Aankondiging • Apr 24
Bao Viet Securities Joint Stock Company, Annual General Meeting, Jun 16, 2026 Bao Viet Securities Joint Stock Company, Annual General Meeting, Jun 16, 2026. Location: meeting room, 2nd floor, bao viet building, no. 8 le thai to street, hoan kiem ward, hanoi Vietnam Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: ₫802 (vs ₫553 in 1Q 2025) First quarter 2026 results: EPS: ₫802. Revenue: ₫229.6b (up 59% from 1Q 2025). Net income: ₫20.9b (down 49% from 1Q 2025). Profit margin: 9.1% (down from 28% in 1Q 2025). New Risk • Mar 23
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 3.3% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫1.89t market cap, or US$71.9m). New Risk • Jan 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% 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 (44% accrual ratio). Minor Risk Market cap is less than US$100m (₫2.21t market cap, or US$84.0m). Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ₫2,665 (vs ₫2,315 in FY 2024) Full year 2025 results: EPS: ₫2,665 (up from ₫2,315 in FY 2024). Revenue: ₫927.2b (up 8.8% from FY 2024). Net income: ₫224.8b (up 31% from FY 2024). Profit margin: 24% (up from 20% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Nov 06
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 13 November 2025. Payment date: 26 November 2025. The company last paid an ordinary dividend in July 2018. The average dividend yield among industry peers is 2.8%. Aankondiging • Nov 04
Bao Viet Securities Joint Stock Company announces Annual dividend, payable on November 26, 2025 Bao Viet Securities Joint Stock Company announced Annual dividend of VND 800.0000 per share payable on November 26, 2025, ex-date on November 13, 2025 and record date on November 14, 2025. New Risk • Oct 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 44% 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 (44% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Market cap is less than US$100m (₫2.32t market cap, or US$88.1m). New Risk • Oct 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.61t (US$99.3m) 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₫2.61t market cap, or US$99.3m). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫41,900, the stock trades at a trailing P/E ratio of 16.7x. Average trailing P/E is 22x in the Capital Markets industry in Vietnam. Total returns to shareholders of 122% over the past three years. Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: ₫739 (vs ₫865 in 2Q 2024) Second quarter 2025 results: EPS: ₫739. Revenue: ₫231.7b (down 18% from 2Q 2024). Net income: ₫71.2b (up 50% from 2Q 2024). Profit margin: 31% (up from 17% in 2Q 2024). Reported Earnings • Apr 21
First quarter 2025 earnings released: EPS: ₫553 (vs ₫644 in 1Q 2024) First quarter 2025 results: EPS: ₫553 (down from ₫644 in 1Q 2024). Revenue: ₫144.4b (down 27% from 1Q 2024). Net income: ₫41.1b (down 25% from 1Q 2024). Profit margin: 28% (in line with 1Q 2024). 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 7% per year, which means it is well ahead of earnings. New Risk • Apr 08
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 5.8% 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 High level of debt (95% net debt to equity). Share price has been volatile over the past 3 months (5.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₫2.14t market cap, or US$83.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₫29,700, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total loss to shareholders of 3.1% over the past three years. New Risk • Apr 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.50t (US$97.4m) 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: Minor Risks High level of debt (95% net debt to equity). Large one-off items impacting financial results. Market cap is less than US$100m (₫2.50t market cap, or US$97.4m). Aankondiging • Feb 28
Bao Viet Securities Joint Stock Company, Annual General Meeting, Apr 24, 2025 Bao Viet Securities Joint Stock Company, Annual General Meeting, Apr 24, 2025. Location: at the meeting room, 2nd floor, bao viet building, no 8 le thai to stress, hoan kiem district, hanoi Vietnam Reported Earnings • Jan 24
Full year 2024 earnings released: EPS: ₫2,315 (vs ₫2,052 in FY 2023) Full year 2024 results: EPS: ₫2,315 (up from ₫2,052 in FY 2023). Revenue: ₫852.3b (up 15% from FY 2023). Net income: ₫171.3b (up 16% from FY 2023). Profit margin: 20% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Jan 06
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.51t (US$97.7m) 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 Debt is not well covered by operating cash flow (6.7% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). Market cap is less than US$100m (₫2.51t market cap, or US$97.7m). Reported Earnings • Oct 20
Third quarter 2024 earnings released: EPS: ₫390 (vs ₫521 in 3Q 2023) Third quarter 2024 results: EPS: ₫390 (down from ₫521 in 3Q 2023). Revenue: ₫166.5b (down 14% from 3Q 2023). Net income: ₫35.6b (down 13% from 3Q 2023). Profit margin: 21% (in line with 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • Jul 30
Second quarter 2024 earnings released: EPS: ₫866 (vs ₫420 in 2Q 2023) Second quarter 2024 results: EPS: ₫866 (up from ₫420 in 2Q 2023). Revenue: ₫281.6b (up 38% from 2Q 2023). Net income: ₫47.4b (up 16% from 2Q 2023). Profit margin: 17% (down from 20% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Jul 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.56t (US$99.7m) 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 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 (7.9% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risk Market cap is less than US$100m (₫2.56t market cap, or US$99.7m). Valuation Update With 7 Day Price Move • Jul 22
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫38,000, the stock trades at a trailing P/E ratio of 15.6x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 57% over the past three years. New Risk • May 13
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: 22% Last year net profit margin: 33% 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 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 (9.0% average weekly change). High level of non-cash earnings (40% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (22% net profit margin). Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫40,000, the stock trades at a trailing P/E ratio of 16x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 106% over the past three years. Reported Earnings • Apr 23
First quarter 2024 earnings released: EPS: ₫644 (vs ₫378 in 1Q 2023) First quarter 2024 results: EPS: ₫644 (up from ₫378 in 1Q 2023). Revenue: ₫198.9b (up 79% from 1Q 2023). Net income: ₫54.7b (up 101% from 1Q 2023). Profit margin: 28% (up from 25% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫32,400, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 69% over the past three years. New Risk • Mar 28
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: Major Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (47% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.1% average weekly change). Profit margins are more than 30% lower than last year (21% net profit margin). Market cap is less than US$100m (₫2.45t market cap, or US$97.9m). Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫31,900, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 22x in the Capital Markets industry in Vietnam. Total returns to shareholders of 51% over the past three years. New Risk • Jan 26
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: 21% Last year net profit margin: 31% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (47% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (21% net profit margin). Market cap is less than US$100m (₫1.88t market cap, or US$77.0m). Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: ₫2,051 (vs ₫2,782 in FY 2022) Full year 2023 results: EPS: ₫2,051 (down from ₫2,782 in FY 2022). Revenue: ₫743.6b (up 3.7% from FY 2022). Net income: ₫195.6b (down 2.6% from FY 2022). Profit margin: 26% (down from 28% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: ₫521 (vs ₫462 in 3Q 2022) Third quarter 2023 results: EPS: ₫521. Revenue: ₫193.0b (up 47% from 3Q 2022). Net income: ₫36.5b (down 4.1% from 3Q 2022). Profit margin: 19% (down from 29% in 3Q 2022). Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫24,800, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 25x in the Capital Markets industry in Vietnam. Total returns to shareholders of 147% over the past three years. New Risk • Jul 26
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 (23% accrual ratio). Minor Risk Market cap is less than US$100m (₫1.89t market cap, or US$80.0m). Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: ₫811 (vs ₫679 in 2Q 2022) Second quarter 2023 results: EPS: ₫811 (up from ₫679 in 2Q 2022). Revenue: ₫204.4b (up 5.2% from 2Q 2022). Net income: ₫79.3b (up 415% from 2Q 2022). Profit margin: 39% (up from 7.9% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 15% 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 • May 09
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫22,100, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 186% over the past three years. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: ₫2,756 (vs ₫3,042 in FY 2021) Full year 2022 results: EPS: ₫2,756 (down from ₫3,042 in FY 2021). Revenue: ₫717.7b (down 30% from FY 2021). Net income: ₫143.5b (down 35% from FY 2021). Profit margin: 20% (down from 21% in FY 2021). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 20% share price gain to ₫21,000, the stock trades at a trailing P/E ratio of 11.1x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total returns to shareholders of 147% over the past three years. Valuation Update With 7 Day Price Move • Dec 19
Investor sentiment improved over the past week After last week's 18% share price gain to ₫19,000, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 10x in the Capital Markets industry in Vietnam. Total returns to shareholders of 124% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to ₫16,800, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total returns to shareholders of 98% over the past three years. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Xuan Le was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫462 (vs ₫504 in 3Q 2021) Third quarter 2022 results: EPS: ₫462. Revenue: ₫131.7b (down 33% from 3Q 2021). Net income: ₫38.1b (up 16% from 3Q 2021). Profit margin: 29% (up from 17% in 3Q 2021). Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫14,500, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total returns to shareholders of 58% over the past three years. Upcoming Dividend • Sep 27
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 04 October 2022. Payment date: 20 October 2022. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 4.2%. Lower than top quartile of Vietnamese dividend payers (7.8%). Lower than average of industry peers (4.9%). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improved over the past week After last week's 15% share price gain to ₫22,000, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 12x in the Capital Markets industry in Vietnam. Total returns to shareholders of 129% over the past three years. Reported Earnings • Jul 21
Second quarter 2022 earnings released: EPS: ₫683 (vs ₫860 in 2Q 2021) Second quarter 2022 results: EPS: ₫683 (down from ₫860 in 2Q 2021). Revenue: ₫194.3b (down 39% from 2Q 2021). Net income: ₫15.5b (down 83% from 2Q 2021). Profit margin: 8.0% (down from 28% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫18,600, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total returns to shareholders of 83% 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 ₫22,300, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 10x in the Capital Markets industry in Vietnam. Total returns to shareholders of 109% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₫206.5b (up 3.5% from 1Q 2021). Net income: ₫48.7b (down 24% from 1Q 2021). Profit margin: 24% (down from 32% in 1Q 2021). Over the last 3 years on average, earnings per share has increased by 25% per year whereas the company’s share price has increased by 29% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 4 non-independent directors. Independent Non-Executive Director Hung Nguyen was the last independent director to join the board, commencing their role in 2017. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫28,600, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 15x in the Capital Markets industry in Vietnam. Total returns to shareholders of 162% over the past three years. Reported Earnings • Jan 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫3,022 (up from ₫1,389 in FY 2020). Revenue: ₫1.02t (up 93% from FY 2020). Net income: ₫282.2b (up 181% from FY 2020). Profit margin: 28% (up from 19% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫36,000, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 235% over the past three years. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₫44,600, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 335% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 17% share price gain to ₫37,600, the stock trades at a trailing P/E ratio of 13.5x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 261% over the past three years. Reported Earnings • Oct 24
Third quarter 2021 earnings released: EPS ₫582 (vs ₫331 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: ₫196.0b (up 95% from 3Q 2020). Net income: ₫32.8b (down 1.1% from 3Q 2020). Profit margin: 17% (down from 33% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Oct 04
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 11 October 2021. Payment date: 20 October 2021. Trailing yield: 3.2%. Lower than top quartile of Vietnamese dividend payers (6.6%). Higher than average of industry peers (1.9%). Reported Earnings • Jul 24
Second quarter 2021 earnings released: EPS ₫869 (vs ₫846 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫317.7b (up 106% from 2Q 2020). Net income: ₫89.5b (up 20% from 2Q 2020). Profit margin: 28% (down from 48% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₫33,100, the stock trades at a trailing P/E ratio of 12.8x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 144% over the past three years. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improved over the past week After last week's 15% share price gain to ₫26,000, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 13x in the Capital Markets industry in Vietnam. Total returns to shareholders of 78% over the past three years. Reported Earnings • Apr 24
First quarter 2021 earnings released The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫199.6b (up 170% from 1Q 2020). Net income: ₫63.8b (up ₫86.5b from 1Q 2020). Profit margin: 32% (up from net loss in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 32% share price decline to ₫15,900, the stock is trading at a trailing P/E ratio of 11.4x, down from the previous P/E ratio of 16.8x. This compares to an average P/E of 12x in the Capital Markets industry in Vietnam. Total return to shareholders over the past three years is a loss of 6.4%. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫1,394 The company reported a solid full year result with improved earnings and revenues, although profit margins were flat. Full year 2020 results: Revenue: ₫535.9b (up 7.4% from FY 2019). Net income: ₫132.8b (up 8.7% from FY 2019). Profit margin: 25% (in line with FY 2019). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 14
New 90-day high: ₫24,700 The company is up 119% from its price of ₫11,300 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 73% over the same period. Valuation Update With 7 Day Price Move • Dec 31
Investor sentiment improved over the past week After last week's 26% share price gain to ₫18,300, the stock is trading at a trailing P/E ratio of 14.3x, up from the previous P/E ratio of 11.3x. This compares to an average P/E of 14x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 3.3%. Is New 90 Day High Low • Dec 28
New 90-day high: ₫15,400 The company is up 27% from its price of ₫12,100 on 29 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 66% over the same period. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 19% share price gain to ₫13,400, the stock is trading at a trailing P/E ratio of 10.5x, up from the previous P/E ratio of 8.8x. This compares to an average P/E of 11x in the Capital Markets industry in Vietnam. Total return to shareholders over the past three years is a loss of 17%. Valuation Update With 7 Day Price Move • Dec 08
Market bids up stock over the past week After last week's 17% share price gain to ₫12,800, the stock is trading at a trailing P/E ratio of 10x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 11x in the Capital Markets industry in Vietnam. Total return to shareholders over the past three years is a loss of 20%. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫108.9b, down 21% from the prior year. Total revenue was ₫484.6b over the last 12 months, up 1.8% from the prior year. Upcoming Dividend • Oct 07
Upcoming Dividend of ₫1,000 Per Share Will be paid on the 19th of November to those who are registered shareholders by the 14th of October. The company last paid an ordinary dividend in July 2018. The average dividend yield among industry peers is 4.9%. Is New 90 Day High Low • Oct 06
New 90-day high: ₫12,700 The company is up 31% from its price of ₫9,700 on 08 July 2020. The Vietnamese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 18% over the same period. 
