SUMMARY OF DATA OF

BAO VIET
HOLDINGS
2020 - 2024
Solid Trust – Enduring Commitm

CASH FLOW
BALANCE SHEET INCOME STATEMENT FINANCIAL IND
STATEMENT

STOCK VALUATION DCF MODEL FORECAST COMBINED RAT

OF DATA OF

VIET
DINGS
2020 - 2024
Enduring Commitment

FINANCIAL INDEX CF DISCOUNT

SENSITIVITY TO THE
COMBINED RATIO BUSINESS CYCLE MACRO
 BALANCE SHEET OF BAO V
Financial statement 2019
Balance sheet 2019
ASSETS 128,238,238,184,487
A. CURRENT ASSETS 79,755,413,497,351
1. Cash and cash equivalents 4,742,602,123,821
2. Short-term investments 63,081,067,015,771
3. Current accounts receivable 8,066,123,022,982
4. Inventories 126,357,485,890
5. Other current assets 697,888,873,774
6. Reinsurance assets 3,041,374,975,113
B. NON-CURRENT ASSETS 48,482,824,687,136
1. Long-term receivables 63,160,764,211
2. Fixed assets 1,898,098,756,584
Tangible fixed assets 920,311,593,615
Cost 2,255,435,055,545
Accumulated depreciation (1,335,123,461,930)
Intangible fixed assets 977,787,162,969
Cost 1,410,639,526,802
Accumulated amortization (432,852,363,833)
3. Investment properties 45,388,992,000
4. Long-term assets in progress 444,112,950,657
5. Long-term investments 45,679,482,507,955
6. Other long-term assets 352,580,715,729
RESOURCES 128,238,238,184,487
C. LIABILITIES 108,335,629,665,873
1. Current liabilities 20,707,174,565,073
2. Non-current liabilities 87,628,455,100,800
D. OWNERS' EQUITY 19,902,608,518,614
1. Owner's contributed capital 7,423,227,640,000
- Common shares with voting rights 7,423,227,640,000
2. Share premium 7,310,458,742,807
3. Foreign exchange differences 15,445,192,000
4. Investment and Development Fund 801,321,408,999
5. Other funds 103,568,802,818
6. Undistributed earnings 3,037,187,232,453
- Undistributed earnings by the end of prior year 1,912,595,219,719
- Undistributed earnings of current year 1,124,592,012,734
7. Statutory reserve for insurance activities 476,227,833,633
8. Non-Controlling Interest 735,171,665,904
 BALANCE SHEET OF BAO VIET HOLDINGS
Financial statement 2020 Financial statement 2021 Financial statement 2022
2020 2021 2022
146,412,800,818,360 169,504,122,977,005 201,663,976,385,114
91,841,581,344,776 99,467,964,400,489 117,373,071,556,758
6,780,742,363,756 5,354,092,025,872 2,206,497,560,116
73,718,143,604,394 82,007,147,486,839 102,407,686,408,287
8,299,283,030,486 9,230,511,316,787 9,015,457,349,215
124,433,087,390 141,653,223,444 130,657,299,623
672,283,091,006 585,578,169,288 662,942,344,625
2,246,696,167,744 2,148,982,178,259 2,949,830,594,892
54,571,219,473,584 70,036,158,576,516 84,290,904,828,356
70,801,065,457 72,361,637,816 83,369,135,387
1,788,655,050,662 1,934,480,147,292 1,886,457,022,912
859,647,804,853 974,265,052,366 982,152,015,992
2,316,960,202,591 2,558,529,794,503 2,670,586,750,558
(1,457,312,397,738) (1,584,264,742,137) (1,688,434,734,566)
929,007,245,809 960,215,094,926 904,305,006,920
1,430,463,210,802 1,539,962,270,408 1,560,296,306,607
(501,455,964,993) (579,747,175,482) (655,991,299,687)
45,388,992,000 45,388,992,000 45,388,992,000
561,928,499,811 441,738,975,020 434,313,505,322
51,874,244,925,437 67,383,497,918,631 81,637,575,741,897
230,200,940,217 158,690,905,757 203,800,430,838
146,412,800,818,360 169,504,122,977,005 201,663,976,385,114
125,591,034,777,516 147,477,392,612,620 180,393,018,780,152
19,747,437,592,781 21,707,051,775,852 32,503,856,533,023
105,843,597,184,735 125,770,340,836,768 147,889,162,247,129
20,821,766,040,844 22,026,730,364,385 21,270,957,604,962
7,423,227,640,000 7,423,227,640,000 7,423,227,640,000
7,423,227,640,000 7,423,227,640,000 7,423,227,640,000
7,310,458,742,807 7,310,458,742,807 7,310,458,742,807
15,445,192,000 15,445,192,000 15,445,192,000
967,358,385,620 1,284,786,140,295 1,592,882,068,422
103,568,802,818 103,568,802,818 103,568,802,818
3,723,310,113,726 4,475,440,359,637 3,306,180,965,907
2,186,864,003,123 2,653,064,465,370 1,832,578,660,255
1,536,446,110,603 1,822,375,894,267 1,473,602,305,652
523,523,906,834 577,618,921,373 638,658,717,043
754,873,257,039 836,184,565,455 880,535,475,965
Financial statement 2023 Financial statement 2024
2023 2024
221,101,602,593,651 251,286,326,838,124
122,398,176,223,278 121,226,741,291,519
4,783,513,586,776 1,464,088,127,113
101,565,789,666,732 103,898,039,030,526
12,278,031,992,798 11,535,416,562,019
113,315,013,433 100,479,759,917
655,668,035,987 670,583,415,267
3,001,857,927,552 3,558,134,396,677
98,703,426,370,373 130,059,585,546,605
84,370,325,019 66,916,382,934
1,815,502,401,731 1,890,638,249,670
956,525,029,065 872,417,228,022
2,770,273,675,187 2,726,029,379,554
(1,813,748,646,122) (1,853,612,151,532)
858,977,372,666 1,018,221,021,648
1,580,705,169,207 1,840,590,207,970
(721,727,796,541) (822,369,186,322)
45,388,992,000 109,961,268,939
374,587,590,582 131,645,367,989
96,200,740,149,933 127,645,423,169,640
182,836,911,108 215,001,107,433
221,101,602,593,651 251,286,326,838,124
198,842,579,484,569 227,720,439,778,201
30,823,017,939,929 40,840,468,409,215
168,019,561,544,640 186,879,971,368,986
22,259,023,109,082 23,565,887,059,923
7,423,227,640,000 7,423,227,640,000
7,423,227,640,000 7,423,227,640,000
7,310,458,742,807 7,310,458,742,807
15,445,192,000 15,445,192,000
2,233,517,394,474 2,933,853,033,569
103,568,802,818 103,568,802,818
3,546,088,681,888 4,007,066,089,089
1,845,135,778,484 1,999,865,659,159
1,700,952,903,404 2,007,200,429,930
708,611,883,009 797,932,384,636
918,104,772,086 974,335,175,004
 INCOME STATEMENT
[Link] premium
[Link] premium ceded
[Link] insurance premium
[Link] on reinsurance ceded and other insurance income
[Link] net revenue from insurance business
[Link] and maturity payment expenses
[Link] expenses for reinsurance assumed
[Link]
[Link] from reinsurance ceded
[Link](Decrease) in mathematical reserve
[Link] (Decrease) in claim reserves for direct
insurance and reinsurance
[Link](Decrease) assumed
in claim reserves related
to reinsurance ceded
[Link] claim insurance expenses
[Link] for catastrophe reserve
[Link] expenses using catastrophe reserve
[Link] insurance operating expenses
Other underwriting expenses
Other reinsurance assumed expenses
[Link] direct insurance operating expenses
[Link] insurance operating profit
Other operating income
Other operating expenses
[Link] from other activities
Revenue from financial activities
Expenses on financial activities
[Link] form financial activities
[Link] of profitin associates and joint ventures
[Link] expenses
[Link] expenses
Other incomes
Other expenses
[Link] profits
[Link] profit
[Link] corporate income tax expenses
[Link] income tax expenses
[Link] after tax
29. Profit after tax for shareholders of the parent company
[Link] interest
 2019 2020 2021
35,814,544,336,644 38,204,891,722,825 39,996,504,593,125
(3,084,209,111,942) (4,761,215,263,679) (4,104,197,442,569)
32,730,335,224,702 33,443,676,459,146 35,892,307,150,556
578,800,862,478 1,080,367,825,398 935,654,349,652
33,309,136,087,180 34,524,044,284,544 36,827,961,500,208
(13,994,053,438,788) (12,800,823,934,349) (12,747,844,422,468)
(239,973,867,981) (132,653,130,239) (119,410,886,417)
4,092,472,480 3,179,894,839 2,757,799,997
2,338,609,076,623 2,158,008,670,719 1,723,267,262,211
(15,610,892,917,847) (19,123,200,751,466) (20,416,263,781,907)
189,391,274,584 342,927,712,146 168,104,328,007
(396,604,312,873) (152,814,367,780) (71,423,055,611)
(27,709,431,713,802) (29,705,375,906,130) (31,460,812,756,188)
(143,305,387,775) (41,472,073,431) (38,428,347,377)
214,995,602,838 25,306,889,418
(4,737,830,752,600) (4,477,259,732,473) (4,725,543,333,449)
(2,989,068,074,142) (3,094,850,217,854) (2,928,815,553,658)
(1,748,762,678,458) (1,382,409,514,619) (1,796,727,779,791)
(32,375,572,251,339) (34,198,800,822,616) (36,224,784,437,014)
933,563,835,841 325,243,461,928 603,177,063,194
336,730,885,525 433,287,152,651 750,298,675,797
(340,737,730,666) (417,934,268,486) (676,872,151,022)
(4,006,845,141) 15,352,884,165 73,426,524,775
7,870,747,650,846 9,495,658,687,333 8,911,612,242,924
(2,184,189,260,231) (1,841,912,602,607) (1,059,722,118,833)
5,686,558,390,615 7,653,746,084,726 7,851,890,124,091
107,754,257,916 70,011,972,612 92,993,746,827
(1,698,659,395,263) (2,366,157,942,795) (2,266,015,074,428)
(3,517,026,355,581) (3,756,517,474,608) (3,997,998,677,361)
6,636,310,988 13,517,757,652 21,094,866,627
(3,092,014,766) (1,910,935,621) (2,079,859,229)
3,544,296,222 11,606,822,031 19,015,007,398
1,511,728,184,609 1,953,285,808,059 2,376,488,714,496
(269,693,437,322) (267,396,475,068) (380,484,124,137)
669,872,295 (36,042,360,066) 7,414,599,023
1,242,704,619,582 1,649,846,972,925 2,003,419,189,382
1,188,459,508,500 1,597,588,285,269 1,896,699,438,352
54,245,111,082 52,258,687,656 106,719,751,030
 2022 2023 2024
42,650,508,302,256 42,659,877,832,211 42,669,681,559,583
(2,742,934,498,467) (3,316,257,547,166) (3,543,497,880,539)
39,907,573,803,789 39,343,620,285,045 39,126,183,679,044
780,673,271,138 736,859,900,508 696,992,004,604
40,688,247,074,927 40,080,480,185,553 39,823,175,683,648
(15,387,989,683,866) (19,601,479,750,808) (19,714,375,555,448)
(125,022,897,717) (81,416,894,451) (66,271,004,339)
2,983,805,597 1,246,830,940 2,211,813,306
899,565,138,864 1,273,429,764,859 1,185,989,939,621
(21,527,866,247,523) (20,007,939,925,509) (18,168,730,820,701)
(309,157,849,665) 81,204,123,063 (480,900,161,673)
270,729,003,638 (95,034,988,630) 580,130,152,238
(36,176,758,730,672) (38,429,990,840,536) (36,661,945,636,996)
28,293,816,250 (109,099,422,257) (51,325,477,527)

(4,434,930,976,748) (4,080,408,489,759) (4,079,017,436,980)

(2,811,768,411,406) (2,517,413,586,588) (2,489,113,008,960)
(1,623,162,565,342) (1,562,994,903,171) (1,589,904,428,020)
(40,583,395,891,170) (42,619,498,752,552) (40,792,288,551,503)
104,851,183,757 (2,539,018,566,999) (969,112,867,855)
607,101,964,174 602,343,898,969 555,874,347,470
(588,173,106,926) (613,279,348,072) (545,882,462,285)
18,928,857,248 (10,935,449,103) 9,991,885,185
9,922,384,516,749 13,543,366,344,269 12,689,327,095,724
(1,840,260,685,326) (2,826,923,433,974) (2,115,731,389,939)
8,082,123,831,423 10,716,442,910,295 10,573,595,705,785
86,451,708,165 102,048,945,174 94,085,046,978
(2,281,905,372,173) (1,094,026,078,899) (1,346,798,811,485)
(4,019,572,408,261) (4,968,385,574,451) (5,724,600,399,115)
22,160,700,664 34,409,239,555 29,836,692,724
(2,874,937,192) (4,236,725,398) (3,825,774,921)
19,285,763,472 30,172,514,157 26,010,917,803
2,010,163,563,631 2,236,298,700,174 2,663,171,477,296
(383,042,077,773) (372,973,834,582) (464,527,211,119)
(1,515,105,473) (3,335,621,421) (4,475,662,847)
1,625,606,380,385 1,859,989,244,171 2,194,168,603,330
1,550,994,189,019 1,784,861,041,407 2,110,496,926,600
74,612,191,366 75,128,202,764 83,671,676,730
 Cash flow statement 2019 2020
I. Cash flow from operating activities
1. Accounting profit/ Earning before tax (EBT) 1,511,728,184,609 1,953,285,808,059
Adjustments for
- Depreciation, amortization 181,146,935,314 206,997,738,211
- Provisions 15,681,395,633,664 18,324,904,209,345
- Unrealized foreign exchange losses/gains 3,870,364,981 (3,832,163,038)
- Profit from investing activities (7,969,281,795,376) (9,547,259,680,419)
- Interest expense 982,499,854,551 702,373,401,785
- Other adjustments
2. Operating profit before changes in working capital 10,391,359,177,743 11,636,469,313,943
- (Increase)/decrease in receivables (109,801,140,574) (13,288,642,669)
- (Increase)/decrease in inventories 22,568,392,866 1,924,398,500
- (Increase)/decrease in payables (105,674,992,179) 105,126,771,747
- (Increase)/decrease in prepaid expenses (6,254,733,517) 748,213,752,516
- Interest paid (959,276,338,523) (757,788,609,663)
- Corporate income tax paid (270,336,852,298) (237,775,940,333)
- Interest in held-for-trading securities 372,954,492,411 381,642,210,752
- Other cash inflow/ outflow from operating activities (67,845,500,995) (68,382,974,829)
Net cash (outflows)/inflows from operating activities 9,267,692,504,934 11,796,140,279,964
II. Cash flow from investing activities
[Link] and construction of fixed assets and other
(223,164,104,120) (231,433,491,623)
long-term assets
2. Proceeds from liquidation and sale of fixed assets and
919,029,273 1,026,440,364
other long-term assets
3. Loans to other entities and payments for purchase of
(68,231,385,894,147) (87,906,743,938,242)
debt instruments of other entities
4. Collection from borrowers and proceeds from sale of
56,170,009,639,929 71,688,969,281,693
debt instruments of other entities
5. Payments for investment in other entities (196,000,000,000) (29,535,895,500)
6. Proceeds from sale of investments in other entities 158,324,419,933
7. Interest and dividends received 7,198,647,190,833 8,717,737,729,146
Net cash (outflows)/inflows from investing activities (5,122,649,718,299) (7,759,979,874,162)
III. Cash flow from financing activities
[Link] contribution and issuance of shares 4,011,741,161,610
[Link] to owners for capital contributions and
repurchase of issued shares
[Link] of borrowings 18,565,479,700,464 17,451,796,200,000
[Link] of borrowings (23,411,545,403,731) (18,829,087,539,287)
[Link] of finance lease liabilities
[Link] paid, profit distributed (728,457,959,360) (621,510,028,457)
Net cash inflows from financing activities (1,562,782,501,017) (1,998,801,367,744)
Net increase/(decrease) in cash and cash equivalents 2,582,260,285,618 2,037,359,038,058
Cash and cash equivalents at beginning of year 2,159,930,729,474 4,742,602,123,821
Effect of foreign exchange differences 411,108,729 781,201,877
Currency translation differences
Cash and cash equivalents at end of year 4,742,602,123,821 6,780,742,363,756
 2021 2022 2023 2024

2,376,488,714,496 2,010,163,563,631 2,236,298,700,174 2,663,171,477,296

226,311,777,789 211,803,973,840 203,390,740,109 361,656,740,622

19,764,343,443,495 22,567,116,332,600 20,001,631,625,093 18,799,414,855,151
(7,612,658,011) 16,219,103,087 16,099,743,627 13,928,156,147
(8,987,183,374,694) (9,987,399,223,459) (13,624,967,435,230) (12,757,295,260,799)
321,201,678,885 732,426,110,365 1,777,742,465,476 1,031,797,974,569
(1,073,000,000)
13,693,549,581,960 15,549,256,860,064 10,610,195,839,249 10,112,673,942,986
(1,065,508,541,724) (4,346,443,102,143) 1,705,439,520,294 1,160,577,325,759
(17,220,136,054) 10,995,923,821 17,342,286,190 12,868,553,516
710,225,094,428 (133,150,830,544) (1,175,877,607,268) (1,222,998,762,851)
211,478,069,525 (665,529,008,941) (131,677,740,983) (33,806,613,231)
(420,996,995,370) (688,972,800,896) (1,787,160,299,314) (670,960,934,650)
(338,734,753,436) (426,509,931,095) (360,202,939,230) (432,410,464,622)
(392,804,254,833) (82,855,958,817) (341,545,152,874) (393,517,969,990)
(58,336,039,784) (115,074,831,227) (59,665,233,670) (113,228,870,839)
12,321,652,024,712 9,101,716,320,222 8,476,848,672,394 8,419,196,206,078

(237,768,613,970) (163,378,387,443) (179,223,609,626) (135,267,945,349)

1,585,989,110 2,489,490,635 1,056,681,274 750,785,454

(94,785,369,046,052) (157,948,793,058,181) (163,901,811,301,317) (178,867,829,679,580)

72,177,863,032,366 128,988,459,811,387 147,964,399,043,822 143,899,182,195,987

(4,425,975,843) (250,000,000) (559,065,379) (245,308,499)
207,297,671,249 6,559,843,455
8,354,119,919,729 8,370,940,521,353 11,552,755,197,497 13,470,307,039,965
(14,286,697,023,411) (20,743,971,778,794) (4,563,383,053,729) (21,633,102,912,022)

48,063,151,289,896 85,591,616,583,165 78,332,986,284,987 68,026,767,032,069

(46,836,804,754,365) (74,823,926,863,995) (78,936,505,707,509) (57,365,924,452,500)

(687,434,838,726) (2,268,458,776,216) (734,102,404,994) (767,081,435,567)

538,911,696,805 8,499,230,942,954 (1,337,621,827,516) 9,893,761,144,002
(1,426,133,301,894) (3,143,024,515,618) 2,575,843,791,149 (3,320,145,561,942)
6,780,742,363,756 5,354,092,025,872 2,206,497,560,116 4,783,513,586,776
(517,035,990) (4,569,950,138) 1,172,235,511 720,102,279

5,354,092,025,872 2,206,497,560,116 4,783,513,586,776 1,464,088,127,113

 FINANCIAL INDICATORS
Charter capital
Listed shares
Outstanding shares
Treasury shares
Weighted average shares outstanding
Closing price
Solvency ratio
Net working capital
Non - cash current assets
Non - cash current assets to total assets
Net working capital to total assets
Current ratio
Quick ratio
Activity ratios
Accounts receivable turnover ratio
Inventory turnover
Total asset turnover
Fixed assets and long - term investments to total asset
Fixed assets turnover (FAT)
Capital structure and financial risk
Long - term debt to equity ratio
Long - term debt to total assets ratio
Debt to equity - D/E ratio
Debt ratio
Equity to total assets ratio
Operating profitability indicators
Gross profit margin
Operating profit margin
Revenue growth rate
Profit growth rate
Return on sales (ROS)
BV
EPS
ROA
ROE
P/E
P/B
Dividend yield (%)
 Dividend per share (đ)
Retention ratio
Internal growth rate
Effective interest rate
Depreciation rate
Cash ratio
Interest coverage ratio
Earnings yield
Investment yield

Sources
Outstanding shares
In 2020 BCTC hợp nhất BVH 2020 (đã kiểm toán)
In 2021 BCTC hợp nhất BVH 2021 (đã kiểm toán)
In 2022 BCTC hợp nhất BVH 2022 (đã kiểm toán)
In 2023 BCTC hợp nhất BVH 2023 (đã kiểm toán)
In 2024 BCTC hợp nhất BVH 2024 (đã kiểm toán)
Closing price Dữ liệu lịch sử giao dịch BVH theo ngày | [Link]
 2020 2021 2022
7,423,227,640,000 7,423,227,640,000 7,423,227,640,000
742,322,764 742,322,764 742,322,764
742,322,764 742,322,764 742,322,764

742,322,764 742,322,764 742,322,764

57,121 49,156 43,615

72,094,143,751,995 77,760,912,624,637 84,869,215,023,735

11,342,695,376,626 12,106,724,887,778 12,758,887,588,355
0.08 0.07 0.06
0.49 0.46 0.42
4.65 4.58 3.61
4.64 4.58 3.61

4.22 4.20 4.46

0.25 0.23 0.22

37.27% 41.32% 41.80%
18.73 19.78 21.30

508.33% 570.99% 695.26%

72.29% 74.20% 73.33%
603.17% 669.54% 848.07%
85.78% 87.01% 89.45%
14.22% 12.99% 10.55%

0.94% 1.64% 0.26%

5.62% 6.40% 4.89%
3.65% 6.67% 10.48%
34.43% 18.72% -18.23%
4.63% 5.15% 3.81%
28,049 29,673 28,655
2,152 2,555 2,089
1.16% 1.20% 0.84%
7.85% 8.85% 7.16%
26.54 19.24 20.87
2.04 1.66 1.52
8.985% 30.261% 9.54%
 898.5 3,026.1 954.0
58.25% -18.43% 54.34%
4.57% -1.63% 3.89%
0.56% 0.22% 0.41%
11.23% 12.16% 11.09%
0.34 0.25 0.07
2.06 3.24 2.09
3.77% 5.20% 4.79%
6.23% 5.47% 4.74%

Pages Liquidity
Profitability
66 Market price
67 Asset utilization
69 Leverage
71
69
 2023 2024 AVERAGE
7,423,227,640,000 7,423,227,640,000
742,322,764 742,322,764
742,322,764 742,322,764

742,322,764 742,322,764
37,867 49,744

91,575,158,283,349 80,386,272,882,304
16,048,872,969,770 15,864,614,133,880
0.07 0.06
0.41 0.32
3.97 2.97
3.97 2.97

3.76 3.34

0.19 0.17
44.64% 51.76%
21.65 21.49

754.84% 793.01%
75.99% 74.37%
893.31% 966.31%
89.93% 90.62%
10.07% 9.38%

-6.33% -2.43%
5.50% 6.62%
-1.49% -0.64%
15.08% 18.24%
4.45% 5.30% 4.67%
29,986 31,746
2,404 2,843
0.84% 0.89%
8.20% 9.21%
15.75 17.50
1.26 1.57
10.037% 10.551%
1,003.7 1,055.1
58.26% 62.89%
4.78% 5.79% 3.48%
0.89% 0.45% 0.51%
10.99% 19.52%
0.16 0.04
1.79 2.26
6.35% 5.72%
5.51% 4.86%
 Indicators 2020 2021
Dividends 898.5 3,026.1
FCFE 18,594,418,362,128 23,114,314,621,154
FCFF 1,900,911,971,913 1,484,918,129,158
1. EAT 1,597,588,285,269 1,896,699,438,352
2. Depreciation 206,997,738,211 226,311,777,789
3. Non-cash working capital changes 205,629,826,236 861,743,500,637
4. Net fixed asset investment and long-term investment 259,942,946,759 33,310,929,454
5. Debt changes 17,255,405,111,643 21,886,357,835,104
6. Interest expense 702,373,401,785 321,201,678,885
7. Tax rate 20% 20%

Sources
Tax rate Link
 2023 2023 2024
954.0 1,003.7 1,055.1
34,672,530,993,094 17,021,128,443,447 31,955,786,797,475
2,342,845,713,854 (6,238,288,589) 3,903,364,883,498
1,550,994,189,019 1,784,861,041,407 2,110,496,926,600
211,803,973,840 203,390,740,109 361,656,740,622
(148,685,716,056) 3,237,958,048,755 (740,535,305,015)
154,579,053,353 178,725,993,731 134,762,468,394
32,915,626,167,532 18,449,560,704,417 28,877,860,293,632
732,426,110,365 1,777,742,465,476 1,031,797,974,569
20% 20% 20%
A. Cost of equity (Re)
1. Beta of BVH
Time VNINDEX BVH
28/11/2025 1,690.99 52.100
28/10/2025 1,680.50 48.960
28/9/2025 1,660.70 55.440
28/8/2025 1,680.86 59.360
28/7/2025 1,557.42 51.220
28/6/2025 1,371.44 51.220
28/5/2025 1,341.87 51.410
28/4/2025 1,226.80 45.140
28/3/2025 1,317.46 52.490
28/2/2025 1,305.36 55.540
28/1/2025 1,265.05 49.840
28/12/2024 1,275.14 51.320
28/11/2024 1,242.11 43.570
28/10/2024 1,254.77 41.420
28/9/2024 1,290.92 41.510
28/8/2024 1,281.44 43.330
28/7/2024 1,242.11 41.420
28/6/2024 1,245.32 44.100
28/5/2024 1,281.73 45.060
28/4/2024 1,209.52 37.820
28/3/2024 1,290.18 41.510
28/2/2024 1,254.55 40.700
28/1/2024 1,175.67 39.160
28/12/2023 1,128.93 37.970
28/11/2023 1,095.43 37.970
28/10/2023 1,060.62 36.970
28/9/2023 1,152.43 39.690
28/8/2023 1,201.72 42.030
28/7/2023 1,207.67 43.660
28/6/2023 1,138.35 42.260
28/5/2023 1,063.76 40.760
28/4/2023 1,049.12 42.030
28/3/2023 1,054.29 45.400
28/2/2023 1,024.68 45.400
28/1/2023 1,117.10 47.740
28/12/2022 1,015.66 43.710
28/11/2022 1,005.69 43.810
28/10/2022 1,027.36 46.080
28/9/2022 1,143.62 49.160
28/8/2022 1,282.57 50.030
28/7/2022 1,208.12 49.680
 28/6/2022 1,218.10 49.420
28/5/2022 1,285.45 47.050
28/4/2022 1,350.99 52.670
28/3/2022 1,483.18 51.350
28/2/2022 1,490.13 51.880
28/1/2022 1,478.96 47.750
28/12/2021 1,494.39 48.890
28/11/2021 1,493.03 54.600
28/10/2021 1,438.01 56.780
28/9/2021 1,339.31 50.800
28/8/2021 1,313.20 46.220
28/7/2021 1,277.07 43.450
28/6/2021 1,405.81 51.930
28/5/2021 1,320.46 48.040
28/4/2021 1,229.55 49.680
28/3/2021 1,162.21 50.550
28/2/2021 1,168.47 51.150
28/1/2021 1,023.94 46.740
28/12/2020 1,091.33 55.390
28/11/2020 1,010.22 48.290
28/10/2020 921.05 42.840
28/9/2020 912.5 42.400
28/8/2020 878.98 40.990
28/7/2020 813.36 35.740
28/6/2020 851.98 40.520
28/5/2020 861.39 42.990
28/4/2020 767.21 39.330
28/3/2020 696.06 32.420
28/2/2020 882.19 46.830
28/1/2020 991.46 57.150
TOTAL
AVERAGE
COV
VAR
BETA (BVH)

2. Expected rate of return

28/12/2010 28/12/2024
VN-Index 479.30 1,275.14
3. Risk free rate 2.77%
4. Cost of equity (Re) 7.61%

B. WACC
1. Cost of debt (Rd) 5.93%
2. Market price of debt 15,403,311,845,749
Average interest expenses 913,108,326,216
3. Market capitalization của BVH 31,605,628,881,907
Price of BVH (2024) 42.57667
Number of outstanding shares 742,322,764
4. Tax rate 20%
5. WACC 6.67%

Sources
VNINDEX [Link]
BVH [Link]
Interest Rate [Link]
10-year government bond [Link]
RATE OF RETURN (VNINDEX) RATE OF RETURN (BVH)
-0.98%
0.62% 6.41% -0.35%
1.19% -11.69% 0.22%
-1.20% -6.60% -2.18%
7.93% 15.89% 6.95%
13.56% 0.00% 12.58%
2.20% -0.37% 1.23%
9.38% 13.89% 8.40%
-6.88% -14.00% -7.86%
0.93% -5.49% -0.05%
3.19% 11.44% 2.21%
-0.79% -2.88% -1.77%
2.66% 17.79% 1.68%
-1.01% 5.19% -1.99%
-2.80% -0.22% -3.78%
0.74% -4.20% -0.24%
3.17% 4.61% 2.19%
-0.26% -6.08% -1.23%
-2.84% -2.13% -3.82%
5.97% 19.14% 4.99%
-6.25% -8.89% -7.23%
2.84% 1.99% 1.86%
6.71% 3.93% 5.73%
4.14% 3.13% 3.16%
3.06% 0.00% 2.08%
3.28% 2.70% 2.31%
-7.97% -6.85% -8.94%
-4.10% -5.57% -5.08%
-0.49% -3.73% -1.47%
6.09% 3.31% 5.11%
7.01% 3.68% 6.04%
1.40% -3.02% 0.42%
-0.49% -7.42% -1.47%
2.89% 0.00% 1.91%
-8.27% -4.90% -9.25%
9.99% 9.22% 9.01%
0.99% -0.23% 0.02%
-2.11% -4.93% -3.09%
-10.17% -6.27% -11.14%
-10.83% -1.74% -11.81%
6.16% 0.70% 5.19%
 -0.82% 0.53% -1.80%
-5.24% 5.04% -6.22%
-4.85% -10.67% -5.83%
-8.91% 2.57% -9.89%
-0.47% -1.02% -1.44%
0.76% 8.65% -0.22%
-1.03% -2.33% -2.01%
0.09% -10.46% -0.89%
3.83% -3.84% 2.85%
7.37% 11.77% 6.39%
1.99% 9.91% 1.01%
2.83% 6.38% 1.85%
-9.16% -16.33% -10.13%
6.46% 8.10% 5.49%
7.39% -3.30% 6.42%
5.79% -1.72% 4.82%
-0.54% -1.17% -1.51%
14.12% 9.44% 13.14%
-6.18% -15.62% -7.15%
8.03% 14.70% 7.05%
9.68% 12.72% 8.70%
0.94% 1.04% -0.04%
3.81% 3.44% 2.84%
8.07% 14.69% 7.09%
-4.53% -11.80% -5.51%
-1.09% -5.75% -2.07%
12.28% 9.31% 11.30%
10.22% 21.31% 9.25%
-21.10% -30.77% -22.07%
-11.02% -18.06% -12.00%
68.35% 22.58%
0.98% 0.32%
0.00447598159802755
0.00413151191684925
1.083

Expected return of the market (Rm)

7.24%
 Bank Interest Rate
Vietcombank 5.70%
VietinBank 5.09%
BIDV 5.47%
Agribank 6.36%
MB 7.02%
Average 5.93%

dich-symbol-vnindex/[Link]
-[Link]
[Link]
rtal/kbnn/r/o/tpcp/kqph/kqph_chitiet?dDocName=KBNN217429&_adf.ctrl-state=fqhswgpmr_1&_afrLoop=9144995406513737
 -0.32% 0.0000
6.09% (0.0002)
-12.01% (0.0003)
-6.93% 0.0015
15.57% 0.0108
-0.32% (0.0004)
-0.69% (0.0001)
13.57% 0.0114
-14.33% 0.0113
-5.81% 0.0000
11.11% 0.0025
-3.21% 0.0006
17.46% 0.0029
4.87% (0.0010)
-0.54% 0.0002
-4.52% 0.0001
4.29% 0.0009
-6.40% 0.0008
-2.45% 0.0009
18.82% 0.0094
-9.21% 0.0067
1.67% 0.0003
3.61% 0.0021
2.81% 0.0009
-0.32% (0.0001)
2.38% 0.0005
-7.18% 0.0064
-5.89% 0.0030
-4.06% 0.0006
2.99% 0.0015
3.36% 0.0020
-3.34% (0.0001)
-7.75% 0.0011
-0.32% (0.0001)
-5.22% 0.0048
8.90% 0.0080
-0.55% (0.0000)
-5.25% 0.0016
-6.59% 0.0073
-2.06% 0.0024
0.38% 0.0002
 0.20% (0.0000)
4.71% (0.0029)
-10.99% 0.0064
2.25% (0.0022)
-1.34% 0.0002
8.33% (0.0002)
-2.65% 0.0005
-10.78% 0.0010
-4.16% (0.0012)
11.45% 0.0073
9.59% 0.0010
6.05% 0.0011
-16.65% 0.0169
7.77% 0.0043
-3.62% (0.0023)
-2.04% (0.0010)
-1.50% 0.0002
9.11% 0.0120
-15.94% 0.0114
14.38% 0.0101
12.40% 0.0108
0.72% (0.0000)
3.12% 0.0009
14.37% 0.0102
-12.12% 0.0067
-6.07% 0.0013
8.98% 0.0102
20.99% 0.0194
-31.09% 0.0686
-18.38% 0.0221
0.2768
0.0046

Model Summary
Model R
1 .741a
a Predictors: (Constant), RATE OF RETURN (VNINDEX)

ANOV
Model
 1 Regression
Residual
Total
a Dependent Variable: RATE OF RETURN (BVH)
b Predictors: (Constant), RATE OF RETURN (VNINDEX)

Model

1 (Constant)
RATE OF RETURN (VNINDEX)
 Model Summary
R Square Adjusted R Square Std. Error of the Estimate
548 542 641137%
RATE OF RETURN (VNINDEX)

ANOVAa
Sum of Squares df Mean Square F
 3,394,420 1 3,394,420 82,578
2,795,186 68 41,106
6,189,606 69
RATE OF RETURN (BVH)
RATE OF RETURN (VNINDEX)

Coefficientsa
Unstandardized Coefficients Standardized Coefficients t
B Std. Error Beta
-735 775 -948
1,083 119 741 9,087
Sig.
 .000b

Sig. 95.0% Confidence Interval for B

Lower Bound Upper Bound
346 -2,282 812
0 845 1,321
 Ordinal number P/E Industry
1 BMI
2 PVI
3 MIG
4 BHI
5 PTI
6 BIC
7 PGI
8 ABI
9 VNR
10 PRE

The intrinsic value of BVH stock

Indicator Value
EPS (Earnings per Share) 2,956
Industry P/E 0.0208409284857011
P(BVH) 61.602

INDUSTRY P/B
Ordinal number P/B Industry
1 BMI
2 PVI
3 MIG
4 BHI
5 PTI
6 BIC
7 PGI
8 ABI
9 VNR
10 PRE
Total
Industry P/B

The intrinsic value of BVH stock

Indicator Value
Book Value per share(BVH) 31746.1462894367
Industry P/B 0.00148
P(BVH) 46.997
 INDUSTRY P/S
Ordinal number P/S Industry
1 BMI
2 PVI
3 MIG
4 BHI
5 PTI
6 BIC
7 PGI
8 ABI
9 VNR
10 PRE
Total
Industry P/S

The intrinsic value of BVH stock

Indicator Value
Sales per share (BVH) 57481.3054764181
Industry P/S 0.00074
P( BVH) 42.457

Ordinal number Code

1 BMI
2 PVI
3 MIG
4 BHI
5 PTI
6 BIC
7 PGI
8 ABI
9 VNR
10 PRE
11 BVH

Based on measures of firm size

BVH
7,423,227,640,000
Common Stock
10,392,518,696,000
4,453,936,584,000
39,823,175,683,648
Net Sales
 Net Sales
55,752,445,957,107
33,451,467,574,264
(969,112,867,855)
Gross Profit
(1,356,758,014,997.0)
(581,467,720,713.0)
Conclude

Based on the measure of firm growth

BVH
EATG 2,194,168,603,330
Conclude 3,071,836,044,662
1,316,501,161,998
Based on measures of firm performance

BVH
9.58%
ROE
13.41%
5.75%
0.89%
ROA
1.25%
0.53%
Conclude

After collecing data, we have following ratio

P/E
BMI 0.01
PVI 0.02
MIG 0.01
PGI 0.01
ABI 0.01
VNR 0.01
PRE 0.01

The Value of BVH

BVH value based on
P/E Mean P/B Mean
61.602 46.997
Unit: VND/cổ phiếu
 INDUSTRY P/E
Firms in industry Market Price Outstanding shares
Bảo Minh 17.3 132,642,818
CTCP PVI 93 234,241,867
Bảo hiểm Quân Đội 17.75 172,672,500
Bảo hiểm Sài Gòn - Hà Nội 8.8 100,000,000
Bảo hiểm bưu điện 34 80,395,709
Bảo hiểm BIDV 22.8 1,172,768,950
Bảo hiểm Petrolimex 20 110,896,796
Bảo hiểm Ngân hàng Nông nghiệp 20 71,554,050
Tái bảo hiểm quốc gia Việt Nam 20.3 182,391,455
Tái bảo hiểm Hà Nội 21.4 104,400,000
Total
Industry P/E

INDUSTRY P/B
Firms in industry Book Value per share Market price per share
Bảo Minh 21,015.41 17.3
CTCP PVI 34,933.27 93
Bảo hiểm Quân Đội 12,336.99 17.75
Bảo hiểm Sài Gòn - Hà Nội 12,226.82 8.8
Bảo hiểm bưu điện 29,677.62 34
Bảo hiểm BIDV 25.27 22.8
Bảo hiểm Petrolimex 17,199.60 20
Bảo hiểm Ngân hàng Nông nghiệp 21,533.61 20
Tái bảo hiểm quốc gia Việt Nam 21,626.34 20.3
Tái bảo hiểm Hà Nội 15,421.38 21.4
Total 185,996.32 275.4
Industry P/B 0.00148
 INDUSTRY P/S
Firms in industry Market price Sales per share
Bảo Minh 17.3 50,172
CTCP PVI 93 86,988
Bảo hiểm Quân Đội 17.8 27,494
Bảo hiểm Sài Gòn - Hà Nội 8.8 32,402
Bảo hiểm bưu điện 34 58,776
Bảo hiểm BIDV 22.8 4,711
Bảo hiểm Petrolimex 20 39,621
Bảo hiểm Ngân hàng Nông nghiệp 20 33,432
Tái bảo hiểm quốc gia Việt Nam 20.3 15,903
Tái bảo hiểm Hà Nội 21.4 23,293
Total 275.4 372,793
Industry P/S 0.00074

Term Common Stock Net Sales

Bảo Minh 1,326,428,180,000 5,122,748,106,255
CTCP PVI 3,900,000,000,000 6,566,034,507,740
Bảo hiểm Quân Đội 1,726,725,000,000 3,640,825,147,740
Bảo hiểm Sài Gòn - Hà Nội 1,000,000,000,000 2,892,553,323,453
Bảo hiểm bưu điện 803,957,090,000 3,891,280,789,473
Bảo hiểm BIDV 1,172,768,950,000 4,264,244,911,762
Bảo hiểm Petrolimex 1,108,967,960,000 3,418,357,627,290
Bảo hiểm Ngân hàng Nông nghiệp 723,917,500,000 2,153,284,689,756
Tái bảo hiểm quốc gia Việt Nam 1,823,914,550,000 1,903,414,913,090
Tái bảo hiểm Hà Nội 1,044,000,000,000 1,361,565,571,866
Bảo Việt 7,423,227,640,000 39,823,175,683,648

BMI PVI MIG

1,326,428,180,000 3,900,000,000,000 1,726,725,000,000
Not Not Not

5,122,748,106,255 6,566,034,507,740 3,640,825,147,740

 Not Not Not

252,676,628,750 953,241,631,170 545,372,447,106

Not Not Not

Not Not Not

BMI PVI MIG

237,674,042,229 599,304,720,280 238,505,988,114
Not Not Not

BMI PVI MIG

8.75% 10.36% 11.33%
Similar Similar Similar

3.22% 2.87% 2.56%

Not Not Not

Similar Similar Similar

P/B P/S
0.00082 0.00034
0.00266 0.00107
0.00144 0.00065
0.00116 0.00050
0.00093 0.00060
0.00094 0.00128
0.00139 0.00092

P/S Mean
42.457
EAT Capitalization Document
237,674,042,229 2,294,720,751 Financial Statements_BMI
879,642,039,324 21,784,493,631 Financial Statements_PVI
238,505,988,114 3,064,936,875 Financial Statements_MIG
10,403,731,284 880,000,000 Financial Statements_BHI
321,752,289,834 2,733,454,106 Financial Statements_PTI
498,866,331,391 26,739,132,060 Financial Statements_BIC
232,240,505,231 2,217,935,920 Financial Statements_PGI
204,717,146,978 1,431,081,000 Financial Statements_ABI
404,457,899,046 3,702,546,537 Financial Statements_VNR
190,524,685,128 2,234,160,000 Financial Statements_PRE
3,218,784,658,559 67,082,460,880
0.02084
Gross Profit EATG ROE
252,676,628,750 237,674,042,229 8.75%
953,241,631,170 599,304,720,280 10.36%
545,372,447,106 238,505,988,114 11.33%
(41,425,111,813) 10,403,731,284 0.85%
441,085,813,055 321,752,289,834 14.46%
1,188,073,709,975 498,866,331,391 17.36%
815,653,274,187 232,240,505,231 12.31%
694,430,340,705 204,717,146,978 13.32%
166,253,126,404 404,457,899,046 10.56%
69,816,371,587 190,524,685,128 11.89%
(969,112,867,855) 2,194,168,603,330 9.58%

BHI PTI BIC

1,000,000,000,000 803,957,090,000 1,172,768,950,000
Not Not Not

2,892,553,323,453 3,891,280,789,473 4,264,244,911,762

 Not Not Not

(41,425,111,813) 441,085,813,055 1,188,073,709,975

Not Not Not

Not Not Not

BHI PTI BIC

10,403,731,284 321,752,289,834 498,866,331,391
Not Not Not

BHI PTI BIC

0.85% 14.46% 17.36%
Not Not Not

0.21% 3.87% 6.08%

Not Not Not

Not Not Not

 ROA
3.22% [Link]
2.87% [Link]
2.56% [Link]
0.21% [Link]
3.87% [Link]
6.08% [Link]
2.93% [Link]
4.93% [Link]
4.83% [Link]
3.03% [Link]
0.89% [Link]

PGI ABI
1,108,967,960,000 723,917,500,000
Not Not

3,418,357,627,290 2,153,284,689,756
 Not Not

815,653,274,187 694,430,340,705
Not Not

Not Not

PGI ABI
232,240,505,231 204,717,146,978
Not Not

PGI ABI
12.31% 13.32%
Similar Similar

2.93% 4.93%
Not Not

Similar Similar
 VNR PRE
1,823,914,550,000 1,044,000,000,000
Not Not

1,903,414,913,090 1,361,565,571,866
 Not Not

166,253,126,404 69,816,371,587
Not Not

Not Not

VNR PRE
404,457,899,046 190,524,685,128
Not Not

VNR PRE
10.56% 11.89%
Similar Similar

4.83% 3.03%
Not Not

Similar Similar
 1. Assumptions
a. Companies grow through only two stages.
b. The first stage is a high-growth period lasting for 10 years; for the DDM valuation model, since the intrinsic growt
c. In the second stage, cash flows will maintain a low growth rate; a 2% rate is chosen to reduce the risk of overvalua

2. Dividend valuation
2024 2025 (F)
Criteria
1
1. Growth rate (g) 1%
2. Dividend 1,055 1,061
3. Re 7.61%
4. PV 985.79
5. Price of stock BVH 17,120

3. FCFE valuation
2024 2025 (F)
Criteria
1
1. Growth rate (g)
2. FCFE 31,955,786,797,475 (7,655,411,853,214)
3. Re 7.61%
4. PV (7,113,912,578,255)
5. Capital value of stock BVH 8,044,433,204,621
6. Number of outstanding shares 742,322,764
7. Price of stock BVH 10,837

4. FCFF valuation
2024 2025 (F)
Criteria
1
1. Growth rate (g)
2. FCFF 3,903,364,883,498 55,540,977,471,853
3. WACC 6.67%
4. PV 52,067,251,585,575

5. Value of company BVH 115,429,882,329,574

6. Liabilities 227,720,439,778,201
5. Capital value of stock BVH (112,290,557,448,627)
6. Number of outstanding shares 742,322,764
7. Price of stock BVH (151,269)
odel, since the intrinsic growth rate g of X over the past 4 years has been relatively stable at around 1%, we assume that X’s divid
reduce the risk of overvaluation.

2026 (F) 2027(F) 2028 (F) 2029 (F)

2 3 4 5
1% 1% 1% 1%
1,067 1,072 1,078 1,084
7.61% 7.61% 7.61% 7.61%
921.03 860.52 803.99 751.17

2026 (F) 2027(F) 2028 (F) 2029 (F)

2 3 4 5

1,121,831,949,455 1,107,437,956,380 1,093,228,649,646 1,079,201,659,579

7.61% 7.61% 7.61% 7.61%
968,741,113,706 888,667,495,505 815,212,554,100 747,829,206,902

2026 (F) 2027(F) 2028 (F) 2029 (F)

2 3 4 5

3,901,562,493,551 3,851,502,354,384 3,802,084,526,481 3,753,300,768,478

6.67% 6.67% 6.67% 6.67%
3,428,789,609,622 3,173,098,638,052 2,936,474,999,384 2,717,496,808,515
at around 1%, we assume that X’s dividends will grow at 1% for the next 10 years.

2030 (F) 2031 (F) 2032 (F) 2033 (F)

6 7 8 9
1% 1% 1% 1%
1,090 1,096 1,102 1,108
7.61% 7.61% 7.61% 7.61%
701.83 655.72 612.65 572.40

2030 (F) 2031 (F) 2032 (F) 2033 (F)

6 7 8 9

1,065,354,646,912 1,051,685,302,394 1,038,191,346,399 1,024,870,528,555

7.61% 7.61% 7.61% 7.61%
686,015,591,740 629,311,329,068 577,294,093,110 529,576,466,442

2030 (F) 2031 (F) 2032 (F) 2033 (F)

6 7 8 9

3,705,142,944,756 3,657,603,024,082 3,610,673,078,271 3,564,345,280,861

6.67% 6.67% 6.67% 6.67%
2,514,848,212,853 2,327,311,485,288 2,153,759,706,797 1,993,149,994,724
 2034 (F) Later period
10
1% 2.00%
1,114 20,243
7.61% 7.61%
534.80 9,720.38

2034 (F) Later period

10
2.00%
1,011,720,627,363 18,388,906,165,810
7.61% 7.61%
485,803,054,554 8,829,894,877,750

2034 (F) Later period

10
2.00%
3,518,611,905,811 76,825,362,281,410
6.67% 6.67%
1,844,517,236,037 40,273,184,052,725
 A. Stable financial indicator 2020
Non-cash current assets/ Total assets 0.08
Net working capital/Total assets 0.49
Current Ratio 4.65
Asset turnover 0.25
Fixed Asset Turnover Ratio 18.73
Debt to total capital ratio 85.78%
Ratio of fixed assets and long-term investment to total assets 37.27%
Depreciation rate on fixed assets 11.23%

B. Select key parameters for prediction 2020

1. Analyze revenue growth rate 3.65%
Medium
Adjusted average
Variance
Standard deviation
2. Analysis of internal growth rate (g) 4.57%
Medium
Adjusted average
Variance
Standard deviation
3. Net profit margin on revenue Average ROS

C. Predict the factors 2024

1. Revenue 39,823,175,683,648
ROS 5.30%
2. EAT 2,110,496,926,600
3. Total assets 251,286,326,838,124
4. Non-cash current assets 15,864,614,133,880
5. Fixed assets and long-term investment 130,059,585,546,605
6. Fixed assets 1,890,638,249,670
7. Liabilities 227,720,439,778,201
8. Depreciation 361,656,740,622
9. Interest expense 1,031,797,974,569
10. Tax rate 20%

D. Cash flow forecasting 2024

FCFE 31,955,786,797,475
FCFF 3,903,364,883,498
1. EAT 2,110,496,926,600
2. Depreciation 361,656,740,622
3. Non-cash working capital changes (740,535,305,015)
4. Net fixed asset investment and long-term investment 134,762,468,394
5. Debt changes 28,877,860,293,632
6. Interest expense
1,031,797,974,569
7. Tax rate 20%
 2021 2022 2023 2024
0.07 0.06 0.07 0.06
0.46 0.42 0.41 0.32
4.58 3.61 3.97 2.97
0.23 0.22 0.19 0.17
19.78 21.30 21.65 21.49
87.01% 89.45% 89.93% 90.62%
41.32% 41.80% 44.64% 51.76%
12.16% 11.09% 10.99% 19.52%

2021 2022 2023 2024

6.67% 10.48% -1.49% -0.64%
3.73%
-1.28%
0.25%
5.02%
-1.63% 3.89% 4.78% 5.79%
3.48%
0.09%
2.94%
0.54%
4.67%

2025(F) 2026(F) 2027(F) 2028(F)

39,312,212,775,818 38,807,805,927,085 38,309,871,018,012 37,818,325,008,486
4.67% 4.67% 4.67% 4.67%
1,835,281,777,984 1,811,733,658,130 1,788,487,679,318 1,765,539,964,839
185,083,736,513,511 182,708,965,476,861 180,364,664,634,853 178,050,443,030,737
12,877,484,356,543 12,712,256,025,568 12,549,147,705,039 12,388,132,193,541
80,247,611,967,053 79,217,971,501,339 78,201,542,138,894 77,198,154,370,789
1,830,133,365,853 1,806,651,304,208 1,783,470,536,025 1,760,587,195,471
165,192,807,028,321 163,073,252,382,496 160,980,893,302,735 158,915,380,848,368
237,835,761,793 234,784,140,461 231,771,673,849 228,797,859,572
835,945,718,984 825,219,872,840 814,631,647,803 804,179,278,085
20% 20% 20% 20%

2025(F) 2026(F) 2027(F) 2028(F)

(7,655,411,853,214) 1,121,831,949,455 1,107,437,956,380 1,093,228,649,646
55,540,977,471,853 3,901,562,493,551 3,851,502,354,384 3,802,084,526,481
1,835,281,777,984 1,811,733,658,130 1,788,487,679,318 1,765,539,964,839
237,835,761,793 234,784,140,461 231,771,673,849 228,797,859,572
(2,987,129,777,337) (165,228,330,975) (163,108,320,529) (161,015,511,497)
(49,811,973,579,552) (1,029,640,465,713) (1,016,429,362,446) (1,003,387,768,105)
(62,527,632,749,880) (2,119,554,645,825) (2,092,359,079,762) (2,065,512,454,367)
835,945,718,984 825,219,872,840 814,631,647,803 804,179,278,085
20% 20% 20% 20%
 Forcast
0.070
0.38
3.52
0.21
21.5
89.25%
43.36%
13.00%

2029(F) 2030(F) 2031(F) 2032(F)

37,333,085,923,862 36,854,072,841,292 36,381,205,876,238 35,914,406,169,139
4.67% 4.67% 4.67% 4.67%
1,742,886,687,725 1,720,524,070,111 1,698,448,382,606 1,676,655,943,668
175,765,914,724,053 173,510,698,726,257 171,284,418,937,196 169,086,704,082,375
12,229,182,638,677 12,072,272,532,585 11,917,375,707,521 11,764,466,331,494
76,207,640,863,033 75,229,836,428,661 74,264,578,000,189 73,311,704,602,418
1,737,997,466,313 1,715,697,581,285 1,693,683,821,457 1,671,952,515,616
156,876,370,555,914 154,863,522,381,629 152,876,500,644,802 150,914,973,971,770
225,862,201,688 222,964,210,623 220,103,403,079 217,279,301,964
793,861,020,556 783,675,154,449 773,619,981,077 763,693,823,549
20% 20% 20% 20%

2029(F) 2030(F) 2031(F) 2032(F)

1,079,201,659,579 1,065,354,646,912 1,051,685,302,394 1,038,191,346,399
3,753,300,768,478 3,705,142,944,756 3,657,603,024,082 3,610,673,078,271
1,742,886,687,725 1,720,524,070,111 1,698,448,382,606 1,676,655,943,668
225,862,201,688 222,964,210,623 220,103,403,079 217,279,301,964
(158,949,554,864) (156,910,106,092) (154,896,825,064) (152,909,376,027)
 (990,513,507,756) (977,804,434,372) (965,258,428,472) (952,873,397,772)
(2,039,010,292,454) (2,012,848,174,284) (1,987,021,736,827) (1,961,526,673,032)
793,861,020,556 783,675,154,449 773,619,981,077 763,693,823,549
20% 20% 20% 20%
 2033(F) 2034(F)
35,453,595,872,267 34,998,698,136,742
4.67% 4.67%
1,655,143,118,995 1,633,906,320,914
166,917,187,651,048 164,775,507,835,092
11,613,518,903,957 11,464,508,251,556
72,371,057,325,586 71,442,479,298,872
1,650,500,039,653 1,629,322,815,959
148,978,615,240,657 147,067,101,526,821
214,491,436,304 211,739,341,171
753,895,026,490 744,221,955,764
20% 20%

2033(F) 2034(F)
1,024,870,528,555 1,011,720,627,363
3,564,345,280,861 3,518,611,905,811
1,655,143,118,995 1,633,906,320,914
214,491,436,304 211,739,341,171
(150,947,427,537) (149,010,652,401)
 (940,647,276,832) (928,578,026,714)
(1,936,358,731,113) (1,911,513,713,837)
753,895,026,490 744,221,955,764
20% 20%
 COMBINED RATIO
Year Losses Incurred (billion VND) Expenses (billion VND) Earned Premiums (billion VND)
2020 29,741,662,023,159 7,181,233,521,379 33,443,676,459,146
2021 31,460,812,756,188 4,725,543,333,449 35,892,307,150,556
2022 36,176,758,730,672 4,434,930,976,748 39,907,573,803,789
2023 38,447,481,952,945 4,027,543,069,391 39,343,620,285,045
2024 36,661,945,636,996 4,079,017,436,980 39,126,183,679,044
Combined Ratio (%)
110.40%
100.82%
101.76%
107.96%
104.13%
 SENSITIVITY OF SALES
Year Industry sales YoY (%) GDP YoY (%)
2020 8.70% 2.91%
2021 8.10% 2.58%
2022 13.03% 8.02%
2023 1.19% 5.05%
2024 2.62% 7.09%
Doccument FiinProX_DE_Chi_so_&_Nganh_20251222 FiinProX_Tong_GDP_20251222

DEGREE OF OPERATING LEVERAGE (DOL)

Year Sales Percentage change in sales

2019 33,309,136,087,180
2020 34,524,044,284,544 3.65%
2021 36,827,961,500,208 6.67%
2022 40,688,247,074,927 10.48%
2023 40,080,480,185,553 -1.49%
2024 39,823,175,683,648 -0.64%
 Interest rate (%)
5.00%
4.95%
6.90% 14.00%
6.30% 12.00%
4.80%
10.00%
FiinProX_DE_Du_lieu_vi_mo_20251222
8.00%

RATING LEVERAGE (DOL) 6.00%

4.00%
EBIT Percentage change in EBIT DOL
2,494,228,039,160 2.00%
2,655,659,209,844 6.47% 1.77 0.00%
2,697,690,393,381 1.58% 0.24 2020
2,742,589,673,996 1.66% 0.16
4,014,041,165,650 46.36% -31.04
3,694,969,451,865 -7.95% 12.38 Indus
 SENSITIVITY OF SALES
14.00%

12.00%

10.00%

8.00%

6.00%

4.00%

2.00%

0.00%
2020 2021 2022 2023 2024
Year

Industry sales YoY (%) GDP YoY (%) Interest rate (%)
 Key Economic Indicators 2019 2020 2021 2022 2023
1. GDP
Nominal GDP 7,707,200 8,044,386 8,487,476 9,621,372 10,320,311
Real GDP 4,866,316 5,005,756 5,133,589 5,571,869 5,854,086
GDP Growth 6.30% 1.90% 1.70% 7.70% 4.40%
2. Unemployment rates
Nationwide 2.17% 2.48% 3.20% 2.34% 2.28%
Urban 3.11% 3.89% 4.33% 2.82% 2.75%
Rural 1.69% 1.75% 2.50% 2.04% 1.99%
3. Inflation 2.80% 3.22% 1.83% 3.16% 3.25%
4. Interest rates
LS tiền gửi 7.3% 6.8% 5.9% 6.7% 7.0%
LS cho vay 10.5% 10.3% 9.2% 9.9% 11.0%
5. Budget deficit
State budget deficit 222,000 234,800 343,670 372,900 455,500
(Ratio of deficit to GDP) 4.56% 4.69% 6.69% 6.69% 7.78%
6. Fiscal policy
7. Monetary policy
Unit: Billion VND
 2024 Source

11,511,867 Data world bank, excel trích từ dữ liệu Data world bank về chỉ tiêu
6,269,210 Data world bank, excel trích từ dữ liệu Data world bank về chỉ tiêu
6.40% Data world bank, excel trích từ dữ liệu Data world bank về chỉ tiêu

2.24%
2.53% Link
2.04%
3.62% Vietnam Inflation Rate (2019-2024)

4.9% Link 2019-2024 , Average 12-month deposit rate

8.4% Link 2019-2024, Medium- and long-term lending rate

399,400 Link 2019, Link 2020, Link 2021, Link 2022, Link 2023, Link 2024
6.37%
 This shape represents a slicer. Slicers
are supported in Excel 2010 or later.

If the shape was modified in an earlier

version of Excel, or if the workbook
was saved in Excel 2003 or earlier, the
slicer cannot be used. GDP
14000000

12000000

10000000

DOL 8000000

6000000
This shape represents a slicer. Slicers
4000000
are supported in Excel 2010 or later.
2000000
If the shape was modified in an earlier
version of Excel, or if the workbook 0
Year 2019 2020 2021
was saved in Excel 2003 or earlier, the
slicer cannot be used. Data

INTEREST RATES
COMBINED 2024
RATIO
2023

This shape represents a slicer. Slicers 2022

are supported in Excel 2010 or later.
2021
If the shape was modified in an 2020
earlier version of Excel, or if the
workbook was saved in Excel 2003 2019
or earlier, the slicer cannot be used.
Year

0 0.02 0.04 0.06 0.08

Column O Data
 BAO VIET HOLDI
GDP UNEMPLOYMENT RATES
0.05
0.045
0.04
0.035
0.03
0.025
0.02
0.015
0.01
0.005
0
ar 2019 2020 2021 2022 2023 2024 Year 2019 2020 2021 2022 2023 2024
Data Column C
Data Column G Column H

BUDGET DEFICIT
ST RATES
222,000
234,800
343,670

2,028,270 372,900

455,500

399,400
0.06 0.08 0.1 0.12
2019 2020 2021 2022
Data 2023 2024 Total Result
HOLDINGS
RATES INFLATION

2.80%
3.22%
2019 2020
1.83%
2021 2022
17.88%
3.16% 2023 2024

Total Result
3.25%

3.62%
2022 2023 2024

Column H

CIT COMBINED RATIO

600%
525.07%
00 500%
43,670
400%

300% Sum of Combined Ratio (%)

200%
110.40% 100.82% 101.76% 107.96% 104.13%
100%

0%
2020 2021 2022 2023 2024 Total Result
2022
t
 Sum of DOL

DOL
15

10

0
t
19

20

21

22

23

24

ul
20

20

20

20

20

20

es
lR

-5
ta
To

-10
525.07%

-15

-20
m of Combined Ratio (%)

-25
%
-30

Total Result -35