New Risk • Apr 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 6.5% 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 (45% accrual ratio). Market cap is less than US$10m (₫212.2b market cap, or US$8.06m). Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). Annonce • Mar 11
X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026 X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026. Location: 35 phan dinh giot street, phuong liet ward, hanoi Vietnam Reported Earnings • Nov 03
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫275.0b (down 31% from 3Q 2024). Net income: ₫11.9b (down 28% from 3Q 2024). Profit margin: 4.3% (up from 4.1% in 3Q 2024). The increase in margin was driven by lower expenses. Upcoming Dividend • Aug 15
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 22 August 2025. Payment date: 10 September 2025. Payout ratio is a comfortable 31% and the cash payout ratio is 86%. Trailing yield: 4.3%. Lower than top quartile of Vietnamese dividend payers (7.4%). Higher than average of industry peers (3.4%). New Risk • Aug 08
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 252% 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 High level of non-cash earnings (252% accrual ratio). Revenue is less than US$1m. Market cap is less than US$10m (₫232.9b market cap, or US$8.85m). Minor Risk Profit margins are more than 30% lower than last year (-6.8% net profit margin). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫12,900, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 12x in the Luxury industry in Vietnam. Total returns to shareholders of 34% over the past three years. New Risk • Apr 03
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫246.7b (US$9.62m) 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 Share price has been highly volatile over the past 3 months (11% average weekly change). Market cap is less than US$10m (₫246.7b market cap, or US$9.62m). Reported Earnings • Mar 30
Full year 2024 earnings released: EPS: ₫2,592 (vs ₫923 in FY 2023) Full year 2024 results: EPS: ₫2,592 (up from ₫923 in FY 2023). Revenue: ₫1.30t (up 26% from FY 2023). Net income: ₫44.7b (up 181% from FY 2023). Profit margin: 3.4% (up from 1.5% in FY 2023). The increase in margin was driven by higher revenue. Annonce • Mar 06
X20 Joint Stock Company, Annual General Meeting, Jun 26, 2025 X20 Joint Stock Company, Annual General Meeting, Jun 26, 2025. Location: 35 phan dinh giot street, phuong liet ward, thanh xuan district, hanoi, Vietnam Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment improves as stock rises 35% After last week's 35% share price gain to ₫15,100, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 12x in the Luxury industry in Vietnam. Total returns to shareholders of 39% over the past three years. Reported Earnings • Feb 08
Full year 2024 earnings released Full year 2024 results: Revenue: ₫1.30t (up 25% from FY 2023). Net income: ₫45.4b (up 130% from FY 2023). Profit margin: 3.5% (up from 1.9% in FY 2023). The increase in margin was driven by higher revenue. Board Change • Feb 06
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jan 20
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 4 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Upcoming Dividend • Oct 04
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 11 October 2024. Payment date: 28 October 2024. Trailing yield: 4.6%. Lower than top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (2.7%). New Risk • Aug 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Revenue has declined by 8.9% over the past year. High level of non-cash earnings (41% accrual ratio). Market cap is less than US$10m (₫179.4b market cap, or US$7.18m). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Feb 16
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫12,100, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 12x in the Luxury industry in Vietnam. Total returns to shareholders of 78% over the past three years. Reported Earnings • Feb 03
Full year 2023 earnings released Full year 2023 results: Revenue: ₫1.04t (down 8.9% from FY 2022). Net income: ₫19.8b (down 11% from FY 2022). Profit margin: 1.9% (in line with FY 2022). Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫9,300, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 11x in the Luxury industry in Vietnam. Total returns to shareholders of 9.7% over the past three years. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫9,500, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 10x in the Luxury industry in Vietnam. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫9,700, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 9x in the Luxury industry in Vietnam. Total returns to shareholders of 63% over the past three years. Board Change • May 08
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Mar 13
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Feb 02
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. 2 independent directors (5 non-independent directors). Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 16% share price gain to ₫10,000, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 9x in the Luxury industry in Vietnam. Total loss to shareholders of 25% over the past year. Board Change • Dec 20
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 05
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫301.3b (up 47% from 3Q 2021). Net income: ₫8.83b (up ₫10.4b from 3Q 2021). Profit margin: 2.9% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Upcoming Dividend • Sep 05
Inaugural dividend of ₫500 per share Eligible shareholders must have bought the stock before 12 September 2022. Payment date: 26 September 2022. This is the first dividend for X20 since going public. The average dividend yield among industry peers is 1.9%. Reported Earnings • Aug 04
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫153.4b (down 53% from 2Q 2021). Net income: ₫2.15b (down 71% from 2Q 2021). Profit margin: 1.4% (down from 2.3% in 2Q 2021). The decrease in margin was driven by lower revenue. Board Change • Jul 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫8,600, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 11x in the Luxury industry in Vietnam. Total loss to shareholders of 4.6% over the past three years. Reported Earnings • May 08
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₫322.2b (flat on 1Q 2021). Net income: ₫7.13b (down 2.6% from 1Q 2021). Profit margin: 2.2% (down from 2.3% in 1Q 2021). Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Member of Board of Directors Hoa Thi Duong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jul 05
Inaugural dividend of ₫500 per share Eligible shareholders must have bought the stock before 12 July 2021. Payment date: 26 July 2021. This is the first dividend for X20 since going public. The average dividend yield among industry peers is 2.1%. Is New 90 Day High Low • Jan 14
New 90-day high: ₫10,000 The company is up 52% from its price of ₫6,600 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Luxury industry, which is up 39% over the same period. 
