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VNDIRECT Securities Corp (VND) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of VNDIRECT Securities Corp stock VND 17,268, price VND 14,950, upside +15.5%, quality 41 out of 100. Rating: undervalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000VND7

VS VNDIRECT Securities Corp logo Thin data Nov 6, 2026

VNDIRECT Securities Corp

VND · VN
Speculative

The stock costs 13% less than our calculation considers fair.

Fair value 17,268 VND · Undervalued (13%)
Highly profitable · 35.9% net margin (TTM)
Low debt
Ranks above peers (10/13)
Quality 41/100
Expensive Growth (revenue 5y +23.4 %/yr in VND)
Wide moat 66/100 · thin data
Revenue last quarter 29% below a year ago.
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

27,842 VND 5,365 VND Fair Value 17,268 VND Feb 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 5,365 VND – 27,842 VND · fair‑value band 10,671 VND – 21,585 VND · the 14,950 VND price screens below the 17,268 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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Company profile

VNDIRECT Securities Joint Stock Company provides various investment products in Vietnam.

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The company offers investment services, including asset management and investment advisory, and securities trading and brokerage services, as well as margin products; and asset portfolio products comprising DSAVE for defense assets, DINVEST for life-long assets, and DTRADE for stock investment.

It also provides investment institutions services, such as securities, market creation, investment analysis, and debt market services, as well as relation between business and investors; and capital market, debt capital market, merger and acquisition consulting, and investor relation and corporate financial consulting services.

In addition, the company offers D-BOARD, an online trading platform for stocks, bonds, fund certificates, and various types of financial assets; STOCKBOOK, an information portal that connects the investor community with an information platform and the in-depth analysis of stocks, bonds, and various types of investment assets, as well as investment analysis reports from experts and investment communities; and DWEALTH Academy.

Further, the company provides PROTRADE, a trading platform for professional investors; iVND, a personal property management platform; Bankgate, an online payment platform; and PROTRADE Trial, a virtual derivative transaction platform.

VNDIRECT Securities Joint Stock Company was incorporated in 2006 and is headquartered in Hanoi, Vietnam.

Stock analysis

VNDIRECT Securities Corp (VND) currently trades at 14,950 VND, while our model-based Fair Value estimate is 17,268 VND, implying the stock looks roughly 13% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 39,047 VND per share, and 5 of the 9 models we run sit above the 14,950 VND price.

Bear case: the Dividend Discount group reads lowest at 4,495 VND, and 4 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: 10,671 VND (bear) to 21,585 VND (bull), the price of 14,950 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 41/100 (below-average quality), in the Financial Services sector.

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

VNDIRECT Securities Corp reported revenue of 3.7T VND in FY2025 versus 2.9T VND in FY2021, a compound +6.3%/yr. Reported net income was 2.0T VND in FY2025, compounding −4.0%/yr from FY2021.

Key figures

Market cap 22.8T VND (≈ $890M) Small · P/E ratio 11.3 · P/S ratio 3.89 · EPS (TTM) 1,325 VND · Dividend yield 3.7% · Net margin 35.9% · Return on equity 9.9% · Return on assets (EBIT) 4.6% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).

What moves the price

The share trades about 26% below its 52-week high and 16% 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 16%, VND screens cheaper than that median.

Fair Value models

Bear 10,671 VND Fair Value 17,268 VND Bull 21,585 VND
Price 14,950 VND · Upside +15.5%
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 (1,133 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 9,980 VND 10,319 VND 11,291 VND 76
Owner Earnings 10,671 VND 18,305 VND 29,855 VND 75
Gordon GGM 2,950 VND 4,520 VND 5,512 VND 69
All 9 models by family
DCF Models
Owner Earnings 10,671 VND 18,305 VND 29,855 VND 75
Earnings-Based
Graham-Dodd 9,033 VND 55,406 VND 77,306 VND 63
Lynch FV 15,881 VND 22,688 VND 29,494 VND 61
Dividend Discount
Gordon GGM 2,950 VND 4,520 VND 5,512 VND 69
DDM Multi-Stage 2,950 VND 4,471 VND 4,893 VND 67
Multiples
P/E Multiple 12,951 VND 17,268 VND 21,585 VND 63
P/B Multiple 14,374 VND 19,165 VND 23,956 VND 55
Asset-Based
NCAV (Graham) 8,608 VND 13,042 VND 16,302 VND 54
Economic Profit
Residual Income 9,980 VND 10,319 VND 11,291 VND 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 41/100

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

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 63
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 28
Debt, balance sheet and risk of trouble
Investment 62
Does it invest with discipline instead of growing at any price?
Low Volatility 52
How calm the share price moves, does not count
Price momentum 22
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 18
Distance to the 52-week high, does not count
New shares 40
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
+27.7%
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.
+4.8%
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.
+23.4%
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.
+24.6%
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.
−1.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.1%
Dividend (yield on the price)3.7%
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.68% → 58%

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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 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 41 · Bottom 25%
Fair Value upside +15.5% · Above median
Profitability
Return on equity (12 months) 9.9% · Above median
Return on assets 3.9% · Above median
Net margin (12 months) 35.9% · Above median
Operating margin (12 months) 80.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −29.1% · Bottom 25%
Dividend yield (12 months) 3.7% · Above median
Balance sheet
Debt / equity 0.10× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 11.3× · Cheaper than median
P/B 1.09× · Cheaper than median
P/S (12 months) 3.89× · Pricier than median
EV/EBITDA 6.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)54 · sector 42
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)40 · sector 38
HEALTH (low debt)95 · sector 94
DIVIDEND (yield)74 · 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 VND
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs VND
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs VND
Nomura Holdings NMR $9.42 $10.20 +8% vs VND
The Goldman Sachs Group GS $865.82 $766.86 −11% vs VND
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs VND
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs VND
Macquarie Group MQG A$248.86 A$123.84 −50% vs VND
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs VND
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs VND

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VNDIRECT Securities Corp: fair value per Fair Value Calculator

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

Frequently asked questions

Is VNDIRECT Securities Corp (VND) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 17,268 VND versus a price of 14,950 VND, about +16% upside (undervalued).
What is the fair value of VND?
Our model-based fair value for VNDIRECT Securities Corp is 17,268 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 14,950 VND.
What is the quality score of VND?
VNDIRECT Securities Corp has a Quality Score of 41/100. 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 VNDIRECT Securities Corp (VND)?
Our model-based price target is the fair value of 17,268 VND (as of Nov 6, 2026) from 9 valuation models. Cautious scenario 10,671 VND, optimistic scenario 21,585 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the VNDIRECT Securities Corp stock forecast for 2026?
Our models put fair value at 17,268 VND, about +16% upside versus a price of 14,950 VND (undervalued). Cautious scenario 10,671 VND, optimistic scenario 21,585 VND. The calculation is refreshed regularly with new filings.
What is the revenue of VNDIRECT Securities Corp (VND)?
VNDIRECT Securities Corp reported trailing-twelve-month revenue of about 5.9T VND (latest available figure, as of Nov 6, 2026).
Does VNDIRECT Securities Corp pay a dividend?
VNDIRECT Securities Corp currently shows a dividend yield of 3.70% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of VNDIRECT Securities Corp (VND)?
VNDIRECT Securities Corp has a dividend yield of 3.7%.
What is the intrinsic value of VNDIRECT Securities Corp (VND)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For VNDIRECT Securities Corp it is 17,268 VND per share (as of Nov 6, 2026), against a price of 14,950 VND. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is VNDIRECT Securities Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VND trades below its calculated fair value: price 14,950 VND, fair value 17,268 VND, a gap of about +16% (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 VND?
No. The price is what the market pays today (14,950 VND); the fair value is what the company's own numbers justify (17,268 VND). For VNDIRECT Securities Corp the two are 2,318 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is VNDIRECT Securities Corp worth?
The market values VNDIRECT Securities Corp at about 22.8T VND (market capitalisation, as of Nov 6, 2026). Per share that is 14,950 VND; our models calculate a fair value of 17,268 VND per share.
What do the bullish and bearish scenarios say about VND?
Our models span a range for VNDIRECT Securities Corp: cautious scenario 10,671 VND, base 17,268 VND, optimistic 21,585 VND per share (as of Nov 6, 2026, price 14,950 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VND?
VNDIRECT Securities Corp trades at a price-to-earnings ratio of 11.3 (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 17,268 VND is built from several models across several years. Other multiples: P/B 1.1, P/S 3.9, EV/EBITDA 6.3.
How solid is the balance sheet of VNDIRECT Securities Corp (VND)?
Balance-sheet figures for VNDIRECT Securities Corp (as of Nov 6, 2026): return on equity 9.9%, debt of 0.10 per unit of equity. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is VND from its 52-week high?
VNDIRECT Securities Corp trades at 14,950 VND, about 26% below its 52-week high of 20,216 VND and 16% above the low of 12,900 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 17,268 VND is for.
Which stocks are comparable to VNDIRECT 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 VNDIRECT Securities Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 14,950 VND, calculated fair value 17,268 VND (+16%), Quality Score 41/100, from 9 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 VND calculated?
We run VNDIRECT Securities Corp through 9 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 17,268 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 13.0% above its aggregate fair value. VNDIRECT Securities Corp currently trades 13% 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 VNDIRECT Securities Corp (VND)?
The closing price on Nov 6, 2026 was 14,950 VND. Our model-based fair value is 17,268 VND, about +16% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with VNDIRECT Securities Corp right now?
A fairly wide model range (10,671 VND to 21,585 VND) leaves room in how you read the outcome. 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 VNDIRECT Securities Corp

How large is the market capitalisation of VNDIRECT Securities Corp (VND)?
The market capitalisation of VNDIRECT Securities Corp is 22.8T VND (≈ $890M). 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 VNDIRECT Securities Corp (VND)?
The price-to-sales ratio of VNDIRECT Securities Corp 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 VNDIRECT Securities Corp (VND)?
Earnings per share at VNDIRECT Securities Corp are 1,325 VND (price ÷ EPS = P/E 11.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of VNDIRECT Securities Corp (VND)?
The dividend yield of VNDIRECT Securities Corp is 3.7% (payout 41.8%). 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 VNDIRECT Securities Corp (VND)?
The net margin of VNDIRECT Securities Corp is 35.9% (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 VNDIRECT Securities Corp (VND)?
The return on equity (ROE) of VNDIRECT Securities Corp is 9.9% (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 VNDIRECT Securities Corp (VND)?
On an EBIT basis the return on assets of VNDIRECT Securities Corp is 4.6% (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 VNDIRECT Securities Corp (VND)?
The operating margin of VNDIRECT Securities Corp is 80.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at VNDIRECT Securities Corp (VND)?
Revenue at VNDIRECT Securities Corp is growing −29.1% versus a year earlier (3y avg +4.8%). 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 VNDIRECT Securities Corp (VND)?
Earnings per share at VNDIRECT Securities Corp are growing −63.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does VNDIRECT Securities Corp (VND) generate?
The free cash flow of VNDIRECT Securities Corp is −4.5T 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 VNDIRECT Securities Corp (VND) carry?
The net debt of VNDIRECT Securities Corp is 27.1T 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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