New Risk • May 24
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 6.3% 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. This is currently the only risk that has been identified for the company. New Risk • May 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. 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 profits are expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. 공시 • Mar 25
Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, May 28, 2026 Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, May 28, 2026. Location: hall of the company`s cultural and sports center., hamlet 2a, phuoc hoa commune, ho chi minh Vietnam Price Target Changed • Mar 10
Price target increased by 8.8% to ₫73,603 Up from ₫67,633, the current price target is an average from 4 analysts. New target price is 26% above last closing price of ₫58,200. Stock is down 10% over the past year. The company is forecast to post earnings per share of ₫3,576 for next year compared to ₫3,502 last year. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫57,000, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 16x in the Chemicals industry in Vietnam. Total returns to shareholders of 58% over the past three years. New Risk • Feb 12
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. 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 profits are expected to decline, then in most cases the share price will decline over time as well. 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 Risk Earnings are forecast to decline by an average of 8.3% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (6.0% average weekly change). New Risk • Feb 06
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 6.0% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫67,900, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Chemicals industry in Vietnam. Total returns to shareholders of 75% over the past three years. Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: ₫1,914 (vs ₫726 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,914 (up from ₫726 in 3Q 2024). Revenue: ₫616.8b (up 50% from 3Q 2024). Net income: ₫259.4b (up 164% from 3Q 2024). Profit margin: 42% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 3.7% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Vietnam are expected to grow by 4.1%. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 20
Upcoming dividend of ₫1,350 per share Eligible shareholders must have bought the stock before 27 August 2025. Payment date: 26 September 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.1%. Lower than top quartile of Vietnamese dividend payers (7.3%). Higher than average of industry peers (3.3%). 공시 • Aug 05
Phuoc Hoa Rubber Joint Stock Company announces Annual dividend, payable on September 26, 2025 Phuoc Hoa Rubber Joint Stock Company announced Annual dividend of VND 1350.0000 per share payable on September 26, 2025, ex-date on August 27, 2025 and record date on August 28, 2025. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₫667 (vs ₫477 in 2Q 2024) Second quarter 2025 results: EPS: ₫667 (up from ₫477 in 2Q 2024). Revenue: ₫368.0b (up 35% from 2Q 2024). Net income: ₫90.3b (up 40% from 2Q 2024). Profit margin: 25% (in line with 2Q 2024). Revenue is forecast to grow 1.1% p.a. on average during the next 3 years, compared to a 5.4% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Jul 18
Price target decreased by 7.8% to ₫62,367 Down from ₫67,633, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫62,200. Stock is up 7.1% over the past year. The company is forecast to post earnings per share of ₫3,698 for next year compared to ₫3,115 last year. Valuation Update With 7 Day Price Move • Jun 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫61,400, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 15x in the Chemicals industry in Vietnam. Negligible returns to shareholders over past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫52,400, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Chemicals industry in Vietnam. Total loss to shareholders of 11% over the past three years. 공시 • Apr 25
Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 27, 2025 Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 27, 2025. Location: meeting hall of phuoc hoa rubber, joint stock company, Vietnam New Risk • Apr 08
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 5.9% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 116% Cash payout ratio: 250% Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Profit margins are more than 30% lower than last year (26% net profit margin). Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₫54,500, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 19x in the Chemicals industry in Vietnam. Total loss to shareholders of 21% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫61,600, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 22x in the Chemicals industry in Vietnam. Total loss to shareholders of 15% over the past three years. Upcoming Dividend • Dec 06
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 27 December 2024. Payout ratio is a comfortable 30% but the company is paying out more than the cash it is generating. Trailing yield: 10%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (3.9%). 공시 • Nov 21
Phuoc Hoa Rubber Joint Stock Company Announces Cash Dividend for the Year 2023, Payable on December 27, 2024 Phuoc Hoa Rubber Joint Stock Company announced on November 19, 2024, cash dividend of 30% per par value (VND 3,000 per share) for the year 2023, payable on December 27, 2024. Ex-right date is December 13, 2024. Record date is December 16, 2024. 공시 • May 08
Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 28, 2024 Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 28, 2024. Location: Phuoc Hoa commune Phu Giao district, Binh Duong province. Binh Duong Vietnam Reported Earnings • Apr 27
First quarter 2024 earnings released: EPS: ₫539 (vs ₫1,682 in 1Q 2023) First quarter 2024 results: EPS: ₫539 (down from ₫1,682 in 1Q 2023). Revenue: ₫323.4b (flat on 1Q 2023). Net income: ₫73.1b (down 68% from 1Q 2023). Profit margin: 23% (down from 70% in 1Q 2023). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 8.6% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Major Estimate Revision • Mar 23
Consensus EPS estimates fall by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has deteriorated. 2024 revenue forecast decreased from ₫1.53t to ₫1.48t. EPS estimate also fell from ₫4,293 per share to ₫3,477 per share. Net income forecast to shrink 16% next year vs 36% growth forecast for Chemicals industry in Vietnam . Consensus price target up from ₫55,667 to ₫62,500. Share price rose 4.4% to ₫64,000 over the past week. Price Target Changed • Mar 22
Price target increased by 16% to ₫62,500 Up from ₫53,875, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫64,000. Stock is up 62% over the past year. The company is forecast to post earnings per share of ₫3,477 for next year compared to ₫4,309 last year. Reported Earnings • Mar 17
Full year 2023 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2023 results: EPS: ₫4,309 (down from ₫6,556 in FY 2022). Revenue: ₫1.35t (down 21% from FY 2022). Net income: ₫583.8b (down 34% from FY 2022). Profit margin: 43% (down from 52% in FY 2022). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 13%. Earnings per share (EPS) exceeded analyst estimates by 25%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 8.2% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 1% per year and the company’s share price has also fallen by 1% per year. Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: ₫4,592 (vs ₫6,265 in FY 2022) Full year 2023 results: EPS: ₫4,592 (down from ₫6,265 in FY 2022). Revenue: ₫1.35t (down 21% from FY 2022). Net income: ₫622.2b (down 27% from FY 2022). Profit margin: 46% (down from 50% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 4.1% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Upcoming Dividend • Sep 01
Upcoming dividend of ₫1,950 per share at 7.9% yield Eligible shareholders must have bought the stock before 08 September 2023. Payment date: 25 December 2023. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 7.9%. Lower than top quartile of Vietnamese dividend payers (8.5%). Higher than average of industry peers (5.2%). 공시 • Aug 22
Phuoc Hoa Rubber Joint Stock Company Approves Cash Dividend for 2023 The Board of Directors of Phuoc Hoa Rubber Joint Stock Company approved to pay for the 2023 dividend in cash: Record date: September 11, 2023. Dividend pay-out ratio: 19.5%/par value (VND 1,950/share). New Risk • Jul 20
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: 118% Earnings are forecast to decline by an average of 11% per year for the foreseeable future. High level of non-cash earnings (23% accrual ratio). Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: ₫898 (vs ₫380 in 2Q 2022) Second quarter 2023 results: EPS: ₫898 (up from ₫380 in 2Q 2022). Revenue: ₫201.1b (down 17% from 2Q 2022). Net income: ₫121.7b (up 137% from 2Q 2022). Profit margin: 61% (up from 21% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 5.1% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Vietnam are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has fallen by 2% per year. 공시 • Jul 12
Phuoc Hoa Rubber Joint Stock Company Announces Change in Personnel Phuoc Hoa Rubber Joint Stock Company announces the change in personnel as follows: Appointment: Mr. Huynh Kim Nhut: Newly appointed position: Chairman of the BOD. Term: 2023-2028. Effective date: June 28, 2023. Mr. Nguyen Van Tuoc, Mrs. Nguyen Thi Phi Nga, Mr. Mai Huu Tin, and Mr. Tran Binh Luan. Newly appointed position: a member of the BOD. Term: 2023-2028. Effective date: June 28, 2023. Mr. Vo Thanh Hai: Newly appointed position: Head of the Supervisory Board. Term: 2023-2028. Effective date: June 28, 2023. Mr. Tran Anh Son and Mr. Vu Quoc Anh: Newly appointed position: member of the Supervisory Board. Term: 2023-2028. Effective date: June 28, 2023. Resignation: Mr. Nguyen Thanh Duc: Resigned position: a member of the Supervisory Board. Effective date: June 28, 2023. 공시 • Jul 07
Phuoc Hoa Rubber Joint Stock Company Announces Change in Personnel Phuoc Hoa Rubber Joint Stock Company announced the change in personnel: Mr. Huynh Kim Nhut Is Newly appointed position: Chairman of the BODTerm: 2023-2028. Effective date: June 28, 2023. Mr. Vo Thanh Hai is Newly appointed position: Head of the Supervisory Board. Term: 2023-2028Effective date: June 28, 2023. 공시 • Jun 03
Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 28, 2023 Phuoc Hoa Rubber Joint Stock Company, Annual General Meeting, Jun 28, 2023, at 01:00 Coordinated Universal Time. Location: Hoa Rubber Joint Stock Company office 2A hamlet, Phuoc Hoa commune, Phu Giao district Binh Duong Province Vietnam Price Target Changed • May 27
Price target decreased by 8.8% to ₫49,067 Down from ₫53,800, the current price target is an average from 6 analysts. New target price is 6.7% above last closing price of ₫46,000. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₫4,644 for next year compared to ₫6,265 last year. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: ₫1,682 (vs ₫2,178 in 1Q 2022) First quarter 2023 results: EPS: ₫1,682 (down from ₫2,178 in 1Q 2022). Revenue: ₫326.3b (down 11% from 1Q 2022). Net income: ₫228.0b (down 23% from 1Q 2022). Profit margin: 70% (down from 81% in 1Q 2022). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 3.3% p.a. on average during the next 3 years, compared to a 5.9% decline forecast for the Chemicals industry in Vietnam. 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 2% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 20
Full year 2022 earnings released: EPS: ₫6,272 (vs ₫3,375 in FY 2021) Full year 2022 results: EPS: ₫6,272 (up from ₫3,375 in FY 2021). Revenue: ₫1.71t (down 12% from FY 2021). Net income: ₫886.9b (up 94% from FY 2021). Profit margin: 52% (up from 24% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Vietnam are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫38,500, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 6x in the Chemicals industry in Vietnam. Total returns to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫39,482 per share. Upcoming Dividend • Dec 09
Upcoming dividend of ₫4,000 per share Eligible shareholders must have bought the stock before 16 December 2022. Payment date: 16 May 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 9.9%. Within top quartile of Vietnamese dividend payers (9.2%). Higher than average of industry peers (6.2%). 공시 • Dec 08
Phuoc Hoa Rubber Joint Stock Company Approves to Pay for the First Phase of 2022 Dividend The Board of Directors of Phuoc Hoa Rubber Joint Stock Company approved to pay for the first phase of 2022 dividend in cash: Record date: December 19, 2022; Dividend pay-out ratio: 40%/par value (VND 4,000/share). Payment date: Phase 1: 20% on February 16, 2023 and Phase 2: 20% on May 16, 2023. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₫42,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Chemicals industry in Vietnam. Total loss to shareholders of 6.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫43,236 per share. Board Change • Nov 16
Less than half of directors are independent There are 4 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: 4 new directors. 3 experienced directors. 1 highly experienced director. 1 independent director (4 non-independent directors). Member of Supervisory Board Vu Anh is the most experienced director on the board, commencing their role in 2013. Independent Director Luan Tran was the last independent director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Price Target Changed • Nov 13
Price target decreased to ₫66,500 Down from ₫73,383, the current price target is an average from 6 analysts. New target price is 75% above last closing price of ₫38,000. Stock is down 45% over the past year. The company is forecast to post earnings per share of ₫6,034 for next year compared to ₫3,375 last year. Buying Opportunity • Oct 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 45%. The fair value is estimated to be ₫47,174, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 5.9%. For the next 3 years, revenue is forecast to grow by 11% per annum. Earnings is forecast to decline by 5.5% per annum over the same time period. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫897 (vs ₫1,071 in 3Q 2021) Third quarter 2022 results: EPS: ₫897 (down from ₫1,071 in 3Q 2021). Revenue: ₫522.7b (flat on 3Q 2021). Net income: ₫121.6b (down 16% from 3Q 2021). Profit margin: 23% (down from 28% in 3Q 2021). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 3.9% decline forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫40,550, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 5x in the Chemicals industry in Vietnam. Total loss to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫47,180 per share. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫46,450, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 6x in the Chemicals industry in Vietnam. Total loss to shareholders of 12% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫52,635 per share. Major Estimate Revision • Aug 26
Consensus revenue estimates fall by 10% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ₫2.05t to ₫1.84t. EPS estimate fell from ₫7,630 to ₫6,535 per share. Net income forecast to grow 37% next year vs 22% growth forecast for Chemicals industry in Vietnam. Consensus price target up from ₫76,640 to ₫79,440. Share price rose 6.1% to ₫69,600 over the past week. Price Target Changed • Jul 27
Price target decreased to ₫77,400 Down from ₫84,200, the current price target is an average from 5 analysts. New target price is 18% above last closing price of ₫65,400. Stock is up 34% over the past year. The company is forecast to post earnings per share of ₫7,290 for next year compared to ₫3,375 last year. Reported Earnings • Jul 21
Second quarter 2022 earnings released: EPS: ₫372 (vs ₫563 in 2Q 2021) Second quarter 2022 results: EPS: ₫372 (down from ₫563 in 2Q 2021). Revenue: ₫241.3b (down 50% from 2Q 2021). Net income: ₫50.4b (down 34% from 2Q 2021). Profit margin: 21% (up from 16% in 2Q 2021). The increase in margin was driven by lower expenses. Over the next year, revenue is forecast to grow 28%, compared to a 5.7% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. 공시 • Jun 08
Phuoc Hoa Rubber Joint Stock Company Announces Executive Changes Phuoc Hoa Rubber Joint Stock Company announces personnel change Appointing Mr. Tran Binh Luan replacing Ms. Nguyen Thi Lam Hong as independent member of the BOD. Effective date: May 18, 2022. Price Target Changed • Apr 27
Price target increased to ₫84,200 Up from ₫76,175, the current price target is an average from 3 analysts. New target price is 23% above last closing price of ₫68,600. Stock is up 32% over the past year. The company is forecast to post earnings per share of ₫6,685 for next year compared to ₫3,375 last year. 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. 5 non-independent directors. Deputy CEO & Director Nga Thi Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 11
Price target increased to ₫84,200 Up from ₫76,175, the current price target is an average from 3 analysts. New target price is 13% above last closing price of ₫74,500. Stock is up 20% over the past year. The company is forecast to post earnings per share of ₫6,685 for next year compared to ₫3,375 last year. Major Estimate Revision • Feb 26
Consensus EPS estimates fall by 17% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from ₫2.10t to ₫2.02t. EPS estimate also fell from ₫7,303 per share to ₫6,040 per share. Net income forecast to grow 96% next year vs 11% growth forecast for Chemicals industry in Vietnam. Consensus price target broadly unchanged at ₫77,325. Share price was steady at ₫81,900 over the past week. Upcoming Dividend • Dec 09
Upcoming dividend of ₫2,500 per share Eligible shareholders must have bought the stock before 16 December 2021. Payment date: 15 June 2022. Payout ratio is a comfortable 52% and the cash payout ratio is 92%. Trailing yield: 3.7%. Lower than top quartile of Vietnamese dividend payers (6.4%). Higher than average of industry peers (2.0%). Price Target Changed • Nov 23
Price target increased to ₫71,567 Up from ₫62,033, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫69,100. Stock is up 6.6% over the past year. The company is forecast to post earnings per share of ₫2,590 for next year compared to ₫7,711 last year. Reported Earnings • Oct 20
Third quarter 2021 earnings released: EPS ₫1,071 (vs ₫1,218 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₫521.7b (up 34% from 3Q 2020). Net income: ₫145.0b (down 12% from 3Q 2020). Profit margin: 28% (down from 42% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 21
Second quarter 2021 earnings released The company reported a mediocre second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₫451.0b (up 64% from 2Q 2020). Net income: ₫76.3b (down 77% from 2Q 2020). Profit margin: 17% (down from 120% in 2Q 2020). The decrease in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jun 19
Price target decreased to ₫64,533 Down from ₫70,850, the current price target is an average from 3 analysts. New target price is 9.4% above last closing price of ₫59,000. Stock is up 13% over the past year. Major Estimate Revision • May 22
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₫1.59t to ₫1.66t. EPS estimate fell from ₫6,260 to ₫5,436 per share. Net income forecast to grow 0.4% next year vs 32% growth forecast for Chemicals industry in Vietnam. Consensus price target down from ₫73,549 to ₫70,850. Share price was steady at ₫51,500 over the past week. Price Target Changed • Mar 18
Price target increased to ₫74,000 Up from ₫61,100, the current price target is an average from 3 analysts. New target price is 20% above last closing price of ₫61,600. Stock is up 50% over the past year. Major Estimate Revision • Feb 24
Analysts update estimates The 2021 consensus earning per share (EPS) estimate was lowered from ₫8,067 to ₫6,477. Revenue estimate was approximately flat at ₫1.67t. Net income is expected to grow by 5.1% next year compared to 36% growth forecast for the Chemicals industry in Vietnam. The consensus price target increased from ₫61,100 to ₫62,167. Share price stayed mostly flat at ₫61,500 over the past week. Is New 90 Day High Low • Feb 01
New 90-day low: ₫56,300 The company is down 1.0% from its price of ₫57,100 on 03 November 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫76,392 per share. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 11%. Earnings per share (EPS) also surpassed analyst estimates by 6.1%. Over the next year, revenue is forecast to grow 3.1%, compared to a 4.6% growth forecast for the Chemicals industry in Vietnam. Reported Earnings • Jan 21
Full year 2020 earnings released: EPS ₫7,700 The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2020 results: Revenue: ₫1.63t (flat on FY 2019). Net income: ₫1.08t (up 179% from FY 2019). Profit margin: 66% (up from 24% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 31% per year. Is New 90 Day High Low • Jan 11
New 90-day high: ₫67,700 The company is up 20% from its price of ₫56,300 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 Chemicals industry, which is up 13% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫34,013 per share. Is New 90 Day High Low • Dec 22
New 90-day high: ₫66,200 The company is up 13% from its price of ₫58,500 on 23 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 8.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫33,843 per share. Is New 90 Day High Low • Dec 04
New 90-day high: ₫65,100 The company is up 12% from its price of ₫58,000 on 04 September 2020. The Vietnamese market is also up 12% over the last 90 days, indicating the company’s price trend is similar to the market over that time. Its price trend is also similar to the Chemicals industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫28,391 per share. Price Target Changed • Nov 17
Price target raised to ₫60,520 Up from ₫55,600, the current price target is an average from 4 analysts. The new target price is close to the current share price of ₫62,500. As of last close, the stock is up 8.1% over the past year. Is New 90 Day High Low • Nov 10
New 90-day high: ₫60,800 The company is up 13% from its price of ₫53,600 on 12 August 2020. The Vietnamese market is also up 13% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it underperformed the Chemicals industry, which is up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫29,628 per share. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫497.8b, down 31% from the prior year. Total revenue was ₫1.37t over the last 12 months, down 25% from the prior year.