Fundamental Analysis
25,0 / 100Rubric: BanksAbsolute total: 12Risk points: −2
No price for this quarter: valuation criteria not scored · 44 point(s) not measurable this quarter and left out of the denominator
| Growth & efficiency 12,5 / 30* | Risk & capital safety 1,5 / 26* | Valuation & stress test 0 / 0* | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Criterion | C1Δ adj. NIM | C2Fee income | C3CIR | C4PPOP & accrued | C5CASA | C6Hidden NPL | C7NPL coverage | C8LDR & SML | C9Market sensitivity | C10Capital | C11Accrued / AEA | C12Stress test | C13P/B discount | C14RIM discount |
| Value | +30 bps | 4,0% | 51,9% | 29,5% | — | 4,1% | 49,8% | 72,0% | — | 4,8% | 10,4% | — | — | — |
| Points | 8 / 10 | 0,5 / 8 | 0 / 6 | 4 / 6 | — / 6 | — / 8 | 0 / 6 | 0 / 6 | — / 6 | 1,5 / 8 | 0 / 6 | — / 6 | — / 10 | — / 8 |
| Relative Valuation | Quarterly results · 2026-Q2 | ||||||||
|---|---|---|---|---|---|---|---|---|---|
| Adjusted NIM | Adj. NIM YoY | Sustainable ROE | Adj. P/B | P/B discount | RIM discount | TOI (bn) | TOI YoY | NPAT (bn) | NPAT YoY |
| −0,32% | +30 bps | −32,3% | — | — | — | 1.636 | −33,8% | 339 | +6,8% |
Risk points −2
- −2 · Accrued interest above 20% of TOI
Scored on the bank rubric: growth and efficiency (A, 36 points), risk and capital safety (B, 40), valuation and stress test (C, 24). Red flags are deducted separately and shown as risk points.
Financial charts
1.Solvency & Capital Buffer
tỷ VND · CAR %13.251Q2/26
1.Solvency & Capital Buffer
tỷ VND · CAR %13.251Q2/26
2.Liquidity & Maturity Mismatch
%70.5%Q2/26
3.Asset Quality & Credit Migration
tỷ VND · NPL / PCR %2.8%Q2/26
4.Hidden NPL & Accrued Interest
tỷ VND · %4.1%Q2/26
5.Asset & Funding Structure
VND bn278.431Q2/26
6.Spread Dynamics & Risk-Adjusted NIM
%2.0%Q2/26
Outlier warning: 4 period(s) outside -1…100 days, drawn at the limit
7.Revenue Structure & Diversification
VND bn11.158Q2/26
8.Operational Efficiency
tỷ VND · CIR %51.9%Q2/26
9.DuPont Profitability Decomposition
%12.6%Q2/26
10.Valuation & Excess Return Matrix
27 banks placed; 12 labelled. The diagonal is the sector benchmark (Ke 0,1%, g 0,1%); the dashed horizontal is the sector median adjusted P/B. Book value is reduced by unprovisioned classified debt and overdue accrued interest, after tax.
Cost of equity per bank = risk-free 0,0% + Blume-adjusted beta × equity risk premium 0,1%; beta is two years of weekly returns against the VN-Index. The risk-free rate is a fixed assumption, not an observed yield.
Source: vnstockData through Q2/26