Saigon - Hanoi Commercial Joint Stock Bank, (SHB) Fair Value & Analysis
Financial Services · VN · Market cap 61.4T VND
Fair value as of: Jul 13, 2026
From 6 valuation models · updated 27 days ago
Fair value updated Jul 13, 2026, revised from 27,300 VND to 25,200 VND (−7.7%) since Jun 26, 2026. Share price −12.7% over the past month.
A solid business, screening 115% undervalued on our models.
What matters now
- The price is below even our cautious bear case (18,900 VND). The market is more pessimistic than our downside scenario.
- Solid quality (58/100) 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 13, 2026.
How to read this chart
58‑month range 5,130 VND – 18,776 VND · fair‑value band 18,900 VND – 31,500 VND · the 11,700 VND price screens below the 25,200 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 13, 2026.
Analysis
Saigon - Hanoi Commercial Joint Stock Bank, (SHB) currently trades at 11,700 VND, while our model-based Fair Value estimate is 25,200 VND, implying the stock looks roughly 115.4% undervalued today. The Quality Score stands at 58/100 (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, Saigon - Hanoi Commercial Joint Stock Bank, generated revenue of 22.0T VND at a net margin of 55.5%. Revenue grew 9.4% year over year. It earns a return on equity of 18.3%. Net debt stands at 4.1T VND. Fundamentals as of Jul 13, 2026
Our scenario range runs from 18,900 VND (bear case) to 31,500 VND (bull case); at 11,700 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 39% below its 52-week high and 5% 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 115%, SHB 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 6 models by family
Widest divergence: Economic Profit (24,041 VND) versus Dividend Discount (7,412 VND). Highest evidence: Residual Income (76).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 34
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
Saigon - Hanoi Commercial Joint Stock Bank, together with its subsidiaries, provides various banking products and services to individuals and organizations in Vietnam and internationally. It operates through the Credit, Investment, Services, and Treasury segments.
Full company description
Saigon - Hanoi Commercial Joint Stock Bank, together with its subsidiaries, provides various banking products and services to individuals and organizations in Vietnam and internationally. It operates through the Credit, Investment, Services, and Treasury segments. The company offers demand, term, and savings deposits; sporting, securities, payment, and current accounts; debit and credit cards; card payment; VIP banking; international and domestic money transfer and receipt, and WU money receipt; mobile, online, phone, and SMS banking; consumer, car, home, business, agricultural product, remittances, and promotion, as well as loans mortgaged with valuable paper; business overdraft; and bill collection services. It also provides short-, medium-, and long-term deposits; foreign currency transactions; discounting; factoring; shipment financing; asset preservation, including rental of lockers and safes; bancassurance; and interest lending transactions. The company offers investment banking; debt and asset management; finance banking; deposit and account management; tax payment, warranty, payment, loan, advance payment refund, contract performance, and bid guarantees, as well as loan arrangement commitments; international settlement and trade finance services; forex trading and treasury services consisting of swaps, forwards, and spots; and investment and hedging services. It provides cash management services; banking and financial consultancy; management services; advisory services, as well as engaging in trade of negotiable instruments and bonds; the provision of money brokerage services; and issuing certificates of deposit, promissory notes, and treasury bills and bonds. The company was formerly known as Nhon Ai Rural Commercial Joint Stock Bank and changed its name to Saigon - Hanoi Commercial Joint Stock Bank in September 2009. Saigon - Hanoi Commercial Joint Stock Bank was founded in 1993 and is headquartered in Hanoi, Vietnam.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Saigon - Hanoi Commercial Joint Stock Bank, reported revenue of 24.8T VND in FY2025 versus 17.8T VND in FY2021, a compound +8.6%/yr. Reported net income was 12.0T VND in FY2025, compounding +24.3%/yr from FY2021.
Watch SHB: get an alert when its fair value changes →
Peer Group
Banks - Regional · 1083 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 13, 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% |
Compare Saigon - Hanoi Commercial Joint Stock Bank, with another stock
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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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