Thien Viet Securities JSC (TVS) fair value: what the stock is really worth
As of Sep 24, 2026: fair value of Thien Viet Securities JSC VND 16,590, price VND 14,900, upside +11.3%, quality 44 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 10,696 VND – 33,241 VND · fair‑value band 12,442 VND – 20,737 VND · the 14,900 VND price screens below the 16,590 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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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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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. 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 14,900 VND, while our model-based Fair Value estimate is 16,590 VND, implying the stock looks roughly 10.2% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of 37,409 VND per share, and 6 of the 9 models we run sit above the 14,900 VND price.
Bear case: the Asset-Based group reads lowest at 8,769 VND, and 3 of the 9 models stay below the price. Evidence for this calculation is low.
Scenario range: 12,442 VND (bear) to 20,737 VND (bull), the price of 14,900 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 44/100 (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 3.3T VND · P/E ratio 13.4 · P/S ratio 5.47 · EPS (TTM) 1,116 VND · Dividend yield 0.0% · Net margin 41.0% · Return on equity 9.2% · Return on assets (EBIT) 7.7%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 46 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 25% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 11%, TVS screens cheaper than that median.
Fair Value models
Bear 12,442 VNDFair Value 16,590 VNDBull 20,737 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 (819.43 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.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%
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.104% → 72%
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).
+8.2%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Vietnam: IMF forecast 4.1% a year to 2030, 3.1% from 2016 to 2025) that is about +3.9% 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 · 458 stocks
Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score45 · Below median
Fair Value upside+6% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets4% · Above median
Net margin (TTM)29% · Above median
Operating margin (TTM)84% · Top 25%
Growth and dividend
Revenue growth58% · Above median
Dividend yield (TTM)0.0% · Bottom 25%
Balance sheet
Debt / equity0.10× · Below median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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Is Thien Viet Securities JSC (TVS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 16,590 VND versus a price of 14,900 VND, about +11% upside (undervalued).
What is the fair value of TVS?
Our model-based fair value for Thien Viet Securities JSC is 16,590 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 14,900 VND.
What is the quality score of TVS?
Thien Viet Securities JSC has a Quality Score of 44/100. 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 16,590 VND (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 12,442 VND, optimistic scenario 20,737 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 16,590 VND, about +11% upside versus a price of 14,900 VND (undervalued). Cautious scenario 12,442 VND, optimistic scenario 20,737 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 847B VND (latest available figure, as of Sep 24, 2026).
Does Thien Viet Securities JSC pay a dividend?
Thien Viet Securities JSC currently shows a dividend yield of about 0.01% relative to its recent price (as of Sep 24, 2026).
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 +8.2 % 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. As of Sep 24, 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 0.28, 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 +8.2 % per year a year over ten years, 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 +8.2 % 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 Thien Viet Securities JSC (TVS) growing?
The median revenue growth in the sector is +10.9 % a year. That is the yardstick for the growth priced into Thien Viet Securities JSC (+8.2 % 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 Thien Viet Securities JSC (TVS)?
The free-cash-flow yield on the price is 19.27 %: 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 16,590 VND per share (as of Sep 24, 2026), against a price of 14,900 VND. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Thien Viet Securities JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, TVS trades below its calculated fair value: price 14,900 VND, fair value 16,590 VND, a gap of about +11% (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 (14,900 VND); the fair value is what the company's own numbers justify (16,590 VND). For Thien Viet Securities JSC the two are 1,690 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 3.3T VND (market capitalisation, as of Sep 24, 2026). Per share that is 14,900 VND; our models calculate a fair value of 16,590 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 12,442 VND, base 16,590 VND, optimistic 20,737 VND per share (as of Sep 24, 2026, price 14,900 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 13.4 (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 16,590 VND is built from several models across several years. Other multiples: P/B 1.2, P/S 4.1.
How solid is the balance sheet of Thien Viet Securities JSC (TVS)?
Balance-sheet figures for Thien Viet Securities JSC (as of Sep 24, 2026): return on equity 9.2%, debt of 0.10 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is TVS from its 52-week high?
Thien Viet Securities JSC trades at 14,900 VND, about 6% below its 52-week high of 15,813 VND and 25% above the low of 11,963 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 16,590 VND is for.
Which stocks are comparable to Thien Viet Securities JSC?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, 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 Sep 24, 2026: price 14,900 VND, calculated fair value 16,590 VND (+11%), Quality Score 44/100, 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 TVS calculated?
We run Thien Viet Securities JSC through 9 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 16,590 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 13.0 % above its aggregate fair value. Thien Viet Securities JSC currently trades 11 % 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 Sep 24, 2026 was 14,900 VND. Our model-based fair value is 16,590 VND, about +11% 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 3.3T 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 Thien Viet Securities JSC (TVS)?
The price-to-sales ratio of Thien Viet Securities JSC is 5.47 (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 1,116 VND (price ÷ EPS = P/E 13.4). 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 9.2% (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 83.9% (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 +58.4% 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 −95.8% 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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