New Risk • Aug 13
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Dividend per share is over 10x earnings per share. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (8.7% average weekly change). Dividend is not well covered by earnings and cash flows. Dividend per share is over 10x earnings per share. Paying a dividend despite having no free cash flows. High level of non-cash earnings (58% accrual ratio). Market cap is less than US$10m (₫53.3b market cap, or US$2.02m). Minor Risk Profit margins are more than 30% lower than last year (0.04% net profit margin). Reported Earnings • Aug 03
Second quarter 2026 earnings released: ₫1,582 loss per share (vs ₫357 loss in 2Q 2025) Second quarter 2026 results: ₫1,582 loss per share (further deteriorated from ₫357 loss in 2Q 2025). Revenue: ₫162.6b (up 82% from 2Q 2025). Net loss: ₫7.16b (loss widened 344% from 2Q 2025). Upcoming Dividend • Jul 29
Upcoming dividend of ₫520 per share Eligible shareholders must have bought the stock before 05 August 2026. Payment date: 20 October 2026. Payout ratio is a comfortable 59% but the company is not cash flow positive. Trailing yield: 5.9%. Lower than top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (0.6%). Valuation Update With 7 Day Price Move • May 19
Investor sentiment improves as stock rises 27% After last week's 27% share price gain to ₫15,600, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 48x in the Communications industry in Asia. Total returns to shareholders of 49% over the past three years. Annuncio • Apr 04
VTC Telecommunications Joint Stock Company, Annual General Meeting, Apr 23, 2026 VTC Telecommunications Joint Stock Company, Annual General Meeting, Apr 23, 2026, at 08:00 SE Asia Standard Time. Location: kim do hotel-133 nguyen hue street, saigon ward, ho chi minh city Vietnam Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫11,200, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 40x in the Communications industry in Asia. Total returns to shareholders of 5.3% over the past three years. Declared Dividend • Mar 05
Dividend of ₫700 announced Dividend of ₫700 is the same as last year. Ex-date: 20th March 2026 Payment date: 10th April 2026 Dividend yield will be 4.9%, which is higher than the industry average of 2.7%. Sustainability & Growth Dividend is covered by earnings (59% 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 76 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 34% to shift the payout ratio to a potentially unsustainable range, which is more than the 13% EPS decline seen over the last 5 years. Valuation Update With 7 Day Price Move • Feb 24
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫14,500, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 15x in the Communications industry in Vietnam. Total returns to shareholders of 27% over the past three years. Reported Earnings • Feb 10
Full year 2025 earnings released: EPS: ₫864 (vs ₫779 in FY 2024) Full year 2025 results: EPS: ₫864 (up from ₫779 in FY 2024). Revenue: ₫522.9b (up 121% from FY 2024). Net income: ₫3.91b (up 11% from FY 2024). Profit margin: 0.7% (down from 1.5% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Jan 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫14,000, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 36x in the Communications industry in Asia. Total returns to shareholders of 44% over the past three years. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment deteriorates as stock falls 27% After last week's 27% share price decline to ₫13,100, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 35x in the Communications industry in Asia. Total returns to shareholders of 33% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment improves as stock rises 45% After last week's 45% share price gain to ₫27,100, the stock trades at a trailing P/E ratio of 22.9x. Average trailing P/E is 35x in the Communications industry in Asia. Total returns to shareholders of 214% over the past three years. Valuation Update With 7 Day Price Move • Nov 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫9,900, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 35x in the Communications industry in Asia. Total returns to shareholders of 20% over the past three years. Reported Earnings • Nov 01
Third quarter 2025 earnings released: ₫641 loss per share (vs ₫325 loss in 3Q 2024) Third quarter 2025 results: ₫641 loss per share (further deteriorated from ₫325 loss in 3Q 2024). Revenue: ₫49.2b (down 27% from 3Q 2024). Net loss: ₫2.91b (loss widened 97% from 3Q 2024). Reported Earnings • Apr 13
Full year 2024 earnings released: EPS: ₫779 (vs ₫201 in FY 2023) Full year 2024 results: EPS: ₫779 (up from ₫201 in FY 2023). Revenue: ₫236.6b (up 32% from FY 2023). Net income: ₫3.53b (up 288% from FY 2023). Profit margin: 1.5% (up from 0.5% in FY 2023). Annuncio • Apr 08
VTC Telecommunications Joint Stock Company, Annual General Meeting, Apr 25, 2025 VTC Telecommunications Joint Stock Company, Annual General Meeting, Apr 25, 2025, at 08:00 SE Asia Standard Time. Location: kim do hotel, 133 nguyen hue st., district 1, ho chi minh Vietnam Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫7,200, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 29x in the Communications industry in Vietnam. Total loss to shareholders of 44% over the past three years. Declared Dividend • Mar 07
Dividend of ₫700 announced Shareholders will receive a dividend of ₫700. Ex-date: 24th March 2025 Payment date: 24th April 2025 Dividend yield will be 7.4%, which is higher than the industry average of 2.7%. Sustainability & Growth The dividend has decreased over the past 66 years, indicating a lack of growth and stability in payments. Upcoming Dividend • Mar 19
Upcoming dividend of ₫700 per share Eligible shareholders must have bought the stock before 26 March 2024. Payment date: 24 April 2024. Trailing yield: 6.3%. Lower than top quartile of Vietnamese dividend payers (8.6%). Higher than average of industry peers (1.4%). Board Change • Apr 24
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. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bang Van Bui was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Mar 17
Upcoming dividend of ₫600 per share at 4.7% yield Eligible shareholders must have bought the stock before 24 March 2023. Payment date: 26 April 2023. Trailing yield: 4.7%. Lower than top quartile of Vietnamese dividend payers (9.1%). Higher than average of industry peers (1.2%). Board Change • Mar 09
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. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bang Van Bui was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • Jan 30
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 Bang Van Bui was the last director to join the board, commencing their role in 2017. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 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 Bang Van Bui was the last director to join the board, commencing their role in 2017. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 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. 6 experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Director Bang Van Bui was the last director to join the board, commencing their role in 2017. 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 06
Investor sentiment deteriorated over the past week After last week's 35% share price decline to ₫16,900, the stock trades at a trailing P/E ratio of 7.6x. Average trailing P/E is 28x in the Communications industry in Asia. Total returns to shareholders of 176% over the past three years. Upcoming Dividend • Mar 18
Inaugural dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 25 March 2022. Payment date: 27 April 2022. The company is not currently making a profit and is not cash flow positive. This is the first dividend for VTC Telecommunications since going public. The average dividend yield among industry peers is 1.2%. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 21% share price gain to ₫18,700, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 27x in the Communications industry in Asia. Total returns to shareholders of 184% over the past three years. Reported Earnings • Feb 10
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫70.00 (down from ₫1,784 in FY 2020). Revenue: ₫140.8b (down 67% from FY 2020). Net income: ₫374.9m (down 96% from FY 2020). Profit margin: 0.3% (down from 2.3% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 09
Investor sentiment improved over the past week After last week's 24% share price gain to ₫13,600, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 27x in the Communications industry in Asia. Total returns to shareholders of 114% over the past three years. Upcoming Dividend • Mar 18
First Dividend Is ₫1,100 Per Share Will be paid on the 27th of April to those who are registered shareholders by the 25th of March. This is the first dividend for VTC Telecommunications since going public. The average dividend yield among industry peers is 1.0%. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 21% share price gain to ₫16,000, the stock trades at a trailing P/E ratio of 9x. Average trailing P/E is 32x in the Communications industry in Asia. Total returns to shareholders of 97% over the past three years. Is New 90 Day High Low • Mar 10
New 90-day high: ₫13,000 The company is up 51% from its price of ₫8,600 on 10 December 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 10.0% over the same period. Is New 90 Day High Low • Feb 09
New 90-day high: ₫11,500 The company is up 42% from its price of ₫8,100 on 11 November 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Communications industry, which is up 20% over the same period. Reported Earnings • Feb 02
Full year 2020 earnings released: EPS ₫1,784 (vs ₫2,644 in FY 2019) The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: ₫428.8b (down 34% from FY 2019). Net income: ₫10.0b (down 3.5% from FY 2019). Profit margin: 2.3% (up from 1.6% in FY 2019). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Jan 14
New 90-day high: ₫10,300 The company is up 4.0% from its price of ₫9,900 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 19% over the same period. Is New 90 Day High Low • Oct 21
New 90-day low: ₫8,100 The company is down 30% from its price of ₫11,500 on 23 July 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Communications industry, which is up 17% over the same period. 
