Determining the priority levels of stock evaluation criteria using an integrated Delphi and AHP approach

This study develops a Multiple Criteria Decision Making (MCDM) model integrating the Delphi method and Analytic Hierarchy Process (AHP) to establish a set of evaluation criteria for stock selection in the Vietnamese stock market. The model is constructed based on expert opinions from financial and securities investment professionals, focusing on three key criterion categories: financial performance, financial risk, and market sentiment. The findings indicate that financial performance is the most critical criterion in stock evaluation, with Earnings Per Share (EPS) assigned the highest weight, reflecting investors' preference for transparent and easily recognizable indicators. Other highly weighted sub-criteria include capital size (CAP), Return on Assets (ROA), and Return on Equity (ROE), underscoring the importance of a strong financial foundation in investment decisions. Additionally, financial risk indicators such as the Debt-to-Assets Ratio (DAR) and Debt-to-Equity Ratio (DER) significantly influence investor perceptions of corporate leverage.In contrast, market sentiment criterion, including sub-criteria as the Relative Strength Index (RSI), Commodity Channel Index (CCI), and Money Flow Index (MFI), receive lower weights, indicating their limited impact on long-term investment decisions. This study provides a scientific basis for investors to optimize investment strategies and decision-making while offering recommendations for enhancing financial transparency, strengthening corporate information oversight, and improving risk management policies in the Vietnamese stock market.