X20 (X20) 주식 개요X20 주식회사는 베트남 및 해외에서 의류와 직물을 제조 및 거래하는 회사입니다. 자세히 보기X20 펀더멘털 분석스노우플레이크 점수가치 평가2/6미래 성장0/6과거 실적1/6재무 건전성6/6배당1/6강점주가수익률(6x)이 VN 시장(11.1x)보다 낮습니다.위험 분석의미 있는 시가총액이 없습니다(₫209B)높은 수준의 비현금 수입지난 3개월 동안 주가 변동성이 VN 시장과 비교해 높았습니다.모든 위험 점검 보기X20 Community Fair Values Create NarrativeSee what others think this stock is worth. Follow their fair value or set your own to get alerts.Your Fair Value₫Current Price₫12.10k37.1% 고평가 내재 할인율Growth estimate overAnnual revenue growth rate5 Yearstime period%/yrDecreaseIncreasePastFuture02t2016201920222025202620282031Revenue ₫1.6tEarnings ₫49.2bAdvancedSet Fair ValueView all narrativesX20 Joint Stock Company 경쟁사Tien Son Thanh Hoa GroupSymbol: HOSE:AATMarket cap: ₫201.8bTDT Investment and DevelopmentSymbol: HNX:TDTMarket cap: ₫179.2bBinh Thanh Import Export Production and TradeSymbol: HOSE:GILMarket cap: ₫1.2tTNG Investment and TradingSymbol: HNX:TNGMarket cap: ₫2.4t가격 이력 및 성과X20 주가의 최고가, 최저가 및 변동 요약과거 주가현재 주가₫12,100.0052주 최고가₫14,700.0052주 최저가₫11,100.00베타-0.0371개월 변동2.54%3개월 변동-3.20%1년 변동-10.37%3년 변동12.04%5년 변동23.47%IPO 이후 변동-38.58%최근 뉴스 및 업데이트New Risk • Apr 14New minor risk - Share price stabilityThe 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).공시 • Mar 11X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026. Location: 35 phan dinh giot street, phuong liet ward, hanoi VietnamReported Earnings • Nov 03Third quarter 2025 earnings releasedThird 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 15Upcoming dividend of ₫1,000 per shareEligible 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 08New major risk - Earnings qualityThe 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 08Investor 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.더 많은 업데이트 보기Recent updatesNew Risk • Apr 14New minor risk - Share price stabilityThe 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).공시 • Mar 11X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026. Location: 35 phan dinh giot street, phuong liet ward, hanoi VietnamReported Earnings • Nov 03Third quarter 2025 earnings releasedThird 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 15Upcoming dividend of ₫1,000 per shareEligible 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 08New major risk - Earnings qualityThe 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 08Investor 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 03New major risk - Market cap sizeThe 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 30Full 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.공시 • Mar 06X20 Joint Stock Company, Annual General Meeting, Jun 26, 2025X20 Joint Stock Company, Annual General Meeting, Jun 26, 2025. Location: 35 phan dinh giot street, phuong liet ward, thanh xuan district, hanoi, VietnamValuation Update With 7 Day Price Move • Feb 13Investor 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 08Full year 2024 earnings releasedFull 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 06Less than half of directors are independentNo 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 20Less than half of directors are independentNo 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 04Upcoming dividend of ₫600 per shareEligible 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 19New minor risk - Financial data availabilityThe 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 16Investor 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 03Full year 2023 earnings releasedFull 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 12Investor 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 27Investor 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 28Investor 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 08Less than half of directors are independentNo 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 13Less than half of directors are independentThere 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 02Less than half of directors are independentThere 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 16Investor sentiment improved over the past weekAfter 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 20Less than half of directors are independentFollowing 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 05Less than half of directors are independentFollowing 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 16Less than half of directors are independentFollowing 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 30Third quarter 2022 earnings releasedThird 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 05Inaugural dividend of ₫500 per shareEligible 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 04Second quarter 2022 earnings releasedSecond 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 28Less than half of directors are independentFollowing 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 15Investor sentiment deteriorated over the past weekAfter 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 08First quarter 2022 earnings releasedFirst 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 27Less than half of directors are independentFollowing 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 05Inaugural dividend of ₫500 per shareEligible 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 14New 90-day high: ₫10,000The 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.주주 수익률X20VN LuxuryVN 시장7D-1.6%-0.4%-0.4%1Y-10.4%5.8%38.7%전체 주주 수익률 보기수익률 대 산업: X20은 지난 1년 동안 5.8%의 수익을 기록한 VN Luxury 산업보다 저조한 성과를 냈습니다.수익률 대 시장: X20은 지난 1년 동안 38.7%를 기록한 VN 시장보다 저조한 성과를 냈습니다.주가 변동성Is X20's price volatile compared to industry and market?X20 volatilityX20 Average Weekly Movement6.9%Luxury Industry Average Movement4.4%Market Average Movement5.0%10% most volatile stocks in VN Market7.9%10% least volatile stocks in VN Market2.9%안정적인 주가: X20의 주가는 지난 3개월 동안 VN 시장보다 변동성이 컸습니다.시간에 따른 변동성: X20의 주간 변동성(7%)은 지난 1년 동안 안정적이었지만 VN 종목 중 상위 75%보다 높습니다.회사 소개설립직원 수CEO웹사이트19571,922Tam Hoangwww.gatexco20.com.vnX20 주식회사는 베트남 및 국제적으로 의류와 직물을 제조 및 거래합니다. 남성용 및 여성용 방위 의류, 니트웨어, 직물, 산업 유니폼을 제공합니다. 또한 자동차 및 오토바이, 의류 및 편직 산업을 위한 장비, 염색 섬유 산업을 위한 재료 및 화학 물질도 거래합니다.더 보기X20 Joint Stock Company 기초 지표 요약X20의 순이익과 매출은 시가총액과 어떻게 비교됩니까?X20 기초 통계시가총액₫208.73b순이익 (TTM)₫34.77b매출 (TTM)₫1.12t6.0x주가수익비율(P/E)0.2x주가매출비율(P/S)X20는 고평가되어 있습니까?공정 가치 및 평가 분석 보기순이익 및 매출최근 실적 보고서(TTM)의 주요 수익성 지표X20 손익계산서 (TTM)매출₫1.12t매출원가₫916.38b총이익₫199.17b기타 비용₫164.40b순이익₫34.77b최근 보고된 실적Dec 31, 2025다음 실적 발표일해당 없음주당순이익(EPS)2.02k총이익률17.85%순이익률3.12%부채/자본 비율3.6%X20의 장기 실적은 어땠습니까?과거 실적 및 비교 보기배당5.0%현재 배당 수익률n/a배당 성향View Valuation기업 분석 및 재무 데이터 상태데이터최종 업데이트 (UTC 시간)기업 분석2026/05/30 20:54종가2026/05/29 00:00수익2025/12/31연간 수익2025/12/31데이터 소스당사의 기업 분석에 사용되는 데이터는 S&P Global Market Intelligence LLC에서 제공됩니다. 아래 데이터는 이 보고서를 생성하기 위해 분석 모델에서 사용됩니다. 데이터는 정규화되므로 소스가 제공된 후 지연이 발생할 수 있습니다.패키지데이터기간미국 소스 예시 *기업 재무제표10년손익계산서현금흐름표대차대조표SEC 양식 10-KSEC 양식 10-Q분석가 컨센서스 추정치+3년재무 예측분석가 목표주가분석가 리서치 보고서Blue Matrix시장 가격30년주가배당, 분할 및 기타 조치ICE 시장 데이터SEC 양식 S-1지분 구조10년주요 주주내부자 거래SEC 양식 4SEC 양식 13D경영진10년리더십 팀이사회SEC 양식 10-KSEC 양식 DEF 14A주요 개발10년회사 공시SEC 양식 8-K* 미국 증권에 대한 예시이며, 비(非)미국 증권에는 해당 국가의 규제 서식 및 자료원을 사용합니다.별도로 명시되지 않는 한 모든 재무 데이터는 연간 기간을 기준으로 하지만 분기별로 업데이트됩니다. 이를 TTM(최근 12개월) 또는 LTM(지난 12개월) 데이터라고 합니다. 자세히 알아보기.분석 모델 및 스노우플레이크이 보고서를 생성하는 데 사용된 분석 모델에 대한 자세한 내용은 당사의 Github 페이지에서 확인하실 수 있습니다. 또한 보고서 활용 방법에 대한 가이드와 YouTube 튜토리얼도 제공합니다.Simply Wall St 분석 모델을 설계하고 구축한 세계적 수준의 팀에 대해 알아보세요.산업 및 섹터 지표산업 및 섹터 지표는 Simply Wall St가 6시간마다 계산하며, 프로세스에 대한 자세한 내용은 Github에서 확인할 수 있습니다.분석가 소스X20 Joint Stock Company는 0명의 분석가가 다루고 있습니다. 이 중 0명의 분석가가 우리 보고서에 입력 데이터로 사용되는 매출 또는 수익 추정치를 제출했습니다. 분석가의 제출 자료는 하루 종일 업데이트됩니다.
New Risk • Apr 14New minor risk - Share price stabilityThe 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).
공시 • Mar 11X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026. Location: 35 phan dinh giot street, phuong liet ward, hanoi Vietnam
Reported Earnings • Nov 03Third quarter 2025 earnings releasedThird 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 15Upcoming dividend of ₫1,000 per shareEligible 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 08New major risk - Earnings qualityThe 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 08Investor 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 14New minor risk - Share price stabilityThe 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).
공시 • Mar 11X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026X20 Joint Stock Company, Annual General Meeting, Jun 25, 2026. Location: 35 phan dinh giot street, phuong liet ward, hanoi Vietnam
Reported Earnings • Nov 03Third quarter 2025 earnings releasedThird 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 15Upcoming dividend of ₫1,000 per shareEligible 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 08New major risk - Earnings qualityThe 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 08Investor 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 03New major risk - Market cap sizeThe 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 30Full 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.
공시 • Mar 06X20 Joint Stock Company, Annual General Meeting, Jun 26, 2025X20 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 13Investor 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 08Full year 2024 earnings releasedFull 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 06Less than half of directors are independentNo 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 20Less than half of directors are independentNo 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 04Upcoming dividend of ₫600 per shareEligible 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 19New minor risk - Financial data availabilityThe 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 16Investor 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 03Full year 2023 earnings releasedFull 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 12Investor 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 27Investor 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 28Investor 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 08Less than half of directors are independentNo 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 13Less than half of directors are independentThere 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 02Less than half of directors are independentThere 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 16Investor sentiment improved over the past weekAfter 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 20Less than half of directors are independentFollowing 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 05Less than half of directors are independentFollowing 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 16Less than half of directors are independentFollowing 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 30Third quarter 2022 earnings releasedThird 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 05Inaugural dividend of ₫500 per shareEligible 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 04Second quarter 2022 earnings releasedSecond 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 28Less than half of directors are independentFollowing 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 15Investor sentiment deteriorated over the past weekAfter 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 08First quarter 2022 earnings releasedFirst 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 27Less than half of directors are independentFollowing 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 05Inaugural dividend of ₫500 per shareEligible 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 14New 90-day high: ₫10,000The 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.
