,162 VND 27,510 VND 61
Multiples
P/E Multiple 10,149 VND 13,532 VND 16,915 VND 63
P/B Multiple 11,624 VND 15,498 VND 19,373 VND 55
Asset-Based
NCAV (Graham) 4,455 VND 6,750 VND 8,437 VND 54
Economic Profit
Residual Income 7,770 VND 7,875 VND 8,499 VND 71

The fair value above starts from this blend and is adjusted for a stock split.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 33/100

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

Profitability 37
How much profit the company makes from its sales and capital
Quality Growth 45
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 29
Debt, balance sheet and risk of trouble
Investment 44
Does it invest with discipline instead of growing at any price?
Low Volatility 57
How calm the share price moves, does not count
Price momentum 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 8
Distance to the 52-week high, does not count
New shares 31
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
+13.7%
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.
+19.2%
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.
+26.2%
Start year 2020 (pandemic)
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.
−5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.5%
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.51% → 36%

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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 9/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside +24.8% · Above median
Profitability
Return on equity (12 months) 9.6% · Above median
Return on assets 3.5% · Above median
Net margin (12 months) 37.2% · Above median
Operating margin (12 months) 49.8% · Above median
Growth and dividend
Revenue growth (quarter YoY) −1.4% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 9.6× · Cheaper than median
P/B 0.88× · Cheaper than median
P/S (12 months) 3.50× · Cheaper than median
EV/EBITDA 2.5× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)66 · sector 42
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)38 · sector 38
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)0 · sector 47

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

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Viet Dragon Securities Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Viet Dragon Securities Corp Fair Value". https://www.fairvalue-calculator.com/stock/VDS

Frequently asked questions

Is Viet Dragon Securities Corp (VDS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 12,302 VND versus a price of 9,860 VND, about +25% upside (undervalued).
What is the fair value of VDS?
Our model-based fair value for Viet Dragon Securities Corp is 12,302 VND (as of Nov 8, 2026), built from audited fundamentals. The current price: 9,860 VND.
What is the quality score of VDS?
Viet Dragon Securities Corp has a Quality Score of 33/100. 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 Viet Dragon Securities Corp (VDS)?
Our model-based price target is the fair value of 12,302 VND (as of Nov 8, 2026) from 7 valuation models. Cautious scenario 9,226 VND, optimistic scenario 15,377 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Viet Dragon Securities Corp stock forecast for 2026?
Our models put fair value at 12,302 VND, about +25% upside versus a price of 9,860 VND (undervalued). Cautious scenario 9,226 VND, optimistic scenario 15,377 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Viet Dragon Securities Corp (VDS)?
Viet Dragon Securities Corp reported trailing-twelve-month revenue of about 767B VND (latest available figure, as of Nov 8, 2026).
What is the intrinsic value of Viet Dragon Securities Corp (VDS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Viet Dragon Securities Corp it is 12,302 VND per share (as of Nov 8, 2026), against a price of 9,860 VND. It is the blended result of 7 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is Viet Dragon Securities Corp stock overvalued or undervalued in 2026?
As of Nov 8, 2026, VDS trades below its calculated fair value: price 9,860 VND, fair value 12,302 VND, a gap of about +25% (undervalued). 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 VDS?
No. The price is what the market pays today (9,860 VND); the fair value is what the company's own numbers justify (12,302 VND). For Viet Dragon Securities Corp the two are 2,442 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Viet Dragon Securities Corp worth?
The market values Viet Dragon Securities Corp at about 2.7T VND (market capitalisation, as of Nov 8, 2026). Per share that is 9,860 VND; our models calculate a fair value of 12,302 VND per share.
What do the bullish and bearish scenarios say about VDS?
Our models span a range for Viet Dragon Securities Corp: cautious scenario 9,226 VND, base 12,302 VND, optimistic 15,377 VND per share (as of Nov 8, 2026, price 9,860 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VDS?
Viet Dragon Securities Corp trades at a price-to-earnings ratio of 9.6 (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 12,302 VND is built from several models across several years. Other multiples: P/B 0.9, P/S 3.5, EV/EBITDA 2.5.
How solid is the balance sheet of Viet Dragon Securities Corp (VDS)?
Balance-sheet figures for Viet Dragon Securities Corp (as of Nov 8, 2026): return on equity 9.6%. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is VDS from its 52-week high?
Viet Dragon Securities Corp trades at 9,860 VND, about 43% below its 52-week high of 17,409 VND and 17% above the low of 8,436 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 12,302 VND is for.
Which stocks are comparable to Viet Dragon Securities Corp?
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 Viet Dragon Securities Corp stock attractive at the current price?
The data as of Nov 8, 2026: price 9,860 VND, calculated fair value 12,302 VND (+25%), Quality Score 33/100, from 7 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 VDS calculated?
We run Viet Dragon Securities Corp through 7 models from 5 families: DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 12,302 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. Viet Dragon Securities Corp currently trades 20% below its own fair value, and the market average says nothing about that. 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 Viet Dragon Securities Corp (VDS)?
The closing price on Nov 6, 2026 was 9,860 VND. Our model-based fair value is 12,302 VND, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Viet Dragon Securities Corp right now?
Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. 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 Viet Dragon Securities Corp

How large is the market capitalisation of Viet Dragon Securities Corp (VDS)?
The market capitalisation of Viet Dragon Securities Corp is 2.7T VND (≈ $105M). 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 Viet Dragon Securities Corp (VDS)?
The price-to-sales ratio of Viet Dragon Securities Corp is 3.50 (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 Viet Dragon Securities Corp (VDS)?
Earnings per share at Viet Dragon Securities Corp are 1,031 VND (price ÷ EPS = P/E 9.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Viet Dragon Securities Corp (VDS)?
The net margin of Viet Dragon Securities Corp is 37.2% (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 Viet Dragon Securities Corp (VDS)?
The return on equity (ROE) of Viet Dragon Securities Corp 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 Viet Dragon Securities Corp (VDS)?
On an EBIT basis the return on assets of Viet Dragon Securities Corp is 3.1% (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 Viet Dragon Securities Corp (VDS)?
The operating margin of Viet Dragon Securities Corp is 49.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Viet Dragon Securities Corp (VDS)?
Revenue at Viet Dragon Securities Corp is growing −1.4% versus a year earlier (3y avg +19.2%). 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 Viet Dragon Securities Corp (VDS)?
Earnings per share at Viet Dragon Securities Corp are growing +219% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Viet Dragon Securities Corp (VDS) generate?
The free cash flow of Viet Dragon Securities Corp is −861B 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 Viet Dragon Securities Corp (VDS) carry?
The net debt of Viet Dragon Securities Corp is 3.9T 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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