Annuncio • May 23
Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 23, 2026 Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 23, 2026, at 09:00 SE Asia Standard Time. Location: hall a2 - office of thong nhat rubber jsc, at no. 256, 27/4 street, ba ria ward, ho chi minh city Vietnam Board Change • May 06
No independent directors 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. 3 experienced directors. 3 highly experienced directors. No independent directors (7 non-independent directors). Director Duc Le 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. Insufficient board refreshment. Reported Earnings • Mar 30
Full year 2025 earnings released: EPS: ₫1,903 (vs ₫1,545 in FY 2024) Full year 2025 results: EPS: ₫1,903 (up from ₫1,545 in FY 2024). Revenue: ₫166.0b (up 16% from FY 2024). Net income: ₫49.2b (up 66% from FY 2024). Profit margin: 30% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Reported Earnings • Oct 19
Third quarter 2025 earnings released: EPS: ₫215 (vs ₫677 in 3Q 2024) Third quarter 2025 results: EPS: ₫215 (down from ₫677 in 3Q 2024). Revenue: ₫50.3b (up 18% from 3Q 2024). Net income: ₫4.14b (down 68% from 3Q 2024). Profit margin: 8.2% (down from 31% in 3Q 2024). Valuation Update With 7 Day Price Move • Jul 25
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫34,850, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 18x in the Auto Components industry in Vietnam. Total loss to shareholders of 42% over the past three years. Reported Earnings • Jul 20
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫23.9b (down 27% from 2Q 2024). Net income: ₫31.8b (up ₫26.7b from 2Q 2024). Annuncio • May 17
Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 24, 2025 Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 24, 2025, at 08:30 SE Asia Standard Time. Location: at hall a2, thong nhat rubber jsc, no. 256, 27/4 street, phuoc hung ward, ba ria city, ba ria-vung tau province., Vietnam New Risk • Apr 10
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 22% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). High level of non-cash earnings (22% accrual ratio). 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 (₫524.6b market cap, or US$20.5m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫27,250, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 12x in the Auto Components industry in Vietnam. Total loss to shareholders of 39% over the past three years. New Risk • Feb 02
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 32% 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 Risk Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₫664.1b market cap, or US$26.6m). Annuncio • Sep 11
Thong Nhat Rubber Joint Stock Company Approves Earnings Guidance for the Nine Months of 2024 and Year 2024 Thong Nhat Rubber Joint Stock Company announced the Board resolution to approve earnings guidance for the nine months of 2024 and year 2024. For the nine months, Company expects Total revenue of VND 120,000 million. Profit after tax of VND 27,000 million.
For the year, Company expects Total revenue of VND 168,000 million. Profit after tax of VND 36,000 million. Upcoming Dividend • Jul 21
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 25 September 2024. Trailing yield: 4.7%. Lower than top quartile of Vietnamese dividend payers (8.4%). Higher than average of industry peers (3.8%). Declared Dividend • Jul 06
Dividend reduced to ₫1,200 Dividend of ₫1,200 is 33% lower than last year. Ex-date: 25th July 2024 Payment date: 25th September 2024 Dividend yield will be 2.9%, which is lower than the industry average of 4.2%. Sustainability & Growth The dividend has increased by an average of 2.5% per year over the past 10 years. However, payments have been volatile during that time. Annuncio • May 19
Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 07, 2024 Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 07, 2024, at 09:00 SE Asia Standard Time. Location: thong nhat rubber joint stock company, no.256, 27/4 street, phuoc hung ward, ba ria - vung tau province., ba ria Vietnam Board Change • May 08
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. Director Duc Le 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. New Risk • Apr 09
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: 3.4% 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 Risks Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Shares are highly illiquid. High level of non-cash earnings (47% accrual ratio). 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 (₫1.11t market cap, or US$44.4m). Board Change • Apr 02
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. Director Duc Le 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. Board Change • Jan 15
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. Director Duc Le 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. Board Change • Dec 18
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. Director Duc Le 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. Board Change • Sep 12
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. 6 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 18
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. 6 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Jul 04
Thong Nhat Rubber Joint Stock Company Announces Resignation of Nguyen Van Thoai as Member of the Bod Thong Nhat Rubber Joint Stock Company announced resignation of Nguyen Van Thoai as member of the BOD. Effective date: June 22, 2023. Board Change • May 15
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. 7 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 12
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. 7 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Annuncio • Dec 03
Thong Nhat Rubber Announces Retirement of Tran Van Thanh as Deputy CEO Thong Nhat Rubber Joint Stock Company announced that Deputy CEO Tran Van Thanh retires from December 01, 2022. 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. 7 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jun 30
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 07 July 2022. Payment date: 25 July 2022. Trailing yield: 4.0%. Lower than top quartile of Vietnamese dividend payers (7.8%). Higher than average of industry peers (2.1%). Annuncio • Jun 25
Thong Nhat Rubber Joint Stock Company Announces Cash Dividend for the Year 2021, Payable on July 25, 2022 Thong Nhat Rubber Joint Stock Company announced cash dividend of Exercise ratio: 20%/share (2,000 dongs per share) for the year of 2021. With an Record date: July 08, 2022 and Payment date: July 25, 2022. 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. 7 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 22
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. 7 non-independent directors. Director Tung Do was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 14
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 21 October 2021. Payment date: 05 November 2021. Trailing yield: 4.0%. Lower than top quartile of Vietnamese dividend payers (6.4%). In line with average of industry peers (3.9%). Is New 90 Day High Low • Feb 26
New 90-day low: ₫28,000 The company is down 10.0% from its price of ₫31,000 on 27 November 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Auto Components industry, which is up 21% over the same period. Is New 90 Day High Low • Sep 24
New 90-day high: ₫26,950 The company is up 28% from its price of ₫21,000 on 26 June 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 6.0% over the same period. 
