Announcement • May 23
Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 23, 2026 Thong Nhat Rubber Joint Stock Company, Annual General Meeting, Jun 23, 2026, at 09:00 SE Asia Standard Time. Location: hall a2 - office of thong nhat rubber jsc, at no. 256, 27/4 street, ba ria ward, ho chi minh city Vietnam Board Change • May 06
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 3 experienced directors. 3 highly experienced directors. No independent directors (7 non-independent directors). Director Duc Le was the last director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Mar 30
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (28% accrual ratio). 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 (₫530.3b market cap, or US$20.2m). 