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

As of Sep 24, 2026: fair value of BIDV Securities JSC VND 17,408, price VND 26,550, upside -34.4%, quality 39 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? No
  2. Good quality? No
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Financial Services · VN · ISIN VN000000BSI7

BS Some data Sep 24, 2026

BIDV Securities JSC

BSI · VN

Weak valuationQuality is weak on top of the rich price.

!Fair value 17,408 VND · Overvalued (−34%)
!Quality 39/100
!Expensive Growth (revenue 5y +19.0 %/yr)
✓Highly profitable · 25.9% net margin (TTM)
!negative free cash flow
!Mixed vs. peers (6/11)
✓Wide moat 67/100
!Evidence only medium, so the estimate is less certain
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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 7,279 VND Fair Value 17,408 VND Jan 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.

How to read this chart

60‑month range 7,279 VND – 51,818 VND · fair‑value band 13,056 VND – 21,761 VND · the 26,550 VND price screens above the 17,408 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 26,550 VND, while our model-based Fair Value estimate is 17,408 VND, implying the stock looks roughly 52.5% overvalued today.

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Valuation

How firm this estimate is: it rests on 15 models at a data quality of 95/100, which puts the evidence level at medium.

Scenario range: 13,056 VND (bear) to 21,761 VND (bull), the price of 26,550 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 39/100 (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 9.5T VND · P/E ratio 14.3 · P/S ratio 8.54 · EPS (TTM) 1,857 VND · Net margin 59.7% · Return on equity 9.3% · Return on assets (EBIT) 4.0% · Operating margin 70.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 39% below its 52-week high and 1% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at −34%, BSI screens richer than that median.

Fair Value models

Bear 13,056 VND Fair Value 17,408 VND Bull 21,761 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (1,363 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. Evidence ⓘEvidence = 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.
Highest evidence
P/B Multiple 13,056 VND 17,408 VND 21,761 VND 55
NCAV (Graham) 10,240 VND 13,722 VND 20,481 VND 51
All 2 models by family
Multiples
P/B Multiple 13,056 VND 17,408 VND 21,761 VND 55
Asset-Based
NCAV (Graham) 10,240 VND 13,722 VND 20,481 VND 51

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Quality Score breakdown

Overall quality 39/100

Of which business quality 34 · Market factors (momentum, volatility) 30

Profitability 36
Margins and returns on capital today
Quality Growth 57
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 53
Disciplined investing over empire-building
Low Volatility 79
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 1
Distance to the 52-week high (market factor)
Net Issuance 61
Share count: buybacks or dilution?

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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. 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 53% overvalued. Compare with Morgan Stanley, a financial holding company, →

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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 · 462 stocks

Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 40 · Bottom 25%
Fair Value upside −34% · Below median
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 3% · Above median
Net margin (TTM) 26% · Above median
Operating margin (TTM) 70% · Top 25%
Growth and dividend
Revenue growth 85% · Top 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 14.3× · Cheaper than median
P/B 1.72× · Pricier than median
P/S (TTM) 4.91× · Pricier than median
EV/EBITDA 26.0× · Priciest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 27
FUTURE (revenue growth)100 · sector 85
PAST (return on equity)37 · sector 30
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)0 · sector 41

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
Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
CITIC Securities Company 600030 ¥26.79 ¥18.35 −32%
Guotai Haitong Securities Co 601211 ¥17.67 ¥19.29 +9%
East Money Information Co 300059 ¥18.77 ¥4.94 −74%
CSC Financial Co 601066 ¥23.67 ¥39.83 +68%

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17,408 VND −53%Fair Value
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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 Sep 24, 2026, our model estimates a fair value of 17,408 VND versus a price of 26,550 VND, about −34% upside (overvalued).
What is the fair value of BSI?
Our model-based fair value for BIDV Securities JSC is 17,408 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 26,550 VND.
What is the quality score of BSI?
BIDV Securities JSC has a Quality Score of 39/100. 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 17,408 VND (as of Sep 24, 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 17,408 VND, about −34% upside versus a price of 26,550 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 Sep 24, 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 17,408 VND per share (as of Sep 24, 2026), against a price of 26,550 VND. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is BIDV Securities JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, BSI trades above its calculated fair value: price 26,550 VND, fair value 17,408 VND, a gap of about −34% (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 (26,550 VND); the fair value is what the company's own numbers justify (17,408 VND). For BIDV Securities JSC the two are 9,142 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 9.5T VND (market capitalisation, as of Sep 24, 2026). Per share that is 26,550 VND; our models calculate a fair value of 17,408 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 17,408 VND, optimistic 21,761 VND per share (as of Sep 24, 2026, price 26,550 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 14.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17,408 VND is built from several models across several years. Other multiples: P/B 1.7, P/S 4.9, EV/EBITDA 26.0.
How solid is the balance sheet of BIDV Securities JSC (BSI)?
Balance-sheet figures for BIDV Securities JSC (as of Sep 24, 2026): return on equity 9.3%. They feed the Quality Score of 39/100, which measures business quality independently of the share price.
How far is BSI from its 52-week high?
BIDV Securities JSC trades at 26,550 VND, about 39% below its 52-week high of 43,182 VND and 1% above the low of 26,250 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 17,408 VND is for.
Which stocks are comparable to BIDV Securities JSC?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Sep 24, 2026: price 26,550 VND, calculated fair value 17,408 VND (−34%), Quality Score 39/100, 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 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 17,408 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 13.2 % 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 Sep 24, 2026 was 26,550 VND. Our model-based fair value is 17,408 VND, about −34% upside (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 (39/100) 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 9.5T VND. 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 8.54 (P/E × margin). 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 1,857 VND (price ÷ EPS = P/E 14.3). 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 59.7% (fiscal year 2025). 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 9.3% (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 70.1% (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 +85.3% 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 +9.5% 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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