Thien Viet Securities Joint Stock Company (TVS) Fair Value & Analysis
Financial Services · VN · Market cap 3.3T VND
Fair value as of: Jul 19, 2026
From 9 valuation models · updated 22 days ago
Share price −11.0% over the past month.
Below-average quality, screening 57% undervalued on our models.
What matters now
- The large discount to fair value meets weak quality (44/100). That raises the risk this is a value trap rather than a bargain.
- The price is below even our cautious bear case (16,271 VND). The market is more pessimistic than our downside scenario.
- 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 Jul 19, 2026.
How to read this chart
60‑month range 9,074 VND – 35,984 VND · fair‑value band 16,271 VND – 27,118 VND · the 13,800 VND price screens below the 21,694 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.
Analysis
Thien Viet Securities Joint Stock Company (TVS) currently trades at 13,800 VND, while our model-based Fair Value estimate is 21,694 VND, implying the stock looks roughly 57.2% undervalued today. The Quality Score stands at 44/100 (below-average 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, Thien Viet Securities Joint Stock Company generated revenue of 847B VND at a net margin of 28.9%. Revenue grew 58.4% year over year. It earns a return on equity of 9.2%. Net debt stands at 3.5T VND. Fundamentals as of Jul 19, 2026
Our scenario range runs from 16,271 VND (bear case) to 27,118 VND (bull case); at 13,800 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 30% below its 52-week high and 10% 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 57%, TVS 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 9 models by family
Widest divergence: Growth DCF (46,026 VND) versus Asset-Based (8,769 VND). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 46 · Market factors (momentum, volatility) 46
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
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Thien Viet Securities Joint Stock Company 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.
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Peer Group
Capital Markets · 423 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 Capital Markets 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.
Insider activity: 40/100
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Capital Markets stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Huatai Securities Co HTSC | $0.2700 | $0.0400 | -85% |
| Mirae Asset Securities Co 006800 | 38,750 KRW | 31,645 KRW | -18% |
| Meritz Financial Group 138040 | 117,000 KRW | 87,706 KRW | -25% |
| Korea Investment Holdings 071050 | 239,000 KRW | 318,825 KRW | +33% |
| NH Investment & Securities Co 005940 | 31,000 KRW | 37,133 KRW | +20% |
| Samsung Securities Co 016360 | 107,700 KRW | 126,487 KRW | +17% |
| Motilal Oswal Financial Services Limited MOTILALOFS | ₹967.00 | ₹299.65 | -69% |
| Kiwoom Securities Co 039490 | 322,000 KRW | 358,091 KRW | +11% |
| SSI Securities Corporation SSI | 24,250 VND | 28,021 VND | +16% |
| Bolsas y Mercados Argentinos S.A BYMA | 313.75 ARS | 120.22 ARS | -62% |
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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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