Valuation Update With 7 Day Price Move • Mar 30
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫9,800, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 12x in the Construction industry in Vietnam. Total returns to shareholders of 49% over the past three years. Ankündigung • Mar 02
SCI Joint Stock Company, Annual General Meeting, Apr 20, 2026 SCI Joint Stock Company, Annual General Meeting, Apr 20, 2026. Location: 3rd floor, tower c, golden palace building, me tri street, tu liem ward, hanoi Vietnam New Risk • Feb 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Earnings have declined by 26% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₫926.4b market cap, or US$35.2m). Reported Earnings • Jan 31
Full year 2025 earnings released: EPS: ₫989 (vs ₫384 in FY 2024) Full year 2025 results: EPS: ₫989 (up from ₫384 in FY 2024). Revenue: ₫1.43t (up 1.8% from FY 2024). Net income: ₫98.1b (up 145% from FY 2024). Profit margin: 6.9% (up from 2.9% in FY 2024). The increase in margin was primarily driven by lower expenses. New Risk • Nov 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Earnings have declined by 32% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₫1.01t market cap, or US$38.4m). Reported Earnings • Oct 30
Third quarter 2025 earnings released: EPS: ₫359 (vs ₫58.30 in 3Q 2024) Third quarter 2025 results: EPS: ₫359 (up from ₫58.30 in 3Q 2024). Revenue: ₫520.9b (up 43% from 3Q 2024). Net income: ₫32.0b (up 342% from 3Q 2024). Profit margin: 6.1% (up from 2.0% in 3Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Sep 12
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₫12,000, the stock trades at a trailing P/E ratio of 28.6x. Average trailing P/E is 18x in the Construction industry in Vietnam. Total returns to shareholders of 27% over the past three years. New Risk • Jul 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 5.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.9x net interest cover). Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Profit margins are more than 30% lower than last year (1.8% net profit margin). Market cap is less than US$100m (₫981.4b market cap, or US$37.3m). Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫9,900, the stock trades at a trailing P/E ratio of 37.4x. Average trailing P/E is 19x in the Construction industry in Vietnam. Total returns to shareholders of 6.9% over the past three years. New Risk • Apr 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 5.7% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). High level of non-cash earnings (48% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (₫604.7b market cap, or US$23.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫6,100, the stock trades at a trailing P/E ratio of 18x. Average trailing P/E is 18x in the Construction industry in Vietnam. Total loss to shareholders of 52% over the past three years. New Risk • Feb 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 5.1% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). High level of non-cash earnings (48% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (5.1% average weekly change). Market cap is less than US$100m (₫882.3b market cap, or US$34.4m). Ankündigung • Feb 18
SCI Joint Stock Company, Annual General Meeting, Apr 10, 2025 SCI Joint Stock Company, Annual General Meeting, Apr 10, 2025. Location: head office of sci joint stock company, - 3rd floor, tower c, golden palace building, me tri street, me tri ward, nam tu liem district, hanoi Vietnam New Risk • May 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.0% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Share price has been highly volatile over the past 3 months (7.0% average weekly change). Minor Risk Market cap is less than US$100m (₫1.05t market cap, or US$42.1m). New Risk • Mar 08
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 5.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (₫1.08t market cap, or US$44.3m). New Risk • Jul 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shareholders have been substantially diluted in the past year (51% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (₫958.8b market cap, or US$40.5m). Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman Nguyen Hung was the last director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Aug 10
Insider recently bought ₫5.0b worth of stock On the 2nd of August, Huong Nguyen bought around 500k shares on-market at roughly ₫10,000 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Chairman Nguyen Hung was the last director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Is New 90 Day High Low • Feb 09
New 90-day high: ₫19,900 The company is up 19% from its price of ₫16,700 on 11 November 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 48% over the same period. Is New 90 Day High Low • Jan 20
New 90-day low: ₫15,400 The company is down 14% from its price of ₫18,000 on 22 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 39% over the same period. Is New 90 Day High Low • Dec 07
New 90-day low: ₫16,000 The company is down 22% from its price of ₫20,500 on 08 September 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 14% over the same period. 
