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IPA Investment Group JSCHSTC:IPA -2.70%85 Owner Earnings per Share (TTM) is 1,637.18 as of Mar. 2026, which is 56354% above its 10-year median of 2.90. GuruFocus rates HSTC:IPA with a GF Score™ of 85/100 and a GF Value™ of ₫23,416.83 (Possible Value Trap). The stock has 5 warning signs investors should review. Among 338 Capital Markets companies, IPA Investment Group JSC ranks better than 68.05% on this metric.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
IPA Investment Group JSC's Owner Earnings per Share (TTM) ended in Mar. 2026 was ₫1,637.18. It's Price-to-Owner-Earnings ratio for today is 8.8.
The historical rank and industry rank for IPA Investment Group JSC's Owner Earnings per Share (TTM) or its related term are showing as below:
HSTC:IPA'
s Price-to-Owner-Earnings Range Over the Past 10 Years
Min: 1.71 Med: 2.9 Max: 27.63
Current: 8.8
HSTC:IPA's Price-to-Owner-Earnings is ranked better than 68.05% of 338
companies
in the Capital Markets industry
Industry Median: 14.64
vs HSTC:IPA: 8.80
Assumption: Companies usually do not report maintenance capital expenditures and growth capital expenditures separately. Here we use estimated numbers and average them over 5 years. The method to estimate maintenance capital expenditures can be found in above part 4.
Note: GuruFocus' Change In Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And it includes non-current parts of assets and liabilities.
IPA Investment Group JSC Owner Earnings per Share (TTM) Related Terms
IPA Investment Group JSC Owner Earnings per Share (TTM) Historical Data
* Premium members only.
The historical data trend for IPA Investment Group JSC's Owner Earnings per Share (TTM) can be seen below:
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
IPA Investment Group JSC Owner Earnings per Share (TTM) Chart
HSTC:IPA vs MS, GS, SCHW: Owner Earnings per Share (TTM) Comparison
For the Capital Markets subindustry, IPA Investment Group JSC's Price-to-Owner-Earnings, along with its competitors' market caps and Price-to-Owner-Earnings data, can be viewed below:
* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.
IPA Investment Group JSC Price-to-Owner-Earnings vs Capital Markets Industry
For the Capital Markets industry and Financial Services sector, IPA Investment Group JSC's Price-to-Owner-Earnings distribution charts can be found below:
* The bar in red indicates where IPA Investment Group JSC's Price-to-Owner-Earnings falls into.
"These represent (a) reported earnings plus (b) depreciation, depletion, amortization, and certain other non-cash charges...less (c) the average annual amount of capitalized expenditures for plant and equipment, etc. that the business requires to fully maintain its long-term competitive position and its unit volume. (If the business requires additional working capital to maintain its competitive position and unit volume, the increment also should be included in (c))...Our owner-earnings equation does not yield the deceptively precise figures provided by GAAP, since (c) must be a guess - and one sometimes very difficult to make. Despite this problem, we consider the owner earnings figure, not the GAAP figure, to be the relevant item for valuation purposes - both for investors in buying stocks and for managers in buying entire businesses...All of this points up the absurdity of the 'cash flow' numbers that are often set forth in Wall Street reports. These numbers routinely include (a) plus (b) - but do not subtract (c)."
3. Other non-cash charges usually include "Stock Based Compensation" and "Change In Deferred Tax":
However, to be conservative, GuruFocus will not add Stock Based Compensation back to net income.
IPA Investment Group JSC's Change In Deferred Tax for the trailing twelve months (TTM) ended in Mar. 2026 was ₫0 Mil.
4. Average maintenance capital expenditure over a business/industry cycle: 5-Year Average Maintenance Capital Expenditure = ₫25,448 Mil
It is usually best to take a long-term average of maintenance capital expenditure. Ideally this would be as long as 10 years and include at least one economic downturn. However, since many companies do not have as long as 10-year history, here GuruFocus uses the latest 5 years data to do the calculation. To smooth out unusual years but reflect recent developments, we take an average of the 5 year maintenance capital expenditure.
The following shows how to get maintenance capital expenditure.
First, calculate the revenue change regarding to the previous quarter. If the revenue decreased from the previous quarter, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
Second, if the revenue increased from the previous quarter, then calculate the percentage of Net PPE as of corresponding Revenue.
Growth Capital Expenditure = Percentage of Property, Plant and Equipment as of corresponding Revenue * Revenue Increase
Third, calculate Capital Expenditure (positive) - Growth Capital Expenditure.
If [Capital Expenditure (positive) - Growth Capital Expenditure] was negative, then the Maintenance Capital Expenditure = Capital Expenditure (positive).
If [Capital Expenditure (positive) - Growth Capital Expenditure] was positive, then the Maintenance Capital Expenditure = Capital Expenditure (positive) - Growth Capital Expenditure.
Fourth, get the average of the 5 years maintenance capital expenditure.
IPA Investment Group JSC's 5-Year Average Maintenance Capital Expenditure = ₫25,448 Mil
5. "Change In Working Capital" is from cashflow statement. IPA Investment Group JSC's Change In Working Capital for the trailing twelve months (TTM) ended in Mar. 2026 was ₫-252,321 Mil.
Note: GuruFocus' Change in Working Capital is provided by Morningstar. It is calculated by adding the items under "Change in operating assets and liabilities" (may refer to a different name for different company) section in Cash Flow Statement from original financial report. And sometimes it includes non-current parts of assets and liabilities.
* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD. * For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.
What does a Owner Earnings per Share (TTM) of 1,637.18 mean?
IPA Investment Group JSC (HSTC:IPA) has a Owner Earnings per Share (TTM) of 1,637.18 as of Mar. 2026. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on IPA Investment Group JSC. This is 56354% above median its historical median of 2.90. Over the past decade, IPA Investment Group JSC's Owner Earnings per Share (TTM) has ranged from 1.71 to 27.63. According to the industry distribution chart, IPA Investment Group JSC ranks #108 out of 338 companies in the Capital Markets industry, placing it in the top 32%.
Is IPA Investment Group JSC's Owner Earnings per Share (TTM) too high?
IPA Investment Group JSC's current Owner Earnings per Share (TTM) of 1,637.18 is 56354% above median its 10-year median of 2.90. Over the past 10 years, this metric has ranged from a low of 1.71 to a high of 27.63. The Capital Markets industry median Owner Earnings per Share (TTM) is 14.64. IPA Investment Group JSC's value of 1,637.18 is 11082.9% above this industry median. Based on the distribution chart, IPA Investment Group JSC ranks #108 out of 338 companies in the Capital Markets industry, which is above the industry midpoint. Overall, IPA Investment Group JSC has a GF Score™ of 85/100 and is considered Possible Value Trap, reflecting its overall financial health beyond just this single metric.
How does IPA Investment Group JSC's Owner Earnings per Share (TTM) compare to MS and GS?
According to the Capital Markets industry distribution chart, IPA Investment Group JSC ranks #108 out of 338 companies for Owner Earnings per Share (TTM). This puts IPA Investment Group JSC in the upper half of its industry. The industry median Owner Earnings per Share (TTM) is 14.64. IPA Investment Group JSC's value of 1,637.18 is 11082.9% above this benchmark. Historically, IPA Investment Group JSC's own Owner Earnings per Share (TTM) has ranged from 1.71 to 27.63 over the past decade. While the company's 10-year median is 2.90 vs. the industry median of 14.64, IPA Investment Group JSC has consistently been above the industry average. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good Owner Earnings per Share (TTM) for a Capital Markets company?
The median Owner Earnings per Share (TTM) among Capital Markets companies is 14.64, based on 338 companies in the industry. Companies in the top quartile (top 25%) have a Owner Earnings per Share (TTM) significantly above this median, while those in the bottom quartile fall well below. However, Owner Earnings per Share (TTM) should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. IPA Investment Group JSC's current Owner Earnings per Share (TTM) of 1,637.18 is 11082.9% above the industry median. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high Owner Earnings per Share (TTM) mean?
A high Owner Earnings per Share (TTM) can signal that a stock is expensive relative to its fundamentals. Warren Buffett defined owner earnings as reported earnings plus depreciation less average maintenance capital expenditure. View historical data on IPA Investment Group JSC. For the Capital Markets industry, the median Owner Earnings per Share (TTM) is 14.64 — values significantly above this may indicate overvaluation, while values below may suggest a bargain or underlying issues. IPA Investment Group JSC's current Owner Earnings per Share (TTM) is 1,637.18, which is 56354% above median its own 10-year median of 2.90. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is IPA Investment Group JSC stock overvalued right now?
Based on GuruFocus' analysis, IPA Investment Group JSC (HSTC:IPA) is currently considered Possible Value Trap. The stock's GF Value™ is ₫23,416.83, compared to a current price of ₫14,400.00 — trading 38.5% below its estimated fair value. The current Owner Earnings per Share (TTM) is 1,637.18, which is 56354% above median its 10-year median of 2.90 and 11082.9% above the Capital Markets industry median of 14.64. IPA Investment Group JSC's overall GF Score™ is 85/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is Owner Earnings per Share (TTM) calculated?
Owner Earnings per Share (TTM) is calculated from a company's financial statements. For IPA Investment Group JSC (HSTC:IPA), the current Owner Earnings per Share (TTM) is 1,637.18 as of Mar. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.
Is IPA Investment Group JSC (HSTC:IPA) Overvalued in 2026?
Based on GuruFocus' analysis, IPA Investment Group JSC stock appears to be undervalued.
The current stock price of ₫14,400.00 is trading 38.5% below its estimated GF Value™ of ₫23,416.83.
GuruFocus considers IPA Investment Group JSC to be Possible Value Trap.
Key valuation signals for HSTC:IPA:
Owner Earnings per Share (TTM): 1,637.18 (56354% above median its 10-year median of 2.90)
GF Value™: ₫23,416.83 vs. price of ₫14,400.00 (38.5% below fair value)
Industry Position: 11082.9% above the Capital Markets median (#108 of 338)
No single metric tells the full story. See the HSTC:IPA stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.
IPA Investment Group JSC is a multi-sector investment group building and operating a business ecosystem under the Capability Bank model. It operates diversified business lines directly and/or through subsidiaries, associated companies, and enterprises within the IPA Group ecosystem in Vietnam. The Group's operating business segments are: Financial Services, Investment, Commercial electricity production, Business solutions, F&B, and Others: other services, real estate, goods, etc. The majority of its revenue is derived from its Business solutions and Commercial electricity production segments. These segments offer technology and digital solutions to businesses and engage in construction investment, power facilities development, and the trading of commercial electricity.
85GF Score
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