Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫9,000, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 10x in the Media industry in Vietnam. Total loss to shareholders of 44% over the past three years. New Risk • Jul 18
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 16x cash flows per share. Dividend yield: 10.0% 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 Share price has been highly volatile over the past 3 months (12% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 90% Dividend per share is over 16x cash flows per share. Earnings have declined by 4.5% per year over the past 5 years. Market cap is less than US$10m (₫11.1b market cap, or US$422.2k). Minor Risk Revenue is less than US$5m (₫80b revenue, or US$3.0m). Reported Earnings • Jul 14
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫28.0b (down 31% from 2Q 2024). Net income: ₫340.5m (down 61% from 2Q 2024). Profit margin: 1.2% (down from 2.2% in 2Q 2024). The decrease in margin was driven by lower revenue. Reported Earnings • Apr 12
First quarter 2025 earnings released First quarter 2025 results: EPS: ₫66.41. Net income: ₫73.1m (up ₫73.1m from 1Q 2024). Buy Or Sell Opportunity • Mar 24
Now 26% overvalued Over the last 90 days, the stock has fallen 6.9% to ₫13,500. The fair value is estimated to be ₫10,707, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Upcoming Dividend • Feb 21
Inaugural dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 28 February 2025. Payment date: 17 March 2025. This is the first dividend for Binh Thuan Book and Equipment since going public. The average dividend yield among industry peers is 5.8%. 공시 • Feb 20
Binh Thuan Book and Equipment Joint Stock Company, Annual General Meeting, Apr 17, 2025 Binh Thuan Book and Equipment Joint Stock Company, Annual General Meeting, Apr 17, 2025. Location: binh minh hotel, no. 211 le loi, binh thuan., phan thiet Vietnam Board Change • Jun 19
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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 01
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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 12
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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 18
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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 17
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. was the last director to join the board, commencing their role in . 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 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. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Jan 14
First Dividend Is ₫1,000 Per Share Will be paid on the 5th of February to those who are registered shareholders by the 21st of January. This is the first dividend for Binh Thuan Book and Equipment since going public. The average dividend yield among industry peers is 1.9%. Is New 90 Day High Low • Nov 04
New 90-day high: ₫15,000 The company is up 22% from its price of ₫12,300 on 06 August 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Media industry, which is down 9.0% over the same period.