Thien Viet Securities JSC (TVS) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Thien Viet Securities JSC stock VND 15,220, price VND 12,200, upside +24.8%, quality 49 out of 100. Rating: undervalued. Calculated from audited financials with 12 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 8, 2026.
How to read this chart
60‑month range 10,716 VND – 33,241 VND · fair‑value band 11,415 VND – 19,024 VND · the 12,200 VND price screens below the 15,220 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 8, 2026.
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Thien Viet Securities Joint Stock Company provides brokerage, proprietary trading, underwriting for securities issues, securities investment and financial advisory, margin trading, and custodian services in Vietnam.
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It offers investment banking services, including capital raising and financial restructuring services; brokerage services to retail customers and institutional clients; asset management services, such as portfolio management, account and fund management services, and closed-end funds services; and research services.
The company also trades in fixed-income financial instruments, such as deposit certificates and bonds; offers forward products and interest products, as well as margin lending services and advances to investors; invests in listed and public equity, private equity, and debt assets; brokerage service, including opening trading account, brokerage of stocks, bonds, derivatives, and fund certificates, consulting and account management for investors, cash and custody transaction management, distribution of IPO shares and other underwriting services, and margin lending and advance payment services for investors; and provides online trading and fund management services.
Thien Viet Securities Joint Stock Company was incorporated in 2006 and is headquartered in Hanoi, Vietnam.
Stock analysis
Thien Viet Securities JSC (TVS) currently trades at 12,200 VND, while our model-based Fair Value estimate is 15,220 VND, implying the stock looks roughly 20% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of 17,597 VND per share, and 6 of the 12 models we run sit above the 12,200 VND price.
Bear case: the Economic Profit group reads lowest at 9,574 VND, and 6 of the 12 models stay below the price. Data coverage for this calculation is low.
Scenario range: 11,415 VND (bear) to 19,024 VND (bull), the price of 12,200 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 49/100 (below-average quality), in the Financial Services sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Thien Viet Securities JSC reported revenue of 699B VND in FY2025 versus 922B VND in FY2021, a compound −6.7%/yr. Reported net income was 286B VND in FY2025, compounding −13.7%/yr from FY2021.
Key figures
Market cap 3.1T VND (≈ $120M) Micro · P/E ratio 11.1 · P/S ratio 4.56 · EPS (TTM) 1,098 VND · Dividend yield 0.0% · Net margin 41.0% · Return on equity 7.4% · Return on assets (EBIT) 7.7% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 66 out of 100 (low confidence).
What moves the price
The share trades about 22% below its 52-week high and 2% 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 25%, TVS screens cheaper than that median.
Fair Value models
Bear11,415 VNDFair Value 15,220 VNDBull19,024 VND
Price 12,200 VND · Upside +24.8%
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 (941.61 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.
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.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−18.9%
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.
−2.2%
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.
+14.2%
Start year 2020 (pandemic)
’20
’21
’22
’23
’24
’25
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.
−1.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−1.9%
Dividend (yield on the price)0.0%
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
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).
+6.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +2.1% a year for the price.
Compare Thien Viet Securities JSC 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.Capital Markets · 384 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside+25.3% · Above median
Profitability
Return on equity (12 months)7.4% · Below median
Return on assets3.8% · Above median
Net margin (12 months)24.7% · Above median
Operating margin (12 months)72.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−32.3% · Bottom 25%
Dividend yield (12 months)0.0% · Bottom 25%
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
P/E (12 months)11.1× · Cheaper than median
P/B1.04× · Cheaper than median
P/S (12 months)3.87× · Pricier than median
Price / free cash flow (fiscal year)4.8× · Cheaper than median
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Is Thien Viet Securities JSC (TVS) overvalued or undervalued?
As of Nov 8, 2026, our model estimates a fair value of 15,220 VND versus a price of 12,200 VND, about +25% upside (undervalued).
What is the fair value of TVS?
Our model-based fair value for Thien Viet Securities JSC is 15,220 VND (as of Nov 8, 2026), built from audited fundamentals. The current price: 12,200 VND.
What is the quality score of TVS?
Thien Viet Securities JSC has a Quality Score of 49/100. 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 Thien Viet Securities JSC (TVS)?
Our model-based price target is the fair value of 15,220 VND (as of Nov 8, 2026) from 12 valuation models. Cautious scenario 11,415 VND, optimistic scenario 19,024 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Thien Viet Securities JSC stock forecast for 2026?
Our models put fair value at 15,220 VND, about +25% upside versus a price of 12,200 VND (undervalued). Cautious scenario 11,415 VND, optimistic scenario 19,024 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Thien Viet Securities JSC (TVS)?
Thien Viet Securities JSC reported trailing-twelve-month revenue of about 793B VND (latest available figure, as of Nov 8, 2026).
Does Thien Viet Securities JSC pay a dividend?
Thien Viet Securities JSC currently shows a dividend yield of 0.01% relative to its recent price (as of Nov 8, 2026).
How much is the dividend of Thien Viet Securities JSC (TVS)?
Thien Viet Securities JSC has a dividend yield of 0.0%.
What growth is priced into Thien Viet Securities JSC (TVS)?
For today's price to be fair in a discounted-cash-flow model, Thien Viet Securities JSC would have to grow free cash flow by +6.3 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.2 % per year. Calculated on free cash flow for fiscal year 2025. Over the last twelve months it was negative, so the figure above is uncertain. As of Nov 8, 2026.
What discount rate (WACC) does the fair value of TVS use?
Our models discount Thien Viet Securities JSC at 14.9 %: a base by market capitalisation (micro), damped by beta 0.27, 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 Thien Viet Securities JSC that is +6.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Thien Viet Securities JSC (TVS) delivered so far?
Over the past 5 years revenue at Thien Viet Securities JSC grew +14.2 % a year. The price currently implies free-cash-flow growth of +6.3 % per 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 Thien Viet Securities JSC (TVS) growing?
The median revenue growth in the sector is +6.0 % a year. That is the yardstick for the growth priced into Thien Viet Securities JSC (+6.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Thien Viet Securities JSC (TVS)?
The free-cash-flow yield on the price is 23.53 % in the last fiscal year (free cash flow was negative over the last twelve months): that much free cash flow Thien Viet Securities JSC produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Thien Viet Securities JSC (TVS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Thien Viet Securities JSC it is 15,220 VND per share (as of Nov 8, 2026), against a price of 12,200 VND. It is the blended result of 12 valuation models in 7 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Thien Viet Securities JSC stock overvalued or undervalued in 2026?
As of Nov 8, 2026, TVS trades below its calculated fair value: price 12,200 VND, fair value 15,220 VND, a gap of about +25% (undervalued). 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 TVS?
No. The price is what the market pays today (12,200 VND); the fair value is what the company's own numbers justify (15,220 VND). For Thien Viet Securities JSC the two are 3,020 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Thien Viet Securities JSC worth?
The market values Thien Viet Securities JSC at about 3.1T VND (market capitalisation, as of Nov 8, 2026). Per share that is 12,200 VND; our models calculate a fair value of 15,220 VND per share.
What do the bullish and bearish scenarios say about TVS?
Our models span a range for Thien Viet Securities JSC: cautious scenario 11,415 VND, base 15,220 VND, optimistic 19,024 VND per share (as of Nov 8, 2026, price 12,200 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TVS?
Thien Viet Securities JSC trades at a price-to-earnings ratio of 11.1 (as of Nov 8, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 15,220 VND is built from several models across several years. Other multiples: P/B 1.0, P/S 3.9, EV/EBITDA 4.1.
How solid is the balance sheet of Thien Viet Securities JSC (TVS)?
Balance-sheet figures for Thien Viet Securities JSC (as of Nov 8, 2026): return on equity 7.4%, debt of 0.10 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is TVS from its 52-week high?
Thien Viet Securities JSC trades at 12,200 VND, about 22% below its 52-week high of 15,600 VND and 2% above the low of 11,963 VND (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of 15,220 VND is for.
Which stocks are comparable to Thien Viet Securities JSC?
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 Thien Viet Securities JSC stock attractive at the current price?
The data as of Nov 8, 2026: price 12,200 VND, calculated fair value 15,220 VND (+25%), Quality Score 49/100, from 12 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 TVS calculated?
We run Thien Viet Securities JSC through 12 models from 7 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of 15,220 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. Thien Viet Securities JSC currently trades 20% 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 Thien Viet Securities JSC (TVS)?
The closing price on Nov 9, 2026 was 12,200 VND. Our model-based fair value is 15,220 VND, about +25% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Thien Viet Securities JSC 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 Thien Viet Securities JSC
How large is the market capitalisation of Thien Viet Securities JSC (TVS)?
The market capitalisation of Thien Viet Securities JSC is 3.1T VND (≈ $120M). 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 Thien Viet Securities JSC (TVS)?
The price-to-sales ratio of Thien Viet Securities JSC is 4.56 (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 Thien Viet Securities JSC (TVS)?
Earnings per share at Thien Viet Securities JSC are 1,098 VND (price ÷ EPS = P/E 11.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Thien Viet Securities JSC (TVS)?
The dividend yield of Thien Viet Securities JSC is 0.0% (payout 0.1%). 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 Thien Viet Securities JSC (TVS)?
The net margin of Thien Viet Securities JSC is 41.0% (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 Thien Viet Securities JSC (TVS)?
The return on equity (ROE) of Thien Viet Securities JSC is 7.4% (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 Thien Viet Securities JSC (TVS)?
On an EBIT basis the return on assets of Thien Viet Securities JSC is 7.7% (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 Thien Viet Securities JSC (TVS)?
The operating margin of Thien Viet Securities JSC is 72.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Thien Viet Securities JSC (TVS)?
Revenue at Thien Viet Securities JSC is growing −32.3% versus a year earlier (3y avg −2.2%). 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 Thien Viet Securities JSC (TVS)?
Earnings per share at Thien Viet Securities JSC are growing −94.9% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Thien Viet Securities JSC (TVS) carry?
The net debt of Thien Viet Securities JSC is 3.5T VND (fiscal year 2025, ≈ 5.5 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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Thin data
Nov 8, 2026