New Risk • Jul 22
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₫101b (US$3.8m) This is considered a minor risk. Companies with a small amount of revenue 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 Risks Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (82% accrual ratio). Market cap is less than US$10m (₫63.6b market cap, or US$2.42m). Minor Risk Revenue is less than US$5m (₫101b revenue, or US$3.8m). Reported Earnings • Jul 22
Second quarter 2026 earnings released: EPS: ₫18.00 (vs ₫17.00 in 2Q 2025) Second quarter 2026 results: EPS: ₫18.00 (up from ₫17.00 in 2Q 2025). Revenue: ₫17.0b (down 70% from 2Q 2025). Net income: ₫219.3m (up 6.5% from 2Q 2025). Profit margin: 1.3% (up from 0.4% in 2Q 2025). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₫4,900, the stock trades at a trailing P/E ratio of 63.5x. Average trailing P/E is 11x in the Construction industry in Vietnam. Total loss to shareholders of 14% over the past three years. New Risk • Jun 19
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 7.4% 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 Interest payments are not well covered by earnings (1.2x net interest cover). Share price has been highly volatile over the past 3 months (7.4% average weekly change). High level of non-cash earnings (72% accrual ratio). Market cap is less than US$10m (₫72.0b market cap, or US$2.74m). New Risk • May 18
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 6.7% 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 Interest payments are not well covered by earnings (1.2x net interest cover). High level of non-cash earnings (72% accrual ratio). Market cap is less than US$10m (₫73.2b market cap, or US$2.78m). Minor Risk Share price has been volatile over the past 3 months (6.7% average weekly change). Aankondiging • Feb 05
Vinaconex 21 Joint Stock Company, Annual General Meeting, Apr 28, 2026 Vinaconex 21 Joint Stock Company, Annual General Meeting, Apr 28, 2026, at 08:30 SE Asia Standard Time. Location: 3rd floor conference hall, vinaconex building, ba la street, duong noi ward, hanoi Vietnam Reported Earnings • Jan 25
Full year 2025 earnings released: EPS: ₫74.00 (vs ₫98.00 loss in FY 2024) Full year 2025 results: EPS: ₫74.00 (up from ₫98.00 loss in FY 2024). Revenue: ₫159.8b (up 34% from FY 2024). Net income: ₫886.5m (up ₫2.06b from FY 2024). Profit margin: 0.6% (up from net loss in FY 2024). The move to profitability was driven by higher revenue. Reported Earnings • Oct 25
Third quarter 2025 earnings released Third quarter 2025 results: ₫272 loss per share. Net loss: ₫3.26b (flat on 3Q 2024). Reported Earnings • Jul 17
Second quarter 2025 earnings released Second quarter 2025 results: EPS: ₫122. Net income: ₫1.47b (up ₫1.47b from 2Q 2024). New Risk • Jun 13
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 7.2% 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 Interest payments are not well covered by earnings (0.6x net interest cover). Market cap is less than US$10m (₫79.2b market cap, or US$3.01m). Minor Risk Share price has been volatile over the past 3 months (7.2% average weekly change). Reported Earnings • Apr 23
First quarter 2025 earnings released First quarter 2025 results: EPS: ₫10.00. Net income: ₫124.2m (up ₫124.2m from 1Q 2024). New Risk • Apr 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.01x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.01x net interest cover). Market cap is less than US$10m (₫80.4b market cap, or US$3.06m). Minor Risk Revenue is less than US$5m (₫119b revenue, or US$4.5m). Aankondiging • Feb 26
Vinaconex 21 Joint Stock Company, Annual General Meeting, Apr 24, 2025 Vinaconex 21 Joint Stock Company, Annual General Meeting, Apr 24, 2025, at 08:30 SE Asia Standard Time. Location: 3rd floor, vinaconex 21 tower, ba la street, phu la ward, ha dong district, hanoi Vietnam New Risk • Nov 16
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 6.4% 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 No financial data reported. Share price has been highly volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$10m (₫75.6b market cap, or US$2.95m). New Risk • Jun 11
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 6.3% 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 No financial data reported. Market cap is less than US$10m (₫96.0b market cap, or US$3.74m). Minor Risk Share price has been volatile over the past 3 months (6.3% average weekly change). New Risk • Jan 27
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 5.9% 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 No financial data reported. Market cap is less than US$10m (₫92.4b market cap, or US$3.79m). Minor Risk Share price has been volatile over the past 3 months (5.9% average weekly change). 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. 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. Is New 90 Day High Low • Jan 15
New 90-day high: ₫5,200 The company is up 11% from its price of ₫4,700 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 Construction industry, which is up 42% over the same period. Is New 90 Day High Low • Dec 09
New 90-day low: ₫3,700 The company is down 33% from its price of ₫5,500 on 10 September 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Construction industry, which is up 16% over the same period. 
