Valuation of Securities Companies’ Stocks After the Market Surpassed 1,500 Points: Surprises with VIX, VND, SHS

The Vietnamese stock market is lively with the VN-Index exceeding 1,500 points. Stocks of securities companies like VIX (+62%), SHS (+35%), SSI (+30%), VCI (+18%), HCM (+18%), and VND (+11%) have seen strong gains. The average P/B valuation of the securities group is estimated at about 2 times, while the average P/E is around 22 times, indicating that it is not appealing but has potential with the upgrade outlook. There is a clear divergence in valuations, with large stocks like SSI and HCM having high P/B (2-2.7 times), while VIX (1.8 times) and SHS (1.4 times) have lower P/B. SSI, despite its high P/B, holds a large market share and growth potential. Many lower-priced stocks face difficulties in market share and investments, affecting investor expectations. Although not cheap, securities stocks promise significant potential, especially when Vietnam is expected to upgrade to an emerging market, attracting significant foreign investment.