Board Change • May 11
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. General Director & Director Nhung Mac was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 08
Thanh Thai Group Joint Stock Company, Annual General Meeting, Apr 23, 2026 Thanh Thai Group Joint Stock Company, Annual General Meeting, Apr 23, 2026, at 14:30 SE Asia Standard Time. Location: cau kien facility, thanh thai group jsc, ngo yen, Vietnam Valuation Update With 7 Day Price Move • Mar 13
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫6,200, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 15x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 19% over the past three years. New Risk • Feb 04
New major risk - Revenue and earnings growth Earnings have declined by 12% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (360% accrual ratio). Revenue is less than US$1m (₫18b revenue, or US$698k). Market cap is less than US$10m (₫33.3b market cap, or US$1.26m). Board Change • Jan 12
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. General Director & Director Nhung Mac was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 23
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. General Director & Director Nhung Mac was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫6,700, the stock trades at a trailing P/E ratio of 2.3x. Average trailing P/E is 14x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 16% over the past three years. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: ₫1,752 (vs ₫12.17 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,752 (up from ₫12.17 in 3Q 2024). Revenue: ₫7.47b (up 159% from 3Q 2024). Net income: ₫9.11b (up ₫9.05b from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 143% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫8,000, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 19x in the Metals and Mining industry in Vietnam. Total loss to shareholders of 45% over the past three years. Board Change • Jul 01
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. General Director & Director Nhung Mac was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 25
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫3.24b (down 89% from 1Q 2024). Net income: ₫593.0m (up 27% from 1Q 2024). Profit margin: 18% (up from 1.5% in 1Q 2024). The increase in margin was driven by lower expenses. Board Change • Apr 24
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. General Director & Director Nhung Mac was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Ankündigung • Apr 10
Thanh Thai Group Joint Stock Company, Annual General Meeting, Apr 28, 2025 Thanh Thai Group Joint Stock Company, Annual General Meeting, Apr 28, 2025, at 14:00 SE Asia Standard Time. Location: cau kien facility, thanh thai group joint stock company, ngo yen hamlet, an hong commune, an duong district, hai phong Vietnam Board Change • Feb 05
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jan 23
Full year 2024 earnings released: EPS: ₫1,395 (vs ₫28.00 in FY 2023) Full year 2024 results: EPS: ₫1,395 (up from ₫28.00 in FY 2023). Revenue: ₫88.6b (down 14% from FY 2023). Net income: ₫7.26b (up ₫7.11b from FY 2023). Profit margin: 8.2% (up from 0.1% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. Board Change • Jan 22
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Nov 26
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: ₫12.00 (vs ₫314 in 3Q 2023) Third quarter 2024 results: EPS: ₫12.00 (down from ₫314 in 3Q 2023). Revenue: ₫2.88b (down 84% from 3Q 2023). Net income: ₫63.3m (down 96% from 3Q 2023). Profit margin: 2.2% (down from 8.9% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has fallen by 40% per year, which means it is performing significantly worse than earnings. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫4,400, the stock trades at a trailing P/E ratio of 6.1x. Average trailing P/E is 13x in the Metals and Mining industry in Vietnam. Total loss to shareholders of 84% over the past three years. Valuation Update With 7 Day Price Move • Sep 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫4,700, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 13x in the Metals and Mining industry in Vietnam. Total loss to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫6,800, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 13x in the Metals and Mining industry in Vietnam. Total loss to shareholders of 76% over the past three years. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫2.00 (vs ₫500 loss in 2Q 2023) Second quarter 2024 results: EPS: ₫2.00 (up from ₫500 loss in 2Q 2023). Revenue: ₫41.9b (up 8.5% from 2Q 2023). Net income: ₫8.99m (up ₫2.61b from 2Q 2023). Profit margin: 0% (up from net loss in 2Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 60% per year but the company’s share price has only fallen by 44% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫6,800, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 21x in the Metals and Mining industry in Vietnam. Total loss to shareholders of 49% over the past three years. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: ₫90.00 (vs ₫91.00 loss in 1Q 2023) First quarter 2024 results: EPS: ₫90.00 (up from ₫91.00 loss in 1Q 2023). Revenue: ₫30.3b (up 6.4% from 1Q 2023). Net income: ₫466.4m (up ₫939.5m from 1Q 2023). Profit margin: 1.5% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 26
Full year 2023 earnings released: EPS: ₫28.00 (vs ₫6,269 loss in FY 2022) Full year 2023 results: EPS: ₫28.00 (up from ₫6,269 loss in FY 2022). Revenue: ₫103.2b (down 54% from FY 2022). Net income: ₫144.5m (up ₫32.8b from FY 2022). Profit margin: 0.1% (up from net loss in FY 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 65 percentage points per year, which is a significant difference in performance. Board Change • Nov 02
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Sep 29
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jul 29
Second quarter 2023 earnings released: ₫500 loss per share (vs ₫4,807 loss in 2Q 2022) Second quarter 2023 results: ₫500 loss per share (improved from ₫4,807 loss in 2Q 2022). Revenue: ₫38.6b (down 37% from 2Q 2022). Net loss: ₫2.60b (loss narrowed 89% from 2Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 78 percentage points per year, which is a significant difference in performance. Buying Opportunity • Apr 26
Now 26% undervalued after recent price drop Over the last 90 days, the stock is down 36%. The fair value is estimated to be ₫7,552, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Meanwhile, the company became loss making. Board Change • Apr 20
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Mar 08
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 29%. The fair value is estimated to be ₫7,224, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 24% over the last 3 years. Meanwhile, the company became loss making. 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. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Oct 26
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 28%. The fair value is estimated to be ₫15,563, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Oct 18
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. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 06
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. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Aug 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 34%. The fair value is estimated to be ₫16,845, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Jul 08
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. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 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. 5 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫26,200, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 9x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 145% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₫35,000, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 7x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 227% over the past three years. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS ₫825 (vs ₫88.00 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫126.5b (up 46% from 2Q 2020). Net income: ₫3.87b (up ₫4.28b from 2Q 2020). Profit margin: 3.1% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₫27,100, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 9x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 153% over the past three years. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 24% share price gain to ₫17,300, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 20x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 55% over the past three years. Reported Earnings • Apr 27
First quarter 2021 earnings released: EPS ₫946 (vs ₫1,032 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫99.0b (up 60% from 1Q 2020). Net income: ₫4.44b (up ₫9.28b from 1Q 2020). Profit margin: 4.5% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 21% share price gain to ₫19,500, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 15x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 71% over the past three years. Upcoming Dividend • Apr 02
Inaugural dividend of ₫700 per share Eligible shareholders must have bought the stock before 09 April 2021. Payment date: 28 May 2021. The company last paid an ordinary dividend in February 2014. The average dividend yield among industry peers is 1.0%. Is New 90 Day High Low • Mar 08
New 90-day high: ₫14,000 The company is up 87% from its price of ₫7,500 on 08 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 24% over the same period. Valuation Update With 7 Day Price Move • Feb 26
Investor sentiment improved over the past week After last week's 19% share price gain to ₫13,000, the stock is trading at a trailing P/E ratio of 5x, up from the previous P/E ratio of 4.2x. This compares to an average P/E of 9x in the Metals and Mining industry in Vietnam. Total returns to shareholders over the past three years are 5.2%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫10,100, the stock is trading at a trailing P/E ratio of 3.9x, down from the previous P/E ratio of 4.7x. This compares to an average P/E of 9x in the Metals and Mining industry in Vietnam. Total return to shareholders over the past three years is a loss of 18%. Reported Earnings • Jan 21
Full year 2020 earnings released: EPS ₫2,600 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫454.4b (down 16% from FY 2019). Net income: ₫12.2b (up ₫17.2b from FY 2019). Profit margin: 2.7% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 12
New 90-day high: ₫8,200 The company is up 41% from its price of ₫5,800 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 55% over the same period. Is New 90 Day High Low • Nov 14
New 90-day high: ₫6,800 The company is up 24% from its price of ₫5,500 on 11 August 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 33% over the same period. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total losses of ₫4.95b, with losses narrowing by 30% from the prior year. Total revenue was ₫391.8b over the last 12 months, down 28% from the prior year. 
