Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫590 (vs ₫228 in 1Q 2025) First quarter 2026 results: EPS: ₫590 (up from ₫228 in 1Q 2025). Revenue: ₫316.8b (up 121% from 1Q 2025). Net income: ₫175.6b (up 161% from 1Q 2025). Profit margin: 55% (up from 47% in 1Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 54% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫61,700, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 20x in the Real Estate industry in Vietnam. Total returns to shareholders of 281% over the past three years. 공고 • Apr 01
SJ Group Joint Stock Company, Annual General Meeting, Apr 23, 2026 SJ Group Joint Stock Company, Annual General Meeting, Apr 23, 2026, at 08:00 SE Asia Standard Time. Location: vicc convention center, nam an khanh new urban, area project. an khanh road, an khanh commune, hanoi Vietnam Reported Earnings • Feb 01
Full year 2025 earnings released: EPS: ₫1,197 (vs ₫910 in FY 2024) Full year 2025 results: EPS: ₫1,197 (up from ₫910 in FY 2024). Revenue: ₫752.0b (up 16% from FY 2024). Net income: ₫356.0b (up 33% from FY 2024). Profit margin: 47% (up from 42% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫10.00 (vs ₫160 in 3Q 2024) Third quarter 2025 results: EPS: ₫10.00 (down from ₫160 in 3Q 2024). Revenue: ₫26.7b (down 79% from 3Q 2024). Net income: ₫2.88b (down 94% from 3Q 2024). Profit margin: 11% (down from 37% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 35% per year whereas the company’s share price has increased by 38% per year. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₫351 (vs ₫177 in 2Q 2024) Second quarter 2025 results: EPS: ₫351 (up from ₫177 in 2Q 2024). Revenue: ₫193.9b (up 63% from 2Q 2024). Net income: ₫103.6b (up 98% from 2Q 2024). Profit margin: 53% (up from 44% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. New Risk • Jul 23
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 5.4% 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 • Jul 22
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫130,900, the stock trades at a trailing P/E ratio of 51.1x. Average trailing P/E is 28x in the Real Estate industry in Vietnam. Total returns to shareholders of 85% over the past three years. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫86,400, the stock trades at a trailing P/E ratio of 36.6x. Average trailing P/E is 29x in the Real Estate industry in Vietnam. Negligible returns to shareholders over past three years. Reported Earnings • Mar 19
Full year 2024 earnings released: EPS: ₫2,357 (vs ₫1,626 in FY 2023) Full year 2024 results: EPS: ₫2,357 (up from ₫1,626 in FY 2023). Revenue: ₫646.0b (up 55% from FY 2023). Net income: ₫268.5b (up 45% from FY 2023). Profit margin: 42% (down from 45% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Jan 17
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 5.1% 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: Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (42% net profit margin). Buy Or Sell Opportunity • Jan 17
Now 22% undervalued Over the last 90 days, the stock has risen 30% to ₫85,700. The fair value is estimated to be ₫109,585, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Earnings per share has grown by 56%. Valuation Update With 7 Day Price Move • Jan 10
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫84,900, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 25x in the Real Estate industry in Vietnam. Total loss to shareholders of 6.1% over the past three years. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: ₫413 (vs ₫311 in 3Q 2023) Third quarter 2024 results: EPS: ₫413 (up from ₫311 in 3Q 2023). Revenue: ₫127.6b (down 26% from 3Q 2023). Net income: ₫47.1b (up 33% from 3Q 2023). Profit margin: 37% (up from 21% in 3Q 2023). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. New Risk • Apr 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 (25% accrual ratio). 공고 • Oct 18
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Appoints Tran Nhu Trung as Deputy CEO Song Da Urban & Industrial Zone Investment and Development Joint Stock Company appointed Tran Nhu Trung as Deputy CEO effective October 13, 2023. 공고 • Aug 25
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Announces Resignation of Ngoc Van Nguyen as Deputy Chief Executive Officer Song Da Urban & Industrial Zone Investment and Development Joint Stock Company announced resignation of Ngoc Van Nguyen as Deputy Chief Executive Officer. Effective date is August 21, 2023. Reported Earnings • Aug 03
Second quarter 2023 earnings released: EPS: ₫508 (vs ₫64.12 in 2Q 2022) Second quarter 2023 results: EPS: ₫508 (up from ₫64.12 in 2Q 2022). Revenue: ₫12.8b (down 72% from 2Q 2022). Net income: ₫57.8b (up ₫50.5b from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫53,500, the stock trades at a trailing P/E ratio of 50.5x. Average trailing P/E is 21x in the Real Estate industry in Vietnam. Total returns to shareholders of 174% over the past three years. 공고 • Feb 18
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company, Annual General Meeting, Mar 16, 2023 Song Da Urban & Industrial Zone Investment and Development Joint Stock Company, Annual General Meeting, Mar 16, 2023. Location: Floor 18, Sudico Building, Me Tri street, My Dinh 1 ward, Nam Tu Liem district, Ha Noi Ha Noi City Vietnam 공고 • Feb 10
An unknown buyer agreed to acquire unknown stake in Thang Long Corporation from Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (HOSE:SJS) for VND 160 billion An unknown buyer agreed to acquire unknown stake in Thang Long Corporation from Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (HOSE:SJS) for VND 160 billion on February 7, 2023. The board of directors of Song Da Urban & Industrial Zone Investment and Development Joint Stock Company approved the transaction. Reported Earnings • Feb 05
Full year 2022 earnings released: EPS: ₫1,038 (vs ₫569 in FY 2021) Full year 2022 results: EPS: ₫1,038 (up from ₫569 in FY 2021). Revenue: ₫379.6b (down 49% from FY 2021). Net income: ₫118.2b (up 83% from FY 2021). Profit margin: 31% (up from 8.7% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 40% per year, which means it is well ahead of earnings. 공고 • Jan 12
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Appoints Tran Oanh as Deputy CEO Song Da Urban & Industrial Zone Investment and Development Joint Stock Company announced appointment of Mr. Tran Oanh as Deputy CEO. Effective date is January 09, 2023. Board Change • Nov 16
No independent directors There are 4 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 4 new directors. 1 experienced director. No highly experienced directors. No independent directors (4 non-independent directors). Director Hai Nguyen is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. 공고 • Oct 11
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Appoints Nguyen Minh Son as Head of Internal Audit, Effective October 06, 2022 Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Appointed Mr. Nguyen Minh Son as Head of internal audit, Effective October 06, 2022. 공고 • Jun 21
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Appoints Le Thi Thuy as Head of Supervisory Board Based on the meeting Minutes dated June 16, 2022, Song Da Urban & Industrial Zone Investment and Development Joint Stock Company announced the appointment of Mrs. Le Thi Thuy as Head of Supervisory Board of the Company for the term 2020-2025. 공고 • Jun 07
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company Announces Board Resignations Song Da Urban & Industrial Zone Investment and Development Joint Stock Company announced the personnel changes as follows: Mr. Nguyen Van Tung and Tran Anh Duc is resigned from the BOD. Mr. Nguyen Minh Son and Bui Dinh Dong is resigned from the Supervisory Board. Effective date is 16 May 2022. 공고 • May 14
Song Da Urban & Industrial Zone Investment and Development Joint Stock Company, Annual General Meeting, Jun 16, 2022 Song Da Urban & Industrial Zone Investment and Development Joint Stock Company, Annual General Meeting, Jun 16, 2022. Location: Sudico Building, Me Tri Street, My Dinh 1 Ward, Nam Tu Liem District, Ha Noi City Han Noi Vietnam Reported Earnings • May 02
First quarter 2022 earnings released: EPS: ₫101 (vs ₫176 in 1Q 2021) First quarter 2022 results: EPS: ₫101 (down from ₫176 in 1Q 2021). Revenue: ₫192.5b (up 21% from 1Q 2021). Net income: ₫11.5b (down 43% from 1Q 2021). Profit margin: 6.0% (down from 13% in 1Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 67% per year, which means it is well ahead of earnings. 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. Chairman of the Board Van Do 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. 공고 • Apr 21
An unknown buyer acquired a 36.6521% stake in Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (HOSE:SJS) from Song Da Corporation JSC. An unknown buyer acquired a 36.6521% stake in Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (HOSE:SJS) from Song Da Corporation JSC on April 19, 2022. Under the terms, Song Da Corporation JSC sold the entire 36.6521% stake in Song Da Urban & Industrial Zone and no longer an affiliated
company of Song Da Corporation JSC.
An unknown buyer completed the acquisition of a 36.6521% stake in Song Da Urban & Industrial Zone Investment and Development Joint Stock Company (HOSE:SJS) from Song Da Corporation JSC on April 19, 2022. Reported Earnings • Jan 31
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ₫428 (up from ₫268 in FY 2020). Revenue: ₫746.7b (down 34% from FY 2020). Net income: ₫48.7b (up 59% from FY 2020). Profit margin: 6.5% (up from 2.7% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 47%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 55% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₫42,450, the stock is trading at a trailing P/E ratio of 42.1x, up from the previous P/E ratio of 36.1x. This compares to an average P/E of 14x in the Real Estate industry in Vietnam. Total returns to shareholders over the past three years are 66%. Is New 90 Day High Low • Feb 17
New 90-day high: ₫37,650 The company is up 40% from its price of ₫26,900 on 19 November 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 18% over the same period. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improved over the past week After last week's 22% share price gain to ₫34,100, the stock is trading at a trailing P/E ratio of 33.8x, up from the previous P/E ratio of 27.8x. This compares to an average P/E of 14x in the Real Estate industry in Vietnam. Total returns to shareholders over the past three years are 38%. Is New 90 Day High Low • Jan 25
New 90-day high: ₫29,950 The company is up 23% from its price of ₫24,350 on 27 October 2020. The Vietnamese market is up 22% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 20% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₫28,500 The company is up 21% from its price of ₫23,600 on 01 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: ₫27,800 The company is up 21% from its price of ₫22,900 on 04 September 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 17
New 90-day high: ₫26,000 The company is up 23% from its price of ₫21,100 on 19 August 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. Reported Earnings • Nov 09
Third quarter 2020 earnings released: EPS ₫84.00 The company reported a solid third quarter result with improved earnings and revenues, although profit margins were weaker. Third quarter 2020 results: Revenue: ₫121.1b (up 156% from 3Q 2019). Net income: ₫9.56b (up 89% from 3Q 2019). Profit margin: 7.9% (down from 11% in 3Q 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has fallen by 3% per year. Is New 90 Day High Low • Oct 23
New 90-day high: ₫25,550 The company is up 26% from its price of ₫20,300 on 24 July 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 8.0% over the same period. 
