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SSI Securities Corp (SSI) fair value: what the stock is really worth

As of Nov 9, 2026: fair value (intrinsic value) of SSI Securities Corp stock VND 17,785, price VND 19,900, that is 10.6% below the price, quality 34 out of 100. Rating: overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000SSI1

SS SSI Securities Corp logo Thin data Nov 6, 2026

SSI Securities Corp

SSI · VN
Expensive, weak quality

Our calculation puts a fair price 11% below what the stock costs today.

Highly profitable · 42.9% net margin (TTM)
Low debt
Ranks above peers (8/13)
Expensive Growth (revenue 5y +19.3 %/yr in VND)
Wide moat 69/100 · thin data
Fair value 17,785 VND · Overvalued
Quality 34/100
Negative free cash flow
Thin data
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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

29,921 VND 7,285 VND Fair Value 17,785 VND Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 7,285 VND – 29,921 VND · fair‑value band 13,339 VND – 22,232 VND · the 19,900 VND price screens above the 17,785 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.

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Company profile

SSI Securities Corporation provides financial products and services in Vietnam.

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The company offers securities products and services, including account opening, brokerage, order placing, advisory, cash transactions, securities depository, and consultancy and support for OTC transactions; distribution of open-ended fund certificates, ETFs, certificates of deposit and corporate bond; initial public offering, and coverage warrants auction house; trades in covered warrants; and financial, e-trading, research and investment, and wealth management services for individual clients.

It also engages in investing in equity, bond, fund certificate, and derivative; treasury services; and investment banking activities comprising corporate financing, merger and acquisitions, and advisory for capital raising in domestic and international markets.

In addition, the company provides asset management services, including fund and portfolio management, and investment advisory services. The company was incorporated in 1999 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

SSI Securities Corp (SSI) currently trades at 19,900 VND, while our model-based Fair Value estimate is 17,785 VND, 11% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 44,927 VND per share, and 3 of the 9 models we run sit above the 19,900 VND price.

Bear case: the Dividend Discount group reads lowest at 6,772 VND, and 6 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: 13,339 VND (bear) to 22,232 VND (bull), the price of 19,900 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 34/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

SSI Securities Corp reported revenue of 6.3T VND in FY2025 versus 4.4T VND in FY2021, a compound +9.3%/yr. Reported net income was 4.1T VND in FY2025, compounding +11.1%/yr from FY2021.

Key figures

Market cap 59.1T VND (≈ $2.3B) Mid · P/E ratio 12.0 · P/S ratio 5.29 · EPS (TTM) 1,656 VND · Dividend yield 3.4% · Net margin 42.9% · Return on equity 13.9% · Return on assets (EBIT) 4.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 69 out of 100 (low confidence).

What moves the price

The share trades about 25% below its 52-week high and 14% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −11% fair-value upside, at −11%, SSI screens cheaper than that median.

Fair Value models

Bear 13,339 VND Fair Value 17,785 VND Bull 22,232 VND
Price 19,900 VND · Downside -10.6%
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 (1,420 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 8,696 VND 9,576 VND 11,197 VND 76
Owner Earnings 14,544 VND 26,140 VND 45,149 VND 74
Gordon GGM 4,341 VND 6,856 VND 8,533 VND 69
All 9 models by family
DCF Models
Owner Earnings 14,544 VND 26,140 VND 45,149 VND 74
Earnings-Based
Graham-Dodd 9,303 VND 63,300 VND 88,739 VND 63
Lynch FV 18,588 VND 26,555 VND 34,521 VND 61
Dividend Discount
Gordon GGM 4,341 VND 6,856 VND 8,533 VND 69
DDM Multi-Stage 4,341 VND 6,689 VND 7,409 VND 67
Multiples
P/E Multiple 13,339 VND 17,785 VND 22,232 VND 63
P/B Multiple 11,133 VND 14,844 VND 18,555 VND 55
Asset-Based
NCAV (Graham) 5,983 VND 9,066 VND 11,332 VND 54
Economic Profit
Residual Income 8,696 VND 9,576 VND 11,197 VND 76

Open the full fair value analysis →

Quality Score breakdown

Overall quality 34/100

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

Profitability 40
How much profit the company makes from its sales and capital
Quality Growth 74
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 19
Debt, balance sheet and risk of trouble
Investment 45
Does it invest with discipline instead of growing at any price?
Low Volatility 52
How calm the share price moves, does not count
Price momentum 30
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 22
Distance to the 52-week high, does not count
New shares 11
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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+22.8%
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.
+18.2%
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.
+19.3%
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.
+19.5%
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. Basis: EBIT basis. 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.
+2.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.9%
Dividend (yield on the price)3.4%
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.70% → 65%

SSI screens overvalued: fair value 11% below the price. Compare with Morgan Stanley →

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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.Capital Markets · 385 stocks

Beats the industry median on 8/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 34 · Bottom 25%
Fair Value upside −10.6% · Below median
Profitability
Return on equity (12 months) 13.9% · Above median
Return on assets 4.4% · Above median
Net margin (12 months) 42.9% · Top 25%
Operating margin (12 months) 72.7% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) 6.0% · Below median
Dividend yield (12 months) 3.4% · Above median
Balance sheet
Debt / equity 0.04× · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 12.0× · Cheaper than median
P/B 1.85× · Pricier than median
P/S (12 months) 5.29× · Pricier than median
EV/EBITDA 7.3× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)19 · sector 42
FUTURE (revenue growth)30 · sector 68
PAST (return on equity)55 · sector 38
HEALTH (low debt)98 · sector 94
DIVIDEND (yield)68 · sector 47

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 Capital Markets stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs SSI
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs SSI
Guotai Haitong Securities Co 601211 ¥16.32 ¥18.02 +10% vs SSI
Nomura Holdings NMR $9.42 $10.17 +8% vs SSI
The Goldman Sachs Group GS $865.82 $766.86 −11% vs SSI
CITIC Securities Company 600030 ¥25.64 ¥20.42 −20% vs SSI
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs SSI
Macquarie Group MQG A$247.94 A$123.84 −50% vs SSI
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs SSI
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs SSI

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SSI Securities Corp: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "SSI Securities Corp Fair Value". https://www.fairvalue-calculator.com/stock/SSI

Frequently asked questions

Is SSI Securities Corp (SSI) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of 17,785 VND versus a price of 19,900 VND, about 11% lower (overvalued).
What is the fair value of SSI?
Our model-based fair value for SSI Securities Corp is 17,785 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 19,900 VND.
What is the quality score of SSI?
SSI Securities Corp has a Quality Score of 34/100. 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 SSI Securities Corp (SSI)?
Our model-based price target is the fair value of 17,785 VND (as of Nov 6, 2026) from 9 valuation models. Cautious scenario 13,339 VND, optimistic scenario 22,232 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the SSI Securities Corp stock forecast for 2026?
Our models put fair value at 17,785 VND, about 11% lower versus a price of 19,900 VND (overvalued). Cautious scenario 13,339 VND, optimistic scenario 22,232 VND. The calculation is refreshed regularly with new filings.
What is the revenue of SSI Securities Corp (SSI)?
SSI Securities Corp reported trailing-twelve-month revenue of about 11.2T VND (latest available figure, as of Nov 6, 2026).
Does SSI Securities Corp pay a dividend?
SSI Securities Corp currently shows a dividend yield of 3.42% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of SSI Securities Corp (SSI)?
SSI Securities Corp has a dividend yield of 3.4%.
What is the intrinsic value of SSI Securities Corp (SSI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SSI Securities Corp it is 17,785 VND per share (as of Nov 6, 2026), against a price of 19,900 VND. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is SSI Securities Corp stock overvalued or undervalued in 2026?
As of Nov 6, 2026, SSI trades above its calculated fair value: price 19,900 VND, fair value 17,785 VND, a gap of about −11% (overvalued). 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 SSI?
No. The price is what the market pays today (19,900 VND); the fair value is what the company's own numbers justify (17,785 VND). For SSI Securities Corp the two are 2,115 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is SSI Securities Corp worth?
The market values SSI Securities Corp at about 59.1T VND (market capitalisation, as of Nov 6, 2026). Per share that is 19,900 VND; our models calculate a fair value of 17,785 VND per share.
What do the bullish and bearish scenarios say about SSI?
Our models span a range for SSI Securities Corp: cautious scenario 13,339 VND, base 17,785 VND, optimistic 22,232 VND per share (as of Nov 6, 2026, price 19,900 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SSI?
SSI Securities Corp trades at a price-to-earnings ratio of 12.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 17,785 VND is built from several models across several years. Other multiples: P/B 1.9, P/S 5.3, EV/EBITDA 7.3.
How solid is the balance sheet of SSI Securities Corp (SSI)?
Balance-sheet figures for SSI Securities Corp (as of Nov 6, 2026): return on equity 13.9%, debt of 0.04 per unit of equity. They feed the Quality Score of 34/100, which measures business quality independently of the share price.
How far is SSI from its 52-week high?
SSI Securities Corp trades at 19,900 VND, about 25% below its 52-week high of 26,708 VND and 14% above the low of 17,435 VND (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 17,785 VND is for.
Which stocks are comparable to SSI Securities Corp?
From the same area (Financial Services) we also value Morgan Stanley, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers 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 SSI Securities Corp stock attractive at the current price?
The data as of Nov 6, 2026: price 19,900 VND, calculated fair value 17,785 VND (−11%), Quality Score 34/100, from 9 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 SSI calculated?
We run SSI Securities Corp through 9 models from 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 17,785 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. SSI Securities Corp 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 SSI Securities Corp (SSI)?
The closing price on Nov 9, 2026 was 19,900 VND. Our model-based fair value is 17,785 VND, about 11% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SSI Securities Corp right now?
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 SSI Securities Corp

How large is the market capitalisation of SSI Securities Corp (SSI)?
The market capitalisation of SSI Securities Corp is 59.1T VND (≈ $2.3B). 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 SSI Securities Corp (SSI)?
The price-to-sales ratio of SSI Securities Corp is 5.29 (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 SSI Securities Corp (SSI)?
Earnings per share at SSI Securities Corp are 1,656 VND (price ÷ EPS = P/E 12.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of SSI Securities Corp (SSI)?
The dividend yield of SSI Securities Corp is 3.4% (payout 41.1%). 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 SSI Securities Corp (SSI)?
The net margin of SSI Securities Corp is 42.9% (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 SSI Securities Corp (SSI)?
The return on equity (ROE) of SSI Securities Corp is 13.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SSI Securities Corp (SSI)?
On an EBIT basis the return on assets of SSI Securities Corp is 4.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SSI Securities Corp (SSI)?
The operating margin of SSI Securities Corp is 72.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SSI Securities Corp (SSI)?
Revenue at SSI Securities Corp is growing +6.0% versus a year earlier (3y avg +18.2%). 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 SSI Securities Corp (SSI)?
Earnings per share at SSI Securities Corp are growing +0.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SSI Securities Corp (SSI) generate?
The free cash flow of SSI Securities Corp is −10.6T 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 SSI Securities Corp (SSI) carry?
The net debt of SSI Securities Corp is 56.5T VND (fiscal year 2025). 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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