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BIDV Securities Joint Stock Company (BSI) Fair Value & Analysis

Financial Services · VN · Market cap 9.5T VND

BS BIDV Securities Joint Stock Company BSI · VN
Price29,100 VND
Fair Value31,094 VND
Upside+6.9%
Quality39/100
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Expensive Growth
Highly profitable · 25.9% net margin
negative free cash flow
Mixed vs. peers (6/11)
Wide moat 67/100
Evidence: High Range 23,320 VND – 38,867 VND Share as image

Fair value as of: Jul 12, 2026

From 2 valuation models · updated 29 days ago

Fair value updated Jul 12, 2026, revised from 34,203 VND to 31,094 VND (−9.1%) since Jun 26, 2026. Share price −15.5% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
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Price vs Fair Value (5 years)

51,818 VND 7,086 VND Fair Value 31,094 VND Dec 2020 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 12, 2026.

How to read this chart

60‑month range 7,086 VND – 51,818 VND · fair‑value band 23,320 VND – 38,867 VND · the 29,100 VND price screens below the 31,094 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 12, 2026.

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Analysis

BIDV Securities Joint Stock Company (BSI) currently trades at 29,100 VND, while our model-based Fair Value estimate is 31,094 VND, implying the stock looks roughly 6.9% fairly valued today. The Quality Score stands at 39/100 (below-average quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, BIDV Securities Joint Stock Company generated revenue of 1.9T VND at a net margin of 25.9%. Revenue grew 85.3% year over year. It earns a return on equity of 9.3%. Net debt stands at 8.8T VND. Fundamentals as of Jul 12, 2026

Our scenario range runs from 23,320 VND (bear case) to 38,867 VND (bull case); at 29,100 VND, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 50% below its 52-week high, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 11% fair-value upside, at 7%, BSI screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model 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
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 50
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 50

Widest divergence: Multiples (17,408 VND) versus Asset-Based (13,722 VND). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) 1.9T VND
Revenue growth (YoY) +85.3%
Net margin 25.9%
Return on equity 9.3%
Free cash flow −4.3T VND FY2025
P/E ratio 16.5
More key figures
Operating margin 70.1%
EPS (TTM) 2,042 VND
EPS growth (YoY) +9.5%
Net debt 8.8T VND FY2025

Figures from reported company fundamentals · as of Jul 12, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 39/100

Of which business quality 34 · Market factors (momentum, volatility) 33

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 75
Calm price path (market factor)
Momentum 25
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 61
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BIDV Securities Joint Stock Company 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.

Growth Quality 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
826B VND
Latest YoY
+36.2%
Avg. growth/yr (3Y) 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.
+3.2%
Avg. growth/yr (5Y) 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.
+19.0%
Avg. growth/yr (6Y) 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.
+27.4%
Revenue −6.1%/yr
FY21 1.1T VND
FY22 751B VND
FY23 601B VND
FY24 607B VND
FY25 826B VND
Net income +8.4%/yr
FY21 357B VND
FY22 112B VND
FY23 408B VND
FY24 413B VND
FY25 494B VND

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Cite: Fair Value Calculator (2026). "BIDV Securities Joint Stock Company Fair Value". https://www.fairvalue-calculator.com/stock/BSI

Peer Group

Capital Markets · 423 stocks

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.

Quality Score 40 · Bottom 25%
Fair Value upside +7% · Above median
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%
Revenue growth 85% · Top 25%

Valuation Multiples vs Capital Markets median · lower = cheaper

P/E (TTM) 18.9× · Pricier than median
P/B 1.72× · Pricier than median
P/S (TTM) 4.91× · Pricier than median
EV/EBITDA 26.0× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 43 · sector 9
FUTURE 100 · sector 96
PAST 37 · sector 30
HEALTH 0 · sector 93
DIVIDEND 0 · sector 36

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

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 12, 2026).

Stock Price Fair Value vs Fair Value
Huatai Securities Co HTSC $0.2700 $0.0400 -85%
Mirae Asset Securities Co 006800 38,750 KRW 31,645 KRW -18%
Meritz Financial Group 138040 117,000 KRW 87,706 KRW -25%
Korea Investment Holdings 071050 239,000 KRW 318,825 KRW +33%
NH Investment & Securities Co 005940 31,000 KRW 37,133 KRW +20%
Samsung Securities Co 016360 107,700 KRW 126,487 KRW +17%
Motilal Oswal Financial Services Limited MOTILALOFS ₹967.00 ₹299.65 -69%
Kiwoom Securities Co 039490 322,000 KRW 358,091 KRW +11%
SSI Securities Corporation SSI 24,250 VND 28,021 VND +16%
Bolsas y Mercados Argentinos S.A BYMA 313.75 ARS 120.22 ARS -62%

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Frequently asked questions

Is BIDV Securities Joint Stock Company (BSI) overvalued or undervalued?
As of Jul 12, 2026, our model estimates a fair value of 31,094 VND versus a price of 29,100 VND, about +7% (fairly valued).
What is the fair value of BSI?
Our model-based fair value for BIDV Securities Joint Stock Company is 31,094 VND (as of Jul 12, 2026), built from audited fundamentals. The current price is 29,100 VND.
What is the quality score of BSI?
BIDV Securities Joint Stock Company 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 revenue of BIDV Securities Joint Stock Company (BSI)?
BIDV Securities Joint Stock Company reported trailing-twelve-month revenue of about 1.9T VND (latest available figure, as of Jul 12, 2026).
What is the net profit margin of BSI?
The net profit margin of BIDV Securities Joint Stock Company is about 25.9%, meaning it keeps roughly 25.9% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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