New Risk • Aug 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (21% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (26% increase in shares outstanding). Reported Earnings • Jul 22
Second quarter 2026 earnings released Second quarter 2026 results: Revenue: ₫289.4b (up 2.7% from 2Q 2025). Net income: ₫83.0b (up 13% from 2Q 2025). Profit margin: 29% (up from 26% in 2Q 2025). New Risk • Apr 23
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 30% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (35% accrual ratio). Minor Risk Shareholders have been diluted in the past year (30% increase in shares outstanding). Reported Earnings • Apr 23
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₫234.4b (up 5.5% from 1Q 2025). Net income: ₫11.3b (down 79% from 1Q 2025). Profit margin: 4.8% (down from 24% in 1Q 2025). The decrease in margin was driven by higher expenses. Reported Earnings • Jan 25
Full year 2025 earnings released: EPS: ₫795 (vs ₫556 in FY 2024) Full year 2025 results: EPS: ₫795 (up from ₫556 in FY 2024). Revenue: ₫1.38t (up 76% from FY 2024). Net income: ₫272.5b (up 50% from FY 2024). Profit margin: 20% (down from 23% in FY 2024). The decrease in margin was driven by higher expenses. 공고 • Jan 23
DNSE Securities Joint Stock Company, Annual General Meeting, Mar 26, 2026 DNSE Securities Joint Stock Company, Annual General Meeting, Mar 26, 2026. Upcoming Dividend • Dec 31
Upcoming dividend of ₫700 per share Eligible shareholders must have bought the stock before 07 January 2026. Payment date: 25 February 2026. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 2.7%. Lower than top quartile of Vietnamese dividend payers (7.7%). Lower than average of industry peers (3.1%). Reported Earnings • Oct 17
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫475.5b (up 108% from 3Q 2024). Net income: ₫136.8b (up 314% from 3Q 2024). Profit margin: 29% (up from 14% in 3Q 2024). New Risk • Sep 05
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.5% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (41% accrual ratio). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (6.5% average weekly change). Valuation Update With 7 Day Price Move • Aug 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫30,050, the stock trades at a trailing P/E ratio of 50.1x. Average trailing P/E is 24x in the Capital Markets industry in Vietnam. Total returns to shareholders of 19% over the past year. Reported Earnings • Jul 23
Second quarter 2025 earnings released Second quarter 2025 results: Net income: ₫73.4b (up ₫73.4b from 2Q 2024). Reported Earnings • Apr 27
First quarter 2025 earnings released First quarter 2025 results: Net income: ₫53.1b (up ₫53.1b from 1Q 2024). 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 ₫20,200, the stock trades at a trailing P/E ratio of 36.7x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. 공고 • Jan 21
DNSE Securities Joint Stock Company, Annual General Meeting, Mar 19, 2025 DNSE Securities Joint Stock Company, Annual General Meeting, Mar 19, 2025. Location: hanoi Vietnam 공고 • Jan 07
DNSE Securities Joint Stock Company Appoints Nguyen Thi Ha Ninh as Chief Financial Officer DNSE Securities Joint Stock Company announced based on resolution dated January 2, 2025, the change in personnel of the company as follows: Appointment of Ms. Nguyen Thi Ha Ninh as Chief Financial Officer of the company. Former position of the organization: Board of directors’ member. Effective date is January 2, 2025. Term: From January 2, 2025 to until the replacement of another resolution. 공고 • Nov 21
Dnse Securities Joint Stock Company Announces Plan for 2024 Cash Dividend Payment, Payable on December 19, 2024 DNSE Securities Joint Stock Company declared approval of interim dividend payment of 2024. Par Value: VND 10,000 per share. Rate of interim dividend: 5% of charter capital, equivalent to VND 500 per common share. Record date for finalizing the list of shareholders eligible for the 2024 dividend advance (final registration date): November 29. 2024 . Expected dividend payment date December 19. 2024. Board Change • Jul 02
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. 5 non-independent directors. Director Nguyen Bich was the last director to join the board, commencing their role in 2015. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model.