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

As of Nov 6, 2026: fair value (intrinsic value) of Viet Capital Securities JSC stock VND 12,921, price VND 20,200, that is 36.0% below the price, quality 33 out of 100. Rating: strongly overvalued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Financial Services VN · ISIN VN000000VCI9

VC Viet Capital Securities JSC logo Thin data Nov 6, 2026

Viet Capital Securities JSC

VCI · VN
Very expensive, weak quality

Our calculation puts a fair price 36% below what the stock costs today.

Highly profitable · 34.5% net margin (TTM)
Low debt
Expensive Growth (revenue 5y +17.5 %/yr in VND)
Wide moat 68/100 · thin data
Revenue last quarter 30% below a year ago.
Fair value 12,921 VND · Strongly overvalued
Quality 33/100
Negative free cash flow
Trails peers (5/13)
Thin data
⚠ Dilution
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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 12,921 VND Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.

How to read this chart

60‑month range 9,270 VND – 34,885 VND · fair‑value band 9,691 VND – 16,151 VND · the 20,200 VND price screens above the 12,921 VND fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 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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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 20,200 VND, while our model-based Fair Value estimate is 12,921 VND, 36% below the price, so the stock looks overvalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of 41,606 VND per share, and 4 of the 9 models we run sit above the 20,200 VND price.

Bear case: the Dividend Discount group reads lowest at 1,516 VND, and 5 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: 9,691 VND (bear) to 16,151 VND (bull), the price of 20,200 VND sits above 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 33/100 (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 23.2T VND (≈ $906M) Small · P/E ratio 16.2 · P/S ratio 5.71 · EPS (TTM) 1,249 VND · Dividend yield 0.8% · Net margin 34.5% · Return on equity 9.5% · Return on assets (EBIT) 7.1% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 68 out of 100 (low confidence).

What moves the price

The share trades about 33% 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 −36%, VCI screens richer than that median.

Fair Value models

Bear 9,691 VND Fair Value 12,921 VND Bull 16,151 VND
Price 20,200 VND · Downside -36.0%
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 (1,071 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.
Best data coverage
Residual Income 10,908 VND 10,780 VND 11,422 VND 76
Owner Earnings 14,118 VND 23,946 VND 40,224 VND 74
Gordon GGM 974.56 VND 1,534 VND 1,904 VND 69
All 9 models by family
DCF Models
Owner Earnings 14,118 VND 23,946 VND 40,224 VND 74
Earnings-Based
Graham-Dodd 7,951 VND 55,452 VND 77,819 VND 63
Lynch FV 19,432 VND 27,760 VND 36,088 VND 61
Dividend Discount
Gordon GGM 974.56 VND 1,534 VND 1,904 VND 69
DDM Multi-Stage 974.56 VND 1,499 VND 1,658 VND 67
Multiples
P/E Multiple 11,401 VND 15,201 VND 19,002 VND 63
P/B Multiple 16,473 VND 21,964 VND 27,456 VND 55
Asset-Based
NCAV (Graham) 10,279 VND 15,574 VND 19,467 VND 54
Economic Profit
Residual Income 10,908 VND 10,780 VND 11,422 VND 76

The fair value above starts from this blend and is adjusted for dilution from new shares.

Open the full fair value analysis →

Quality Score breakdown

Overall quality 33/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 37
How much profit the company makes from its sales and capital
Quality Growth 69
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 44
Debt, balance sheet and risk of trouble
Investment 33
Does it invest with discipline instead of growing at any price?
Low Volatility 63
How calm the share price moves, does not count
Price momentum 17
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 11
Distance to the 52-week high, does not count
New shares 0
Buys back shares or issues new ones?

Open the full quality analysis →

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.
−6.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−7.3%
Dividend (yield on the price)0.8%
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%

VCI screens overvalued: fair value 36% below the price. Compare with Morgan Stanley →

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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 4/12 measures
Overall it trails its industry peers.
Valuation
Quality Score 33 · Bottom 25%
Fair Value upside −36.0% · Bottom 25%
Profitability
Return on equity (12 months) 9.5% · Below median
Return on assets 3.7% · Above median
Net margin (12 months) 34.5% · Above median
Operating margin (12 months) 72.4% · Top 25%
Growth and dividend
Revenue growth (quarter YoY) −30.3% · Bottom 25%
Dividend yield (12 months) 0.8% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (12 months) 16.2× · Pricier than median
P/B 1.29× · Pricier than median
P/S (12 months) 5.71× · Pricier than median
EV/EBITDA 8.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)0 · sector 42
FUTURE (revenue growth)0 · sector 68
PAST (return on equity)38 · sector 38
HEALTH (low debt)100 · sector 94
DIVIDEND (yield)16 · sector 47

VALUE 0: the price sits above our fair-value range.

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.

Stock Price Fair Value vs Fair Value Compare
Morgan Stanley MS $181.44 $260.72 +44% vs VCI
The Charles Schwab Corporation SCHW $91.49 $117.60 +29% vs VCI
Guotai Haitong Securities Co 601211 ¥16.46 ¥18.02 +9% vs VCI
Nomura Holdings NMR $9.42 $10.17 +8% vs VCI
The Goldman Sachs Group GS $865.82 $766.86 −11% vs VCI
CITIC Securities Company 600030 ¥25.72 ¥20.42 −21% vs VCI
Robinhood Markets, Inc HOOD $80.91 $47.60 −41% vs VCI
Macquarie Group MQG A$247.94 A$123.84 −50% vs VCI
East Money Information Co 300059 ¥18.78 ¥6.72 −64% vs VCI
Interactive Brokers Group IBKR $75.82 $17.48 −77% vs VCI

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Viet Capital Securities JSC: fair value per Fair Value Calculator

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 Nov 6, 2026, our model estimates a fair value of 12,921 VND versus a price of 20,200 VND, about 36% lower (overvalued).
What is the fair value of VCI?
Our model-based fair value for Viet Capital Securities JSC is 12,921 VND (as of Nov 6, 2026), built from audited fundamentals. The current price: 20,200 VND.
What is the quality score of VCI?
Viet Capital Securities JSC has a Quality Score of 33/100. 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 12,921 VND (as of Nov 6, 2026) from 9 valuation models. Cautious scenario 9,691 VND, optimistic scenario 16,151 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 12,921 VND, about 36% lower versus a price of 20,200 VND (overvalued). Cautious scenario 9,691 VND, optimistic scenario 16,151 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 4.1T VND (latest available figure, as of Nov 6, 2026).
Does Viet Capital Securities JSC pay a dividend?
Viet Capital Securities JSC currently shows a dividend yield of 0.82% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Viet Capital Securities JSC (VCI)?
Viet Capital Securities JSC has a dividend yield of 0.8%.
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 12,921 VND per share (as of Nov 6, 2026), against a price of 20,200 VND. It is the blended result of 9 valuation models in 6 families (DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Viet Capital Securities JSC stock overvalued or undervalued in 2026?
As of Nov 6, 2026, VCI trades above its calculated fair value: price 20,200 VND, fair value 12,921 VND, a gap of about −36% (overvalued). 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 (20,200 VND); the fair value is what the company's own numbers justify (12,921 VND). For Viet Capital Securities JSC the two are 7,279 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 23.2T VND (market capitalisation, as of Nov 6, 2026). Per share that is 20,200 VND; our models calculate a fair value of 12,921 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 9,691 VND, base 12,921 VND, optimistic 16,151 VND per share (as of Nov 6, 2026, price 20,200 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 16.2 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of 12,921 VND is built from several models across several years. Other multiples: P/B 1.3, P/S 5.7, EV/EBITDA 8.2.
How solid is the balance sheet of Viet Capital Securities JSC (VCI)?
Balance-sheet figures for Viet Capital Securities JSC (as of Nov 6, 2026): return on equity 9.5%. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is VCI from its 52-week high?
Viet Capital Securities JSC trades at 20,200 VND, about 33% below its 52-week high of 29,967 VND and 10% above the low of 18,350 VND (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of 12,921 VND is for.
Which stocks are comparable to Viet Capital 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 Viet Capital Securities JSC stock attractive at the current price?
The data as of Nov 6, 2026: price 20,200 VND, calculated fair value 12,921 VND (−36%), Quality Score 33/100, 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 6 families: DCF Models, Earnings-Based, Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of 12,921 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. Viet Capital Securities JSC itself currently trades above fair value. 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 Nov 6, 2026 was 20,200 VND. Our model-based fair value is 12,921 VND, about 36% lower (overvalued). 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 above even our optimistic bull case (16,151 VND). The favourable scenario is already priced in. Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. 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 23.2T VND (≈ $906M). 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 5.71 (last twelve months). 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 1,249 VND (price ÷ EPS = P/E 16.2). 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 0.8% (payout 13.2%). 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 34.5% (last twelve months). 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 9.5% (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 72.4% (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 −30.3% 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 −26.0% 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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