New Risk • Apr 10
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). Earnings have declined by 13% per year over the past 5 years. Market cap is less than US$10m (₫173.9b market cap, or US$6.61m). Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫6,800, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 42% over the past three years. Reported Earnings • Feb 06
Full year 2025 earnings released: EPS: ₫816 (vs ₫527 in FY 2024) Full year 2025 results: EPS: ₫816 (up from ₫527 in FY 2024). Revenue: ₫280.0b (up 2.0% from FY 2024). Net income: ₫22.5b (up 55% from FY 2024). Profit margin: 8.0% (up from 5.3% in FY 2024). Over the last 3 years on average, earnings per share has increased by 88% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: ₫504 (vs ₫10.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₫504 (up from ₫10.00 loss in 3Q 2024). Revenue: ₫64.4b (up 30% from 3Q 2024). Net income: ₫13.9b (up ₫14.2b from 3Q 2024). Profit margin: 22% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫6,500, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total returns to shareholders of 2.7% over the past three years. New Risk • Sep 18
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). Earnings have declined by 18% per year over the past 5 years. Market cap is less than US$10m (₫157.3b market cap, or US$5.98m). Reported Earnings • Sep 06
Second quarter 2025 earnings released: EPS: ₫531 (vs ₫90.60 in 2Q 2024) Second quarter 2025 results: EPS: ₫531 (up from ₫90.60 in 2Q 2024). Revenue: ₫70.9b (up 33% from 2Q 2024). Net income: ₫14.7b (up 488% from 2Q 2024). Profit margin: 21% (up from 4.7% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫6,200, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the Chemicals industry in Vietnam. Total loss to shareholders of 39% over the past three years. New Risk • Aug 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 6.2% 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 Earnings have declined by 29% per year over the past 5 years. Market cap is less than US$10m (₫157.3b market cap, or US$5.98m). Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Aug 05
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫5,500, the stock trades at a trailing P/E ratio of 10.5x. Average trailing P/E is 12x in the Chemicals industry in Vietnam. Total loss to shareholders of 46% over the past three years. Aankondiging • Jun 03
Dong A Paint Joint Stock Company, Annual General Meeting, Jun 24, 2025 Dong A Paint Joint Stock Company, Annual General Meeting, Jun 24, 2025, at 09:00 SE Asia Standard Time. Location: 3rd floor meeting hall, head office of dong a paint jsc, no. 59thien duc street, yen vien town, gia lam district, hanoi Vietnam Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₫4,000, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total loss to shareholders of 75% over the past three years. New Risk • Apr 03
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 7.7% 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 (7.7% average weekly change). Earnings have declined by 34% per year over the past 5 years. Market cap is less than US$10m (₫127.0b market cap, or US$4.95m). Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₫4,900, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total loss to shareholders of 66% over the past three years. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: ₫506 (vs ₫196 loss in FY 2023) Full year 2024 results: EPS: ₫506 (up from ₫196 loss in FY 2023). Revenue: ₫256.0b (up 19% from FY 2023). Net income: ₫14.0b (up ₫19.4b from FY 2023). Profit margin: 5.5% (up from net loss in FY 2023). 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. New Risk • Feb 05
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 5.4% 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 Risks Earnings have declined by 40% per year over the past 5 years. Market cap is less than US$10m (₫115.9b market cap, or US$4.64m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.4% average weekly change). Reported Earnings • Nov 02
Third quarter 2024 earnings released: ₫10.00 loss per share (vs ₫102 loss in 3Q 2023) Third quarter 2024 results: ₫10.00 loss per share (improved from ₫102 loss in 3Q 2023). Revenue: ₫49.5b (down 13% from 3Q 2023). Net loss: ₫282.0m (loss narrowed 90% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. New Risk • Sep 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 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 Earnings have declined by 37% per year over the past 5 years. Market cap is less than US$10m (₫102.1b market cap, or US$4.19m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.0% average weekly change). Buy Or Sell Opportunity • Sep 12
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.7% to ₫3,600. The fair value is estimated to be ₫4,512, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 9.8% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • May 08
First quarter 2024 earnings released: EPS: ₫56.00 (vs ₫10.00 in 1Q 2023) First quarter 2024 results: EPS: ₫56.00 (up from ₫10.00 in 1Q 2023). Revenue: ₫57.6b (up 11% from 1Q 2023). Net income: ₫1.54b (up 476% from 1Q 2023). Profit margin: 2.7% (up from 0.5% in 1Q 2023). The increase in margin 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 71 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Apr 26
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 17% to ₫4,000. The fair value is estimated to be ₫5,097, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 8.5% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 01
Full year 2023 earnings released: ₫196 loss per share (vs ₫57.00 profit in FY 2022) Full year 2023 results: ₫196 loss per share (down from ₫57.00 profit in FY 2022). Revenue: ₫215.2b (down 12% from FY 2022). Net loss: ₫5.40b (down ₫6.55b from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 60 percentage points per year, which is a significant difference in performance. Reported Earnings • Nov 04
Third quarter 2023 earnings released: ₫3.00 loss per share (vs ₫70.83 profit in 3Q 2022) Third quarter 2023 results: ₫3.00 loss per share (down from ₫70.83 profit in 3Q 2022). Revenue: ₫51.3b (down 7.0% from 3Q 2022). Net loss: ₫79.7m (down 104% from profit in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 51% 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. Reported Earnings • Aug 04
Second quarter 2023 earnings released: ₫1.00 loss per share (vs ₫10.00 profit in 2Q 2022) Second quarter 2023 results: ₫1.00 loss per share (down from ₫10.00 profit in 2Q 2022). Revenue: ₫50.1b (down 16% from 2Q 2022). Net loss: ₫19.4m (down 107% from profit in 2Q 2022). Profit margin: 0% (down from 0.5% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Aankondiging • May 23
An unknown buyer acquired Bewin & Coating Vietnam Joint Stock Companyfrom Dong A Paint Joint Stock Company (HNX:HDA). An unknown buyer acquired Bewin & Coating Vietnam Joint Stock Company from Dong A Paint Joint Stock Company (HNX:HDA) for VND 0.015 million on May 16, 2023. The number of transferred shares are 1.5 million at offering price of no less than VND 0.01/share.
An unknown buyer completed the acquisition of Bewin & Coating Vietnam Joint Stock Company from Dong A Paint Joint Stock Company (HNX:HDA) on May 16, 2023. Reported Earnings • May 08
First quarter 2023 earnings released: EPS: ₫10.00 (vs ₫86.25 in 1Q 2022) First quarter 2023 results: EPS: ₫10.00 (down from ₫86.25 in 1Q 2022). Revenue: ₫51.9b (down 9.1% from 1Q 2022). Net income: ₫267.3m (down 89% from 1Q 2022). Profit margin: 0.5% (down from 4.2% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 15% per year. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₫6,400, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 8x in the Chemicals industry in Vietnam. Total loss to shareholders of 9.4% over the past three years. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: ₫85.00 (vs ₫681 in 3Q 2021) Third quarter 2022 results: EPS: ₫85.00 (down from ₫681 in 3Q 2021). Revenue: ₫55.1b (down 16% from 3Q 2021). Net income: ₫1.95b (down 75% from 3Q 2021). Profit margin: 3.5% (down from 12% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫7,100, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 8x in the Chemicals industry in Vietnam. Negligible returns to shareholders over past three years. Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: ₫12.00 (vs ₫714 in 2Q 2021) Second quarter 2022 results: EPS: ₫12.00 (down from ₫714 in 2Q 2021). Revenue: ₫59.8b (down 19% from 2Q 2021). Net income: ₫286.1m (down 97% from 2Q 2021). Profit margin: 0.5% (down from 11% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₫13,100, the stock trades at a trailing P/E ratio of 5.7x. Average trailing P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 57% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫9,300, the stock trades at a trailing P/E ratio of 4x. Average trailing P/E is 10x in the Chemicals industry in Vietnam. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫17,100, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total returns to shareholders of 156% over the past three years. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improved over the past week After last week's 24% share price gain to ₫25,500, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 12x in the Chemicals industry in Vietnam. Total returns to shareholders of 235% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₫20,300, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 112% over the past three years. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫2,316 (up from ₫677 in FY 2020). Revenue: ₫269.6b (up 3.2% from FY 2020). Net income: ₫26.6b (up 242% from FY 2020). Profit margin: 9.9% (up from 3.0% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₫24,400, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 142% over the past three years. Upcoming Dividend • Aug 06
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 13 August 2021. Payment date: 01 September 2021. Trailing yield: 2.3%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (2.6%). Reported Earnings • Aug 03
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫73.4b (up 64% from 2Q 2020). Net income: ₫8.22b (up ₫20.7b from 2Q 2020). Profit margin: 11% (up from net loss in 2Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 16% share price gain to ₫21,600, the stock trades at a trailing P/E ratio of 31.5x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 112% over the past three years. Valuation Update With 7 Day Price Move • Jul 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₫12,900, the stock trades at a trailing P/E ratio of 18.8x. Average trailing P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 37% over the past three years. Reported Earnings • May 12
First quarter 2021 earnings released: EPS ₫241 (vs ₫232 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₫64.8b (up 24% from 1Q 2020). Net income: ₫2.77b (up 3.9% from 1Q 2020). Profit margin: 4.3% (down from 5.1% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Mar 12
New 90-day high: ₫9,800 The company is up 17% from its price of ₫8,400 on 11 December 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 22% over the same period. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS ₫677 (vs ₫1,586 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫261.2b (down 11% from FY 2019). Net income: ₫7.78b (down 57% from FY 2019). Profit margin: 3.0% (down from 6.2% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 12
New 90-day high: ₫9,600 The company is up 22% from its price of ₫7,900 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 21
New 90-day high: ₫8,700 The company is up 9.0% from its price of ₫8,000 on 22 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 8.0% over the same period. Is New 90 Day High Low • Nov 11
New 90-day high: ₫8,600 The company is up 15% from its price of ₫7,500 on 13 August 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Chemicals industry, which is up 18% over the same period. Reported Earnings • Nov 01
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫7.04b, down 67% from the prior year. Total revenue was ₫278.6b over the last 12 months, up 3.7% from the prior year. 
