Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫466 (vs ₫395 in 1Q 2025) First quarter 2026 results: EPS: ₫466 (up from ₫395 in 1Q 2025). Revenue: ₫140.2b (up 39% from 1Q 2025). Net income: ₫5.22b (up 18% from 1Q 2025). Profit margin: 3.7% (down from 4.4% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Anuncio • Mar 02
Ngan Son Joint Stock Company, Annual General Meeting, Apr 24, 2026 Ngan Son Joint Stock Company, Annual General Meeting, Apr 24, 2026. Location: no. 01, ts1 street, tien son industrial park, dai dong commune, bac ninh province, Vietnam New Risk • Feb 05
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (51% accrual ratio). Market cap is less than US$10m (₫133.3b market cap, or US$5.07m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.8% average weekly change). Reported Earnings • Jan 24
Full year 2025 earnings released: EPS: ₫2,171 (vs ₫1,635 in FY 2024) Full year 2025 results: EPS: ₫2,171 (up from ₫1,635 in FY 2024). Revenue: ₫945.4b (up 8.7% from FY 2024). Net income: ₫24.3b (up 33% from FY 2024). Profit margin: 2.6% (up from 2.1% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year whereas the company’s share price has increased by 26% per year. New Risk • Sep 17
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 8.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risks Debt is not well covered by operating cash flow (0.8% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (9.5% average weekly change). Market cap is less than US$10m (₫146.7b market cap, or US$5.58m). Minor Risk Paying a dividend despite having no free cash flows. Upcoming Dividend • Sep 08
Upcoming dividend of ₫1,050 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 17 October 2025. Trailing yield: 2.3%. Lower than top quartile of Vietnamese dividend payers (7.3%). Lower than average of industry peers (3.9%). Declared Dividend • Aug 22
Dividend of ₫1,050 announced Shareholders will receive a dividend of ₫1,050. Ex-date: 15th September 2025 Payment date: 17th October 2025 Dividend yield will be 7.6%, which is higher than the industry average of 6.0%. Sustainability & Growth The dividend has decreased over the past 76 years, indicating a lack of growth and stability in payments. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫13,700, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Tobacco industry in Asia. Total returns to shareholders of 136% over the past three years. New Risk • Jul 04
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 7.1% 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 High level of non-cash earnings (41% accrual ratio). Market cap is less than US$10m (₫135.5b market cap, or US$5.15m). Minor Risk Share price has been volatile over the past 3 months (7.1% average weekly change). Reported Earnings • Apr 18
First quarter 2025 earnings released: EPS: ₫395 (vs ₫452 in 1Q 2024) First quarter 2025 results: EPS: ₫395 (down from ₫452 in 1Q 2024). Revenue: ₫100.7b (down 42% from 1Q 2024). Net income: ₫4.43b (down 13% from 1Q 2024). Profit margin: 4.4% (up from 2.9% in 1Q 2024). 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 9% per year, which means it is significantly lagging earnings growth. Anuncio • Mar 06
Ngan Son Joint Stock Company, Annual General Meeting, Apr 25, 2025 Ngan Son Joint Stock Company, Annual General Meeting, Apr 25, 2025. Location: no. 01, tsi street, tien son industrial park, hoan son commune, tien du district, bac ninh province, Vietnam Reported Earnings • Jan 22
Full year 2024 earnings released: EPS: ₫1,635 (vs ₫1,004 in FY 2023) Full year 2024 results: EPS: ₫1,635 (up from ₫1,004 in FY 2023). Revenue: ₫869.5b (up 23% from FY 2023). Net income: ₫18.3b (up 63% from FY 2023). Profit margin: 2.1% (up from 1.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 19
Third quarter 2024 earnings released: EPS: ₫470 (vs ₫429 in 3Q 2023) Third quarter 2024 results: EPS: ₫470 (up from ₫429 in 3Q 2023). Revenue: ₫279.0b (down 16% from 3Q 2023). Net income: ₫5.26b (up 9.5% from 3Q 2023). Profit margin: 1.9% (up from 1.4% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Sep 11
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 7.7% 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 Debt is not well covered by operating cash flow (7.7% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (7.7% average weekly change). Market cap is less than US$10m (₫123.2b market cap, or US$5.05m). Minor Risk Profit margins are more than 30% lower than last year (2.0% net profit margin). Upcoming Dividend • Sep 06
Upcoming dividend of ₫650 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 11 October 2024. Trailing yield: 2.9%. Lower than top quartile of Vietnamese dividend payers (8.3%). Lower than average of industry peers (3.7%). New Risk • Jul 23
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 7.7% 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 (7.7% operating cash flow to total debt). Market cap is less than US$10m (₫128.8b market cap, or US$5.15m). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). New Risk • Jul 04
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 6.2% 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 Market cap is less than US$10m (₫115.4b market cap, or US$4.50m). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 04
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫11,300, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 12x in the Tobacco industry in Asia. Total returns to shareholders of 64% over the past three years. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: ₫452 (vs ₫180 in 1Q 2023) First quarter 2024 results: EPS: ₫452 (up from ₫180 in 1Q 2023). Revenue: ₫172.3b (up 89% from 1Q 2023). Net income: ₫5.06b (up 151% from 1Q 2023). Profit margin: 2.9% (up from 2.2% in 1Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫9,100, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 12x in the Tobacco industry in Asia. Total returns to shareholders of 11% over the past three years. New Risk • Jan 25
New major risk - Revenue and earnings growth Earnings have declined by 16% 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 Earnings have declined by 16% per year over the past 5 years. Market cap is less than US$10m (₫81.8b market cap, or US$3.35m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Reported Earnings • Jan 25
Full year 2023 earnings released: EPS: ₫1,004 (vs ₫634 in FY 2022) Full year 2023 results: EPS: ₫1,004 (up from ₫634 in FY 2022). Revenue: ₫706.5b (up 24% from FY 2022). Net income: ₫11.2b (up 58% from FY 2022). Profit margin: 1.6% (up from 1.2% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. New Risk • Jul 22
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. 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 (8.7% average weekly change). Market cap is less than US$10m (₫94.1b market cap, or US$3.98m). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫8,400, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 12x in the Tobacco industry in Asia. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫6,900, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 11x in the Tobacco industry in Asia. Total loss to shareholders of 53% over the past three years. Reported Earnings • Jan 20
Full year 2022 earnings released: EPS: ₫634 (vs ₫568 in FY 2021) Full year 2022 results: EPS: ₫634 (up from ₫568 in FY 2021). Revenue: ₫569.6b (down 13% from FY 2021). Net income: ₫7.10b (up 12% from FY 2021). Profit margin: 1.2% (up from 1.0% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has fallen by 39% per year, which means it is performing significantly worse than earnings. Board Change • Nov 16
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. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). Non-Executive Director Ngo Phuc was the last director to join the board, commencing their role in 2017. 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 19
Third quarter 2022 earnings released: EPS: ₫1,911 (vs ₫587 in 3Q 2021) Third quarter 2022 results: EPS: ₫1,911 (up from ₫587 in 3Q 2021). Revenue: ₫311.6b (up 22% from 3Q 2021). Net income: ₫21.4b (up 226% from 3Q 2021). Profit margin: 6.9% (up from 2.6% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 33% per year whereas the company’s share price has fallen by 35% per year. Upcoming Dividend • Oct 06
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 13 October 2022. Payment date: 28 October 2022. The company last paid an ordinary dividend in March 2012. The average dividend yield among industry peers is 4.7%. Reported Earnings • Jul 26
Second quarter 2022 earnings released: ₫678 loss per share (vs ₫268 profit in 2Q 2021) Second quarter 2022 results: ₫678 loss per share (down from ₫268 profit in 2Q 2021). Revenue: ₫26.1b (down 77% from 2Q 2021). Net loss: ₫7.59b (down 353% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 27
First quarter 2022 earnings released: ₫466 loss per share (vs ₫452 loss in 1Q 2021) First quarter 2022 results: ₫466 loss per share (down from ₫452 loss in 1Q 2021). Revenue: ₫50.1b (down 28% from 1Q 2021). Net loss: ₫5.22b (loss widened 3.1% from 1Q 2021). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Board Change • Apr 27
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. 4 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Non-Executive Director Ngo Phuc was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 17% share price gain to ₫11,600, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 14x in the Tobacco industry in Asia. Total returns to shareholders of 6.2% over the past three years. Reported Earnings • Jan 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫568 (up from ₫87.00 in FY 2020). Revenue: ₫655.9b (up 2.4% from FY 2020). Net income: ₫6.36b (up ₫5.38b from FY 2020). Profit margin: 1.0% (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 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improved over the past week After last week's 16% share price gain to ₫10,900, the stock trades at a trailing P/E ratio of 24.3x. Average trailing P/E is 16x in the Tobacco industry in Asia. Total loss to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Nov 17
Investor sentiment improved over the past week After last week's 22% share price gain to ₫11,500, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 17x in the Tobacco industry in Asia. Total loss to shareholders of 26% over the past three years. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ₫587 (vs ₫1,491 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫255.7b (down 27% from 3Q 2020). Net income: ₫6.57b (down 61% from 3Q 2020). Profit margin: 2.6% (down from 4.8% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ₫268 (vs ₫530 loss in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫112.9b (up 103% from 2Q 2020). Net income: ₫3.00b (up ₫8.93b from 2Q 2020). Profit margin: 2.7% (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 fallen by 22% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 28
First quarter 2021 earnings released: ₫452 loss per share (vs ₫919 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and control over costs, although losses reduced. First quarter 2021 results: Revenue: ₫69.5b (down 61% from 1Q 2020). Net loss: ₫5.07b (loss narrowed 51% from 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 31% 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. Is New 90 Day High Low • Mar 09
New 90-day high: ₫9,200 The company is up 23% from its price of ₫7,500 on 09 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Tobacco industry, which is up 1.0% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₫8,900, the stock is trading at a trailing P/E ratio of 9.8x, up from the previous P/E ratio of 8.4x. This compares to an average P/E of 17x in the Tobacco industry in Asia. Total returns to shareholders over the past three years are 17%. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₫8,700, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 17x in the Tobacco industry in Asia. Total returns to shareholders over the past three years are 6.9%. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫6,900, the stock is trading at a trailing P/E ratio of 7.6x, down from the previous P/E ratio of 9.3x. This compares to an average P/E of 18x in the Tobacco industry in Asia. Total return to shareholders over the past three years is a loss of 14%. Is New 90 Day High Low • Dec 10
New 90-day low: ₫7,100 The company is down 39% from its price of ₫11,700 on 07 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tobacco industry, which is up 14% over the same period. Valuation Update With 7 Day Price Move • Dec 07
Market pulls back on stock over the past week After last week's 23% share price decline to ₫7,600, the stock is trading at a trailing P/E ratio of 8.4x, down from the previous P/E ratio of 10.9x. This compares to an average P/E of 17x in the Tobacco industry in Asia. Total return to shareholders over the past three years is a loss of 4.6%. Valuation Update With 7 Day Price Move • Dec 01
Market bids up stock over the past week After last week's 19% share price gain to ₫9,900, the stock is trading at a trailing P/E ratio of 10.9x, up from the previous P/E ratio of 9.2x. This compares to an average P/E of 17x in the Tobacco industry in Asia. Total returns to shareholders over the past three years are 10%. Valuation Update With 7 Day Price Move • Nov 12
Market pulls back on stock over the past week After last week's 19% share price decline to ₫7,300, the stock is trading at a trailing P/E ratio of 8.1x, down from the previous P/E ratio of 9.9x. This compares to an average P/E of 15x in the Tobacco industry in Asia. Total return to shareholders over the past three years is a loss of 22%. Is New 90 Day High Low • Nov 12
New 90-day low: ₫7,300 The company is down 44% from its price of ₫13,000 on 14 August 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tobacco industry, which is up 1.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫10.2b, down 33% from the prior year. Total revenue was ₫974.6b over the last 12 months, up 17% from the prior year. Is New 90 Day High Low • Oct 01
New 90-day low: ₫10,300 The company is down 42% from its price of ₫17,900 on 30 June 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Tobacco industry, which is down 7.0% over the same period.