Vietnam JSCmmercial Bank for Industry and Trade (CTG) fair value: what the stock is really worth
As of Nov 5, 2026: fair value (intrinsic value) of Vietnam JSCmmercial Bank for Industry and Trade stock VND 30,596, price VND 31,600, that is 3.2% below the price, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 6 of our 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.
How to read this chart
60‑month range 12,151 VND – 41,500 VND · fair‑value band 23,318 VND – 48,034 VND · the 31,600 VND price screens above the 30,596 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.
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Vietnam Joint Stock Commercial Bank for Industry and Trade, together with its subsidiaries, provides various banking products and services in Vietnam and internationally.
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The company offers account services; credit, debit, and other cards, as well as card payment services; digital banking; demand, escrow, regular term, and automatic term deposits; property, car, consumer, special, mid/long/short-term, and other loans, as well as loans for production and business; foreign currency trading; life and non-life insurance; overseas remittance; and other related services.
It also provides guarantees; international payments and trade finance; payables, receivables, cash, and account management, as well as money transfer; advisory services; industry and supply chain solutions; savings; financial investments; treasury products, including foreign exchange, interest rate and commodity derivatives, money market, and FI and government debt instruments; and investment bank.
The company was formerly known as Vietnam Industrial and Commercial Bank and changed its name to Vietnam Joint Stock Commercial Bank for Industry and Trade in July 2009. Vietnam Joint Stock Commercial Bank for Industry and Trade was founded in 1988 and is headquartered in Hanoi, Vietnam.
Stock analysis
Vietnam JSCmmercial Bank for Industry and Trade (CTG) currently trades at 31,600 VND, while our model-based Fair Value estimate is 30,596 VND, so the stock looks roughly fairly valued today (gap 3.3%).
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Valuation
Bull case: the Multiples group reads highest at a median of 31,427 VND per share, and 1 of the 6 models we run sit above the 31,600 VND price.
Bear case: the Dividend Discount group reads lowest at 3,531 VND, and 5 of the 6 models stay below the price. Data coverage for this calculation is medium.
Scenario range: 23,318 VND (bear) to 48,034 VND (bull), the price of 31,600 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 60/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vietnam JSCmmercial Bank for Industry and Trade reported revenue of 77.7T VND in FY2025 versus 50.1T VND in FY2021, a compound +11.6%/yr. Reported net income was 34.6T VND in FY2025, compounding +25.2%/yr from FY2021.
Key figures
Market cap 245T VND (≈ $9.6B) Mid · P/E ratio 5.7 · P/S ratio 2.98 · EPS (TTM) 5,533 VND · Dividend yield 1.4% · Net margin 51.6% · Return on equity 22.6% · Return on assets 1.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 24% below its 52-week high and 10% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −3%, CTG screens cheaper than that median.
Fair Value models
Bear23,318 VNDFair Value 30,596 VNDBull48,034 VND
Price 31,600 VND · Downside -3.2%
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 (4,317 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.99/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
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.
+13.7%
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.
+13.4%
’19
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’21
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’23
’24
’25
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.
+12.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year+10.7%
Dividend (yield on the price)1.4%
Per share before 2025divided by the spin-off factor 1.4464
2025 sits 98% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Growth Forecast
Little optimism in the price
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
less than -40 %
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+13.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +9.1% a year for the forecasts.
Compare Vietnam JSCmmercial Bank for Industry and Trade with another stock
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.Banks - Regional · 1002 stocks
Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score60 · Top 25%
Fair Value upside−3.2% · Above median
Profitability
Return on equity (12 months)22.6% · Top 25%
Return on assets1.3% · Above median
Net margin (12 months)51.6% · Top 25%
Operating margin (12 months)65.6% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)25.5% · Top 25%
Dividend yield (12 months)1.4% · Bottom 25%
Valuation Multiplesvs Banks - Regional median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Vietnam JSCmmercial Bank for Industry and Trade Fair Value". https://www.fairvalue-calculator.com/stock/CTG
Frequently asked questions
Is Vietnam JSCmmercial Bank for Industry and Trade (CTG) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of 30,596 VND versus a price of 31,600 VND, about 3% lower (fairly valued).
What is the fair value of CTG?
Our model-based fair value for Vietnam JSCmmercial Bank for Industry and Trade is 30,596 VND (as of Nov 5, 2026), built from audited fundamentals. The current price: 31,600 VND.
What is the quality score of CTG?
Vietnam JSCmmercial Bank for Industry and Trade has a Quality Score of 60/100. 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Our model-based price target is the fair value of 30,596 VND (as of Nov 5, 2026) from 6 valuation models. Cautious scenario 23,318 VND, optimistic scenario 48,034 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam JSCmmercial Bank for Industry and Trade stock forecast for 2026?
Our models put fair value at 30,596 VND, about 3% lower versus a price of 31,600 VND (fairly valued). Cautious scenario 23,318 VND, optimistic scenario 48,034 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Vietnam JSCmmercial Bank for Industry and Trade reported trailing-twelve-month revenue of about 82.4T VND (latest available figure, as of Nov 5, 2026).
Does Vietnam JSCmmercial Bank for Industry and Trade pay a dividend?
Vietnam JSCmmercial Bank for Industry and Trade currently shows a dividend yield of 1.42% relative to its recent price (as of Nov 5, 2026).
What growth is priced into Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
For today's price to be fair in a discounted-cash-flow model, Vietnam JSCmmercial Bank for Industry and Trade would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +12.3 % per year. As of Nov 5, 2026.
What discount rate (WACC) does the fair value of CTG use?
Our models discount Vietnam JSCmmercial Bank for Industry and Trade at 12.2 %: a base by market capitalisation (mid), damped by beta 0.65, country premium for Vietnam. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Vietnam JSCmmercial Bank for Industry and Trade that is less than minus 40 % per year a year over ten years, using the same discount rate (12.2 %) and the same formula as our fair value.
How much growth has Vietnam JSCmmercial Bank for Industry and Trade (CTG) delivered so far?
Over the past 5 years revenue at Vietnam JSCmmercial Bank for Industry and Trade grew +12.3 % a year. The price currently implies less than minus 40 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Vietnam JSCmmercial Bank for Industry and Trade (CTG) growing?
The median revenue growth in the sector is +6.5 % a year. That is the yardstick for the growth priced into Vietnam JSCmmercial Bank for Industry and Trade (less than minus 40 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The free-cash-flow yield on the price is 32.85 %: that much free cash flow Vietnam JSCmmercial Bank for Industry and Trade produces per unit of market value. When it exceeds the discount rate of our models (12.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam JSCmmercial Bank for Industry and Trade it is 30,596 VND per share (as of Nov 5, 2026), against a price of 31,600 VND. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam JSCmmercial Bank for Industry and Trade stock overvalued or undervalued in 2026?
As of Nov 5, 2026, CTG trades above its calculated fair value: price 31,600 VND, fair value 30,596 VND, a gap of about −3% (fairly valued). 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 CTG?
No. The price is what the market pays today (31,600 VND); the fair value is what the company's own numbers justify (30,596 VND). For Vietnam JSCmmercial Bank for Industry and Trade the two are 1,004 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam JSCmmercial Bank for Industry and Trade worth?
The market values Vietnam JSCmmercial Bank for Industry and Trade at about 245T VND (market capitalisation, as of Nov 5, 2026). Per share that is 31,600 VND; our models calculate a fair value of 30,596 VND per share.
What do the bullish and bearish scenarios say about CTG?
Our models span a range for Vietnam JSCmmercial Bank for Industry and Trade: cautious scenario 23,318 VND, base 30,596 VND, optimistic 48,034 VND per share (as of Nov 5, 2026, price 31,600 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of CTG?
Vietnam JSCmmercial Bank for Industry and Trade trades at a price-to-earnings ratio of 5.7 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 30,596 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 3.0.
How solid is the balance sheet of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Balance-sheet figures for Vietnam JSCmmercial Bank for Industry and Trade (as of Nov 5, 2026): return on equity 22.6%. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is CTG from its 52-week high?
Vietnam JSCmmercial Bank for Industry and Trade trades at 31,600 VND, about 24% below its 52-week high of 41,500 VND and 10% above the low of 28,750 VND (as of Nov 5, 2026). Distance from the high says nothing about value: that is what the fair value of 30,596 VND is for.
Which stocks are comparable to Vietnam JSCmmercial Bank for Industry and Trade?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, UniCredit S.p.A, Mizuho Financial 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 Vietnam JSCmmercial Bank for Industry and Trade stock attractive at the current price?
The data as of Nov 5, 2026: price 31,600 VND, calculated fair value 30,596 VND (−3%), Quality Score 60/100, from 6 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 CTG calculated?
We run Vietnam JSCmmercial Bank for Industry and Trade through 6 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 30,596 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 15.0% above its aggregate fair value. Vietnam JSCmmercial Bank for Industry and Trade 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The closing price on Nov 5, 2026 was 31,600 VND. Our model-based fair value is 30,596 VND, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam JSCmmercial Bank for Industry and Trade right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (23,318 VND to 48,034 VND) leaves room in how you read the outcome. 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 Vietnam JSCmmercial Bank for Industry and Trade
How large is the market capitalisation of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The market capitalisation of Vietnam JSCmmercial Bank for Industry and Trade is 245T VND (≈ $9.6B). 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The price-to-sales ratio of Vietnam JSCmmercial Bank for Industry and Trade is 2.98 (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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Earnings per share at Vietnam JSCmmercial Bank for Industry and Trade are 5,533 VND (price ÷ EPS = P/E 5.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The dividend yield of Vietnam JSCmmercial Bank for Industry and Trade is 1.4% (payout 8.1%). 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The net margin of Vietnam JSCmmercial Bank for Industry and Trade is 51.6% (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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The return on equity (ROE) of Vietnam JSCmmercial Bank for Industry and Trade is 22.6% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The return on assets (ROA) of Vietnam JSCmmercial Bank for Industry and Trade is 1.5% (last twelve months). Profit relative to everything the company owns. Harder to inflate than return on equity because debt does not boost it.
What is the operating margin of Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
The operating margin of Vietnam JSCmmercial Bank for Industry and Trade is 65.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Revenue at Vietnam JSCmmercial Bank for Industry and Trade is growing +25.5% versus a year earlier (3y avg +9.7%). 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 Vietnam JSCmmercial Bank for Industry and Trade (CTG)?
Earnings per share at Vietnam JSCmmercial Bank for Industry and Trade are growing +21.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vietnam JSCmmercial Bank for Industry and Trade (CTG) carry?
The net debt of Vietnam JSCmmercial Bank for Industry and Trade is 7.7T VND (fiscal year 2021, ≈ 0.1 yrs of FCF). 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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Nov 5, 2026