New Risk • Mar 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 92% 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 Risk High level of non-cash earnings (92% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫1.78t market cap, or US$67.5m). Buy Or Sell Opportunity • Mar 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₫51,600. The fair value is estimated to be ₫65,384, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Oct 31
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫350.9b (down 7.6% from 3Q 2024). Net income: ₫38.3b (down 44% from 3Q 2024). Profit margin: 11% (down from 18% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Oct 31
Upcoming dividend of ₫2,500 per share Eligible shareholders must have bought the stock before 07 November 2025. Payment date: 10 December 2025. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (2.8%). 공시 • Oct 11
Saigon Ground Services Joint Stock Company announces Annual dividend, payable on December 10, 2025 Saigon Ground Services Joint Stock Company announced Annual dividend of VND 2500.0000 per share payable on December 10, 2025, ex-date on November 07, 2025 and record date on November 10, 2025. Reported Earnings • Jul 26
Second quarter 2025 earnings released: EPS: ₫1,665 (vs ₫1,763 in 2Q 2024) Second quarter 2025 results: EPS: ₫1,665 (down from ₫1,763 in 2Q 2024). Revenue: ₫356.0b (down 6.4% from 2Q 2024). Net income: ₫55.8b (down 4.9% from 2Q 2024). Profit margin: 16% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Board Change • Jul 08
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, none were independent directors. The company's board is composed of: 4 new directors. 3 experienced directors. No highly experienced directors. 1 independent director (3 non-independent directors). Member of Supervisory Board Thuy Thanh Nguyen is the most experienced director on the board, commencing their role in 2020. Independent Director Khanh Luu was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of experienced directors. Reported Earnings • Apr 30
First quarter 2025 earnings released: EPS: ₫2,132 (vs ₫1,729 in 1Q 2024) First quarter 2025 results: EPS: ₫2,132 (up from ₫1,729 in 1Q 2024). Revenue: ₫418.0b (up 13% from 1Q 2024). Net income: ₫71.5b (up 7.7% from 1Q 2024). Profit margin: 17% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 23
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫63,000, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 13x in the Infrastructure industry in Vietnam. Negligible returns to shareholders over 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 ₫68,700, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 13x in the Infrastructure industry in Vietnam. Negligible returns to shareholders over past three years. New Risk • Apr 04
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.47t (US$96.5m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. This is currently the only risk that has been identified for the company. New Risk • Apr 03
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Feb 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫102,100, the stock trades at a trailing P/E ratio of 16.8x. Average trailing P/E is 14x in the Infrastructure industry in Vietnam. Total returns to shareholders of 48% over the past three years. New Risk • Nov 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.55t (US$99.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.2% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫2.55t market cap, or US$99.4m). Upcoming Dividend • Aug 22
Upcoming dividend of ₫2,500 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 37% and this is well supported by cash flows. Trailing yield: 3.0%. Lower than top quartile of Vietnamese dividend payers (8.2%). Lower than average of industry peers (4.2%). 공시 • Jul 27
Saigon Ground Services Joint Stock Company Announces Board Changes On July 25, 2024, Saigon Ground Services Joint Stock Company issued the resolution of 2024 Extraordinary general meeting with details as follows: approved the resignation of Mr. Dang Tuan Tu, Mr. Nguyen Nam Tien as member of the BOD; approved the additional election of Mr. Nguyen Cao Cuong as Chairman of the BOD, and Mr. Nguyen Cong Hoan as member of the BOD. 공시 • Jul 25
Sai Gon Ground Services Joint Stock Company Approves to Implement to Pay Cash Dividend for 2023, Payable on September 30, 2024 On July 23, 2024, the BOD of Sai Gon Ground Services Joint Stock Company approved the record date for 2023 cash dividend payment as follows: Record date: August 30, 2024. Payment time: September 30, 2024. Exercise ratio: 25%/share (2,500 VND/share). Reported Earnings • Jul 25
Second quarter 2024 earnings released: EPS: ₫1,761 (vs ₫2,008 in 2Q 2023) Second quarter 2024 results: EPS: ₫1,761 (down from ₫2,008 in 2Q 2023). Revenue: ₫380.2b (up 3.8% from 2Q 2023). Net income: ₫63.5b (down 16% from 2Q 2023). Profit margin: 17% (down from 21% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Declared Dividend • Jul 25
Dividend of ₫2,500 announced Dividend of ₫2,500 is the same as last year. Ex-date: 29th August 2024 Payment date: 30th September 2024 Dividend yield will be 3.0%, which is lower than the industry average of 3.9%. Sustainability & Growth Dividend is well covered by both earnings (37% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 3.1% per year over the past 5 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to decline by 59% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.1% EPS decline seen over the last 5 years. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: ₫1,845 (vs ₫1,648 in 1Q 2023) First quarter 2024 results: EPS: ₫1,845 (up from ₫1,648 in 1Q 2023). Revenue: ₫368.7b (up 12% from 1Q 2023). Net income: ₫61.9b (up 12% from 1Q 2023). Profit margin: 17% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. 공시 • Apr 06
Saigon Ground Services Joint Stock Company, Annual General Meeting, Apr 25, 2024 Saigon Ground Services Joint Stock Company, Annual General Meeting, Apr 25, 2024. Location: Floor 5, Pavillon, 202 Hoang Van Thu street, ward 9, Phu Nhuan district Hi Chi Minh City Vietnam Reported Earnings • Jan 28
Full year 2023 earnings released: EPS: ₫6,549 (vs ₫3,971 in FY 2022) Full year 2023 results: EPS: ₫6,549 (up from ₫3,971 in FY 2022). Revenue: ₫1.46t (up 46% from FY 2022). Net income: ₫227.5b (up 71% from FY 2022). Profit margin: 16% (up from 13% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: ₫2,156 (vs ₫898 in 3Q 2022) Third quarter 2023 results: EPS: ₫2,156 (up from ₫898 in 3Q 2022). Revenue: ₫394.6b (up 36% from 3Q 2022). Net income: ₫72.3b (up 140% from 3Q 2022). Profit margin: 18% (up from 10% in 3Q 2022). The increase in margin was driven by higher revenue. 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 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 22
Upcoming dividend of ₫2,500 per share at 3.4% yield Eligible shareholders must have bought the stock before 29 August 2023. Payment date: 15 September 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Vietnamese dividend payers (8.9%). Lower than average of industry peers (4.1%). 공시 • Aug 12
Sai Gon Ground Services Joint Stock Company Approves to Implement to Pay Cash Dividend for 2022, Payable on September 15, 2023 The Board of Directors of Sai Gon Ground Services Joint Stock Company approved to implement to pay cash dividend for 2022 as follows Exercise ratio of 25% (2,500 dongs/share). Record date is August 30, 2023 and payment date is September 15, 2023. Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: ₫2,332 (vs ₫1,449 in 2Q 2022) Second quarter 2023 results: EPS: ₫2,332 (up from ₫1,449 in 2Q 2022). Revenue: ₫365.3b (up 54% from 2Q 2022). Net income: ₫74.8b (up 54% from 2Q 2022). Profit margin: 21% (in line with 2Q 2022). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Apr 30
First quarter 2023 earnings released: EPS: ₫1,648 (vs ₫900 in 1Q 2022) First quarter 2023 results: EPS: ₫1,648 (up from ₫900 in 1Q 2022). Revenue: ₫329.2b (up 95% from 1Q 2022). Net income: ₫55.3b (up 83% from 1Q 2022). Profit margin: 17% (down from 18% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Jan 18
Full year 2022 earnings released: EPS: ₫3,835 (vs ₫1,584 in FY 2021) Full year 2022 results: EPS: ₫3,835 (up from ₫1,584 in FY 2021). Revenue: ₫995.2b (up 104% from FY 2021). Net income: ₫138.3b (up 160% from FY 2021). Profit margin: 14% (up from 11% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 57% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
No independent directors There are 7 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: 7 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Member of Supervisory Board Thuy Thanh 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 board continuity. Lack of experienced directors. Upcoming Dividend • Aug 19
Upcoming dividend of ₫2,500 per share Eligible shareholders must have bought the stock before 26 August 2022. Payment date: 15 September 2022. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 2.8%. Lower than top quartile of Vietnamese dividend payers (7.4%). Lower than average of industry peers (3.6%). 공시 • Aug 11
Sai Gon Ground Services Joint Stock Company Approves Implement to Pay Cash Dividend for 2021, Payable on September 15, 2022 The Board of Directors of Sai Gon Ground Services Joint Stock Company approved to implement to pay cash dividend for 2021 as follows Exercise ratio of 25% (2,500 dongs/share). Record date is August 29, 2022 and payment date is September 15, 2022. Reported Earnings • Jul 27
Second quarter 2022 earnings released: EPS: ₫1,453 (vs ₫2.84 loss in 2Q 2021) Second quarter 2022 results: EPS: ₫1,453 (up from ₫2.84 loss in 2Q 2021). Revenue: ₫237.6b (up 63% from 2Q 2021). Net income: ₫48.7b (up ₫48.8b from 2Q 2021). Profit margin: 21% (up from net loss in 2Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 63 percentage points per year, which is a significant difference in performance. 공시 • Jul 15
Saigon Ground Services Joint Stock Company Announces Resignation of Nguyen Dinh Hung as Chairman of the BOD Saigon Ground Services Joint Stock Company announced Mr. Nguyen Dinh Hung is resigned to Chairman of the BOD. Effective date is June 30, 2022. 공시 • Jun 08
Saigon Ground Services Joint Stock Company Appoints Mr. Luu Viet Hung as Deputy CEO Saigon Ground Services Joint Stock Company announced the appointment of Mr. Luu Viet Hung as Deputy CEO. Term 2022-2025 and Effective date May 19, 2022. Board Change • Apr 27
No independent directors There are 7 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: 7 new directors. No experienced directors. No highly experienced directors. No independent directors (4 non-independent directors). Member of Supervisory Board Thuy Thanh 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 board continuity. Lack of experienced directors. 공시 • Apr 09
Saigon Ground Services Joint Stock Company, Annual General Meeting, Apr 27, 2022 Saigon Ground Services Joint Stock Company, Annual General Meeting, Apr 27, 2022, at 01:30 Coordinated Universal Time. Location: Pavillon Conference Center, 202 Hoang Van Thu, ward 9, Phu Nhuan District Ho Chí Minh Vietnam Reported Earnings • Mar 18
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,584 (down from ₫2,013 in FY 2020). Revenue: ₫488.3b (down 33% from FY 2020). Net income: ₫53.1b (down 21% from FY 2020). Profit margin: 11% (up from 9.2% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,599 (down from ₫2,627 in FY 2020). Revenue: ₫488.3b (down 33% from FY 2020). Net income: ₫53.6b (down 39% from FY 2020). Profit margin: 11% (down from 12% in FY 2020). The decrease in margin was driven by lower revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 01
Third quarter 2021 earnings released: ₫324 loss per share (vs ₫154 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₫53.5b (down 57% from 3Q 2020). Net loss: ₫10.9b (down 310% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Oct 01
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 08 October 2021. Payment date: 25 October 2021. Trailing yield: 2.9%. Lower than top quartile of Vietnamese dividend payers (6.6%). Lower than average of industry peers (3.6%). Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS ₫636 (vs ₫4.97 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫145.8b (up 28% from 2Q 2020). Net income: ₫21.3b (up ₫21.2b from 2Q 2020). Profit margin: 15% (up from 0.1% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Jul 09
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 16 July 2021. Payment date: 03 August 2021. Trailing yield: 5.8%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (4.4%). Is New 90 Day High Low • Jan 13
New 90-day high: ₫72,100 The company is up 7.0% from its price of ₫67,500 on 15 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 22% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: ₫71,900 The company is up 5.0% from its price of ₫68,300 on 29 July 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Infrastructure industry, which is up 23% over the same period.