New Risk • May 28
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 6.3% 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). Earnings have declined by 8.2% per year over the past 5 years. High level of non-cash earnings (33% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (₫264.9b market cap, or US$10.1m). Annonce • Mar 27
Hoshizaki Vietnam corporation agreed to acquire an additional 48.62% stake in Asia Refrigeration Industry Joint STOCK Company from SEAREFICO Corporation (HOSE:SRF). Hoshizaki Vietnam corporation agreed to acquire an additional 48.62% stake in Asia Refrigeration Industry Joint STOCK Company from SEAREFICO Corporation (HOSE:SRF) on March 26, 2026. Upon completion, Hoshizaki Vietnam corporation will own 99.62% stake in Asia Refrigeration Industry Joint STOCK Company. Through this additional acquisition, Hoshizaki Vietnam corporation intend to further reinforce our manufacturing foundation in Vietnam and the broader Southeast Asian region, and to drive further business expansion.
The expected completion of the transaction in June, 2026. Annonce • Mar 19
SEAREFICO Corporation, Annual General Meeting, May 29, 2026 SEAREFICO Corporation, Annual General Meeting, May 29, 2026. Location: sib building da nang, no. 10 hoa khanh industrial, park, lien chieu ward, da nang Vietnam New Risk • Mar 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 5.8% 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). Earnings have declined by 8.4% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Market cap is less than US$10m (₫246.6b market cap, or US$9.37m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Annonce • Jan 24
SEAREFICO Corporation Announces Cessation of Tanh Dinh Muoi as Director of Business Development, Effective January 22, 2026 SEAREFICO Corporation announces that Mr. Tanh Dinh Muoi shall cease to hold the position of director of business development as from January 22, 2026, pursuant to the implementation of the organizational restructuring plan and the adjustment to the company's organizational structure, in order to align with the development strategy and governate model for the next phase. Annonce • Jan 02
SEAREFICO Corporation Announces Resignation of Diep Ngoc Nguyen as Human Resource Director SEAREFICO Corporation announced resignation of Diep Ngoc Nguyen as Human Resource Director of the company. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫8,480, the stock trades at a trailing P/E ratio of 56.7x. Average trailing P/E is 10x in the Machinery industry in Vietnam. Total loss to shareholders of 18% over the past three years. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: ₫5.41 (vs ₫9.73 in 3Q 2024) Third quarter 2025 results: EPS: ₫5.41 (down from ₫9.73 in 3Q 2024). Revenue: ₫297.6b (up 51% from 3Q 2024). Net income: ₫184.3m (down 44% from 3Q 2024). Profit margin: 0.1% (down from 0.2% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. New Risk • Oct 22
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫254.1b (US$9.65m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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). Earnings have declined by 28% per year over the past 5 years. High level of non-cash earnings (22% accrual ratio). Market cap is less than US$10m (₫254.1b market cap, or US$9.65m). Reported Earnings • May 01
First quarter 2025 earnings released: EPS: ₫255 (vs ₫15.72 in 1Q 2024) First quarter 2025 results: EPS: ₫255 (up from ₫15.72 in 1Q 2024). Revenue: ₫148.6b (down 45% from 1Q 2024). Net income: ₫8.61b (up ₫8.08b from 1Q 2024). Profit margin: 5.8% (up from 0.2% 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 28% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. New Risk • Feb 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% 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 Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 46% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.8% average weekly change). Market cap is less than US$100m (₫302.4b market cap, or US$11.8m). Annonce • Feb 12
SEAREFICO Corporation, Annual General Meeting, Apr 24, 2025 SEAREFICO Corporation, Annual General Meeting, Apr 24, 2025, at 14:00 SE Asia Standard Time. Location: tan son nhat pavillon conference center, 202 hoang van thu, ward 9, phu nhuan district, hcmc, Vietnam New Risk • Jan 14
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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₫277.1b market cap, or US$10.8m). Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: ₫9.24 (vs ₫9.57 in 3Q 2023) Third quarter 2024 results: EPS: ₫9.24. Revenue: ₫196.7b (down 55% from 3Q 2023). Net income: ₫328.8m (up 1.7% from 3Q 2023). Profit margin: 0.2% (up from 0.1% in 3Q 2023). Annonce • Sep 11
SEAREFICO Corporation Announces CEO Changes On September 06, 2024, the BOD of SEAREFICO Corporation approved the change in personnel as follows: The appointment of Mr. Nguyen Khoa Dang as Chief Executive Officer and The resignation of Mr. Vu Xuan Thuc as Chief Executive Officer. Effective from September 09, 2024. New Risk • Aug 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% 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 (1.2x net interest cover). Earnings have declined by 59% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₫313.2b market cap, or US$12.5m). Annonce • Jun 26
Searefico Corporation Approves Profit Distribution Plan for 2024 Searefico Corporation at its AGM held on June 14, 2024, approved the profit distribution plan for 2024 of Dividend: 3% par value. Annonce • Jun 25
SEAREFICO Corporation Announces Board Appointments SEAREFICO Corporation following announces board appointments: Mr. Le Tan Phuoc, Mrs. Nguyen Thi Hoang Anh. - Former position in the organization: - . Newly appointed position: member of the BOD - Term: 2024-2029 - Effective date: June 15, 2024. New Risk • Feb 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 5.2% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 68% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (₫284.8b market cap, or US$11.7m). Annonce • Jan 12
SEAREFICO Corporation Approves the Resignation of Pham Kyle Anh Tuan SEAREFICO Corporation approved the resignation of Mr. Pham Kyle Anh Tuan as member of the BOD. Annonce • Nov 21
Seaprodex Refrigeration Industry Corporation Announces Resignation of Huynh Nhu Phuong as Head of the Internal Audit Department Seaprodex Refrigeration Industry Corporation announced resignation of Mr. Huynh Nhu Phuong as Head of the internal audit department. Effective date is November 16, 2023. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ₫9.74 (vs ₫28.58 in 3Q 2022) Third quarter 2023 results: EPS: ₫9.74 (down from ₫28.58 in 3Q 2022). Revenue: ₫440.6b (up 47% from 3Q 2022). Net income: ₫323.2m (down 67% from 3Q 2022). Profit margin: 0.1% (down from 0.3% in 3Q 2022). 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 96 percentage points per year, which is a significant difference in performance. New Risk • Oct 11
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 7.0% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 63% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (₫282.8b market cap, or US$11.6m). Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: ₫9.83 (vs ₫66.88 loss in 2Q 2022) Second quarter 2023 results: EPS: ₫9.83 (up from ₫66.88 loss in 2Q 2022). Revenue: ₫458.8b (up 38% from 2Q 2022). Net income: ₫333.7m (up ₫2.59b from 2Q 2022). Profit margin: 0.1% (up from net loss in 2Q 2022). 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 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 05
Full year 2022 earnings released: ₫4,182 loss per share (vs ₫738 profit in FY 2021) Full year 2022 results: ₫4,182 loss per share (down from ₫738 profit in FY 2021). Revenue: ₫1.19t (up 27% from FY 2021). Net loss: ₫141.3b (down ₫164.7b from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 77 percentage points per year, which is a significant difference in performance. Annonce • Feb 03
Seaprodex Refrigeration Industry Corporation, Annual General Meeting, Mar 31, 2023 Seaprodex Refrigeration Industry Corporation, Annual General Meeting, Mar 31, 2023, at 07:00 Coordinated Universal Time. Location: Pavillon Convention Center, 202 Hoang Van Thu street, ward 9, Phu Nhuan district, Ho Chi Minh City Vietnam Annonce • Jan 05
SEAREFICO Corporation Announces the Resignation of Phan Thanh Long as CFO SEAREFICO Corporation announced the resignation of Mr. Phan Thanh Long as CFO of the company, with effect from January 01, 2023. Annonce • Dec 27
Seaprodex Refrigeration Industry Corporation Announces the Resignation of Pham Ngoc Son and Huynh Khoi Binh as Deputy CEO Seaprodex Refrigeration Industry Corporation announced the resignation of Mr. Pham Ngoc Son and Mr. Huynh Khoi Binh as Deputy CEO, effective from December 22, 2022. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 22% share price gain to ₫9,840, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 14x in the Machinery industry in Vietnam. Total loss to shareholders of 17% over the past three years. 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. 4 non-independent directors. Director Quang Le was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 06
Third quarter 2022 earnings released: EPS: ₫28.43 (vs ₫162 in 3Q 2021) Third quarter 2022 results: EPS: ₫28.43 (down from ₫162 in 3Q 2021). Revenue: ₫299.3b (up 90% from 3Q 2021). Net income: ₫965.5m (down 83% from 3Q 2021). Profit margin: 0.3% (down from 3.5% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 44% 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. Annonce • Sep 15
Seaprodex Refrigeration Industry Corporation Announces Executive Changes On September 12, 2022, the Board of Directors of Seaprodex Refrigeration Industry Corporation approved the change in personnel as follows: Approved the resignation of Mr. Vuong Tran Quoc Thanh as Chief Accountant of the Company from September 12, 2022. Approved the appointment of Mr. Dinh Ngoc Trien as Chief Accountant of the Company from September 12, 2022. Annonce • Sep 07
SEAREFICO Corporation Appoints Vu Xuan Thuc as CEO SEAREFICO Corporation announced that Mr. Vu Xuan Thuc was appointed as CEO as from September 01, 2022. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: ₫84.54 (vs ₫61.25 in 2Q 2021) Second quarter 2022 results: EPS: ₫84.54 (up from ₫61.25 in 2Q 2021). Revenue: ₫332.8b (up 56% from 2Q 2021). Net income: ₫2.86b (up 38% from 2Q 2021). Profit margin: 0.9% (down from 1.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Annonce • Jul 15
Seaprodex Refrigeration Industry Corporation Appoints Phan Thanh Long, Finance Director to Manage the Company Seaprodex Refrigeration Industry Corporation announced that Mr. Phan Thanh Long, Finance Director is appointed to manage the company. Reported Earnings • May 06
First quarter 2022 earnings released: EPS: ₫138 (vs ₫164 in 1Q 2021) First quarter 2022 results: EPS: ₫138 (down from ₫164 in 1Q 2021). Revenue: ₫137.7b (up 9.2% from 1Q 2021). Net income: ₫4.66b (down 16% from 1Q 2021). Profit margin: 3.4% (down from 4.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. 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. 4 non-independent directors. Director Quang Le was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Feb 08
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫877 (down from ₫1,180 in FY 2020). Revenue: ₫930.4b (down 37% from FY 2020). Net income: ₫27.8b (down 30% from FY 2020). Profit margin: 3.0% (up from 2.7% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2021 earnings released: EPS ₫67.47 (vs ₫85.79 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₫212.8b (down 28% from 2Q 2020). Net income: ₫2.07b (up ₫4.70b from 2Q 2020). Profit margin: 1.0% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. 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 6% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS ₫1,263 (vs ₫1,675 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫1.49t (down 13% from FY 2019). Net income: ₫38.8b (down 25% from FY 2019). Profit margin: 2.6% (down from 3.0% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 21
New 90-day high: ₫14,300 The company is up 13% from its price of ₫12,650 on 22 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Machinery industry, which is down 5.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day low: ₫12,600 The company is down 8.0% from its price of ₫13,700 on 11 August 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Machinery industry, which is down 6.0% over the same period. 
