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Viet Capital Securities JSC (VCI) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Viet Capital Securities JSC VND 20,577, price VND 20,100, upside +2.4%, quality 31 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · VN · ISIN VN000000VCI9

VC Thin data Sep 24, 2026

Viet Capital Securities JSC

VCI · VN

Low PriorityFair Value upside is limited and quality is weak.

·Fair value 20,577 VND · Fairly valued (+2%)
!Quality 31/100
!Expensive Growth (revenue 5y +17.5 %/yr)
✓Highly profitable · 30.2% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (8/13)
✓Wide moat 68/100
!Evidence only low, so the estimate is less certain
!Weak on dividend: 12 out of 100
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

34,885 VND 9,270 VND Fair Value 20,577 VND Jun 2021 Sep 2026

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 9,270 VND – 34,885 VND · fair‑value band 12,089 VND – 26,090 VND · the 20,100 VND price screens below the 20,577 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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Company profile

Vietcap Securities Joint Stock Company provides financial solutions to individuals and institutional clients in Vietnam. It offers retail investment advisory, institutional sales and trading, wealth management, and investment banking services.

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Vietcap Securities Joint Stock Company provides financial solutions to individuals and institutional clients in Vietnam. It offers retail investment advisory, institutional sales and trading, wealth management, and investment banking services. The company also provides securities brokerage, proprietary securities trading, underwriting and securities custodian, securities investment consultancy and corporate finance consultancy, margin lending, and derivatives trading service. In addition, it offers Vietcap Trading and Vietcap IQ trading platforms; Margin Product for investments; Ai news for business news; Vietcap Academy, and learning and development center, which provides investors with knowledge about vietnam's stock market; and Vietcap Webinar, a webinar series covering various topics presented by vietcap's top analysts. Vietcap Securities Joint Stock Company was incorporated in 2007 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

Viet Capital Securities JSC (VCI) currently trades at 20,100 VND, while our model-based Fair Value estimate is 20,577 VND, implying the stock looks roughly 2.3% fairly valued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 49,252 VND per share, and 4 of the 9 models we run sit above the 20,100 VND price.

Bear case: the Asset-Based group reads lowest at 10,514 VND, and 5 of the 9 models stay below the price. Evidence for this calculation is low.

Scenario range: 12,089 VND (bear) to 26,090 VND (bull), the price of 20,100 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 31/100 (below-average quality), in the Financial Services sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Viet Capital Securities JSC reported revenue of 3.0T VND in FY2025 versus 2.5T VND in FY2021, a compound +4.4%/yr. Reported net income was 1.3T VND in FY2025, compounding −2.7%/yr from FY2021.

Key figures

Market cap 28.8T VND · P/E ratio 14.7 · P/S ratio 6.69 · EPS (TTM) 1,367 VND · Dividend yield 0.6% · Net margin 45.5% · Return on equity 9.3% · Return on assets (EBIT) 7.1%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 38% below its 52-week high and 9% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −20% fair-value upside, at 2%, VCI screens cheaper than that median.

Fair Value models

Bear 12,089 VND Fair Value 20,577 VND Bull 26,090 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 (999.79 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.
Highest evidence
Residual Income 12,042 VND 12,405 VND 12,591 VND 76
Owner Earnings 25,213 VND 49,252 VND 93,858 VND 72
Gordon GGM 1,215 VND 2,189 VND 3,014 VND 68
All 9 models by family
DCF Models
Owner Earnings 25,213 VND 49,252 VND 93,858 VND 72
Earnings-Based
Graham-Dodd 7,951 VND 55,452 VND 77,818 VND 63
Lynch FV 19,432 VND 27,760 VND 36,088 VND 61
Dividend Discount
Gordon GGM 1,215 VND 2,189 VND 3,014 VND 68
DDM Multi-Stage 1,215 VND 2,000 VND 2,339 VND 67
Multiples
P/E Multiple 18,417 VND 24,556 VND 30,695 VND 63
P/B Multiple 14,909 VND 19,878 VND 24,848 VND 55
Asset-Based
NCAV (Graham) 7,847 VND 10,514 VND 15,693 VND 54
Economic Profit
Residual Income 12,042 VND 12,405 VND 12,591 VND 76

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Quality Score breakdown

Overall quality 31/100

Of which business quality 28 · Market factors (momentum, volatility) 27

Profitability 37
Margins and returns on capital today
Quality Growth 59
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 44
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 64
Calm price path (market factor)
Momentum 15
Price trend over the last 3–12 months (market factor)
52W Momentum 6
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+31.5%
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.
+14.3%
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.
+17.5%
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.
+18.5%
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.
−6.7%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.3%
Dividend (yield on the price)0.6%
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.72% → 66%

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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 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 31 · Bottom 25%
Fair Value upside +2% · Above median
Profitability
Return on equity (TTM) 9% · Above median
Return on assets 5% · Above median
Net margin (TTM) 30% · Above median
Operating margin (TTM) 80% · Top 25%
Growth and dividend
Revenue growth 69% · Top 25%
Dividend yield (TTM) 0.6% · Bottom 25%

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 14.7× · Cheaper than median
P/B 1.60× · Pricier than median
P/S (TTM) 6.27× · Pricier than median
EV/EBITDA 16.6× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)37 · sector 28
FUTURE (revenue growth)100 · sector 85
PAST (return on equity)37 · sector 30
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)12 · sector 41

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Capital Markets stocks, each showing price versus our Fair Value estimate.

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Morgan Stanley, a financial holding company, MS $200.18 $312.73 +56%
The Goldman Sachs Group GS $949.49 $756.89 −20%
The Charles Schwab Corporation SCHW $99.50 $117.26 +18%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $122.70 $47.73 −61%
Macquarie Group MQG A$242.55 A$80.51 −67%
CITIC Securities Company 600030 ¥26.79 ¥18.35 −32%
Guotai Haitong Securities Co 601211 ¥17.67 ¥19.29 +9%
East Money Information Co 300059 ¥18.77 ¥4.94 −74%
CSC Financial Co 601066 ¥23.67 ¥39.83 +68%

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Viet Capital Securities JSC · Fair Value
20,577 VND +2%Fair Value
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Cite: Fair Value Calculator (2026). "Viet Capital Securities JSC Fair Value". https://www.fairvalue-calculator.com/stock/VCI

Frequently asked questions

Is Viet Capital Securities JSC (VCI) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 20,577 VND versus a price of 20,100 VND, about +2% upside (fairly valued).
What is the fair value of VCI?
Our model-based fair value for Viet Capital Securities JSC is 20,577 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 20,100 VND.
What is the quality score of VCI?
Viet Capital Securities JSC has a Quality Score of 31/100. 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 Viet Capital Securities JSC (VCI)?
Our model-based price target is the fair value of 20,577 VND (as of Sep 24, 2026) from 9 valuation models. Cautious scenario 12,089 VND, optimistic scenario 26,090 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Viet Capital Securities JSC stock forecast for 2026?
Our models put fair value at 20,577 VND, about +2% upside versus a price of 20,100 VND (fairly valued). Cautious scenario 12,089 VND, optimistic scenario 26,090 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Viet Capital Securities JSC (VCI)?
Viet Capital Securities JSC reported trailing-twelve-month revenue of about 4.6T VND (latest available figure, as of Sep 24, 2026).
Does Viet Capital Securities JSC pay a dividend?
Viet Capital Securities JSC currently shows a dividend yield of about 0.62% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Viet Capital Securities JSC (VCI)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Viet Capital Securities JSC it is 20,577 VND per share (as of Sep 24, 2026), against a price of 20,100 VND. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Viet Capital Securities JSC stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VCI trades below its calculated fair value: price 20,100 VND, fair value 20,577 VND, a gap of about +2% (fairly valued). 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 VCI?
No. The price is what the market pays today (20,100 VND); the fair value is what the company's own numbers justify (20,577 VND). For Viet Capital Securities JSC the two are 477.29 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Viet Capital Securities JSC worth?
The market values Viet Capital Securities JSC at about 28.8T VND (market capitalisation, as of Sep 24, 2026). Per share that is 20,100 VND; our models calculate a fair value of 20,577 VND per share.
What do the bullish and bearish scenarios say about VCI?
Our models span a range for Viet Capital Securities JSC: cautious scenario 12,089 VND, base 20,577 VND, optimistic 26,090 VND per share (as of Sep 24, 2026, price 20,100 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VCI?
Viet Capital Securities JSC trades at a price-to-earnings ratio of 14.7 (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 20,577 VND is built from several models across several years. Other multiples: P/B 1.6, P/S 6.3, EV/EBITDA 16.6.
How solid is the balance sheet of Viet Capital Securities JSC (VCI)?
Balance-sheet figures for Viet Capital Securities JSC (as of Sep 24, 2026): return on equity 9.3%. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is VCI from its 52-week high?
Viet Capital Securities JSC trades at 20,100 VND, about 38% below its 52-week high of 32,174 VND and 9% above the low of 18,450 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 20,577 VND is for.
Which stocks are comparable to Viet Capital 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 Viet Capital Securities JSC stock attractive at the current price?
The data as of Sep 24, 2026: price 20,100 VND, calculated fair value 20,577 VND (+2%), Quality Score 31/100, 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 VCI calculated?
We run Viet Capital 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 20,577 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. Viet Capital Securities JSC currently trades 2 % 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 Viet Capital Securities JSC (VCI)?
The closing price on Sep 24, 2026 was 20,100 VND. Our model-based fair value is 20,577 VND, about +2% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Viet Capital Securities JSC right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range (12,089 VND to 26,090 VND) leaves room in how you read the outcome. 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 Viet Capital Securities JSC

How large is the market capitalisation of Viet Capital Securities JSC (VCI)?
The market capitalisation of Viet Capital Securities JSC is 28.8T 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 Viet Capital Securities JSC (VCI)?
The price-to-sales ratio of Viet Capital Securities JSC is 6.69 (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 Viet Capital Securities JSC (VCI)?
Earnings per share at Viet Capital Securities JSC are 1,367 VND (price ÷ EPS = P/E 14.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Viet Capital Securities JSC (VCI)?
The dividend yield of Viet Capital Securities JSC is 0.6% (payout 9.2%). 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 Viet Capital Securities JSC (VCI)?
The net margin of Viet Capital Securities JSC is 45.5% (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 Viet Capital Securities JSC (VCI)?
The return on equity (ROE) of Viet Capital Securities JSC is 9.3% (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 Viet Capital Securities JSC (VCI)?
On an EBIT basis the return on assets of Viet Capital Securities JSC is 7.1% (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 Viet Capital Securities JSC (VCI)?
The operating margin of Viet Capital Securities JSC is 80.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Viet Capital Securities JSC (VCI)?
Revenue at Viet Capital Securities JSC is growing +69.0% versus a year earlier (3y avg +14.3%). 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 Viet Capital Securities JSC (VCI)?
Earnings per share at Viet Capital Securities JSC are growing −2.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Viet Capital Securities JSC (VCI) generate?
The free cash flow of Viet Capital Securities JSC is −8.9T VND (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Viet Capital Securities JSC (VCI) carry?
The net debt of Viet Capital Securities JSC is 12.9T VND (fiscal year 2025). 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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