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Military Commercial Joint Stock Bank (MBB) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Military Commercial Joint Stock Bank stock VND 19,915, price VND 19,250, upside +3.5%, quality 58 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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Financial Services VN · ISIN VN000000MBB5

MC Military Commercial Joint Stock Bank logo Thin data Nov 7, 2026

Military Commercial Joint Stock Bank

MBB · VN
Fairly valued, sideways

The stock costs about what our calculation considers fair.

Healthy Growth (revenue 5y +18.0 %/yr in VND)
Highly profitable · 50.7% net margin (TTM)
Ranks above peers (10/12)
Last quarter vs. a year ago: revenue +34%, profit +44%.
Fair value 19,915 VND · Fairly valued
Quality 58/100
Wide moat 75/100 · thin data
Thin data

Risks from the AI analysis

🚩Central bank directs banks to cut lending rates🚩Regulatory recall of bonds over fund misuse
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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

24,288 VND 6,416 VND Fair Value 19,915 VND Oct 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 7, 2026.

How to read this chart

60‑month range 6,416 VND – 24,288 VND · fair‑value band 14,194 VND – 33,282 VND · the 19,250 VND price screens below the 19,915 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 7, 2026.

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Company profile

Military Commercial Joint Stock Bank provides banking products and services in Vietnam. The company offers savings, current, special-numbered, escrow, special, and lump sum accounts; debit and credit card; business solution package; and MB Ageas life products.

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It also provides home, production and business, auto, consumer loans, as well as loan for securities advance and equitization loan; fund transfer and payment services; and account services, products and services for soldiers, asset custody, and safe deposit box services.

In addition, the company offers other services, including payroll, electricity fee collection services, tax payment collection, and other services; loans and guarantee; trade finance, including import letter of credit (L/C), import collection, outward remittance, export L/C, export collection, inward remittance, export documents discount, pre-delivery export finance based on original L/C, upas LC, and L/C at sight opening by self-financed capital; and digital banking.

Further, it provides debt management and asset usage, securities, investment fund management, and consumer finance services; nonlife, life, and health insurance products. The company was incorporated in 1994 and is headquartered in Hanoi, Vietnam.

Stock analysis

Military Commercial Joint Stock Bank (MBB) currently trades at 19,250 VND, while our model-based Fair Value estimate is 19,915 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 26,626 VND per share, and 2 of the 6 models we run sit above the 19,250 VND price.

Bear case: the Dividend Discount group reads lowest at 2,490 VND, and 4 of the 6 models stay below the price. Data coverage for this calculation is low.

Scenario range: 14,194 VND (bear) to 33,282 VND (bull), the price of 19,250 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 58/100 (solid quality), in the Financial Services sector.

Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.

Military Commercial Joint Stock Bank reported revenue of 63.6T VND in FY2025 versus 34.3T VND in FY2021, a compound +16.7%/yr. Reported net income was 26.8T VND in FY2025, compounding +20.5%/yr from FY2021.

Key figures

Market cap 194T VND (≈ $7.6B) Mid · P/E ratio 5.5 · P/S ratio 3.02 · EPS (TTM) 3,509 VND · Net margin 50.7% · Return on equity 22.4% · Return on assets 2.1% · Operating margin 65.2%.

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 21% below its 52-week high and 3% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −28% fair-value upside, at 3%, MBB screens cheaper than that median.

Fair Value models

Bear 14,194 VND Fair Value 19,915 VND Bull 33,282 VND
Price 19,250 VND · Upside +3.5%
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 (3,009 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 14,194 VND 19,915 VND 34,457 VND 73
Gordon GGM 1,496 VND 2,573 VND 3,409 VND 68
DDM Multi-Stage 1,496 VND 2,408 VND 2,761 VND 67
All 6 models by family
Dividend Discount
Gordon GGM 1,496 VND 2,573 VND 3,409 VND 68
DDM Multi-Stage 1,496 VND 2,408 VND 2,761 VND 67
Multiples
P/E Multiple 25,931 VND 34,575 VND 43,219 VND 63
P/B Multiple 14,008 VND 18,677 VND 23,346 VND 55
Asset-Based
NCAV (Graham) 6,670 VND 8,938 VND 13,341 VND 51
Economic Profit
Residual Income 14,194 VND 19,915 VND 34,457 VND 73

Open the full fair value analysis →

Quality Score breakdown

Overall quality 58/100

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

Profitability 50
How much profit the company makes from its sales and capital
Quality Growth 59
Are margins and returns getting better?
Cashflow 100
Do the profits arrive as real cash?
Financial strength 49
Debt, balance sheet and risk of trouble
Investment 32
Does it invest with discipline instead of growing at any price?
Low Volatility 87
How calm the share price moves, does not count
Price momentum 31
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 20
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. 100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+20.0%
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.
+13.0%
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.
+18.0%
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.
+17.1%
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.
+15.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.8%
Dividend (yield on the price)0.0%

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Note from the team Oct 31, 2026
AI conclusion: The bank reports solid margins and ROE but shows limited evidence of a durable moat in available data.
Main risk: Regulators could require further recalls or restrictions on bond issuance if past misuse of proceeds recurs, limiting the bank's ability to raise long-term capital for lending and investment activities.
Bull case: By strengthening compliance and disclosure processes the bank could regain regulatory trust and use its digital platforms to attract alternative funding sources more efficiently.
Bear case: Persistent regulatory scrutiny might constrain capital raising options and increase compliance costs, potentially squeezing margins on core lending activities.
MB is setting up a wholly owned subsidiary bank at the new Vietnam International Finance Center to handle cross-border capital flows, building on its digital platform and recent capital increase. Strong non-interest income growth helped drive Q3 profit higher even as provisions rose and bad debt ticked up. Will the new vehicle generate enough fresh revenue streams to outweigh competitive and regulatory hurdles at the center?
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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 · 996 stocks

Beats the industry median on 10/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 58 · Above median
Fair Value upside +3.5% · Above median
Profitability
Return on equity (12 months) 22.4% · Top 25%
Return on assets 1.7% · Top 25%
Net margin (12 months) 50.7% · Top 25%
Operating margin (12 months) 65.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 34.4% · Top 25%
Dividend yield (12 months) 0.0% · Bottom 25%

Valuation Multiplesvs Banks - Regional median · lower = cheaper

P/E (12 months) 5.5× · Cheapest 25%
P/B 1.42× · Pricier than median
P/S (12 months) 3.02× · Cheaper than median
Price / free cash flow (fiscal year) 1.4× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)38 · sector 8
FUTURE (revenue growth)100 · sector 47
PAST (return on equity)90 · sector 43
HEALTH (low debt)–
DIVIDEND (yield)0 · sector 53

HEALTH: for banks, insurers and similar financial firms borrowed money is part of the business, so we do not rate debt here.

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 Banks - Regional stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Postal Savings Bank of China Co 601658 ¥5.53 ¥7.59 +37% vs MBB
China Merchants Bank Co 600036 ¥42.88 ¥52.73 +23% vs MBB
BNP Paribas SA BNP €91.93 €106.01 +15% vs MBB
Intesa Sanpaolo S.p.A ISP €6.18 €4.49 −27% vs MBB
State Bank of India SBIN ₹1,019 ₹736.65 −28% vs MBB
UniCredit S.p.A UCG €76.80 €50.44 −34% vs MBB
Mizuho Financial Group MFG $9.40 $5.90 −37% vs MBB
DBS Group D05 69.72 SGD 40.39 SGD −42% vs MBB
HDFC Bank Limited HDFCBANK ₹788.25 ₹406.39 −48% vs MBB
ICICI Bank Limited ICICIBANK ₹1,571 ₹615.63 −61% vs MBB

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Military Commercial Joint Stock Bank: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Military Commercial Joint Stock Bank Fair Value". https://www.fairvalue-calculator.com/stock/MBB

Frequently asked questions

Is Military Commercial Joint Stock Bank (MBB) overvalued or undervalued?
As of Nov 7, 2026, our model estimates a fair value of 19,915 VND versus a price of 19,250 VND, about +3% upside (fairly valued).
What is the fair value of MBB?
Our model-based fair value for Military Commercial Joint Stock Bank is 19,915 VND (as of Nov 7, 2026), built from audited fundamentals. The current price: 19,250 VND.
What is the quality score of MBB?
Military Commercial Joint Stock Bank has a Quality Score of 58/100. 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 Military Commercial Joint Stock Bank (MBB)?
Our model-based price target is the fair value of 19,915 VND (as of Nov 7, 2026) from 6 valuation models. Cautious scenario 14,194 VND, optimistic scenario 33,282 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Military Commercial Joint Stock Bank stock forecast for 2026?
Our models put fair value at 19,915 VND, about +3% upside versus a price of 19,250 VND (fairly valued). Cautious scenario 14,194 VND, optimistic scenario 33,282 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Military Commercial Joint Stock Bank (MBB)?
Military Commercial Joint Stock Bank reported trailing-twelve-month revenue of about 64.2T VND (latest available figure, as of Nov 7, 2026).
What is the intrinsic value of Military Commercial Joint Stock Bank (MBB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Military Commercial Joint Stock Bank it is 19,915 VND per share (as of Nov 7, 2026), against a price of 19,250 VND. It is the blended result of 6 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Military Commercial Joint Stock Bank stock overvalued or undervalued in 2026?
As of Nov 7, 2026, MBB trades below its calculated fair value: price 19,250 VND, fair value 19,915 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 MBB?
No. The price is what the market pays today (19,250 VND); the fair value is what the company's own numbers justify (19,915 VND). For Military Commercial Joint Stock Bank the two are 664.75 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Military Commercial Joint Stock Bank worth?
The market values Military Commercial Joint Stock Bank at about 194T VND (market capitalisation, as of Nov 7, 2026). Per share that is 19,250 VND; our models calculate a fair value of 19,915 VND per share.
What do the bullish and bearish scenarios say about MBB?
Our models span a range for Military Commercial Joint Stock Bank: cautious scenario 14,194 VND, base 19,915 VND, optimistic 33,282 VND per share (as of Nov 7, 2026, price 19,250 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of MBB?
Military Commercial Joint Stock Bank trades at a price-to-earnings ratio of 5.5 (as of Nov 7, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 19,915 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 Military Commercial Joint Stock Bank (MBB)?
Balance-sheet figures for Military Commercial Joint Stock Bank (as of Nov 7, 2026): return on equity 22.4%. They feed the Quality Score of 58/100, which measures business quality independently of the share price.
How far is MBB from its 52-week high?
Military Commercial Joint Stock Bank trades at 19,250 VND, about 21% below its 52-week high of 24,288 VND and 3% above the low of 18,750 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 19,915 VND is for.
Which stocks are comparable to Military Commercial Joint Stock Bank?
From the same area (Financial Services) we also value China Merchants Bank Co, DBS Group, 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 Military Commercial Joint Stock Bank stock attractive at the current price?
The data as of Nov 7, 2026: price 19,250 VND, calculated fair value 19,915 VND (+3%), Quality Score 58/100, 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 MBB calculated?
We run Military Commercial Joint Stock Bank through 6 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 19,915 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 13.3% above its aggregate fair value. Military Commercial Joint Stock Bank currently trades 3% 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 Military Commercial Joint Stock Bank (MBB)?
The closing price on Nov 6, 2026 was 19,250 VND. Our model-based fair value is 19,915 VND, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Military Commercial Joint Stock Bank right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (14,194 VND to 33,282 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 Military Commercial Joint Stock Bank

How large is the market capitalisation of Military Commercial Joint Stock Bank (MBB)?
The market capitalisation of Military Commercial Joint Stock Bank is 194T VND (≈ $7.6B). 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 Military Commercial Joint Stock Bank (MBB)?
The price-to-sales ratio of Military Commercial Joint Stock Bank is 3.02 (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 Military Commercial Joint Stock Bank (MBB)?
Earnings per share at Military Commercial Joint Stock Bank are 3,509 VND (price ÷ EPS = P/E 5.5). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Military Commercial Joint Stock Bank (MBB)?
The net margin of Military Commercial Joint Stock Bank is 50.7% (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 Military Commercial Joint Stock Bank (MBB)?
The return on equity (ROE) of Military Commercial Joint Stock Bank is 22.4% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the return on assets of Military Commercial Joint Stock Bank (MBB)?
The return on assets (ROA) of Military Commercial Joint Stock Bank is 2.1% (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 Military Commercial Joint Stock Bank (MBB)?
The operating margin of Military Commercial Joint Stock Bank is 65.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Military Commercial Joint Stock Bank (MBB)?
Revenue at Military Commercial Joint Stock Bank is growing +34.4% versus a year earlier (3y avg +13.0%). 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 Military Commercial Joint Stock Bank (MBB)?
Earnings per share at Military Commercial Joint Stock Bank are growing +44.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Military Commercial Joint Stock Bank (MBB) generate?
The free cash flow of Military Commercial Joint Stock Bank is 136T 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 Military Commercial Joint Stock Bank (MBB) carry?
The net debt of Military Commercial Joint Stock Bank is 16.3T VND (fiscal year 2025, ≈ 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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