Announcement • Mar 03
Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 24, 2026 Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 24, 2026. Announcement • Mar 06
Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2025 Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2025. Location: 8th floor, paxsky building, 123 nguyen dinh chieu street, vo thi sau ward, district 3, Vietnam Announcement • Aug 27
Hoa Binh Construction Faces Delisting Amid Real Estate Turmoil The 'dark cloud' hanging over the real estate sector has unwittingly plunged Hoa Binh Construction Group Joint Stock Company (HBC) into a tough spot, even forcing it to face delisting on the Ho Chi Minh Stock Exchange (HoSE) from September 5. HoSE announced the mandatory delisting of the company’s stocks on July 26 as its retained earning in 2023 was minus VND 3.24 trillion, surpassing the charter capital of VND 2.74 trillion. In response, Hoa Binh Construction HoSE's rationale in a letter, citing two key points. It highlighted the lack of specific guidelines in Decree 155/2020/ND-CP regarding the assessment of accumulated losses in financial statements. The company explained that the decree does not specify the evaluation of the accumulated loss condition in the consolidated financial statements or in the separate audited financial statements. Its retained revenue in the separate audited statements for 2023 was minus VND 2.4 trillion, while that in the consolidated report was minus VND 3.24 trillion. As a result, its accumulated losses in the separate audited statements has not exceeded the charter capital and it does not meet the criteria for compulsory delisting. In addition, HoSE's basis for considering the delisting of Hoa Binh Construction shares by relying on past precedents is deemed incompatible with current legal frameworks. According to the company's representatives, the delisting of the stock directly impacts over 39,000 shareholders and thousands of employees, as well as more than 1,400 suppliers, subcontractors and workers associated with these businesses. However, on August 9, HoSE announced the decision to delist 347.2 million Hoa Binh Construction shares. Consequently, the final trading day for Hoa Binh Construction on the HoSE bourse will be on September 5, concluding an 18-year presence on the HoSE. New Risk • Aug 16
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (27% increase in shares outstanding). Market cap is less than US$100m (₫1.71t market cap, or US$68.5m). Valuation Update With 7 Day Price Move • Jul 31
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₫5,850, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 19x in the Construction industry in Vietnam. Total loss to shareholders of 51% over the past three years. Reported Earnings • Jul 20
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫2.16t (down 4.8% from 2Q 2023). Net income: ₫682.4b (up ₫950.3b from 2Q 2023). Profit margin: 32% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 72 percentage points per year, which is a significant difference in performance. New Risk • Jul 02
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 27% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 73% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (27% increase in shares outstanding). Reported Earnings • May 01
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫1.65t (up 38% from 1Q 2023). Net income: ₫57.8b (up ₫501.4b from 1Q 2023). Profit margin: 3.5% (up from net loss in 1Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 92 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 06
Full year 2023 earnings released: ₫4,052 loss per share (vs ₫9,698 loss in FY 2022) Full year 2023 results: ₫4,052 loss per share (improved from ₫9,698 loss in FY 2022). Revenue: ₫7.54t (down 47% from FY 2022). Net loss: ₫1.11t (loss narrowed 57% from FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Announcement • Mar 21
Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2024 Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2024. New Risk • Jan 22
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 85% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫2.30t (down 45% from 2Q 2022). Net income: ₫546.9b (up ₫502.9b from 2Q 2022). Profit margin: 24% (up from 1.1% in 2Q 2022). The increase in margin was driven by lower expenses. Announcement • Jul 14
Hoa Binh Construction Group Joint Stock Company Announces Board Appointments Hoa Binh Construction Group Joint Stock Company announces the change in personnel as follows: Appointment: Mrs. Vu Thi Hoa: Newly appointed position: independent member of the BOD. Term: 2022-2024. Effective date: June 27, 2023. Mrs. Nguyen Thi Luot: Newly appointed position: member of the BOD cum Deputy Chairman of the BOD. Term: 2022-2024. Effective date: June 27, 2023. Mr. Le Van Nam: Newly appointed position: member of the BOD. Term: 2022-2024. Effective date: June 27, 2023. Announcement • Jul 06
Hoa Binh Construction Group Joint Stock Company Announces Resignation of Nguyen Trung Thanh as Chief Financial Officer of the Company from July 01, 2023 On July 03, 2023, Hoa Binh Construction Group Joint Stock Company announces the resignation of Mr. Nguyen Trung Thanh as Chief Financial Officer of the Company from July 01, 2023. New Risk • Jun 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (8.7% operating cash flow to total debt). Earnings have declined by 70% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (4.3% increase in shares outstanding). Reported Earnings • May 09
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫1.19t (down 60% from 1Q 2022). Net loss: ₫443.8b (down ₫457.1b from profit in 1Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 117 percentage points per year, which is a significant difference in performance. Reported Earnings • Feb 15
Full year 2022 earnings released: ₫4,330 loss per share (vs ₫358 profit in FY 2021) Full year 2022 results: ₫4,330 loss per share (down from ₫358 profit in FY 2021). Revenue: ₫14t (up 24% from FY 2021). Net loss: ₫1.14t (down ₫1.23t from profit in FY 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Dec 14
Investor sentiment improved over the past week After last week's 17% share price gain to ₫11,050, the stock trades at a trailing P/E ratio of 39.9x. Average trailing P/E is 10x in the Construction industry in Vietnam. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 21% share price gain to ₫9,020, the stock trades at a trailing P/E ratio of 32.6x. Average trailing P/E is 10x in the Construction industry in Vietnam. Total loss to shareholders of 7.1% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 3 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Bao Nguyen was the last independent director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫9,000, the stock trades at a trailing P/E ratio of 32.5x. Average trailing P/E is 11x in the Construction industry in Vietnam. Total loss to shareholders of 12% over the past three years. Reported Earnings • Nov 03
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫3.78t (up 81% from 3Q 2021). Net income: ₫6.28b (down 55% from 3Q 2021). Profit margin: 0.2% (down from 0.7% in 3Q 2021). 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 2% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Oct 25
Investor sentiment deteriorated over the past week After last week's 21% share price decline to ₫10,800, the stock trades at a trailing P/E ratio of 32.3x. Average trailing P/E is 11x in the Construction industry in Vietnam. Total loss to shareholders of 4.4% over the past three years. Valuation Update With 7 Day Price Move • Sep 30
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫16,350, the stock trades at a trailing P/E ratio of 48x. Average trailing P/E is 15x in the Construction industry in Vietnam. Total returns to shareholders of 34% over the past three years. Announcement • Aug 20
Hoa Binh Construction Group Joint Stock Company Declares Cash Dividend for 2021, Payable on September 30, 2022 Hoa Binh Construction Group Joint Stock Company announced to pay cash dividend for 2021 of 3%/par value (VND 300 per share) payable on September 30, 2022. Ex-right date is August 24, 2022. Record date is August 25, 2022. Upcoming Dividend • Aug 17
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 24 August 2022. Payment date: 30 September 2022. The company last paid an ordinary dividend in October 2011. The average dividend yield among industry peers is 4.2%. Reported Earnings • Jul 30
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫4.08t (up 28% from 2Q 2021). Net income: ₫49.8b (down 16% from 2Q 2021). Profit margin: 1.2% (down from 1.9% in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 80 percentage points per year, which is a significant difference in performance. Announcement • Jul 20
Hoa Binh Construction Group Joint Stock Company Approves to Pay Common Stock Dividend for 2021 by Cash Hoa Binh Construction Group Joint Stock Company approved to pay common stock dividend of 3% (VND 300 /share) for 2021 by cash. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫17,300, the stock trades at a trailing P/E ratio of 43.1x. Average trailing P/E is 14x in the Construction industry in Vietnam. Total returns to shareholders of 21% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 4 independent directors on the board. The company's board is composed of: 4 independent directors. 5 non-independent directors. Independent Director Bao Nguyen was the last independent director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫21,650, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 30x in the Construction industry in Vietnam. Total returns to shareholders of 43% over the past three years. Announcement • Feb 26
Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2022 Hoa Binh Construction Group Joint Stock Company, Annual General Meeting, Apr 25, 2022, at 01:00 Coordinated Universal Time. Agenda: To consider Report of the Board of Directors and the Board of Management on business results for 2021 and approval of the business plan for 2022; to consider report of the Audit Committee on their activities in 2021 and plan for 2022; and to consider other matters. Reported Earnings • Jan 30
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₫406 (up from ₫324 in FY 2020). Revenue: ₫11t (up 1.2% from FY 2020). Net income: ₫98.5b (up 25% from FY 2020). Profit margin: 0.9% (up from 0.7% in FY 2020). Revenue missed analyst estimates by 3.3%. Earnings per share (EPS) also missed analyst estimates by 27%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 91 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 16% share price gain to ₫30,100, the stock trades at a trailing P/E ratio of 77.9x. Average trailing P/E is 27x in the Construction industry in Vietnam. Total returns to shareholders of 99% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₫27,100, the stock trades at a trailing P/E ratio of 70.2x. Average trailing P/E is 23x in the Construction industry in Vietnam. Total returns to shareholders of 61% over the past three years. Recent Insider Transactions • Dec 03
Insider recently sold ₫1.4b worth of stock On the 30th of November, Thao Nguyen sold around 139k shares on-market at roughly ₫10,000 per share. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Valuation Update With 7 Day Price Move • Nov 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₫20,200, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 19x in the Construction industry in Vietnam. Total returns to shareholders of 12% over the past three years. Reported Earnings • Apr 18
Full year 2020 earnings released: EPS ₫340 (vs ₫1,717 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫11t (down 40% from FY 2019). Net income: ₫78.5b (down 79% from FY 2019). Profit margin: 0.7% (down from 2.0% in FY 2019). Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 16% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Jan 12
New 90-day high: ₫17,300 The company is up 61% from its price of ₫10,750 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 40% over the same period. Is New 90 Day High Low • Dec 25
New 90-day high: ₫16,350 The company is up 49% from its price of ₫10,950 on 25 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 26% over the same period. Upcoming Dividend • Dec 07
Upcoming Dividend of ₫300 Per Share Will be paid on the 23rd of December to those who are registered shareholders by the 14th of December. The trailing yield of 2.0% is below the top quartile of Vietnamese dividend payers (8.6%), and is lower than industry peers (4.5%). Is New 90 Day High Low • Dec 05
New 90-day high: ₫13,950 The company is up 40% from its price of ₫9,980 on 04 September 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 2.0% over the same period. Is New 90 Day High Low • Nov 18
New 90-day high: ₫12,050 The company is up 26% from its price of ₫9,530 on 20 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 17% over the same period. Announcement • Nov 05
Le Quoc Duy Resigns as General Director of Hoa Binh Construction Group Joint Stock Company Hoa Binh Construction Group Joint Stock Company announced that Mr. Le Quoc Duy will leave the General Director position of the Corporation on November 3, 2020. Is New 90 Day High Low • Sep 28
New 90-day high: ₫11,200 The company is up 15% from its price of ₫9,700 on 30 June 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 24% over the same period. Announcement • Sep 26
Hoa Binh Construction Group Joint Stock Company Appoints Nguyen Hong Manh as Deputy CEO in Charge of MEP Hoa Binh Construction Group Joint Stock Company announced that at the board of directors meeting held on September 10, 2020, it has approved to promote Mr. Nguyen Hong Manh - a acting Deputy CEO for public relations (north) cum in charge of MEP to officially become deputy CEO for public relations (north) cum in charge of MEP of the company, since September 23, 2020. Announcement • Sep 24
Hoa Binh Construction Group Joint Stock Company Wins New Construction Projects Hoa Binh Construction Group Joint Stock Company has assigned new construction packages with the total contract value of nearly VND 780 billion, including: Project: Sea Stars Ha Long Hotel Project - Investor: Gia Minh Quang Ninh Travel and Investment Joint Stock Company - Location: Bai Chay, Ha Long city, Quang Ninh province. Project: Samsung Ha Noi Development and Research Complex Investor: Samsung Electronics Vietnam. Location: lot B1CC3, Tay Ho Tay Urban Area, Bac Tu Liem District, Hanoi. Project: Lotte Mall Trading Center - Investor: Lotte CM - Location: Phu Thuong Ward, Tay Ho District, Hanoi. Announcement • Jul 24
Hoa Binh Construction Group Joint Stock Company Announces Executive Changes Hoa Binh Construction Group Joint Stock Company announced the resignation of Le Viet Hai as CEO. Mr. Le Viet Hai will leave the position on July 23, 2020. The company also approved the appointment of Lei Viet Hieu as the CEO of the company, effective July 23, 2020.