New Risk • 9h
New major risk - Revenue and earnings growth Earnings have declined by 1.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 1.1% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫1.55t market cap, or US$58.8m). Buy Or Sell Opportunity • Jul 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 9.2% to ₫25,700. The fair value is estimated to be ₫32,250, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 15%. Buy Or Sell Opportunity • Jun 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 5.9% to ₫26,550. The fair value is estimated to be ₫33,433, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 10% over the last 3 years. Earnings per share has declined by 15%. Upcoming Dividend • May 22
Upcoming dividend of ₫1,800 per share Eligible shareholders must have bought the stock before 27 May 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Vietnamese dividend payers (8.1%). Lower than average of industry peers (6.1%). Declared Dividend • May 08
Dividend increased to ₫1,800 Dividend of ₫1,800 is 20% higher than last year. Ex-date: 27th May 2026 Payment date: 15th June 2026 Dividend yield will be 6.4%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by both earnings (62% earnings payout ratio) and cash flows (53% cash payout ratio). The dividend has increased by an average of 6.5% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 6.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Aankondiging • May 07
Song Ba Joint Stock Company announces Annual dividend, payable on June 15, 2026 Song Ba Joint Stock Company announced Annual dividend of VND 1800.0000 per share payable on June 15, 2026, ex-date on May 27, 2026 and record date on May 28, 2026. Reported Earnings • Apr 18
First quarter 2026 earnings released: EPS: ₫540 (vs ₫598 in 1Q 2025) First quarter 2026 results: EPS: ₫540 (down from ₫598 in 1Q 2025). Revenue: ₫72.4b (down 11% from 1Q 2025). Net income: ₫32.7b (down 9.6% from 1Q 2025). Profit margin: 45% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Aankondiging • Apr 16
Song Ba Joint Stock Company Announces Dismissal of Thai Hong Quan as Chairman of the Board of Directors Song Ba Joint Stock Company approved the dismissal of Mr. Thai Hong Quan as Chairman of the Board of Directors, effective upon the approval by the General Meeting of Shareholders of his removal as a member of the Board of Directors. SBA added to the agenda of the 2026 Annual General Meeting of Shareholders the submission for the dismissal of Mr. Thai Hong Quan as a member of the Board of Directors. Aankondiging • Feb 16
Song Ba Joint Stock Company, Annual General Meeting, Apr 15, 2026 Song Ba Joint Stock Company, Annual General Meeting, Apr 15, 2026. Location: no. 5 73 nui thanh street,hoa cuong ward, da nang Vietnam Reported Earnings • Oct 16
Third quarter 2025 earnings released: EPS: ₫686 (vs ₫405 in 3Q 2024) Third quarter 2025 results: EPS: ₫686 (up from ₫405 in 3Q 2024). Revenue: ₫101.8b (up 72% from 3Q 2024). Net income: ₫41.5b (up 70% from 3Q 2024). Profit margin: 41% (in line with 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Reported Earnings • Jul 17
Second quarter 2025 earnings released: EPS: ₫406 (vs ₫289 in 2Q 2024) Second quarter 2025 results: EPS: ₫406 (up from ₫289 in 2Q 2024). Revenue: ₫58.6b (up 32% from 2Q 2024). Net income: ₫24.6b (up 41% from 2Q 2024). Profit margin: 42% (up from 39% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Declared Dividend • May 22
Dividend reduced to ₫1,500 Dividend of ₫1,500 is 32% lower than last year. Ex-date: 4th June 2025 Payment date: 25th June 2025 Dividend yield will be 5.0%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is not adequately covered by earnings (96% earnings payout ratio). However, it is covered by cash flows (71% cash payout ratio). The dividend has increased by an average of 8.2% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 6.9% to bring the payout ratio under control, which is less than the 11% EPS growth achieved over the last 5 years. Aankondiging • May 21
Song Ba Joint Stock Company announces Annual dividend, payable on June 25, 2025 Song Ba Joint Stock Company announced Annual dividend of VND 1500.0000 per share payable on June 25, 2025, ex-date on June 04, 2025 and record date on June 05, 2025. Reported Earnings • Apr 19
First quarter 2025 earnings released: EPS: ₫598 (vs ₫445 in 1Q 2024) First quarter 2025 results: EPS: ₫598 (up from ₫445 in 1Q 2024). Revenue: ₫81.6b (up 36% from 1Q 2024). Net income: ₫36.2b (up 34% from 1Q 2024). Profit margin: 44% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Aankondiging • Apr 18
Song Ba Joint Stock Company Announces Appointment of Phan Dinh Long as Secretary from Previous Designation of Person in Charge of Corporate Governance Song Ba Joint Stock Company announced appointment of Phan Dinh Long as Secretary from previous designation of person in charge of corporate governance. Effective Date: April 15, 2025 to the end of the 2025-2030 term of the BOM of company. Sex: Male. Place of birth: Hai Chau District,Da Nang City. Ethnic: Kinh. Aankondiging • Apr 03
Song Ba Joint Stock Company, Annual General Meeting, Mar 31, 2025 Song Ba Joint Stock Company, Annual General Meeting, Mar 31, 2025, at 08:00 SE Asia Standard Time. Location: minh toan galaxy hotel, no. 306, 2/9 street, hai chau district, da nang city, Vietnam Reported Earnings • Mar 12
Full year 2024 earnings released: EPS: ₫1,877 (vs ₫2,754 in FY 2023) Full year 2024 results: EPS: ₫1,877 (down from ₫2,754 in FY 2023). Revenue: ₫264.1b (down 30% from FY 2023). Net income: ₫113.5b (down 32% from FY 2023). Profit margin: 43% (down from 44% in FY 2023). The decrease in margin was driven by lower revenue. 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 15% per year, which means it is well ahead of earnings. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: ₫405 (vs ₫603 in 3Q 2023) Third quarter 2024 results: EPS: ₫405 (down from ₫603 in 3Q 2023). Revenue: ₫59.2b (down 27% from 3Q 2023). Net income: ₫24.5b (down 33% from 3Q 2023). Profit margin: 41% (down from 45% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 16
Second quarter 2024 earnings released: EPS: ₫289 (vs ₫296 in 2Q 2023) Second quarter 2024 results: EPS: ₫289 (down from ₫296 in 2Q 2023). Revenue: ₫44.3b (down 11% from 2Q 2023). Net income: ₫17.5b (down 2.3% from 2Q 2023). Profit margin: 39% (up from 36% in 2Q 2023). The increase in margin was driven by lower expenses. 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 29% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 03
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₫32,600. The fair value is estimated to be ₫40,868, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. Buy Or Sell Opportunity • Jun 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.7% to ₫32,500. The fair value is estimated to be ₫40,868, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. Aankondiging • May 25
Song Ba Joint Stock Company Announces Cash Dividend for 2023, Payable June 25, 2024 Song Ba Joint Stock Company announced that On May 22, 2024, the Hochiminh Stock Exchange issued Announcement No.1020/TB- SGDHCM about the record date of company as follows: Ex-right date: June 4, 2024 Record date: June 5, 2024. Reason and purpose: to pay 2023 cash dividend. Content: Exercise ratio: 22%/par value (2,200 dongs per share), Payment time: June 25, 2024. Declared Dividend • May 18
Dividend of ₫2,200 announced Shareholders will receive a dividend of ₫2,200. Ex-date: 4th June 2024 Payment date: 25th June 2024 Dividend yield will be 6.5%, which is about the same as the industry average. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but not covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 14% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • May 07
Now 21% undervalued Over the last 90 days, the stock has risen 9.7% to ₫32,350. The fair value is estimated to be ₫40,868, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.5% over the last 3 years. Earnings per share has grown by 19%. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: ₫445 (vs ₫852 in 1Q 2023) First quarter 2024 results: EPS: ₫445 (down from ₫852 in 1Q 2023). Revenue: ₫60.1b (down 40% from 1Q 2023). Net income: ₫26.9b (down 48% from 1Q 2023). Profit margin: 45% (down from 52% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 26% per year, which means it is tracking significantly ahead of earnings growth. Aankondiging • Mar 14
Song Ba Joint Stock Company, Annual General Meeting, Apr 26, 2024 Song Ba Joint Stock Company, Annual General Meeting, Apr 26, 2024. Location: Minh Toan Galazy hotel, 306 street 2/9, Hoa Cuong Bac ward, Hai Chau district Da Nang City Vietnam Buy Or Sell Opportunity • Feb 23
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to ₫30,000. The fair value is estimated to be ₫24,853, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 27%. Buy Or Sell Opportunity • Jan 22
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₫29,000. The fair value is estimated to be ₫23,458, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 13% over the last 3 years. Earnings per share has grown by 27%. Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: ₫2,899 (vs ₫4,056 in FY 2022) Full year 2023 results: EPS: ₫2,899 (down from ₫4,056 in FY 2022). Revenue: ₫376.0b (down 24% from FY 2022). Net income: ₫175.3b (down 28% from FY 2022). Profit margin: 47% (down from 49% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 19
Second quarter 2023 earnings released: EPS: ₫296 (vs ₫764 in 2Q 2022) Second quarter 2023 results: EPS: ₫296 (down from ₫764 in 2Q 2022). Revenue: ₫49.9b (down 48% from 2Q 2022). Net income: ₫17.9b (down 61% from 2Q 2022). Profit margin: 36% (down from 48% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 09
Upcoming dividend of ₫1,800 per share at 14% yield Eligible shareholders must have bought the stock before 16 June 2023. Payment date: 05 July 2023. Payout ratio is a comfortable 67% and this is well supported by cash flows. Trailing yield: 14%. Within top quartile of Vietnamese dividend payers (8.6%). Higher than average of industry peers (4.1%). Aankondiging • May 30
Song Ba Joint Stock Company Approves Second Cash Dividend for the 2022, Payable on July 5, 2023 Song Ba Joint Stock Company approved second cash dividend of VND 1,800 per share for the 2022. Record date is June 19, 2023, Payment Date is July 5, 2023. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: ₫852 (vs ₫744 in 1Q 2022) First quarter 2023 results: EPS: ₫852 (up from ₫744 in 1Q 2022). Revenue: ₫99.2b (up 4.2% from 1Q 2022). Net income: ₫51.5b (up 15% from 1Q 2022). Profit margin: 52% (up from 47% in 1Q 2022). The increase in margin was primarily driven by lower expenses. 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 21% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 18
Full year 2022 earnings released: EPS: ₫4,056 (vs ₫1,943 in FY 2021) Full year 2022 results: EPS: ₫4,056 (up from ₫1,943 in FY 2021). Revenue: ₫495.6b (up 57% from FY 2021). Net income: ₫244.5b (up 109% from FY 2021). Profit margin: 49% (up from 37% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 16
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 23 December 2022. Payment date: 28 February 2023. Payout ratio is a comfortable 72% and this is well supported by cash flows. Trailing yield: 8.8%. Lower than top quartile of Vietnamese dividend payers (9.0%). Higher than average of industry peers (3.5%). Aankondiging • Dec 08
Song Ba Joint Stock Company Announces to Pay First Cash Dividend for 2022, Payable on February 28, 2023 Song Ba Joint Stock Company announced to pay first cash dividend for 2022. Exercise ratio: 10.0% (VND 1,000 per share). Payment date: February 28, 2023. Ex-right date: December 23, 2022. Record date: December 26, 2022. Aankondiging • Nov 29
Song Ba Joint Stock Company Approves Dividend, Payable on February 28, 2023 Song Ba Joint Stock Company approved the dividend payout ratio is 10% for the first phase of 2022 payment. Payment date is February 28, 2023. Record date is December 26, 2022. 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. 6 experienced directors. 3 highly experienced directors. No independent directors (6 non-independent directors). Deputy Director Nguyen Tuan Dat 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. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: ₫893 (vs ₫253 in 3Q 2021) Third quarter 2022 results: EPS: ₫893 (up from ₫253 in 3Q 2021). Revenue: ₫109.0b (up 111% from 3Q 2021). Net income: ₫53.9b (up 253% from 3Q 2021). Profit margin: 49% (up from 30% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Aug 08
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 15 August 2022. Payment date: 08 September 2022. Payout ratio is a comfortable 36% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (3.0%). Reported Earnings • Jul 25
Second quarter 2022 earnings released: EPS: ₫764 (vs ₫160 in 2Q 2021) Second quarter 2022 results: EPS: ₫764 (up from ₫160 in 2Q 2021). Revenue: ₫95.2b (up 102% from 2Q 2021). Net income: ₫46.1b (up 379% from 2Q 2021). Profit margin: 48% (up from 21% in 2Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 19% per year. Aankondiging • Jul 23
Song Ba Joint Stock Company Declares Cash Dividend for 2021, Payable on September 08, 2022 Song Ba Joint Stock Company declared cash dividend of VND 1,500 per share for 2021, payable on September 08, 2022. Record date is August 16, 2022. 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. 6 experienced directors. 3 highly experienced directors. No independent directors (6 non-independent directors). Deputy Director Nguyen Tuan Dat 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. Reported Earnings • Apr 21
First quarter 2022 earnings released: EPS: ₫744 (vs ₫475 in 1Q 2021) First quarter 2022 results: EPS: ₫744 (up from ₫475 in 1Q 2021). Revenue: ₫95.2b (up 29% from 1Q 2021). Net income: ₫44.9b (up 56% from 1Q 2021). Profit margin: 47% (up from 39% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,966 (up from ₫1,690 in FY 2020). Revenue: ₫314.9b (up 5.6% from FY 2020). Net income: ₫118.5b (up 16% from FY 2020). Profit margin: 38% (up from 34% in FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Nov 22
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 29 November 2021. Payment date: 15 December 2021. Trailing yield: 4.7%. Lower than top quartile of Vietnamese dividend payers (5.9%). Higher than average of industry peers (3.5%). Reported Earnings • Oct 20
Third quarter 2021 earnings released: EPS ₫253 (vs ₫537 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫51.7b (down 30% from 3Q 2020). Net income: ₫15.3b (down 53% from 3Q 2020). Profit margin: 30% (down from 44% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 12% per year. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ₫160 (vs ₫44.60 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫47.0b (up 50% from 2Q 2020). Net income: ₫9.63b (up 258% from 2Q 2020). Profit margin: 21% (up from 8.6% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 1% per year. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS ₫1,690 (vs ₫1,535 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₫298.2b (up 18% from FY 2019). Net income: ₫101.9b (up 9.9% from FY 2019). Profit margin: 34% (down from 37% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 25
New 90-day high: ₫16,350 The company is up 3.0% from its price of ₫15,850 on 27 October 2020. The Vietnamese market is up 22% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 22% over the same period. Reported Earnings • Jan 20
Full year 2020 earnings released: EPS ₫1,690 The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₫298.2b (up 18% from FY 2019). Net income: ₫101.9b (up 4.0% from FY 2019). Profit margin: 34% (down from 39% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 16
New 90-day high: ₫16,100 The company is up 11% from its price of ₫14,450 on 18 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 4.0% over the same period. Upcoming Dividend • Nov 10
Upcoming Dividend of ₫1,200 Per Share Will be paid on the 30th of November to those who are registered shareholders by the 17th of November. The trailing yield of 6.9% is below the top quartile of Vietnamese dividend payers (9.2%), but is in line with industry peers (7.6%). Reported Earnings • Oct 16
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫71.6b, down 26% from the prior year. Total revenue was ₫224.5b over the last 12 months, down 9.1% from the prior year. Is New 90 Day High Low • Oct 15
New 90-day high: ₫16,000 The company is up 12% from its price of ₫14,300 on 17 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 4.0% over the same period. Aankondiging • Oct 11
Song Ba Joint Stock Company Announces Appointment of Thai Hong Quan as the Deputy General Director Song Ba Joint Stock Company announced the appointment of Mr. Thai Hong Quan as the Deputy General Director of the company, from October 2, 2020. 
