Tien Phong Commercial Joint Stock Bank (TPB) Fair Value & Analysis
Financial Services · VN · Market cap 44.9T VND
Strengths
Fair value as of: Aug 13, 2026
From 6 valuation models · updated 7 days ago
Fair value updated Aug 13, 2026, revised from 31,900 VND to 29,400 VND (−7.8%) since Jul 13, 2026. Share price −0.3% over the past month.
A solid business, screening 103% undervalued on our models.
What matters now
- The price is below even our cautious bear case (22,050 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 Aug 13, 2026.
How to read this chart
60‑month range 9,019 VND – 21,000 VND · fair‑value band 22,050 VND – 36,750 VND · the 14,500 VND price screens below the 29,400 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 13, 2026.
Analysis
Tien Phong Commercial Joint Stock Bank (TPB) currently trades at 14,500 VND, while our model-based Fair Value estimate is 29,400 VND, implying the stock looks roughly 102.8% 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, Tien Phong Commercial Joint Stock Bank generated revenue of 16.2T VND at a net margin of 45.7%. Revenue grew 9.0% year over year. It earns a return on equity of 16.9%. Net debt stands at 12.7T VND. Fundamentals as of Aug 13, 2026
Our scenario range runs from 22,050 VND (bear case) to 36,750 VND (bull case); at 14,500 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 33% below its 52-week high and 16% above its 52-week low, currently below its 200-day average. For context, the median of 10 Financial Services peers we cover trades at 46% fair-value upside, at 103%, TPB 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: Multiples (45,361 VND) versus Asset-Based (10,218 VND). Highest evidence: Residual Income (76).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 62 · Market factors (momentum, volatility) 35
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
Tien Phong Commercial Joint Stock Bank provides various banking products and services to individuals and businesses in Vietnam. It accepts current and savings accounts, joint-holders corporate accounts, and term and online deposits.
Full company description
Tien Phong Commercial Joint Stock Bank provides various banking products and services to individuals and businesses in Vietnam. It accepts current and savings accounts, joint-holders corporate accounts, and term and online deposits. The company's loan products include home loans for house construction and renovation, auto and consumer loans, business loans, non-secured consumer loans, loans secured by valuable papers and saving books, car loans, VND lending, project financing, credit lines, working capital loans, medium and long term loans, loans secured by deposits/certificates of deposit/bonds, loans under export documents, pre-shipment and post-shipment finance, express business lending, and loans based on inventory, as well as secured and non-secured overdrafts. It also offers credit and debit cards; car, home, and life insurance products; inter settlement services, such as import L/C issuance, international remittance, UPAS L/C, overseas fund transfer, import and export collections, L/C issuance, international transfer, and tracking services, as well as discount export documents under L/C, D/P, and TTR; bid-tender, performance, warranty, and advanced payment refund guarantees; and treasury services, including FX swaps, forwards, and spots. In addition, the company provides centralization account management, intermediary, money transfer, tuition collection, premier transaction area, and Internet and mobile banking services. It operates branches, a representative office, and transaction offices. The company was founded in 2008 and is headquartered in Hanoi, Vietnam.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Tien Phong Commercial Joint Stock Bank reported revenue of 18.6T VND in FY2025 versus 13.5T VND in FY2021, a compound +8.3%/yr. Reported net income was 7.4T VND in FY2025, compounding +11.3%/yr from FY2021.
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Peer Group
Banks - Regional · 1090 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.
Similar stocks
10 more Banks - Regional stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| PT Bank Central Asia Tbk BBCA | 6,350 IDR | 4,637 IDR | -27% |
| KB Financial Group 105560 | 168,100 KRW | 220,258 KRW | +31% |
| PT Bank Rakyat Indonesia (Persero) Tbk BBRI | 3,110 IDR | 3,792 IDR | +22% |
| PT Bank Mandiri (Persero) Tbk BMRI | 4,150 IDR | 6,067 IDR | +46% |
| Banco Bradesco S.A BBD | 5,120 ARS | 8,400 ARS | +64% |
| Shinhan Financial Group 055550 | 103,800 KRW | 146,032 KRW | +41% |
| Hana Financial Group 086790 | 127,900 KRW | 210,506 KRW | +65% |
| Lloyds Banking Group LYG | 4,138 ARS | 8,275 ARS | +100% |
| Joint Stock Commercial Bank for Foreign Trade of Vietnam, VCB | 59,500 VND | 45,959 VND | -23% |
| Woori Financial Group 316140 | 33,000 KRW | 60,758 KRW | +84% |
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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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