Ankündigung • Jul 16
The Southern Fertilizer Joint Stock Company announces Annual dividend, payable on July 31, 2026 The Southern Fertilizer Joint Stock Company announced Annual dividend of VND 500.0000 per share payable on July 31, 2026, ex-date on July 23, 2026 and record date on July 24, 2026. New Risk • Jul 07
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 5.2% 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 High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (₫519.7b market cap, or US$19.7m). Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫202 (vs ₫134 in 1Q 2025) First quarter 2026 results: EPS: ₫202 (up from ₫134 in 1Q 2025). Revenue: ₫1.02t (up 109% from 1Q 2025). Net income: ₫9.66b (up 51% from 1Q 2025). Profit margin: 0.9% (down from 1.3% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Ankündigung • Feb 10
The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 04, 2026 The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 04, 2026. Location: hiep phuoc industrial park, nha be province, hcmc Vietnam New Risk • Oct 29
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (59% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫483.8b market cap, or US$18.4m). Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₫200 (vs ₫165 in 3Q 2024) Third quarter 2025 results: EPS: ₫200 (up from ₫165 in 3Q 2024). Revenue: ₫678.3b (up 127% from 3Q 2024). Net income: ₫9.60b (up 21% from 3Q 2024). Profit margin: 1.4% (down from 2.6% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has remained flat, which means it is well ahead of earnings. New Risk • Jul 26
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (43% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₫529.3b market cap, or US$20.1m). Reported Earnings • Jul 26
Second quarter 2025 earnings released: EPS: ₫251 (vs ₫164 in 2Q 2024) Second quarter 2025 results: EPS: ₫251 (up from ₫164 in 2Q 2024). Revenue: ₫572.5b (up 28% from 2Q 2024). Net income: ₫12.0b (up 53% from 2Q 2024). Profit margin: 2.1% (up from 1.8% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. New Risk • Jun 19
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 7.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (48% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$100m (₫550.8b market cap, or US$20.9m). Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫12,700, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 12x in the Chemicals industry in Vietnam. Negligible returns to shareholders over past three years. Declared Dividend • Jun 09
Dividend of ₫500 announced Dividend of ₫500 is the same as last year. Ex-date: 19th June 2025 Payment date: 18th July 2025 Dividend yield will be 4.7%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 129% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: ₫134 (vs ₫85.45 in 1Q 2024) First quarter 2025 results: EPS: ₫134 (up from ₫85.45 in 1Q 2024). Revenue: ₫487.2b (up 42% from 1Q 2024). Net income: ₫6.41b (up 57% from 1Q 2024). Profit margin: 1.3% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. New Risk • Apr 03
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 5.3% 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 High level of non-cash earnings (48% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (1.6% net profit margin). Market cap is less than US$100m (₫490.9b market cap, or US$19.1m). Ankündigung • Mar 06
The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 18, 2025 The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 18, 2025. Location: lot b2, area b, hiep phuoc industrial park, nha be district, hcm city, Vietnam New Risk • Mar 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 84% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (84% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (1.5% net profit margin). Market cap is less than US$100m (₫536.5b market cap, or US$20.9m). Valuation Update With 7 Day Price Move • Feb 14
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫11,500, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total loss to shareholders of 32% over the past three years. Reported Earnings • Oct 20
Third quarter 2024 earnings released: EPS: ₫165 (vs ₫399 in 3Q 2023) Third quarter 2024 results: EPS: ₫165 (down from ₫399 in 3Q 2023). Revenue: ₫298.8b (down 29% from 3Q 2023). Net income: ₫7.91b (down 59% from 3Q 2023). Profit margin: 2.6% (down from 4.5% 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 5% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: ₫164 (vs ₫172 loss in 2Q 2023) Second quarter 2024 results: EPS: ₫164 (up from ₫172 loss in 2Q 2023). Revenue: ₫447.7b (up 9.9% from 2Q 2023). Net income: ₫7.87b (up ₫16.1b from 2Q 2023). Profit margin: 1.8% (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 increased by 8% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫15,400, the stock trades at a trailing P/E ratio of 27.3x. Average trailing P/E is 18x in the Chemicals industry in Vietnam. Total returns to shareholders of 92% over the past three years. Declared Dividend • Jun 01
Dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 11th June 2024 Payment date: 12th July 2024 Dividend yield will be 3.5%, which is lower than the industry average of 5.2%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (24% cash payout ratio). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 44% to shift the payout ratio to a potentially unsustainable range, which is more than the 7.5% EPS decline seen over the last 5 years. New Risk • May 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.7% Last year net profit margin: 2.9% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Share price has been highly volatile over the past 3 months (7.8% average weekly change). Minor Risks Profit margins are more than 30% lower than last year (1.7% net profit margin). Market cap is less than US$100m (₫639.4b market cap, or US$24.9m). Buy Or Sell Opportunity • Apr 20
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 48% to ₫13,200. The fair value is estimated to be ₫10,584, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 37%. New Risk • Apr 04
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 6.8% 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 Risk Share price has been highly volatile over the past 3 months (6.8% average weekly change). Minor Risk Market cap is less than US$100m (₫627.5b market cap, or US$25.1m). Buy Or Sell Opportunity • Feb 28
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 59% to ₫13,250. The fair value is estimated to be ₫10,804, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 37%. Valuation Update With 7 Day Price Move • Feb 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫11,250, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 50% over the past three years. Board Change • Feb 22
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: No independent directors. 7 non-independent directors. Member of the Supervisory Board & Director Minh Tran was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫11,400, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 49% over the past three years. Reported Earnings • Jan 31
Full year 2023 earnings released: EPS: ₫1,187 (vs ₫940 in FY 2022) Full year 2023 results: EPS: ₫1,187 (up from ₫940 in FY 2022). Revenue: ₫1.56t (down 22% from FY 2022). Net income: ₫56.8b (up 26% from FY 2022). Profit margin: 3.6% (up from 2.2% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Ankündigung • Dec 22
The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 19, 2024 The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 19, 2024. Location: Hiep Phuoc Fertilizer Plant Vietnam Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: ₫399 (vs ₫47.63 in 3Q 2022) Third quarter 2023 results: EPS: ₫399 (up from ₫47.63 in 3Q 2022). Revenue: ₫421.2b (down 26% from 3Q 2022). Net income: ₫19.1b (up ₫16.9b from 3Q 2022). Profit margin: 4.5% (up from 0.4% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 11
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫10,050, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 17x in the Chemicals industry in Vietnam. Total returns to shareholders of 95% over the past three years. Ankündigung • Jul 26
The Southern Fertilizer Joint Stock Company Appoints Nguyen Hong Truong as Deputy Director At Financial & Accountant Department, Effective from July 21, 2023 The Southern Fertilizer Joint Stock Company announced the appointment of Mr. Nguyen Hong Truong as Deputy Director at Financial & Accountant Department. Effective date is July 21, 2023. New Risk • Jul 20
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.4% Last year net profit margin: 3.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 2.0% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (91% payout ratio). Profit margins are more than 30% lower than last year (1.4% net profit margin). Market cap is less than US$100m (₫407.1b market cap, or US$17.2m). Reported Earnings • Jul 20
Second quarter 2023 earnings released: ₫173 loss per share (vs ₫442 profit in 2Q 2022) Second quarter 2023 results: ₫173 loss per share (down from ₫442 profit in 2Q 2022). Revenue: ₫407.3b (down 39% from 2Q 2022). Net loss: ₫8.30b (down 139% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. New Risk • Jun 23
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 8.3% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫471.8b market cap, or US$20.1m). Reported Earnings • Apr 24
First quarter 2023 earnings released: EPS: ₫707 (vs ₫590 in 1Q 2022) First quarter 2023 results: EPS: ₫707 (up from ₫590 in 1Q 2022). Revenue: ₫311.2b (down 45% from 1Q 2022). Net income: ₫33.9b (up 20% from 1Q 2022). Profit margin: 11% (up from 5.0% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 19
Full year 2022 earnings released: EPS: ₫933 (vs ₫764 in FY 2021) Full year 2022 results: EPS: ₫933 (up from ₫764 in FY 2021). Revenue: ₫2.01t (down 4.8% from FY 2021). Net income: ₫44.7b (up 22% from FY 2021). Profit margin: 2.2% (up from 1.7% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Ankündigung • Dec 31
The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 28, 2023 The Southern Fertilizer Joint Stock Company, Annual General Meeting, Apr 28, 2023. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: ₫48.00 (vs ₫122 in 3Q 2021) Third quarter 2022 results: EPS: ₫48.00 (down from ₫122 in 3Q 2021). Revenue: ₫571.4b (up 40% from 3Q 2021). Net income: ₫2.28b (down 61% from 3Q 2021). Profit margin: 0.4% (down from 1.4% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 111% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ₫449 (vs ₫201 in 2Q 2021) Second quarter 2022 results: EPS: ₫449 (up from ₫201 in 2Q 2021). Revenue: ₫662.4b (up 13% from 2Q 2021). Net income: ₫21.5b (up 124% from 2Q 2021). Profit margin: 3.2% (up from 1.6% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 27
Upcoming dividend of ₫200 per share Eligible shareholders must have bought the stock before 02 June 2022. Payment date: 04 July 2022. Payout ratio is a comfortable 19% and this is well supported by cash flows. Trailing yield: 1.6%. Lower than top quartile of Vietnamese dividend payers (7.3%). Lower than average of industry peers (2.5%). Ankündigung • May 26
The Southern Fertilizer Joint Stock Company Approves Dividend for 2021, payable on June 30, 2022 The Board resolution dated May 19, 2022, the BOD of The Southern Fertilizer Joint Stock Company approved 2021 cash dividend payment of 2%/share (200 dongs/share) with record date of May 30, 2022 and payment date of expected on June 30, 2022. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 17% share price gain to ₫21,400, the stock trades at a trailing P/E ratio of 29.7x. Average trailing P/E is 12x in the Chemicals industry in Vietnam. Total returns to shareholders of 73% over the past three years. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫720 (up from ₫63.17 in FY 2020). Revenue: ₫2.11t (up 52% from FY 2020). Net income: ₫34.5b (up ₫31.5b from FY 2020). Profit margin: 1.6% (up from 0.2% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Ankündigung • Jan 19
The Southern Fertilizer Joint Stock Company Provides Earnings Guidance for the First Quarter of Fiscal Year 2022 The Southern Fertilizer Joint Stock Company provided earnings guidance for the first quarter of fiscal year 2022. For the quarter, the company expects total revenue of VND 420,000 million and profit of VND 5,000 million. Valuation Update With 7 Day Price Move • Dec 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₫18,800, the stock trades at a trailing P/E ratio of 49.9x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total returns to shareholders of 44% over the past three years. Reported Earnings • Oct 31
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫409.8b (up 73% from 3Q 2020). Net income: ₫5.86b (up ₫5.57b from 3Q 2020). Profit margin: 1.4% (up from 0.1% in 3Q 2020). The increase in margin 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 118 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improved over the past week After last week's 23% share price gain to ₫16,600, the stock trades at a trailing P/E ratio of 63.7x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total returns to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 15% share price gain to ₫13,600, the stock trades at a trailing P/E ratio of 52.2x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₫12,900, the stock trades at a trailing P/E ratio of 49.7x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 22% share price gain to ₫11,700, the stock trades at a trailing P/E ratio of 45x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 9.7% over the past three years. Reported Earnings • Aug 01
Second quarter 2021 earnings released: EPS ₫200 (vs ₫190 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫584.2b (up 17% from 2Q 2020). Net income: ₫9.59b (up 6.6% from 2Q 2020). Profit margin: 1.6% (down from 1.8% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₫10,150, the stock trades at a trailing P/E ratio of 41.3x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total loss to shareholders of 8.6% over the past three years. Upcoming Dividend • Jun 19
Upcoming dividend of ₫250 per share Eligible shareholders must have bought the stock before 24 June 2021. Payment date: 26 July 2021. Trailing yield: 2.6%. Lower than top quartile of Vietnamese dividend payers (7.3%). Lower than average of industry peers (4.2%). Reported Earnings • Mar 27
Full year 2020 earnings released: EPS ₫58.87 (vs ₫32.14 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫1.39t (down 15% from FY 2019). Net income: ₫2.82b (up 83% from FY 2019). Profit margin: 0.2% (up from 0.1% in FY 2019). The increase in margin 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 93 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 02
New 90-day high: ₫9,190 The company is up 29% from its price of ₫7,100 on 02 December 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 28% over the same period. Reported Earnings • Feb 01
Full year 2020 earnings released: EPS ₫58.87 (vs ₫32.14 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫1.39t (down 15% from FY 2019). Net income: ₫2.82b (up 83% from FY 2019). Profit margin: 0.2% (up from 0.1% in FY 2019). The increase in margin 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 85 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 08
New 90-day high: ₫8,090 The company is up 15% from its price of ₫7,030 on 09 October 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Nov 28
New 90-day high: ₫7,700 The company is up 39% from its price of ₫5,550 on 28 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 23
New 90-day high: ₫7,650 The company is up 33% from its price of ₫5,750 on 24 July 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 18% over the same period. 
