Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫31,400, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 26x in the Electrical industry in Asia. Total returns to shareholders of 242% over the past three years. New Risk • May 05
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). Share price has been highly volatile over the past 3 months (8.2% average weekly change). New Risk • Mar 11
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 Risks Share price has been highly volatile over the past 3 months (8.6% average weekly change). High level of non-cash earnings (28% accrual ratio). Valuation Update With 7 Day Price Move • Mar 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫31,800, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 190% over the past three years. Reported Earnings • Feb 02
Full year 2025 earnings released: EPS: ₫1,635 (vs ₫1,819 in FY 2024) Full year 2025 results: EPS: ₫1,635 (down from ₫1,819 in FY 2024). Revenue: ₫40t (up 17% from FY 2024). Net income: ₫1.48t (down 9.6% from FY 2024). Profit margin: 3.7% (down from 4.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Announcement • Jan 23
GELEX Group Joint Stock Company, Annual General Meeting, Apr 01, 2026 GELEX Group Joint Stock Company, Annual General Meeting, Apr 01, 2026. Location: fairmont hanoi- 10 tran nguyen han and no. 27-29, ly thai to street, hoan kiem ward, hanoi Vietnam Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫44,450, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 21x in the Electrical industry in Asia. Total returns to shareholders of 274% over the past three years. New Risk • Nov 14
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 Risk Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Large one-off items impacting financial results. New Risk • Nov 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (7.6% average weekly change). Large one-off items impacting financial results. Reported Earnings • Oct 30
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫9.84t (up 13% from 3Q 2024). Net income: ₫621.9b (up ₫523.1b from 3Q 2024). Profit margin: 6.3% (up from 1.1% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Asia. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫48,000, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 289% over the past three years. Valuation Update With 7 Day Price Move • Oct 16
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫65,400, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 402% over the past three years. Upcoming Dividend • Sep 03
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 10 September 2025. Payment date: 10 October 2025. Payout ratio is a comfortable 26% but the company is not cash flow positive. Trailing yield: 0.9%. Lower than top quartile of Vietnamese dividend payers (7.4%). Lower than average of industry peers (1.9%). Major Estimate Revision • Aug 23
Consensus EPS estimates increase by 26% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has improved. 2025 revenue forecast increased from ₫37t to ₫38t. EPS estimate increased from ₫1,192 to ₫1,498 per share. Net income forecast to shrink 11% next year vs 37% growth forecast for Electrical industry in Vietnam . Consensus price target up from ₫31,000 to ₫44,250. Share price fell 4.8% to ₫53,900 over the past week. Price Target Changed • Aug 22
Price target increased by 43% to ₫44,250 Up from ₫31,005, the current price target is an average from 2 analysts. New target price is 18% below last closing price of ₫53,900. Stock is up 162% over the past year. The company is forecast to post earnings per share of ₫1,498 for next year compared to ₫1,819 last year. Reported Earnings • Jul 29
Second quarter 2025 earnings released: EPS: ₫751 (vs ₫949 in 2Q 2024) Second quarter 2025 results: EPS: ₫751 (down from ₫949 in 2Q 2024). Revenue: ₫10t (up 23% from 2Q 2024). Net income: ₫665.4b (down 22% from 2Q 2024). Profit margin: 6.6% (down from 10% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 24
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫50,000, the stock trades at a forward P/E ratio of 41x. Average forward P/E is 19x in the Electrical industry in Asia. Total returns to shareholders of 139% over the past three years. New Risk • May 26
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.4% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 4.4% per year for the foreseeable future. Minor Risks Share price has been volatile over the past 3 months (7.3% average weekly change). Large one-off items impacting financial results. New Risk • May 21
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 7.1% 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: Minor Risks Share price has been volatile over the past 3 months (7.1% average weekly change). Large one-off items impacting financial results. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: ₫272 (vs ₫127 in 1Q 2024) First quarter 2025 results: EPS: ₫272 (up from ₫127 in 1Q 2024). Revenue: ₫7.92t (up 19% from 1Q 2024). Net income: ₫233.7b (up 115% from 1Q 2024). Profit margin: 3.0% (up from 1.6% in 1Q 2024). Revenue is forecast to grow 10% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 18
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 25 April 2025. Payment date: 22 May 2025. The company last paid an ordinary dividend in August 2018. The average dividend yield among industry peers is 12%. Major Estimate Revision • Apr 15
Consensus EPS estimates increase by 32%, revenue downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast fell from ₫37t to ₫35t. EPS estimate rose from ₫848 to ₫1,123. Net income forecast to shrink 40% next year vs 36% growth forecast for Electrical industry in Vietnam . Consensus price target up from ₫23,600 to ₫27,100. Share price rose 15% to ₫25,150 over the past week. Price Target Changed • Apr 14
Price target increased by 11% to ₫27,100 Up from ₫24,400, the current price target is provided by 1 analyst. New target price is 11% above last closing price of ₫24,400. Stock is up 13% over the past year. The company is forecast to post earnings per share of ₫1,123 for next year compared to ₫1,910 last year. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₫20,450, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 16x in the Electrical industry in Asia. Total loss to shareholders of 42% over the past three years. Announcement • Feb 19
GELEX Group Joint Stock Company, Annual General Meeting, Mar 27, 2025 GELEX Group Joint Stock Company, Annual General Meeting, Mar 27, 2025. Location: no. 44, ly thuong kiet street, tran hung dao ward, hoan kiem district, ha noi city, Vietnam New Risk • Nov 01
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 138% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Oct 29
Third quarter 2024 earnings released: EPS: ₫116 (vs ₫143 in 3Q 2023) Third quarter 2024 results: EPS: ₫116 (down from ₫143 in 3Q 2023). Revenue: ₫8.71t (up 16% from 3Q 2023). Net income: ₫98.9b (down 19% from 3Q 2023). Profit margin: 1.1% (down from 1.6% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical 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 8% per year, which means it has not declined as severely as earnings. Price Target Changed • Aug 30
Price target decreased by 11% to ₫24,700 Down from ₫27,600, the current price target is provided by 1 analyst. New target price is 17% above last closing price of ₫21,150. Stock is down 14% over the past year. The company is forecast to post earnings per share of ₫1,343 for next year compared to ₫388 last year. New Risk • Aug 04
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 138% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings are forecast to decline by an average of 7.5% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: ₫998 (vs ₫377 in 2Q 2023) Second quarter 2024 results: EPS: ₫998 (up from ₫377 in 2Q 2023). Revenue: ₫8.25t (up 3.2% from 2Q 2023). Net income: ₫849.5b (up 165% from 2Q 2023). Profit margin: 10% (up from 4.0% in 2Q 2023). The increase in margin was primarily driven by lower expenses. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. New Risk • May 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 20% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results. Reported Earnings • May 02
First quarter 2024 earnings released: EPS: ₫127 (vs ₫108 loss in 1Q 2023) First quarter 2024 results: EPS: ₫127 (up from ₫108 loss in 1Q 2023). Revenue: ₫6.66t (up 3.9% from 1Q 2023). Net income: ₫108.5b (up ₫200.8b from 1Q 2023). Profit margin: 1.6% (up from net loss in 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 58% 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. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫19,700, the stock trades at a forward P/E ratio of 17x. Average forward P/E is 18x in the Electrical industry in Asia. Total returns to shareholders of 5.0% over the past three years. Announcement • Mar 10
GELEX Group Joint Stock Company, Annual General Meeting, Mar 28, 2024 GELEX Group Joint Stock Company, Annual General Meeting, Mar 28, 2024, at 01:00 Coordinated Universal Time. Location: No.44B Ly Thuong Kiet street, Tran Hung Dao ward, Hoan Kiem district, Hanoi Vietnam Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: ₫389 (vs ₫433 in FY 2022) Full year 2023 results: EPS: ₫389 (down from ₫433 in FY 2022). Revenue: ₫30t (down 6.5% from FY 2022). Net income: ₫331.0b (down 10% from FY 2022). Profit margin: 1.1% (in line with FY 2022). Revenue is forecast to grow 7.9% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Electrical industry in Asia. Over the last 3 years on average, earnings per share has fallen by 59% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Announcement • Jan 02
GELEX Group Joint Stock Company Announces Executive Changes GELEX Group Joint Stock Company announced the appointment of Mr. Le Ba Tho as member of the BOD; the appointment of Mr. Nguyen Hoang Long as Deputy Chief Financial and Investment Officer; the appointment of Mr. Nguyen Trong Trung as Deputy Chief Electric Operating Officer and the resignation of Mr. Le Ba Tho as Deputy Chief Officer, Effective from January 01, 2024. Major Estimate Revision • Nov 22
Consensus EPS estimates increase by 14% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from ₫30t to ₫30t. EPS estimate increased from ₫489 to ₫557 per share. Net income forecast to grow 163% next year vs 47% growth forecast for Electrical industry in Vietnam. Consensus price target down from ₫24,600 to ₫24,100. Share price rose 4.3% to ₫23,150 over the past week. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫17,300, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 16x in the Electrical industry in Asia. Total returns to shareholders of 26% over the past three years. Valuation Update With 7 Day Price Move • Sep 26
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₫19,200, the stock trades at a trailing P/E ratio of 46x. Average trailing P/E is 35x in the Electrical industry in Vietnam. Total returns to shareholders of 14% over the past three years. New Risk • Jul 28
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Earnings have declined by 8.8% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (1.1% net profit margin). Reported Earnings • Jul 28
Second quarter 2023 earnings released: EPS: ₫377 (vs ₫15.34 in 2Q 2022) Second quarter 2023 results: EPS: ₫377 (up from ₫15.34 in 2Q 2022). Revenue: ₫8.00t (down 12% from 2Q 2022). Net income: ₫321.1b (up ₫308.1b from 2Q 2022). Profit margin: 4.0% (up from 0.1% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Jul 25
GELEX Group Joint Stock Company Appoints Do Xuan Thang as Head of the Representative Office GELEX Group Joint Stock Company has set up a representative office as follows: Name of representative office: Representative office in HCM city - GELEX Group Joint Stock Company. Head of the representative office: Mr. Do Xuan Thang. Reported Earnings • May 03
First quarter 2023 earnings released: ₫108 loss per share (vs ₫315 profit in 1Q 2022) First quarter 2023 results: ₫108 loss per share (down from ₫315 profit in 1Q 2022). Revenue: ₫6.41t (down 26% from 1Q 2022). Net loss: ₫92.3b (down 134% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 29% 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. Valuation Update With 7 Day Price Move • Feb 27
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫11,500, the stock trades at a trailing P/E ratio of 25.8x. Average trailing P/E is 27x in the Electrical industry in Vietnam. Total loss to shareholders of 11% over the past three years. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: ₫446 (vs ₫1,501 in FY 2021) Full year 2022 results: EPS: ₫446 (down from ₫1,501 in FY 2021). Revenue: ₫32t (up 12% from FY 2021). Net income: ₫379.7b (down 63% from FY 2021). Profit margin: 1.2% (down from 3.6% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫13,350, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 17x in the Electrical industry in Vietnam. Total loss to shareholders of 3.7% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 16% share price gain to ₫14,700, the stock trades at a trailing P/E ratio of 23.9x. Average trailing P/E is 16x in the Electrical industry in Vietnam. Total returns to shareholders of 2.8% over the past three years. 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. 6 non-independent directors. Deputy CEO & Director Tho Le was the last director to join the board, commencing their role in 2022. 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 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫11,300, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 13x in the Electrical industry in Vietnam. Total loss to shareholders of 24% over the past three years. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫12,300, the stock trades at a trailing P/E ratio of 14x. Average trailing P/E is 15x in the Electrical industry in Vietnam. Total loss to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫15,300, the stock trades at a trailing P/E ratio of 17.4x. Average trailing P/E is 19x in the Electrical industry in Vietnam. Total loss to shareholders of 2.3% over the past three years. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫9.07t (up 4.2% from 2Q 2021). Net income: ₫13.1b (down 96% from 2Q 2021). Profit margin: 0.1% (down from 3.9% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 8% per year. Announcement • Jul 08
GELEX Group Joint Stock Company Announces Cash Dividend for the Fiscal Year 2021, Payable on July 28, 2022 GELEX Group Joint Stock Company announced cash dividend of exercise ratio: 5.0% (500 dongs/share) for the fiscal year 2021. Ex-right date: July 13, 2022. Record date: July 14, 2022 and payment date: July 28, 2022. Upcoming Dividend • Jul 06
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 13 July 2022. Payment date: 28 July 2022. Payout ratio is a comfortable 36% but the company is not cash flow positive. Trailing yield: 2.6%. Lower than top quartile of Vietnamese dividend payers (8.0%). Lower than average of industry peers (4.3%). Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫19,550, the stock trades at a trailing P/E ratio of 15.8x. Average trailing P/E is 14x in the Electrical industry in Vietnam. Total returns to shareholders of 43% over the past three years. Upcoming Dividend • Jun 01
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 08 June 2022. Payment date: 29 June 2022. The company last paid an ordinary dividend in August 2018. The average dividend yield among industry peers is 7.4%. Announcement • May 28
GELEX Group Joint Stock Company Recommends Cash Dividend GELEX Group Joint Stock Company announced resolution to approve cash dividend of VND 500.0 per share at the 2022 annual general meeting. Announcement • May 19
GELEX Group Joint Stock Company Announces Board Changes GELEX Group Joint Stock Company announced the appointment of Mr. Le Ba Tho as Member of the BOD. Effective date is 12 May 2022. And the resignation of Mr. Vo Anh Linh as Member of the BOD. Effective date is 12 May 2022. Reported Earnings • May 02
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: ₫315. Revenue: ₫8.65t (up 96% from 1Q 2021). Net income: ₫268.1b (up 6.9% from 1Q 2021). Profit margin: 3.1% (down from 5.7% in 1Q 2021). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 21%. 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. 6 non-independent directors. Chairman Cuong 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 • Apr 11
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫34,050, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 17x in the Electrical industry in Asia. Total returns to shareholders of 137% over the past three years. Reported Earnings • Mar 28
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₫1,501 (up from ₫1,425 in FY 2020). Revenue: ₫29t (up 59% from FY 2020). Net income: ₫1.04t (up 33% from FY 2020). Profit margin: 3.6% (down from 4.3% in FY 2020). Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Over the next year, revenue is forecast to grow 24%, compared to a 48% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 28% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 28
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₫1,226 (down from ₫1,543 in FY 2020). Revenue: ₫29t (up 59% from FY 2020). Net income: ₫1.04t (up 30% from FY 2020). Profit margin: 3.7% (down from 4.5% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 100%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 24%, compared to a 45% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 17% share price gain to ₫43,450, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 221% over the past three years. Valuation Update With 7 Day Price Move • Dec 08
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫37,000, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 24x in the Electrical industry in Asia. Total returns to shareholders of 129% over the past three years. Price Target Changed • Nov 23
Price target increased to ₫40,000 Up from ₫26,000, the current price target is provided by 1 analyst. New target price is 9.4% below last closing price of ₫44,150. Stock is up 108% over the past year. The company is forecast to post earnings per share of ₫1,330 for next year compared to ₫1,682 last year. 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 ₫29,550, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 23x in the Electrical industry in Asia. Total returns to shareholders of 65% over the past three years. Reported Earnings • Aug 03
Second quarter 2021 earnings released: EPS ₫593 (vs ₫627 in 2Q 2020) The company reported a decent second quarter result with improved revenues, although earnings and profit margins were weaker. Second quarter 2021 results: Revenue: ₫8.70t (up 128% from 2Q 2020). Net income: ₫287.9b (down 4.1% from 2Q 2020). Profit margin: 3.3% (down from 7.9% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has fallen by 4% per year. Major Estimate Revision • Jul 02
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 revenue forecast increased from ₫19t to ₫30t. EPS estimate unchanged at ₫1,404. Net income forecast to grow 30% next year vs 34% growth forecast for Electrical industry in Vietnam. Consensus price target down from ₫34,615 to ₫30,000. Share price was steady at ₫22,100 over the past week. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫22,250, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 18x in the Electrical industry in Asia. Total loss to shareholders of 7.0% over the past three years. Major Estimate Revision • Jun 01
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from ₫1,146 to ₫1,393. Revenue forecast steady at ₫19t. Net income forecast to grow 30% next year vs 33% growth forecast for Electrical industry in Vietnam. Consensus price target up from ₫25,000 to ₫30,000. Share price was steady at ₫26,250 over the past week. Price Target Changed • May 31
Price target increased to ₫30,000 Up from ₫25,300, the current price target is provided by 1 analyst. New target price is 13% above last closing price of ₫26,550. Stock is up 51% over the past year. Valuation Update With 7 Day Price Move • Apr 13
Investor sentiment improved over the past week After last week's 16% share price gain to ₫28,250, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 19x in the Electrical industry in Asia. Total returns to shareholders of 3.6% over the past three years. Major Estimate Revision • Mar 09
Analysts update estimates The 2021 consensus revenue estimate increased from ₫17t to ₫19t. Earnings per share estimate was lowered from ₫1,749 to ₫1,146 for the same period. Net income is expected to grow by 4.7% next year compared to 46% growth forecast for the Electrical industry in Vietnam. The consensus price target was lowered from ₫25,300 to ₫25,000. Share price is up 1.1% to ₫23,000 over the past week. Reported Earnings • Feb 06
Full year 2020 earnings released: EPS ₫1.66 (vs ₫1,326 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫18t (up 17% from FY 2019). Net income: ₫790.8b (up 25% from FY 2019). Profit margin: 4.4% (up from 4.1% in FY 2019). The increase in margin was driven by higher 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 1% per year, which means it has not declined as severely as earnings. Analyst Estimate Surprise Post Earnings • Feb 06
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 11%. Over the next year, revenue is expected to shrink by 4.2% compared to a 33% growth forecast for the Electrical industry in Vietnam. Is New 90 Day High Low • Feb 01
New 90-day low: ₫18,850 The company is down 2.0% from its price of ₫19,200 on 03 November 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electrical industry, which is up 7.0% over the same period. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫18,850, the stock is trading at a trailing P/E ratio of 12.5x, down from the previous P/E ratio of 15x. This compares to an average P/E of 13x in the Electrical industry in Vietnam. Total return to shareholders over the past three years is a loss of 5.5%. Is New 90 Day High Low • Jan 11
New 90-day high: ₫24,800 The company is up 9.0% from its price of ₫22,800 on 13 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electrical industry, which is up 5.0% over the same period. Announcement • Jan 08
Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) acquired 16.23% stake in Nam Mu Hydropower Joint Stock Company (HNX:HJS). Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) acquired 16.23% stake in Nam Mu Hydropower Joint Stock Company (HNX:HJS) on December 31, 2020.
Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) completed the acquisition of 16.23% stake in Nam Mu Hydropower Joint Stock Company (HNX:HJS) on December 31, 2020. Announcement • Aug 06
Indo Trans Logistics Corporation proposed to acquire remaining 58.2% stake in South Logistics Joint Stock Company (HOSE:STG) from Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) and others. Indo Trans Logistics Corporation proposed to acquire remaining 58.2% stake in South Logistics Joint Stock Company (HOSE:STG) from Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) and others on March 4, 2020. Under the proposal, Sotrans has approved ITL to increase stake without making a mandatory public offering in line with Vietnamese regulations. On March 31, 2020, General Meeting of Shareholders of South Logistics Joint Stock Company unanimously approved to allow Indo Trans Logistics Corporation to increase the ownership ratio without any public tender offer. Symphony has been working closely with ITL and a number of International banks and the company recently secured $70 million in financing from an IFC led consortium to complete the acquisition of SoTrans. The acquisition is expected to close in the third quarter of 2020. Announcement • Jul 17
Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) made an offer to acquire 21.18% stake in Viglacera Corporation (HOSE:VGC). Vietnam Electrical Equipment Joint Stock Corporation (HOSE:GEX) made an offer to acquire 21.18% stake in Viglacera Corporation (HOSE:VGC) on June 30, 2020. Under the terms of transaction Vietnam Electrical Equipment Joint Stock Corporation will acquire 95 million shares and increase its shareholdings in Viglacera Corporation to 46.15% stake. GELEX and its member company GELEX Electric Equipment JSC before the acquisition holds 11.92 million shares representing 24.96% stake. Post acquisition GELEX and its member company GELEX Electric Equipment JSC will hold 206.9 million shares. The transaction is subject to State Securities Commission approval. The transaction has been approve by Vietnam Electrical Equipment Joint Stock Corporation on June 30, 2020 and unanimously approved by the Viglacera Corporation board on July 7,2020. 
