New Risk • May 29
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 17% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Market cap is less than US$10m (₫48.0b market cap, or US$1.82m). Minor Risks Profit margins are more than 30% lower than last year (11% net profit margin). Revenue is less than US$5m (₫62b revenue, or US$2.4m). New Risk • Mar 31
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 8.6% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). Market cap is less than US$10m (₫56.5b market cap, or US$2.15m). Minor Risk Revenue is less than US$5m (₫68b revenue, or US$2.6m). 공시 • Mar 12
DS3 Joint Stock Company, Annual General Meeting, Apr 23, 2026 DS3 Joint Stock Company, Annual General Meeting, Apr 23, 2026. Location: 3rd floor hall, ds3 jsc, group 2, area 2, ha long ward, quang ninh province, Vietnam Reported Earnings • Feb 07
Full year 2025 earnings released: EPS: ₫906 (vs ₫827 in FY 2024) Full year 2025 results: EPS: ₫906 (up from ₫827 in FY 2024). Revenue: ₫67.8b (up 32% from FY 2024). Net income: ₫9.66b (up 9.5% from FY 2024). Profit margin: 14% (down from 17% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 117% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. New Risk • Jan 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 6.4% 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. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₫66.2b market cap, or US$2.51m). Minor Risks High level of debt (42% net debt to equity). Share price has been volatile over the past 3 months (6.4% average weekly change). Revenue is less than US$5m (₫82b revenue, or US$3.1m). Reported Earnings • Nov 01
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫11.7b (up 17% from 3Q 2024). Net income: ₫3.24b (up ₫2.76b from 3Q 2024). Profit margin: 28% (up from 4.7% in 3Q 2024). The increase in margin was primarily driven by higher revenue. Reported Earnings • Aug 01
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫32.1b (up 427% from 2Q 2024). Net income: ₫5.08b (up ₫4.82b from 2Q 2024). Profit margin: 16% (up from 4.2% in 2Q 2024). The increase in margin was driven by higher revenue. 공시 • Feb 26
Riverway Management Joint Stock No.3, Annual General Meeting, Apr 04, 2025 Riverway Management Joint Stock No.3, Annual General Meeting, Apr 04, 2025. Location: 3rd floor hall of ds3 joint stock company, group 2, area 2, hong ha ward, ha long, quang ninh Vietnam Reported Earnings • Feb 11
Full year 2024 earnings released: EPS: ₫917 (vs ₫274 in FY 2023) Full year 2024 results: EPS: ₫917 (up from ₫274 in FY 2023). Revenue: ₫51.2b (up 72% from FY 2023). Net income: ₫9.79b (up 235% from FY 2023). Profit margin: 19% (up from 9.8% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: ₫44.36 (vs ₫327 loss in 3Q 2023) Third quarter 2024 results: EPS: ₫44.36 (up from ₫327 loss in 3Q 2023). Net income: ₫473.3m (up ₫3.97b from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Aug 15
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 8.2% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. 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). Share price has been highly volatile over the past 3 months (8.2% average weekly change). High level of non-cash earnings (33% accrual ratio). Market cap is less than US$10m (₫64.0b market cap, or US$2.56m). Minor Risk Revenue is less than US$5m (₫41b revenue, or US$1.6m). New Risk • Aug 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. This is considered a major risk. If the company's operating cash flows are too small relative to the size of their debt, it increases their balance sheet risk. The company has less cash from operations to cover its expenses from servicing large debt and it increases the risk of liquidity issues. It also extends the time it would take for the company to pay back the debt in full, meaning it may not be able to easily pay it all off in a distress scenario. 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). Market cap is less than US$10m (₫67.2b market cap, or US$2.69m). Minor Risks Share price has been volatile over the past 3 months (7.8% average weekly change). Revenue is less than US$5m (₫41b revenue, or US$1.6m). Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫7,100, the stock trades at a trailing P/E ratio of 17.5x. Average trailing P/E is 15x in the Shipping industry in Vietnam. Total returns to shareholders of 22% over the past three years. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: ₫274 (vs ₫3,405 loss in FY 2022) Full year 2023 results: EPS: ₫274 (up from ₫3,405 loss in FY 2022). Revenue: ₫29.7b (up ₫26.0b from FY 2022). Net income: ₫2.92b (up ₫39.3b from FY 2022). Profit margin: 9.8% (up from net loss in FY 2022). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Reported Earnings • Apr 06
Full year 2022 earnings released: ₫3,405 loss per share (vs ₫686 profit in FY 2021) Full year 2022 results: ₫3,405 loss per share (down from ₫686 profit in FY 2021). Net loss: ₫36.3b (down ₫44.0b from profit in FY 2021). 공시 • Feb 17
Hoang Ha Phuong acquired 4.97% Riverway Management Joint Stock No.3. Hoang Ha Phuong acquired 4.97% Riverway Management Joint Stock No.3 on February 8, 2023.
Hoang Ha Phuong completed the acquisition of 4.97% Riverway Management Joint Stock No.3 on February 8, 2023. Board Change • Nov 16
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. 4 non-independent directors. Director Minh Thi Le was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫3,300, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 37% over the past three years. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫4,300, the stock trades at a trailing P/E ratio of 21.7x. Average trailing P/E is 7x in the Shipping industry in Asia. Total returns to shareholders of 68% over the past three years. Reported Earnings • Aug 05
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫0 (down 100% from 2Q 2021). Net loss: ₫890.1m (down 150% from profit in 2Q 2021). Profit margin: (down from 15% in 2Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₫6,100, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Shipping industry in Vietnam. Total returns to shareholders of 137% over the past three years. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫6,000, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 10x in the Shipping industry in Vietnam. Total returns to shareholders of 127% over the past three years. 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. Chief Accountant & Director Le Bui was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫6,700, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 10x in the Shipping industry in Vietnam. Total returns to shareholders of 174% over the past three years. Upcoming Dividend • Jul 14
Inaugural dividend of ₫600 per share Eligible shareholders must have bought the stock before 21 July 2021. Payment date: 28 November 2021. This is the first dividend for Inland Waterway Management No 3 since going public. The average dividend yield among industry peers is 5.5%. Is New 90 Day High Low • Feb 26
New 90-day high: ₫6,000 The company is up 50% from its price of ₫4,000 on 27 November 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Shipping industry, which is up 26% over the same period. Is New 90 Day High Low • Jan 08
New 90-day high: ₫5,100 The company is up 28% from its price of ₫4,000 on 09 October 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Shipping industry, which is up 36% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: ₫4,500 The company is up 7.0% from its price of ₫4,200 on 22 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Shipping industry, which is up 34% over the same period.