Declared Dividend • May 15
Dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 3rd June 2026 Payment date: 26th June 2026 Dividend yield will be 3.9%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is covered by both earnings (51% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 13% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Apr 19
First quarter 2026 earnings released: EPS: ₫105 (vs ₫61.54 in 1Q 2025) First quarter 2026 results: EPS: ₫105 (up from ₫61.54 in 1Q 2025). Revenue: ₫1.15t (down 2.1% from 1Q 2025). Net income: ₫16.2b (up 71% from 1Q 2025). Profit margin: 1.4% (up from 0.8% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has fallen by 20% 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. Announcement • Feb 24
Danang Rubber Joint Stock Company, Annual General Meeting, Apr 24, 2026 Danang Rubber Joint Stock Company, Annual General Meeting, Apr 24, 2026. Location: da nang city Vietnam Reported Earnings • Jan 22
Full year 2025 earnings released: EPS: ₫785 (vs ₫1,500 in FY 2024) Full year 2025 results: EPS: ₫785 (down from ₫1,500 in FY 2024). Revenue: ₫5.00t (up 7.1% from FY 2024). Net income: ₫121.2b (down 48% from FY 2024). Profit margin: 2.4% (down from 5.0% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Price Target Changed • Dec 30
Price target decreased by 9.8% to ₫19,350 Down from ₫21,462, the current price target is an average from 2 analysts. New target price is 32% above last closing price of ₫14,700. Stock is down 33% over the past year. The company posted earnings per share of ₫1,500 last year. Board Change • Dec 30
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. 6 non-independent directors. Director Phu Pham was the last director to join the board, commencing their role in 2024. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Sep 05
Consensus EPS estimates increase by 19% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₫4.80t to ₫5.05t. EPS estimate increased from ₫847 to ₫1,005 per share. Net income forecast to grow 14% next year vs 29% growth forecast for Auto Components industry in Vietnam. Consensus price target up from ₫21,462 to ₫21,918. Share price was steady at ₫17,050 over the past week. Reported Earnings • Jul 19
Second quarter 2025 earnings released: EPS: ₫270 (vs ₫649 in 2Q 2024) Second quarter 2025 results: EPS: ₫270 (down from ₫649 in 2Q 2024). Revenue: ₫1.38t (up 1.0% from 2Q 2024). Net income: ₫32.1b (down 59% from 2Q 2024). Profit margin: 2.3% (down from 5.7% in 2Q 2024). Revenue is forecast to grow 6.8% p.a. on average during the next 2 years, compared to a 9.9% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Price Target Changed • Jul 09
Price target decreased by 7.0% to ₫29,367 Down from ₫31,580, the current price target is an average from 3 analysts. New target price is 35% above last closing price of ₫21,750. Stock is down 40% over the past year. The company is forecast to post earnings per share of ₫1,823 for next year compared to ₫1,950 last year. Upcoming Dividend • Jun 09
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 10 July 2025. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 5.3%. Lower than top quartile of Vietnamese dividend payers (8.0%). Higher than average of industry peers (4.0%). Declared Dividend • May 25
Dividend of ₫600 announced Shareholders will receive a dividend of ₫600. Ex-date: 13th June 2025 Payment date: 10th July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 4.2%. Sustainability & Growth Dividend is covered by earnings (53% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. EPS is expected to grow by 17% over the next year, which should provide support to the dividend and adequate earnings cover. New Risk • Apr 20
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 (31% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (3.9% net profit margin). Market cap is less than US$100m (₫2.33t market cap, or US$90.8m). New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.55t (US$99.6m) 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 High level of non-cash earnings (30% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫2.55t market cap, or US$99.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫21,500, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 13x in the Auto Components industry in Asia. Total loss to shareholders of 24% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings: EPS in line with expectations, revenues disappoint Full year 2024 results: EPS: ₫1,950 (down from ₫2,074 in FY 2023). Revenue: ₫4.67t (up 4.0% from FY 2023). Net income: ₫231.6b (down 6.0% from FY 2023). Profit margin: 5.0% (down from 5.5% in FY 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 10.0% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has fallen by 9% per year, which means it is performing significantly worse than earnings. Announcement • Mar 04
Danang Rubber Joint Stock Company, Annual General Meeting, Apr 25, 2025 Danang Rubber Joint Stock Company, Annual General Meeting, Apr 25, 2025. Location: da nang city, Vietnam Upcoming Dividend • Dec 15
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 19 December 2024. Payment date: 10 January 2025. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 6.2%. Lower than top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (4.6%). Declared Dividend • Nov 30
Dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 19th December 2024 Payment date: 10th January 2025 Dividend yield will be 4.2%, which is about the same as the industry average. Sustainability & Growth Dividend is not covered by earnings (136% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.6% 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 51% to bring the payout ratio under control. EPS is expected to grow by 13% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Nov 29
Danang Rubber Joint Stock Company Announces Plan for the Interim Cash Dividend Payment in 2024, Payable on January 10, 2025 Danang Rubber Joint Stock Company announced the Board resolution. Accordingly, the Board of Directors approved the plan to pay the interim cash dividend for 2024 as follows: Record date: December 20, 2024; Exercise ratio: 5%/share (500 dongs/share); Payment date: January 10, 2025. Announcement • Oct 23
Danang Rubber Joint Stock Company Approves Earnings Guidance for the Fourth Quarter and Full Year 2024 Danang Rubber Joint Stock Company approved earnings guidance for the fourth quarter and full year 2024. for the quarter, the company expects Revenue of VND 1,200 billion and net revenue of VND 1,145 billion.
For the year, the company expects Revenue of VND 4,893 billion and net revenue of VND 4,700 billion. Reported Earnings • Oct 19
Third quarter 2024 earnings released: EPS: ₫387 (vs ₫637 in 3Q 2023) Third quarter 2024 results: EPS: ₫387 (down from ₫637 in 3Q 2023). Revenue: ₫1.22t (up 8.4% from 3Q 2023). Net income: ₫45.9b (down 39% from 3Q 2023). Profit margin: 3.8% (down from 6.7% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 3% per year. Major Estimate Revision • Aug 30
Consensus EPS estimates fall by 10% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from ₫2,377 to ₫2,130 per share. Revenue forecast steady at ₫4.89t. Net income forecast to shrink 2.4% next year vs 27% growth forecast for Auto Components industry in Vietnam . Consensus price target broadly unchanged at ₫33,270. Share price was steady at ₫34,000 over the past week. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫652 (vs ₫428 in 2Q 2023) Second quarter 2024 results: EPS: ₫652 (up from ₫428 in 2Q 2023). Revenue: ₫1.36t (up 17% from 2Q 2023). Net income: ₫77.4b (up 52% from 2Q 2023). Profit margin: 5.7% (up from 4.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 9.9% growth forecast for the Auto Components industry in Asia. 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 4% per year, which means it is well ahead of earnings. Upcoming Dividend • Jun 06
Upcoming dividend of ₫700 per share Eligible shareholders must have bought the stock before 10 June 2024. Payment date: 28 June 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.1%. Lower than top quartile of Vietnamese dividend payers (8.6%). Higher than average of industry peers (3.5%). Declared Dividend • May 23
Dividend reduced to ₫700 Dividend of ₫700 is 46% lower than last year. Ex-date: 10th June 2024 Payment date: 28th June 2024 Dividend yield will be 3.6%, which is lower than the industry average of 4.2%. Sustainability & Growth Dividend is not covered by earnings (117% earnings payout ratio) nor is it covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 2.6% 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 31% to bring the payout ratio under control. EPS is expected to grow by 17% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Price Target Changed • May 21
Price target increased by 7.8% to ₫33,590 Up from ₫31,167, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₫34,100. Stock is up 60% over the past year. The company is forecast to post earnings per share of ₫2,439 for next year compared to ₫2,074 last year. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: ₫415 (vs ₫214 in 1Q 2023) First quarter 2024 results: EPS: ₫415 (up from ₫214 in 1Q 2023). Revenue: ₫973.3b (down 13% from 1Q 2023). Net income: ₫49.2b (up 94% from 1Q 2023). Profit margin: 5.1% (up from 2.3% in 1Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has increased by 2% per year. Announcement • Apr 05
Danang Rubber Joint Stock Company Announces Resignation of Tran Dinh Quyen as Member of BOD Danang Rubber Joint Stock Company received the resignation letter from Mr. Tran Dinh Quyen as member of BODs in the term 2019-2024. Price Target Changed • Mar 15
Price target increased by 8.7% to ₫27,067 Up from ₫24,890, the current price target is an average from 3 analysts. New target price is 21% below last closing price of ₫34,250. Stock is up 54% over the past year. The company is forecast to post earnings per share of ₫2,847 for next year compared to ₫2,085 last year. Valuation Update With 7 Day Price Move • Jan 30
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫31,850, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 15x in the Auto Components industry in Asia. Total returns to shareholders of 53% over the past three years. Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: ₫2,085 (vs ₫2,586 in FY 2022) Full year 2023 results: EPS: ₫2,085 (down from ₫2,586 in FY 2022). Revenue: ₫4.50t (down 8.2% from FY 2022). Net income: ₫247.7b (down 19% from FY 2022). Profit margin: 5.5% (down from 6.3% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Upcoming Dividend • Dec 21
Upcoming dividend of ₫500 per share at 7.0% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 12 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.0%. Lower than top quartile of Vietnamese dividend payers (8.9%). Higher than average of industry peers (4.9%). Major Estimate Revision • Dec 11
Consensus EPS estimates increase by 36% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from ₫1,888 to ₫2,559. Revenue forecast unchanged at ₫5.04t. Net income forecast to grow 4.9% next year vs 31% growth forecast for Auto Components industry in Vietnam. Consensus price target of ₫24,290 unchanged from last update. Share price was steady at ₫23,550 over the past week. Announcement • Oct 18
Danang Rubber Joint Stock Company Provides Production and Sales Guidance for Fourth Quarter of 2023 Danang Rubber Joint Stock Company provided production and sales guidance for fourth quarter of 2023. For the quarter, the company expects the Production value of VND 1,072 billion . Sales of VND 1,268 billion. Net sales ofVND 1,190 billion. Reported Earnings • Oct 18
Third quarter 2023 earnings released: EPS: ₫637 (vs ₫664 in 3Q 2022) Third quarter 2023 results: EPS: ₫637 (down from ₫664 in 3Q 2022). Revenue: ₫1.12t (down 8.9% from 3Q 2022). Net income: ₫75.7b (down 4.0% from 3Q 2022). Profit margin: 6.7% (up from 6.4% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 8.7% p.a. on average during the next 2 years, compared to a 12% growth forecast for the Auto Components industry in Asia. 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 4% per year. Buying Opportunity • Aug 18
Now 21% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be ₫27,700, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 4.0%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. Major Estimate Revision • Aug 03
Consensus EPS estimates fall by 41% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫5.04t to ₫4.59t. EPS estimate also fell from ₫2,594 per share to ₫1,524 per share. Net income forecast to grow 19% next year vs 37% growth forecast for Auto Components industry in Vietnam. Consensus price target of ₫23,850 unchanged from last update. Share price rose 2.3% to ₫24,000 over the past week. New Risk • Jul 20
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 91% Dividend per share is over 23x cash flows per share. Dividend yield: 7.9% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Jul 20
Second quarter 2023 earnings released: EPS: ₫429 (vs ₫704 in 2Q 2022) Second quarter 2023 results: EPS: ₫429 (down from ₫704 in 2Q 2022). Revenue: ₫1.16t (up 1.2% from 2Q 2022). Net income: ₫50.9b (down 39% from 2Q 2022). Profit margin: 4.4% (down from 7.3% in 2Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.9% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 10% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 14
Price target decreased by 8.3% to ₫23,450 Down from ₫25,570, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of ₫23,200. Stock is down 17% over the past year. The company is forecast to post earnings per share of ₫2,594 for next year compared to ₫2,586 last year. Upcoming Dividend • Jun 01
Upcoming dividend of ₫1,300 per share at 8.2% yield Eligible shareholders must have bought the stock before 08 June 2023. Payment date: 29 June 2023. Payout ratio is on the higher end at 80%, and the cash payout ratio is above 100%. Trailing yield: 8.2%. Lower than top quartile of Vietnamese dividend payers (8.6%). Higher than average of industry peers (5.3%). Announcement • May 14
Danang Rubber Joint Stock Company Plan to Pay Remaining Cash Dividend in 2022, Payable on June 29, 2023 The Board resolution dated May 11, 2023, the BOD of Danang Rubber Joint Stock Company approved to pay the remaining cash dividend for 2022 as follows: Exercise ratio: 13%/share (VND 1,300 /share), record date is June 09, 2023 and Payment time is June 29, 2023. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: ₫214 (vs ₫554 in 1Q 2022) First quarter 2023 results: EPS: ₫214 (down from ₫554 in 1Q 2022). Revenue: ₫1.11t (down 13% from 1Q 2022). Net income: ₫25.4b (down 61% from 1Q 2022). Profit margin: 2.3% (down from 5.1% in 1Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 7.4% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has increased by 6% per year whereas the company’s share price has increased by 3% per year. Reported Earnings • Jan 19
Full year 2022 earnings released: EPS: ₫2,597 (vs ₫2,448 in FY 2021) Full year 2022 results: EPS: ₫2,597 (up from ₫2,448 in FY 2021). Revenue: ₫4.90t (up 12% from FY 2021). Net income: ₫308.5b (up 6.1% from FY 2021). Profit margin: 6.3% (down from 6.6% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 10% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Auto Components industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Jan 04
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 11 January 2023. Payment date: 10 February 2023. Payout ratio is a comfortable 50% but the company is not cash flow positive. Trailing yield: 7.9%. Lower than top quartile of Vietnamese dividend payers (9.2%). Higher than average of industry peers (5.1%). Price Target Changed • Dec 19
Price target decreased to ₫32,175 Down from ₫35,925, the current price target is an average from 4 analysts. New target price is 51% above last closing price of ₫21,300. Stock is down 36% over the past year. The company is forecast to post earnings per share of ₫2,614 for next year compared to ₫2,448 last year. Announcement • Nov 29
Danang Rubber Joint Stock Company Approves to Pay Dividend for the 2022 in Cash on February 10, 2023 The Board of Directors of Danang Rubber Joint Stock Company approved to pay for the 2022 dividend in cash: Record date is December 12, 2023. Payment date is February 10, 2023. Dividend pay-out ratio is 5%/par value (VND 500 per share). 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. 7 non-independent directors. Chairman Bac Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫18,850, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 14x in the Auto Components industry in Asia. Negligible returns to shareholders over past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫32,795 per share. Valuation Update With 7 Day Price Move • Oct 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫26,300, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 13x in the Auto Components industry in Asia. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫45,742 per share. Reported Earnings • Jul 17
Second quarter 2022 earnings released: EPS: ₫706 (vs ₫893 in 2Q 2021) Second quarter 2022 results: EPS: ₫706 (down from ₫893 in 2Q 2021). Revenue: ₫1.15t (down 4.7% from 2Q 2021). Net income: ₫83.9b (down 21% from 2Q 2021). Profit margin: 7.3% (down from 8.8% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the next year, revenue is forecast to grow 13%, compared to a 22% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 14% per year whereas the company’s share price has increased by 12% per year. Buying Opportunity • Jun 20
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 16%. The fair value is estimated to be ₫34,691, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 22% in 2 years. Earnings is forecast to grow by 23% in the next 2 years. Upcoming Dividend • May 25
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 01 June 2022. Payment date: 16 June 2022. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 5.9%. Lower than top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (2.3%). Announcement • May 17
Danang Rubber Joint Stock Company Declares Final Dividend for 2021, Payable on June 16, 2022 The Board of Directors of Danang Rubber Joint Stock Company approved the final cash dividend payment for 2021 as follows: Par value: VND 10,000. Exercise ratio: 12%/par value (1,200 dongs/share). Record date: June 02, 2022. Payment date: June 16, 2022. Buying Opportunity • May 07
Now 21% undervalued Over the last 90 days, the stock is up 10.0%. The fair value is estimated to be ₫38,986, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.4% over the last 3 years. Earnings per share has grown by 20%. Revenue is forecast to grow by 21% in 2 years. Earnings is forecast to grow by 37% in the next 2 years. 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. 7 non-independent directors. Chairman Bac Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 16
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₫2,449 (up from ₫2,158 in FY 2020). Revenue: ₫4.38t (up 20% from FY 2020). Net income: ₫290.9b (up 14% from FY 2020). Profit margin: 6.6% (down from 7.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 3.4%. Earnings per share (EPS) missed analyst estimates by 10%. Over the next year, revenue is forecast to grow 16%, compared to a 20% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 23
Full year 2021 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2021 results: EPS: ₫2,449 (up from ₫2,158 in FY 2020). Revenue: ₫4.38t (up 20% from FY 2020). Net income: ₫290.9b (up 14% from FY 2020). Profit margin: 6.6% (down from 7.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.2%. Earnings per share (EPS) exceeded analyst estimates by 47%. Over the next year, revenue is forecast to grow 9.1%, compared to a 19% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 17
Third quarter 2021 earnings released: EPS ₫284 (vs ₫519 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫929.2b (down 1.8% from 3Q 2020). Net income: ₫33.7b (down 45% from 3Q 2020). Profit margin: 3.6% (down from 6.5% in 3Q 2020). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 30% 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 • Jul 18
Second quarter 2021 earnings released: EPS ₫894 (vs ₫404 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫1.20t (up 53% from 2Q 2020). Net income: ₫106.2b (up 121% from 2Q 2020). Profit margin: 8.8% (up from 6.1% 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 32% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫26,800, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 15x in the Auto Components industry in Asia. Total returns to shareholders of 37% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫25,940 per share. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improved over the past week After last week's 15% share price gain to ₫30,800, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Auto Components industry in Asia. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫24,275 per share. Price Target Changed • Jun 01
Price target increased to ₫30,260 Up from ₫27,825, the current price target is an average from 4 analysts. New target price is 11% above last closing price of ₫27,200. Stock is up 38% over the past year. Upcoming Dividend • May 31
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 28 June 2021. Trailing yield: 5.4%. Lower than top quartile of Vietnamese dividend payers (7.8%). Higher than average of industry peers (4.5%). Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫536 (vs ₫315 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫912.3b (up 14% from 1Q 2020). Net income: ₫63.7b (up 70% from 1Q 2020). Profit margin: 7.0% (up from 4.7% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 16
Full year 2020 earnings released: EPS ₫2,158 (vs ₫2,109 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫3.65t (down 5.5% from FY 2019). Net income: ₫256.3b (up 2.3% from FY 2019). Profit margin: 7.0% (up from 6.5% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Major Estimate Revision • Mar 05
Analysts increase EPS estimates to ₫3,162 The 2021 consensus revenue estimate increased from ₫3.80t to ₫3.93t. The earnings per share estimate also received an upgrade from ₫2,468 to ₫3,162 for the same period. Net income is expected to grow by 33% next year compared to 58% growth forecast for the Auto Components industry in Vietnam. The consensus price target increased from ₫21,600 to ₫23,667. Share price is down by 2.9% to ₫26,900 over the past week. Price Target Changed • Mar 04
Price target raised to ₫23,667 Up from ₫20,218, the current price target is an average from 2 analysts. The new target price is 13% below the current share price of ₫27,100. As of last close, the stock is up 22% over the past year. Is New 90 Day High Low • Jan 08
New 90-day high: ₫23,200 The company is up 16% from its price of ₫20,000 on 09 October 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Auto Components industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫15,975 per share. Is New 90 Day High Low • Dec 21
New 90-day high: ₫22,850 The company is up 20% from its price of ₫19,100 on 22 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫15,689 per share. Major Estimate Revision • Dec 02
Analysts increase EPS estimates to ₫1,566 The 2020 consensus revenue estimate increased from ₫3.14t to ₫3.31t. The earnings per share estimate also received an upgrade from ₫1,364 to ₫1,566 for the same period. Net income is expected to grow by 25% next year compared to 47% growth forecast for the Auto Components industry in Vietnam. The consensus price target increased from ₫20,218 to ₫21,600. Share price stayed mostly flat at ₫20,650 over the past week. Is New 90 Day High Low • Nov 27
New 90-day high: ₫21,100 The company is up 23% from its price of ₫17,200 on 28 August 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Auto Components industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫9,569 per share. Announcement • Nov 26
Danang Rubber Joint Stock Company Appoints Pham Phong Thinh as Deputy CEO Danang Rubber Joint Stock Company announced that Pham Phong Thinh was appointed as Deputy CEO as from November 24, 2020. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫227.8b, up 11% from the prior year. Total revenue was ₫3.51t over the last 12 months, down 9.9% from the prior year. Announcement • Oct 03
Danang Rubber Joint Stock Company Announces Retirement Nguyen Thanh Binh as CEO, Effective November 01, 2020 Danang Rubber Joint Stock Company announced that CEO Nguyen Thanh Binh retired from November 01, 2020. Is New 90 Day High Low • Sep 30
New 90-day high: ₫20,950 The company is up 14% from its price of ₫18,350 on 02 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 Auto Components industry, which is up 11% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫9,592 per share. 
