Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫6,600, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 36% over the past three years. Declared Dividend • Jun 04
Dividend of ₫200 announced Shareholders will receive a dividend of ₫200. Ex-date: 11th June 2026 Payment date: 12th August 2026 Dividend yield will be 3.3%, which is lower than the industry average of 5.7%. Sustainability & Growth Dividend is covered by earnings (31% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 56 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 65% to shift the payout ratio to a potentially unsustainable range, which is more than the 41% EPS decline seen over the last 5 years. Board Change • May 26
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman Dung Pham is the most experienced director on the board, commencing their role in 2019. Independent Director Chau Le was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. New Risk • Apr 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 1.5% Last year net profit margin: 2.6% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. 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). Shares are highly illiquid. Earnings have declined by 19% per year over the past 5 years. High level of non-cash earnings (37% accrual ratio). Market cap is less than US$10m (₫73.5b market cap, or US$2.79m). Minor Risk Profit margins are more than 30% lower than last year (1.5% net profit margin). Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫65.82 (vs ₫208 in 1Q 2025) First quarter 2026 results: EPS: ₫65.82 (down from ₫208 in 1Q 2025). Revenue: ₫53.7b (up 77% from 1Q 2025). Net income: ₫744.0m (down 68% from 1Q 2025). Profit margin: 1.4% (down from 7.8% 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 33% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. New Risk • Mar 29
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 31% 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 (1.6x net interest cover). Shares are highly illiquid. Earnings have declined by 21% per year over the past 5 years. High level of non-cash earnings (31% accrual ratio). Market cap is less than US$10m (₫73.5b market cap, or US$2.79m). Annuncio • Mar 26
Development Investment Construction Number 2 Joint Stock Company, Annual General Meeting, Apr 23, 2026 Development Investment Construction Number 2 Joint Stock Company, Annual General Meeting, Apr 23, 2026, at 13:30 SE Asia Standard Time. Location: head office of development investment construction, -no 2 jsc, no.5 street 6, chi linh urban area, rach dua ward, ho chi minh Vietnam Board Change • Mar 17
Less than half of directors are independent There are 3 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Chairman Dung Pham is the most experienced director on the board, commencing their role in 2019. Independent Director Chau Le was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Jan 26
Full year 2025 earnings released: EPS: ₫516 (vs ₫590 in FY 2024) Full year 2025 results: EPS: ₫516. Revenue: ₫204.3b (down 18% from FY 2024). Net income: ₫5.84b (up 23% from FY 2024). Profit margin: 2.9% (up from 1.9% in FY 2024). The increase in margin was driven by lower expenses. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫132 (vs ₫173 in 3Q 2024) Third quarter 2025 results: EPS: ₫132. Revenue: ₫63.2b (up 16% from 3Q 2024). Net income: ₫1.49b (up 11% from 3Q 2024). Profit margin: 2.4% (down from 2.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Upcoming Dividend • May 29
Upcoming dividend of ₫200 per share Eligible shareholders must have bought the stock before 05 June 2025. Payment date: 08 July 2025. The company last paid an ordinary dividend in July 2021. The average dividend yield among industry peers is 7.0%. Valuation Update With 7 Day Price Move • May 13
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 12.4x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Apr 28
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫6,000, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total loss to shareholders of 39% over the past three years. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: ₫215 (vs ₫73.00 in 1Q 2024) First quarter 2025 results: EPS: ₫215 (up from ₫73.00 in 1Q 2024). Revenue: ₫30.3b (up 9.2% from 1Q 2024). Net income: ₫2.36b (up 325% from 1Q 2024). Profit margin: 7.8% (up from 2.0% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Annuncio • Mar 29
Development Investment Construction Number 2 Joint Stock Company, Annual General Meeting, Apr 29, 2025 Development Investment Construction Number 2 Joint Stock Company, Annual General Meeting, Apr 29, 2025, at 13:30 SE Asia Standard Time. Location: no. 5, street 6, chi linh urban area, thang nhat ward, ba ria vung tau province, Vietnam Reported Earnings • Jan 22
Full year 2024 earnings released: EPS: ₫507 (vs ₫146 in FY 2023) Full year 2024 results: EPS: ₫507 (up from ₫146 in FY 2023). Revenue: ₫250.2b (up 19% from FY 2023). Net income: ₫5.56b (up 404% from FY 2023). Profit margin: 2.2% (up from 0.5% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 19% per year, which means it has not declined as severely as earnings. New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 45% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shares are highly illiquid. Revenue has declined by 29% over the past year. Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Market cap is less than US$10m (₫71.3b market cap, or US$2.78m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (0.1% net profit margin). New Risk • Dec 05
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 45% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.9x net interest cover). Shares are highly illiquid. Revenue has declined by 29% over the past year. Market cap is less than US$10m (₫83.4b market cap, or US$3.25m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (0.1% net profit margin). Shareholders have been diluted in the past year (45% increase in shares outstanding). New Risk • Nov 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Interest payments are not well covered by earnings (1.9x net interest cover). Revenue has declined by 29% over the past year. Market cap is less than US$10m (₫51.4b market cap, or US$2.00m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (0.1% net profit margin). New Risk • Sep 30
New major risk - Revenue and earnings growth Revenue has declined by 29% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue 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 Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (14% average weekly change). Revenue has declined by 29% over the past year. Market cap is less than US$10m (₫54.4b market cap, or US$2.23m). Minor Risk Profit margins are more than 30% lower than last year (0.1% net profit margin). New Risk • May 12
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Interest payments are not well covered by earnings (1.9x net interest cover). Share price has been highly volatile over the past 3 months (12% average weekly change). Market cap is less than US$10m (₫54.4b market cap, or US$2.12m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (0.1% net profit margin). Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: ₫27.17 (vs ₫142 in 3Q 2022) Third quarter 2023 results: EPS: ₫27.17 (down from ₫142 in 3Q 2022). Revenue: ₫55.6b (down 37% from 3Q 2022). Net income: ₫205.3m (down 81% from 3Q 2022). Profit margin: 0.4% (down from 1.2% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫5,700, the stock trades at a trailing P/E ratio of 29.6x. Average trailing P/E is 14x in the Basic Materials industry in Vietnam. Total returns to shareholders of 1.8% over the past three years. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: ₫53.58 (vs ₫232 in 2Q 2022) Second quarter 2023 results: EPS: ₫53.58 (down from ₫232 in 2Q 2022). Revenue: ₫38.1b (down 56% from 2Q 2022). Net income: ₫404.9m (down 77% from 2Q 2022). Profit margin: 1.1% (down from 2.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₫5,200, the stock trades at a trailing P/E ratio of 13.3x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 3.9% over the past three years. Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: ₫16.05 (vs ₫112 in 1Q 2022) First quarter 2023 results: EPS: ₫16.05 (down from ₫112 in 1Q 2022). Revenue: ₫39.4b (down 32% from 1Q 2022). Net income: ₫115.5m (down 86% from 1Q 2022). Profit margin: 0.3% (down from 1.4% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 61% 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 02
Full year 2022 earnings released: EPS: ₫530 (vs ₫1,017 in FY 2021) Full year 2022 results: EPS: ₫530 (down from ₫1,017 in FY 2021). Revenue: ₫333.1b (up 3.3% from FY 2021). Net income: ₫3.81b (down 46% from FY 2021). Profit margin: 1.1% (down from 2.2% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₫5,800, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 40% over the past three years. 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. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 25
Third quarter 2022 earnings released: EPS: ₫149 (vs ₫110 in 3Q 2021) Third quarter 2022 results: EPS: ₫149. Revenue: ₫87.9b (up 16% from 3Q 2021). Net income: ₫1.07b (down 9.2% from 3Q 2021). Profit margin: 1.2% (down from 1.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₫6,600, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₫9,500, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 14x in the Basic Materials industry in Vietnam. Total returns to shareholders of 139% over the past three years. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ₫244 (vs ₫302 in 2Q 2021) Second quarter 2022 results: EPS: ₫244. Revenue: ₫85.9b (up 47% from 2Q 2021). Net income: ₫1.75b (up 91% from 2Q 2021). Profit margin: 2.0% (up from 1.6% in 2Q 2021). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₫11,000, the stock trades at a trailing P/E ratio of 17.6x. Average trailing P/E is 17x in the Basic Materials industry in Vietnam. Total returns to shareholders of 147% over the past three years. 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. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . 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 • Apr 20
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫12,200, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 20x in the Basic Materials industry in Vietnam. Total loss to shareholders of 15% over the past year. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₫16,900, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 22x in the Basic Materials industry in Vietnam. Total returns to shareholders of 53% over the past year. Reported Earnings • Jan 27
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,119 (down from ₫3,605 in FY 2020). Revenue: ₫322.6b (up 14% from FY 2020). Net income: ₫7.00b (down 30% from FY 2020). Profit margin: 2.2% (down from 3.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Dec 17
Investor sentiment improved over the past week After last week's 17% share price gain to ₫16,600, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 15x in the Basic Materials industry in Vietnam. Total returns to shareholders of 157% over the past three years. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ₫303 (vs ₫2,599 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫53.3b (down 55% from 3Q 2020). Net income: ₫1.14b (down 84% from 3Q 2020). Profit margin: 2.1% (down from 6.1% in 3Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 21% share price gain to ₫15,300, the stock trades at a trailing P/E ratio of 4.3x. Average trailing P/E is 13x in the Basic Materials industry in Vietnam. Total returns to shareholders of 81% over the past year. Annuncio • Aug 08
Thien Quang Trading Joint Stock Company acquired additional 8% stake in Development Investment Construction Number 2 Joint Stock Company (HNX:DC2). Thien Quang Trading Joint Stock Company acquired additional 8% stake in Development Investment Construction Number 2 Joint Stock Company (HNX:DC2) on August 2, 2021. In the acquisition, Thien Quang Trading Joint Stock Company acquired 3 million shares.
Thien Quang Trading Joint Stock Company completed the acquisition of additional 8% stake in Development Investment Construction Number 2 Joint Stock Company (HNX:DC2) on August 2, 2021. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ₫332 (vs ₫243 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫58.5b (up 79% from 2Q 2020). Net income: ₫918.7m (up 37% from 2Q 2020). Profit margin: 1.6% (down from 2.1% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 12
Inaugural dividend of ₫500 per share Eligible shareholders must have bought the stock before 19 July 2021. Payment date: 15 December 2021. The company last paid an ordinary dividend in April 2012. The average dividend yield among industry peers is 6.1%. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 23% share price gain to ₫16,200, the stock trades at a trailing P/E ratio of 4.1x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 174% over the past three years. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫10,900, the stock is trading at a trailing P/E ratio of 2.7x, down from the previous P/E ratio of 3.3x. This compares to an average P/E of 9x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 71%. Reported Earnings • Jan 20
Full year 2020 earnings released: EPS ₫3,966 The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₫283.3b (up 49% from FY 2019). Net income: ₫9.99b (up 40% from FY 2019). Profit margin: 3.5% (down from 3.8% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 21% share price gain to ₫11,500, the stock is trading at a trailing P/E ratio of 2.3x, up from the previous P/E ratio of 1.9x. This compares to an average P/E of 9x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 86%. Is New 90 Day High Low • Jan 11
New 90-day high: ₫11,500 The company is up 19% from its price of ₫9,700 on 13 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 16% over the same period. Valuation Update With 7 Day Price Move • Oct 17
Market pulls back on stock over the past week After last week's 19% share price decline to ₫8,700, the stock is trading at a trailing P/E ratio of 2.6x, down from the previous P/E ratio of 3.2x. This compares to an average P/E of 8x in the Basic Materials industry in Vietnam. Total return to shareholders over the past three years is a loss of 25%. Is New 90 Day High Low • Sep 29
New 90-day high: ₫8,200 The company is up 26% from its price of ₫6,500 on 29 June 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 11% over the same period. 
