VIX Securities JSC (VIX) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of VIX Securities JSC stock VND 18,332, price VND 13,350, upside +37.3%, quality 53 out of 100. Rating: undervalued. Calculated from audited financials with 7 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range 2,466 VND – 31,850 VND · fair‑value band 10,664 VND – 30,428 VND · the 13,350 VND price screens below the 18,332 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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VIX Securities Joint Stock Company provides stock brokerage, securities trading, underwriting for securities issues, and investment advisory services in Vietnam. It also provides finance, securities depository, and corporate finance consulting services.
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The company was formerly known as IB Securities Joint Stock Company and changed its name to VIX Securities Joint Stock Company in October 2020. VIX Securities Joint Stock Company was founded in 2007 and is headquartered in Hanoi, Vietnam.
Stock analysis
VIX Securities JSC (VIX) currently trades at 13,350 VND, while our model-based Fair Value estimate is 18,332 VND, implying the stock looks roughly 27% undervalued today.
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Valuation
Bull case: the Earnings-Based group reads highest at a median of 86,658 VND per share, and 4 of the 7 models we run sit above the 13,350 VND price.
Bear case: the Asset-Based group reads lowest at 8,259 VND, and 3 of the 7 models stay below the price. Data coverage for this calculation is low.
Scenario range: 10,664 VND (bear) to 30,428 VND (bull), the price of 13,350 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 53/100 (solid quality), in the Financial Services sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
VIX Securities JSC reported revenue of 2.5T VND in FY2025 versus 1.0T VND in FY2021, a compound +25.4%/yr. Reported net income was 5.4T VND in FY2025, compounding +64.7%/yr from FY2021.
Key figures
Market cap 34.1T VND (≈ $1.3B) Small · P/E ratio 6.6 · P/S ratio 3.89 · EPS (TTM) 2,036 VND · Net margin 50.7% · Return on equity 15.7% · Return on assets (EBIT) 9.8% (5-year average) · Operating margin 96.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 79 out of 100 (low confidence).
What moves the price
The share trades about 37% below its 52-week high and 19% 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 37%, VIX screens cheaper than that median.
Fair Value models
Bear10,664 VNDFair Value 18,332 VNDBull30,428 VND
Price 13,350 VND · Upside +37.3%
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 (1,746 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.
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.
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.
+16.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+16.0%
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.146% → 241%
2025 sits 716% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Price, fair value, quality and upside side by side.
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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 7/11 measures
Overall it ranks above its industry peers.
Valuation
Quality Score53 · Below median
Fair Value upside+37.3% · Above median
Profitability
Return on equity (12 months)15.7% · Above median
Return on assets15.8% · Top 25%
Net margin (12 months)50.7% · Top 25%
Operating margin (12 months)96.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−35.3% · Bottom 25%
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is VIX Securities JSC (VIX) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 18,332 VND versus a price of 13,350 VND, about +37% upside (undervalued).
What is the fair value of VIX?
Our model-based fair value for VIX Securities JSC is 18,332 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 13,350 VND.
What is the quality score of VIX?
VIX Securities JSC has a Quality Score of 53/100. 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 VIX Securities JSC (VIX)?
Our model-based price target is the fair value of 18,332 VND (as of Nov 6, 2026) from 7 valuation models. Cautious scenario 10,664 VND, optimistic scenario 30,428 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the VIX Securities JSC stock forecast for 2026?
Our models put fair value at 18,332 VND, about +37% upside versus a price of 13,350 VND (undervalued). Cautious scenario 10,664 VND, optimistic scenario 30,428 VND. The calculation is refreshed regularly with new filings.
What is the intrinsic value of VIX Securities JSC (VIX)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VIX Securities JSC it is 18,332 VND per share (as of Nov 6, 2026), against a price of 13,350 VND. It is the blended result of 7 valuation models in 5 families (DCF Models, Earnings-Based, Multiples, Asset-Based, Economic Profit).
Is VIX Securities JSC stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VIX trades below its calculated fair value: price 13,350 VND, fair value 18,332 VND, a gap of about +37% (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 VIX?
No. The price is what the market pays today (13,350 VND); the fair value is what the company's own numbers justify (18,332 VND). For VIX Securities JSC the two are 4,982 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is VIX Securities JSC worth?
The market values VIX Securities JSC at about 34.1T VND (market capitalisation, as of Nov 6, 2026). Per share that is 13,350 VND; our models calculate a fair value of 18,332 VND per share.
What do the bullish and bearish scenarios say about VIX?
Our models span a range for VIX Securities JSC: cautious scenario 10,664 VND, base 18,332 VND, optimistic 30,428 VND per share (as of Nov 6, 2026, price 13,350 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VIX?
VIX Securities JSC trades at a price-to-earnings ratio of 6.6 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 18,332 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 3.9, EV/EBITDA 4.0.
How solid is the balance sheet of VIX Securities JSC (VIX)?
Balance-sheet figures for VIX Securities JSC (as of Nov 6, 2026): return on equity 15.7%. They feed the Quality Score of 53/100, which measures business quality independently of the share price.
How far is VIX from its 52-week high?
VIX Securities JSC trades at 13,350 VND, about 37% below its 52-week high of 21,113 VND and 19% above the low of 11,190 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 18,332 VND is for.
Which stocks are comparable to VIX 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 VIX Securities JSC stock attractive at the current price?
The data as of Nov 6, 2026: price 13,350 VND, calculated fair value 18,332 VND (+37%), Quality Score 53/100, 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 VIX calculated?
We run VIX Securities JSC 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 18,332 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. VIX Securities JSC currently trades 27% 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 VIX Securities JSC (VIX)?
The closing price on Nov 6, 2026 was 13,350 VND. Our model-based fair value is 18,332 VND, about +37% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VIX Securities JSC right now?
The model range is unusually wide (10,664 VND to 30,428 VND). The outcome hinges heavily on assumptions, so read the point estimate with caution. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. Solid quality (53/100) at a price below fair value, the discount is the argument here, not the business quality. 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 VIX Securities JSC
How large is the market capitalisation of VIX Securities JSC (VIX)?
The market capitalisation of VIX Securities JSC is 34.1T VND (≈ $1.3B). 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 VIX Securities JSC (VIX)?
The price-to-sales ratio of VIX Securities JSC is 3.89 (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 VIX Securities JSC (VIX)?
Earnings per share at VIX Securities JSC are 2,036 VND (price ÷ EPS = P/E 6.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of VIX Securities JSC (VIX)?
The net margin of VIX Securities JSC is 50.7% (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 VIX Securities JSC (VIX)?
The return on equity (ROE) of VIX Securities JSC is 15.7% (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 VIX Securities JSC (VIX)?
On an EBIT basis the return on assets of VIX Securities JSC is 9.8% (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 VIX Securities JSC (VIX)?
The operating margin of VIX Securities JSC is 96.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VIX Securities JSC (VIX)?
Revenue at VIX Securities JSC is growing −35.3% versus a year earlier. 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 VIX Securities JSC (VIX)?
Earnings per share at VIX Securities JSC are growing −94.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does VIX Securities JSC (VIX) generate?
The free cash flow of VIX Securities JSC is −7.0T 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 VIX Securities JSC (VIX) carry?
The net debt of VIX Securities JSC is 9.3T 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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Thin data
Nov 6, 2026