Vietnam Joint Stock Commercial Bank for Industry and Trade, (CTG) Fair Value & Analysis
Financial Services · VN · Market cap 249T VND
Fair value as of: Jul 20, 2026
From 19 valuation models · updated 18 days ago
Fair value updated Jul 20, 2026, revised from 67,000 VND to 64,000 VND (−4.5%) since Jun 26, 2026. Share price −8.5% over the past month.
A solid business, screening 104% undervalued on our models.
What matters now
- The price is below even our cautious bear case (48,000 VND). The market is more pessimistic than our downside scenario.
- Solid quality (54/100) 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.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 20, 2026.
How to read this chart
60‑month range 12,151 VND – 41,500 VND · fair‑value band 48,000 VND – 80,000 VND · the 31,350 VND price screens below the 64,000 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 20, 2026.
Analysis
Vietnam Joint Stock Commercial Bank for Industry and Trade, (CTG) currently trades at 31,350 VND, while our model-based Fair Value estimate is 64,000 VND, implying the stock looks roughly 104.2% undervalued today. We read business quality at 54/100 (solid 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, Vietnam Joint Stock Commercial Bank for Industry and Trade, generated revenue of 75.2T VND at a net margin of 50.7%. Revenue grew 41.6% year over year. It earns a return on equity of 22.4%. Net debt stands at 7.7T VND. Fundamentals as of Jul 20, 2026
Our scenario range runs from 48,000 VND (bear case) to 80,000 VND (bull case); at 31,350 VND, the current price sits below 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 28% below its 52-week high and 21% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 42% fair-value upside, at 104%, CTG screens cheaper 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.
All 19 models by family
Widest divergence: Growth DCF (313,004 VND) versus Dividend Discount (5,352 VND). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 20, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 42
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
Vietnam Joint Stock Commercial Bank for Industry and Trade, together with its subsidiaries, provides various banking products and services in Vietnam and internationally.
Full company description
Vietnam Joint Stock Commercial Bank for Industry and Trade, together with its subsidiaries, provides various banking products and services in Vietnam and internationally. 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Vietnam Joint Stock Commercial 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.
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Peer Group
Banks - Regional · 1082 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.
Valuation Multiples vs Banks - Regional median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Jul 20, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,175 IDR | 6,087 IDR | -1% |
| KB Financial Group 105560 | 184,400 KRW | 213,797 KRW | +16% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 2,970 IDR | 4,891 IDR | +65% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,310 IDR | 7,841 IDR | +82% |
| Banco Bradesco S.A BBD | 5,120 ARS | 10,240 ARS | +100% |
| Shinhan Financial Group 055550 | 107,900 KRW | 137,259 KRW | +27% |
| Hana Financial Group 086790 | 136,800 KRW | 193,969 KRW | +42% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Banco de Chile, CHILE | 193.10 CLP | 152.55 CLP | -21% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,400 VND | 84,201 VND | +42% |
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Frequently asked questions
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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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