New Risk • Apr 10
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 1.3x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.3x net interest cover). Share price has been highly volatile over the past 3 months (9.7% average weekly change). Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (₫69.1b market cap, or US$2.63m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (₫126b revenue, or US$4.8m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₫7,600, the stock trades at a trailing P/E ratio of 38.1x. Average trailing P/E is 10x in the Chemicals industry in Vietnam. Total loss to shareholders of 3.3% over the past three years. New Risk • Mar 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 6.9% 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 Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (₫66.3b market cap, or US$2.52m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Revenue is less than US$5m (₫126b revenue, or US$4.8m). Valuation Update With 7 Day Price Move • Mar 19
Investor sentiment improves as stock rises 32% After last week's 32% share price gain to ₫7,000, the stock trades at a trailing P/E ratio of 35.1x. Average trailing P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 1.8% over the past three years. New Risk • Feb 24
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₫126b (US$4.8m) This is considered a minor risk. Companies with a small amount of revenue 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 Earnings have declined by 36% per year over the past 5 years. Market cap is less than US$10m (₫59.6b market cap, or US$2.27m). Minor Risks Large one-off items impacting financial results. Revenue is less than US$5m (₫126b revenue, or US$4.8m). Annonce • Oct 31
Huynh Van Quang acquired an additional 5% stake in Plastic Additives Joint Stock Company (HNX:PGN). Huynh Van Quang acquired an additional 5% stake in Plastic Additives Joint Stock Company (HNX:PGN) on October 22, 2025. As part of acquisition, 472,910 shares were acquired. After completion of acquisition, Huynh Van Quang now holds 10.35% stake.
Huynh Van Quang completed the acquisition of an additional 5% stake in Plastic Additives Joint Stock Company (HNX:PGN) on October 22, 2025. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫100.00 (vs ₫37.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫100.00 (up from ₫37.00 in 3Q 2024). Revenue: ₫24.6b (down 54% from 3Q 2024). Net income: ₫944.1m (up 169% from 3Q 2024). Profit margin: 3.8% (up from 0.7% in 3Q 2024). 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 73 percentage points per year, which is a significant difference in performance. Annonce • Oct 24
Pham Van Lai acquired additional 1.91% stake in Plastic Additives Joint Stock Company (HNX:PGN). Pham Van Lai acquired additional 1.91% stake in Plastic Additives Joint Stock Company (HNX:PGN) on September 26, 2025.
Pham Van Lai completed the acquisition of additional 1.91% stake in Plastic Additives Joint Stock Company (HNX:PGN) on September 26, 2025. New Risk • Sep 23
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 6.6% 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 Earnings have declined by 32% per year over the past 5 years. Market cap is less than US$10m (₫54.9b market cap, or US$2.09m). Minor Risk Share price has been volatile over the past 3 months (6.6% average weekly change). New Risk • Aug 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 296% 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 Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (₫58.7b market cap, or US$2.23m). Minor Risks Share price has been volatile over the past 3 months (6.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Annonce • Apr 28
Plastic Additives Joint Stock Company, Annual General Meeting, Jun 14, 2025 Plastic Additives Joint Stock Company, Annual General Meeting, Jun 14, 2025. Location: plastic additives joint stock company, Vietnam Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: ₫27.00 (vs ₫49.00 in 1Q 2024) First quarter 2025 results: EPS: ₫27.00 (down from ₫49.00 in 1Q 2024). Revenue: ₫39.7b (up 3.3% from 1Q 2024). Net income: ₫259.5m (down 45% from 1Q 2024). Profit margin: 0.7% (down from 1.2% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₫6,300, the stock trades at a trailing P/E ratio of 78.9x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total loss to shareholders of 44% over the past three years. Reported Earnings • Jan 27
Full year 2024 earnings released: EPS: ₫80.00 (vs ₫552 in FY 2023) Full year 2024 results: EPS: ₫80.00 (down from ₫552 in FY 2023). Revenue: ₫221.0b (up 2.9% from FY 2023). Net income: ₫755.4m (down 86% from FY 2023). Profit margin: 0.3% (down from 2.4% in FY 2023). 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 13% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫11,000, the stock trades at a trailing P/E ratio of 22.4x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total loss to shareholders of 4.8% over the past three years. Valuation Update With 7 Day Price Move • Nov 11
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫9,900, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total loss to shareholders of 27% over the past three years. Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: ₫37.00 (vs ₫197 in 3Q 2023) Third quarter 2024 results: EPS: ₫37.00 (down from ₫197 in 3Q 2023). Revenue: ₫53.0b (up 3.2% from 3Q 2023). Net income: ₫351.2m (down 81% from 3Q 2023). Profit margin: 0.7% (down from 3.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 34% 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. Valuation Update With 7 Day Price Move • Oct 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫7,800, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total loss to shareholders of 38% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫7,800, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total loss to shareholders of 36% over the past three years. Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: ₫208 (vs ₫133 in 2Q 2023) Second quarter 2024 results: EPS: ₫208 (up from ₫133 in 2Q 2023). Revenue: ₫55.5b (down 20% from 2Q 2023). Net income: ₫1.97b (up 56% from 2Q 2023). Profit margin: 3.5% (up from 1.8% in 2Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫6,600, the stock trades at a trailing P/E ratio of 14.1x. Average trailing P/E is 17x in the Chemicals industry in Vietnam. Total loss to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Jun 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫7,400, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 17x in the Chemicals industry in Vietnam. Total loss to shareholders of 31% over the past three years. Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: ₫49.00 (vs ₫138 in 1Q 2023) First quarter 2024 results: EPS: ₫49.00 (down from ₫138 in 1Q 2023). Revenue: ₫38.4b (down 38% from 1Q 2023). Net income: ₫467.6m (down 64% from 1Q 2023). Profit margin: 1.2% (down from 2.1% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 25
Full year 2023 earnings released: EPS: ₫618 (vs ₫1,524 in FY 2022) Full year 2023 results: EPS: ₫618 (down from ₫1,524 in FY 2022). Revenue: ₫214.7b (down 20% from FY 2022). Net income: ₫5.22b (down 59% from FY 2022). Profit margin: 2.4% (down from 4.8% in FY 2022). 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 9% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 21
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 6.6x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total returns to shareholders of 8.8% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₫7,600, the stock trades at a trailing P/E ratio of 5.5x. Average trailing P/E is 8x in the Chemicals industry in Vietnam. Total returns to shareholders of 44% over the past three years. 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. 4 non-independent directors. Independent Director Ga Pham was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫338 (vs ₫257 in 3Q 2021) Third quarter 2022 results: EPS: ₫338 (up from ₫257 in 3Q 2021). Revenue: ₫71.8b (up 91% from 3Q 2021). Net income: ₫2.86b (up 32% from 3Q 2021). Profit margin: 4.0% (down from 5.8% 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 11% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Reported Earnings • Jul 26
Second quarter 2022 earnings released: EPS: ₫296 (vs ₫371 in 2Q 2021) Second quarter 2022 results: EPS: ₫296 (down from ₫371 in 2Q 2021). Revenue: ₫59.1b (up 31% from 2Q 2021). Net income: ₫2.50b (down 20% from 2Q 2021). Profit margin: 4.2% (down from 6.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫11,429, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total loss to shareholders of 17% over the past year. Annonce • May 31
Plastic Additives Joint Stock Company announced that it expects to receive VND 30 billion in funding Plastic Additives Joint Stock Company announced a private placement of 3,000,000 shares at an issue price of VND 10,000 per share for gross proceeds of VND 30,000,000,000 on May 30, 2022. The securities to be issued will have a hold period of one year from date of issuance. 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. 4 non-independent directors. Independent Director Ga Pham was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,624 (down from ₫2,570 in FY 2020). Revenue: ₫170.4b (up 5.6% from FY 2020). Net income: ₫11.1b (up 18% from FY 2020). Profit margin: 6.5% (up from 5.8% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS ₫319 (vs ₫1,015 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and profit margins, although revenues were flat. Third quarter 2021 results: Revenue: ₫37.5b (flat on 3Q 2020). Net income: ₫2.17b (down 35% from 3Q 2020). Profit margin: 5.8% (down from 8.9% in 3Q 2020). Valuation Update With 7 Day Price Move • Sep 03
Investor sentiment improved over the past week After last week's 15% share price gain to ₫18,100, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 74% over the past year. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS ₫461 (vs ₫461 in 2Q 2020) The company reported a mediocre second quarter result with flat earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫45.1b (flat on 2Q 2020). Net income: ₫3.13b (flat on 2Q 2020). Profit margin: 6.9% (in line with 2Q 2020). Reported Earnings • Apr 26
First quarter 2021 earnings released: EPS ₫391 (vs ₫158 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫36.6b (up 63% from 1Q 2020). Net income: ₫1.41b (up 171% from 1Q 2020). Profit margin: 3.9% (up from 2.3% in 1Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Mar 31
Investor sentiment improved over the past week After last week's 17% share price gain to ₫18,700, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 99% over the past year. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment deteriorated over the past week After last week's 30% share price decline to ₫15,300, the stock is trading at a trailing P/E ratio of 5.8x, down from the previous P/E ratio of 8.3x. This compares to an average P/E of 12x in the Chemicals industry in Vietnam. Total returns to shareholders over the past year are 68%. Is New 90 Day High Low • Jan 05
New 90-day high: ₫20,300 The company is up 66% from its price of ₫12,200 on 07 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 22% share price gain to ₫17,400, the stock is trading at a trailing P/E ratio of 6.6x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 13x in the Chemicals industry in Vietnam. Total returns to shareholders over the past year are 55%. Is New 90 Day High Low • Dec 20
New 90-day high: ₫13,200 The company is up 4.0% from its price of ₫12,700 on 21 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 16
New 90-day low: ₫11,100 The company is down 21% from its price of ₫14,100 on 18 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 19% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫8.66b, up 217% from the prior year. Total revenue was ₫166.3b over the last 12 months, up 62% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day low: ₫11,700 The company is down 21% from its price of ₫14,800 on 16 July 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₫12,200 The company is down 4.0% from its price of ₫12,700 on 26 June 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 12% over the same period.