Vietnam Technological And Commercial Joint Stock Bank (TCB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Vietnam Technological And Commercial Joint Stock Bank VND 24,776, price VND 33,150, upside -25.3%, quality 61 out of 100. Calculated from audited financials with 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, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range 9,577 VND – 40,450 VND · fair‑value band 21,294 VND – 43,766 VND · the 33,150 VND price screens above the 24,776 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Vietnam Technological and Commercial Joint Stock Bank provides personal and corporate banking products and services in Vietnam and internationally.
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Vietnam Technological and Commercial Joint Stock Bank provides personal and corporate banking products and services in Vietnam and internationally. The company offers personal banking products and services, such as current accounts, foreign currency accounts, escrow account, and overdraft accounts; flexible and term deposits; certificates of deposit; car, home, and consumer loans; credit and debit cards; overseas money transfer and CDM services; and home, car, and health insurance, as well as group health insurance for business. It also provides corporate banking products and services comprising capital, trading custodial, and real estate custodial accounts; payment, collection, liquidity, deposit, and account management services; letter of credit; solution packages; working capital loans, medium and long-term loans, and supply chain financing; import, export, and domestic trade finance services; and digital banking services. In addition, the company offers foreign exchange services, including spot and forward trade, and foreign exchange swaps; corporate management services; bank guarantee; corporate bonds services; and interest rate derivatives, foreign exchange derivatives, and structured products, as well as ATM services. Further, it provides online and mobile banking services. The company operates through representative offices and transaction offices for individual, small enterprises, and large corporate customers, as well as investors. Vietnam Technological and Commercial Joint Stock Bank was incorporated in 1993 and is headquartered in Hanoi, Vietnam.
Stock analysis
Vietnam Technological And Commercial Joint Stock Bank (TCB) currently trades at 33,150 VND, while our model-based Fair Value estimate is 24,776 VND, implying the stock looks roughly 33.8% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of 33,595 VND per share, and 2 of the 6 models we run sit above the 33,150 VND price.
Bear case: the Dividend Discount group reads lowest at 15,121 VND, and 4 of the 6 models stay below the price. Evidence for this calculation is medium.
Scenario range: 21,294 VND (bear) to 43,766 VND (bull), the price of 33,150 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 61/100 (solid quality), in the Financial Services sector.
Healthy Growth: Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Vietnam Technological And Commercial Joint Stock Bank reported revenue of 52.3T VND in FY2025 versus 36.4T VND in FY2021, a compound +9.5%/yr. Reported net income was 25.3T VND in FY2025, compounding +8.8%/yr from FY2021.
Key figures
Market cap 235T VND · P/E ratio 9.0 · P/S ratio 4.37 · EPS (TTM) 3,670 VND · Dividend yield 3.2% · Net margin 48.3% · Return on equity 15.8% · Return on assets 2.5%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 18% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −38% fair-value upside, at −25%, TCB screens cheaper than that median.
Fair Value models
Bear 21,294 VNDFair Value 24,776 VNDBull 43,766 VND
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (2,685 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.Evidence ⓘEvidence = 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.100/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Revenue growth 1 year
+9.8%
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.
+9.0%
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.
+15.0%
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.
+17.3%
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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.
+3.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+0.3%
Dividend (yield on the price)3.2%
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 %
Yearly growth needed for the next five years to justify today's price.
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.
+16.5%
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 +12.0% a year for the forecasts.
News mood ⓘNews mood, the average tone of recent news (4 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
Compare Vietnam Technological And Commercial Joint Stock Bank 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 · 1074 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score62 · Top 25%
Fair Value upside−25% · Below median
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets2% · Top 25%
Net margin (TTM)51% · Top 25%
Operating margin (TTM)71% · Top 25%
Growth and dividend
Revenue growth21% · Top 25%
Dividend yield (TTM)3.2% · Above median
Valuation Multiplesvs Banks - Regional median · lower = cheaper
P/E (TTM)9.0× · Cheapest 25%
P/B1.38× · Pricier than median
P/S (TTM)4.59× · Priciest 25%
P/FCF0.0× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 11
FUTURE (revenue growth)100· sector 45
PAST (return on equity)63· sector 41
HEALTH (low debt)0· sector 85
DIVIDEND (yield)64· sector 53
VALUE 0: the price sits above our fair-value range.
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 Technological And Commercial Joint Stock Bank Fair Value". https://www.fairvalue-calculator.com/stock/TCB
Frequently asked questions
Is Vietnam Technological And Commercial Joint Stock Bank (TCB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 24,776 VND versus a price of 33,150 VND, about −25% upside (overvalued).
What is the fair value of TCB?
Our model-based fair value for Vietnam Technological And Commercial Joint Stock Bank is 24,776 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 33,150 VND.
What is the quality score of TCB?
Vietnam Technological And Commercial Joint Stock Bank has a Quality Score of 61/100. 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 Technological And Commercial Joint Stock Bank (TCB)?
Our model-based price target is the fair value of 24,776 VND (as of Sep 24, 2026) from 6 valuation models. Cautious scenario 21,294 VND, optimistic scenario 43,766 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Vietnam Technological And Commercial Joint Stock Bank stock forecast for 2026?
Our models put fair value at 24,776 VND, about −25% upside versus a price of 33,150 VND (overvalued). Cautious scenario 21,294 VND, optimistic scenario 43,766 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Vietnam Technological And Commercial Joint Stock Bank (TCB)?
Vietnam Technological And Commercial Joint Stock Bank reported trailing-twelve-month revenue of about 51.2T VND (latest available figure, as of Sep 24, 2026).
Does Vietnam Technological And Commercial Joint Stock Bank pay a dividend?
Vietnam Technological And Commercial Joint Stock Bank currently shows a dividend yield of about 3.18% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Vietnam Technological And Commercial Joint Stock Bank (TCB)?
For today's price to be fair in a discounted-cash-flow model, Vietnam Technological And Commercial Joint Stock Bank would have to grow free cash flow by less than minus 40 % per year for five years (discount rate 12.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of TCB use?
Our models discount Vietnam Technological And Commercial Joint Stock Bank at 12.8 %: a base by market capitalisation (mid), damped by beta 0.82, 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 Technological And Commercial Joint Stock Bank that is less than minus 40 % per year a year over ten years, using the same discount rate (12.8 %) and the same formula as our fair value.
How much growth has Vietnam Technological And Commercial Joint Stock Bank (TCB) delivered so far?
Over the past 5 years revenue at Vietnam Technological And Commercial Joint Stock Bank grew +15.0 % 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 Technological And Commercial Joint Stock Bank (TCB) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Vietnam Technological And Commercial Joint Stock Bank (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 Technological And Commercial Joint Stock Bank (TCB)?
The free-cash-flow yield on the price is 16.71 %: that much free cash flow Vietnam Technological And Commercial Joint Stock Bank produces per unit of market value. When it exceeds the discount rate of our models (12.8 %), 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 Technological And Commercial Joint Stock Bank (TCB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vietnam Technological And Commercial Joint Stock Bank it is 24,776 VND per share (as of Sep 24, 2026), against a price of 33,150 VND. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Vietnam Technological And Commercial Joint Stock Bank stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TCB trades above its calculated fair value: price 33,150 VND, fair value 24,776 VND, a gap of about −25% (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 TCB?
No. The price is what the market pays today (33,150 VND); the fair value is what the company's own numbers justify (24,776 VND). For Vietnam Technological And Commercial Joint Stock Bank the two are 8,374 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Vietnam Technological And Commercial Joint Stock Bank worth?
The market values Vietnam Technological And Commercial Joint Stock Bank at about 235T VND (market capitalisation, as of Sep 24, 2026). Per share that is 33,150 VND; our models calculate a fair value of 24,776 VND per share.
What do the bullish and bearish scenarios say about TCB?
Our models span a range for Vietnam Technological And Commercial Joint Stock Bank: cautious scenario 21,294 VND, base 24,776 VND, optimistic 43,766 VND per share (as of Sep 24, 2026, price 33,150 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCB?
Vietnam Technological And Commercial Joint Stock Bank trades at a price-to-earnings ratio of 9.0 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 24,776 VND is built from several models across several years. Other multiples: P/B 1.4, P/S 4.6.
How solid is the balance sheet of Vietnam Technological And Commercial Joint Stock Bank (TCB)?
Balance-sheet figures for Vietnam Technological And Commercial Joint Stock Bank (as of Sep 24, 2026): return on equity 15.8%. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is TCB from its 52-week high?
Vietnam Technological And Commercial Joint Stock Bank trades at 33,150 VND, about 18% below its 52-week high of 40,450 VND and 18% above the low of 28,109 VND (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of 24,776 VND is for.
Which stocks are comparable to Vietnam Technological And Commercial Joint Stock Bank?
From the same area (Financial Services) we also value DBS Group, China Merchants Bank Co, Intesa Sanpaolo S.p.A, HDFC Bank Limited, 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 Technological And Commercial Joint Stock Bank stock attractive at the current price?
The data as of Sep 24, 2026: price 33,150 VND, calculated fair value 24,776 VND (−25%), Quality Score 61/100, 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 TCB calculated?
We run Vietnam Technological And Commercial Joint Stock Bank 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 24,776 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 14.1 % above its aggregate fair value. Vietnam Technological And Commercial Joint Stock Bank 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 Technological And Commercial Joint Stock Bank (TCB)?
The closing price on Sep 23, 2026 was 33,150 VND. Our model-based fair value is 24,776 VND, about −25% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vietnam Technological And Commercial Joint Stock Bank right now?
Solid but not exceptional quality (61/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (21,294 VND to 43,766 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 Technological And Commercial Joint Stock Bank
How large is the market capitalisation of Vietnam Technological And Commercial Joint Stock Bank (TCB)?
The market capitalisation of Vietnam Technological And Commercial Joint Stock Bank is 235T VND. 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 Technological And Commercial Joint Stock Bank (TCB)?
The price-to-sales ratio of Vietnam Technological And Commercial Joint Stock Bank is 4.37 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Vietnam Technological And Commercial Joint Stock Bank (TCB)?
Earnings per share at Vietnam Technological And Commercial Joint Stock Bank are 3,670 VND (price ÷ EPS = P/E 9.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vietnam Technological And Commercial Joint Stock Bank (TCB)?
The dividend yield of Vietnam Technological And Commercial Joint Stock Bank is 3.2% (payout 28.7%). 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 Technological And Commercial Joint Stock Bank (TCB)?
The net margin of Vietnam Technological And Commercial Joint Stock Bank is 48.3% (fiscal year 2025). 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 Technological And Commercial Joint Stock Bank (TCB)?
The return on equity (ROE) of Vietnam Technological And Commercial Joint Stock Bank is 15.8% (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 Technological And Commercial Joint Stock Bank (TCB)?
The return on assets (ROA) of Vietnam Technological And Commercial Joint Stock Bank is 2.5% (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 Technological And Commercial Joint Stock Bank (TCB)?
The operating margin of Vietnam Technological And Commercial Joint Stock Bank is 71.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vietnam Technological And Commercial Joint Stock Bank (TCB)?
Revenue at Vietnam Technological And Commercial Joint Stock Bank is growing +21.1% versus a year earlier (3y avg +9.0%). 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 Vietnam Technological And Commercial Joint Stock Bank (TCB)?
Earnings per share at Vietnam Technological And Commercial Joint Stock Bank are growing +11.8% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vietnam Technological And Commercial Joint Stock Bank (TCB) carry?
The net debt of Vietnam Technological And Commercial Joint Stock Bank is 84.7T VND (fiscal year 2025, ≈ 2.2 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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