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Viet Dragon Securities Corp (VDS) fair value: what the stock is really worth

As of Sep 24, 2026: fair value of Viet Dragon Securities Corp VND 13,532, price VND 10,500, upside +28.9%, 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 VN000000VDS6

VD Thin data Sep 24, 2026

Viet Dragon Securities Corp

VDS · VN

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value 13,532 VND · Undervalued (+29%)
!Quality 31/100
!Expensive Growth (revenue 5y +26.2 %/yr)
✓Highly profitable · 33.5% net margin (TTM)
!Low debt · negative free cash flow
✓Ranks above peers (7/11)
!Moderate moat 56/100
!Insider activity 30/100
!Evidence only low, so the estimate is less certain
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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

25,250 VND 5,667 VND Fair Value 13,532 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 5,667 VND – 25,250 VND · fair‑value band 10,149 VND – 16,915 VND · the 10,500 VND price screens below the 13,532 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

Viet Dragon Securities Corporation, together with its subsidiary, Viet Dragon Asset Management Corporation, provides brokerage, securities trading, finance and investment advisory, underwriting, securities custodian, and derivatives services.

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Viet Dragon Securities Corporation, together with its subsidiary, Viet Dragon Asset Management Corporation, provides brokerage, securities trading, finance and investment advisory, underwriting, securities custodian, and derivatives services. It operates through Proprietary Activities; Brokerage and Securities Services; Investment Banking; and Others segments. The company offers securities brokerages, securities investment advisory services, and margin custodian services; and corporate financial advisory, M&A consultancy, and other consultancy services. It also provides underlying securities, covered warrant, corporate bond, and fund certificate distribution services; financial services and other value-added services; and equity capital and debt capital market, merger and acquisition, and corporate finance advisory services, as well as online services. In addition, the company establishes and manages securities investment funds and securities investment companies; and manages securities portfolios. It serves individual, institutional, and corporate clients in Vietnam. Viet Dragon Securities Corporation was incorporated in 2006 and is headquartered in Ho Chi Minh City, Vietnam.

Stock analysis

Viet Dragon Securities Corp (VDS) currently trades at 10,500 VND, while our model-based Fair Value estimate is 13,532 VND, implying the stock looks roughly 22.4% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 49,227 VND per share, and 5 of the 7 models we run sit above the 10,500 VND price.

Bear case: the Asset-Based group reads lowest at 7,468 VND, and 2 of the 7 models stay below the price. Evidence for this calculation is low.

Scenario range: 10,149 VND (bear) to 16,915 VND (bull), the price of 10,500 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 Dragon Securities Corp reported revenue of 615B VND in FY2025 versus 749B VND in FY2021, a compound −4.8%/yr. Reported net income was 283B VND in FY2025, compounding −9.7%/yr from FY2021.

Key figures

Market cap 3.7T VND · P/E ratio 12.3 · P/S ratio 5.65 · EPS (TTM) 855.60 VND · Net margin 46.1% · Return on equity 8.0% · Return on assets (EBIT) 3.1% · Operating margin 16.8%.

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 53% below its 52-week high and 1% 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 29%, VDS screens cheaper than that median.

Fair Value models

Bear 10,149 VND Fair Value 13,532 VND Bull 16,915 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 (625.88 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
Owner Earnings 26,859 VND 49,227 VND 88,264 VND 73
Residual Income 8,643 VND 9,109 VND 9,699 VND 71
Graham-Dodd 7,078 VND 49,362 VND 69,272 VND 63
All 7 models by family
DCF Models
Owner Earnings 26,859 VND 49,227 VND 88,264 VND 73
Earnings-Based
Graham-Dodd 7,078 VND 49,362 VND 69,272 VND 63
Lynch FV 14,813 VND 21,162 VND 27,510 VND 61
Multiples
P/E Multiple 10,149 VND 13,532 VND 16,915 VND 63
P/B Multiple 11,703 VND 15,604 VND 19,505 VND 55
Asset-Based
NCAV (Graham) 5,573 VND 7,468 VND 11,146 VND 54
Economic Profit
Residual Income 8,643 VND 9,109 VND 9,699 VND 71

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Quality Score breakdown

Overall quality 31/100

Of which business quality 30 · Market factors (momentum, volatility) 21

Profitability 37
Margins and returns on capital today
Quality Growth 56
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 29
Balance sheet, leverage, solvency risk
Investment 44
Disciplined investing over empire-building
Low Volatility 58
Calm price path (market factor)
Momentum 8
Price trend over the last 3–12 months (market factor)
52W Momentum 0
Distance to the 52-week high (market factor)
Net Issuance 31
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
+13.7%
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.
+19.2%
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.
+26.2%
Start year 2020 (pandemic)
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.
−5.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year−5.5%
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.51% → 36%

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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 · 462 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 32 · Bottom 25%
Fair Value upside +27% · Above median
Profitability
Return on equity (TTM) 8% · Above median
Return on assets 3% · Above median
Net margin (TTM) 33% · Above median
Operating margin (TTM) 17% · Below median
Growth and dividend
Revenue growth 8% · Below median

Valuation Multiplesvs Capital Markets median · lower = cheaper

P/E (TTM) 12.3× · Cheaper than median
P/B 1.22× · Cheaper than median
P/S (TTM) 5.24× · Pricier than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)72 · sector 27
FUTURE (revenue growth)42 · sector 85
PAST (return on equity)32 · sector 30
HEALTH (low debt)100 · sector 95
DIVIDEND (yield)0 · 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.

Stock Price Fair Value vs Fair Value
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 $100.35 $117.26 +17%
Interactive Brokers Group IBKR $91.88 $23.37 −75%
Robinhood Markets, Inc HOOD $124.25 $47.73 −62%
Macquarie Group MQG A$242.35 A$75.58 −69%
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 Dragon Securities Corp · Fair Value
13,532 VND +22%Fair Value
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Cite: Fair Value Calculator (2026). "Viet Dragon Securities Corp Fair Value". https://www.fairvalue-calculator.com/stock/VDS

Frequently asked questions

Is Viet Dragon Securities Corp (VDS) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 13,532 VND versus a price of 10,500 VND, about +29% upside (undervalued).
What is the fair value of VDS?
Our model-based fair value for Viet Dragon Securities Corp is 13,532 VND (as of Sep 24, 2026), built from audited fundamentals. The current price: 10,500 VND.
What is the quality score of VDS?
Viet Dragon Securities Corp 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 Dragon Securities Corp (VDS)?
Our model-based price target is the fair value of 13,532 VND (as of Sep 24, 2026) from 7 valuation models. Cautious scenario 10,149 VND, optimistic scenario 16,915 VND. It is a calculation from audited fundamentals, not an analyst target.
What is the Viet Dragon Securities Corp stock forecast for 2026?
Our models put fair value at 13,532 VND, about +29% upside versus a price of 10,500 VND (undervalued). Cautious scenario 10,149 VND, optimistic scenario 16,915 VND. The calculation is refreshed regularly with new filings.
What is the revenue of Viet Dragon Securities Corp (VDS)?
Viet Dragon Securities Corp reported trailing-twelve-month revenue of about 709B VND (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of Viet Dragon Securities Corp (VDS)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Viet Dragon Securities Corp it is 13,532 VND per share (as of Sep 24, 2026), against a price of 10,500 VND. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Viet Dragon Securities Corp stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VDS trades below its calculated fair value: price 10,500 VND, fair value 13,532 VND, a gap of about +29% (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 VDS?
No. The price is what the market pays today (10,500 VND); the fair value is what the company's own numbers justify (13,532 VND). For Viet Dragon Securities Corp the two are 3,032 VND per share apart. That gap is exactly why we show both numbers side by side.
How much is Viet Dragon Securities Corp worth?
The market values Viet Dragon Securities Corp at about 3.7T VND (market capitalisation, as of Sep 24, 2026). Per share that is 10,500 VND; our models calculate a fair value of 13,532 VND per share.
What do the bullish and bearish scenarios say about VDS?
Our models span a range for Viet Dragon Securities Corp: cautious scenario 10,149 VND, base 13,532 VND, optimistic 16,915 VND per share (as of Sep 24, 2026, price 10,500 VND). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VDS?
Viet Dragon Securities Corp trades at a price-to-earnings ratio of 12.3 (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 13,532 VND is built from several models across several years. Other multiples: P/B 1.2, P/S 5.2.
How solid is the balance sheet of Viet Dragon Securities Corp (VDS)?
Balance-sheet figures for Viet Dragon Securities Corp (as of Sep 24, 2026): return on equity 8.0%. They feed the Quality Score of 31/100, which measures business quality independently of the share price.
How far is VDS from its 52-week high?
Viet Dragon Securities Corp trades at 10,500 VND, about 53% below its 52-week high of 22,350 VND and 1% above the low of 10,400 VND (as of Sep 24, 2026). Distance from the high says nothing about value: that is what the fair value of 13,532 VND is for.
Which stocks are comparable to Viet Dragon Securities Corp?
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 Dragon Securities Corp stock attractive at the current price?
The data as of Sep 24, 2026: price 10,500 VND, calculated fair value 13,532 VND (+29%), Quality Score 31/100, from 7 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 VDS calculated?
We run Viet Dragon Securities Corp through 7 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 13,532 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 13.2 % above its aggregate fair value. Viet Dragon Securities Corp currently trades 29 % 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 Dragon Securities Corp (VDS)?
The closing price on Sep 24, 2026 was 10,500 VND. Our model-based fair value is 13,532 VND, about +29% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Viet Dragon Securities Corp 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 Viet Dragon Securities Corp

How large is the market capitalisation of Viet Dragon Securities Corp (VDS)?
The market capitalisation of Viet Dragon Securities Corp is 3.7T 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 Dragon Securities Corp (VDS)?
The price-to-sales ratio of Viet Dragon Securities Corp is 5.65 (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 Dragon Securities Corp (VDS)?
Earnings per share at Viet Dragon Securities Corp are 855.60 VND (price ÷ EPS = P/E 12.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Viet Dragon Securities Corp (VDS)?
The net margin of Viet Dragon Securities Corp is 46.1% (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 Dragon Securities Corp (VDS)?
The return on equity (ROE) of Viet Dragon Securities Corp is 8.0% (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 Dragon Securities Corp (VDS)?
On an EBIT basis the return on assets of Viet Dragon Securities Corp is 3.1% (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 Dragon Securities Corp (VDS)?
The operating margin of Viet Dragon Securities Corp is 16.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Viet Dragon Securities Corp (VDS)?
Revenue at Viet Dragon Securities Corp is growing +8.3% versus a year earlier (3y avg +19.2%). 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 Viet Dragon Securities Corp (VDS)?
Earnings per share at Viet Dragon Securities Corp are growing +219% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Viet Dragon Securities Corp (VDS) generate?
The free cash flow of Viet Dragon Securities Corp is −861B 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 Dragon Securities Corp (VDS) carry?
The net debt of Viet Dragon Securities Corp is 3.9T 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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