Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫13,200, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 11x in the Infrastructure industry in Vietnam. Total returns to shareholders of 41% over the past three years. 공시 • Apr 14
Logistics Vicem Joint Stock Company, Annual General Meeting, May 08, 2026 Logistics Vicem Joint Stock Company, Annual General Meeting, May 08, 2026. Location: rex hotel saigon, 141 nguyen hue, saigon ward, ho chi minh Vietnam Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: ₫1,211 (vs ₫700 in FY 2024) Full year 2025 results: EPS: ₫1,211 (up from ₫700 in FY 2024). Revenue: ₫273.1b (down 1.9% from FY 2024). Net income: ₫15.9b (up 73% from FY 2024). Profit margin: 5.8% (up from 3.3% in FY 2024). The increase in margin was driven by lower expenses. New Risk • Mar 09
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 8.1% 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 (8.1% average weekly change). Revenue has declined by 6.9% over the past year. Market cap is less than US$10m (₫148.7b market cap, or US$5.65m). Minor Risk Large one-off items impacting financial results. New Risk • Dec 26
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. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 6.9% over the past year. Market cap is less than US$10m (₫152.7b market cap, or US$5.80m). Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Upcoming Dividend • Aug 28
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 04 September 2025. Payment date: 25 September 2025. Payout ratio is a comfortable 27% but the company is paying out more than the cash it is generating. Trailing yield: 2.3%. Lower than top quartile of Vietnamese dividend payers (7.4%). Lower than average of industry peers (3.5%). Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫11,350, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 14x in the Infrastructure industry in Vietnam. Total loss to shareholders of 1.2% over the past three years. Reported Earnings • Jul 18
Second quarter 2025 earnings released: EPS: ₫415 (vs ₫181 in 2Q 2024) Second quarter 2025 results: EPS: ₫415 (up from ₫181 in 2Q 2024). Revenue: ₫70.6b (down 1.0% from 2Q 2024). Net income: ₫5.44b (up 130% from 2Q 2024). Profit margin: 7.7% (up from 3.3% in 2Q 2024). 공시 • Mar 25
Logistics Vicem Joint Stock Company, Annual General Meeting, Apr 24, 2025 Logistics Vicem Joint Stock Company, Annual General Meeting, Apr 24, 2025. Location: novotel saigon center hotel, 167 hai ba trung, vo thi sau ward, district 3, ho chi minh Vietnam New Risk • Mar 12
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 110% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 7.2% over the past year. Market cap is less than US$10m (₫124.8b market cap, or US$4.87m). Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Aug 02
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 30 August 2024. Trailing yield: 3.0%. Lower than top quartile of Vietnamese dividend payers (8.3%). Lower than average of industry peers (4.7%). 공시 • Jul 24
Logistics Vicem Joint Stock Company Announces Cash Dividend Payment for 2023, Payable on August 30, 2024 Logistics Vicem Joint Stock Company announced cash Dividend pay-out ratio: 3%/par value (VND 300/share) for the 2023. Record date: August 12, 2024. Payment date: August 30, 2024. 공시 • Jul 12
Logistics Vicem Joint Stock Company Approves Dividend Plan for the Year 2024 LoLogistics Vicem Joint Stock Company approves a dividend plan of more than 3% for 2024. 공시 • Apr 03
Logistics Vicem Joint Stock Company, Annual General Meeting, Apr 23, 2024 Logistics Vicem Joint Stock Company, Annual General Meeting, Apr 23, 2024. Location: Palace Sai Gon hotel, 56-66 Nguyen Hue street, Ben Nghe ward, district 1, HCM City Vietnam Upcoming Dividend • Sep 14
Upcoming dividend of ₫600 per share at 7.8% yield Eligible shareholders must have bought the stock before 21 September 2023. Payment date: 10 October 2023. Trailing yield: 7.8%. Lower than top quartile of Vietnamese dividend payers (8.4%). Higher than average of industry peers (6.1%). 공시 • Sep 13
Logistics Vicem Joint Stock Company Announces Cash Dividend for 2022, Payable on October 10, 2023 Logistics Vicem Joint Stock Company announced cash dividend of 6.0% (VND 600 per share) for 2022. Ex-right date: September 21, 2023; Record date: September 22, 2023; Payment date: October 10, 2023. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Member of Supervisory Board Huy Minh Tran was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 공시 • Oct 11
Logistics Vicem Joint Stock Company Announces to Pay Cash Dividend for 2021, Payable on November 10, 2022 Logistics Vicem Joint Stock Company announced to pay cash dividend for 2021 of Exercise ratio: 8.0% (800 dongs/share). Payment date: November 10, 2022. Ex-right date: October 14, 2022. Record date: October 17, 2022. Upcoming Dividend • Oct 07
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 14 October 2022. Payment date: 10 November 2022. Trailing yield: 8.3%. Within top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (3.7%). Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 1 highly experienced director. No independent directors (3 non-independent directors). Member of Supervisory Board Huy Minh Tran was the last director to join the board, commencing their role in 2018. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Upcoming Dividend • Nov 19
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 26 November 2021. Payment date: 23 December 2021. Trailing yield: 7.1%. Within top quartile of Vietnamese dividend payers (5.7%). Higher than average of industry peers (3.0%). Is New 90 Day High Low • Jan 14
New 90-day high: ₫14,800 The company is up 15% from its price of ₫12,900 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 22
New 90-day high: ₫13,700 The company is up 10.0% from its price of ₫12,500 on 23 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Logistics industry, which is up 11% over the same period. 
