Buy Or Sell Opportunity • Apr 15
Now 21% undervalued Over the last 90 days, the stock has risen 6.8% to ₫28,400. The fair value is estimated to be ₫35,770, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 35%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Announcement • Mar 31
Ha Do Group Joint Stock Company, Annual General Meeting, Apr 24, 2026 Ha Do Group Joint Stock Company, Annual General Meeting, Apr 24, 2026, at 08:30 SE Asia Standard Time. Location: hybrid meeting, 7th- floor, ha do building, no 186 hoang san, nghia do ward, hanoi Vietnam Major Estimate Revision • Feb 11
Consensus revenue estimates fall by 16% The consensus outlook for revenues in fiscal year 2026 has deteriorated. 2026 revenue forecast decreased from ₫4.01t to ₫3.37t. EPS estimate fell from ₫3,494 to ₫2,605 per share. Net income forecast to grow 109% next year vs 15% growth forecast for Construction industry in Vietnam. Consensus price target of ₫34,671 unchanged from last update. Share price fell 2.4% to ₫26,800 over the past week. Buy Or Sell Opportunity • Dec 16
Now 21% overvalued Over the last 90 days, the stock has fallen 4.9% to ₫29,100. The fair value is estimated to be ₫24,118, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 15% over the last 3 years. Earnings per share has declined by 50%. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 275% in the next 2 years. Price Target Changed • Nov 17
Price target increased by 7.4% to ₫34,063 Up from ₫31,717, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₫33,600. Stock is up 35% over the past year. The company is forecast to post earnings per share of ₫2,278 for next year compared to ₫985 last year. Reported Earnings • Nov 01
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫712.5b (up 26% from 3Q 2024). Net income: ₫285.0b (up 107% from 3Q 2024). Profit margin: 40% (up from 24% in 3Q 2024). Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Vietnam. New Risk • Oct 31
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 Risks Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (8.1% average weekly change). Minor Risk Profit margins are more than 30% lower than last year (7.7% net profit margin). Price Target Changed • Sep 12
Price target increased by 8.1% to ₫32,392 Up from ₫29,955, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of ₫31,700. Stock is up 26% over the past year. The company is forecast to post earnings per share of ₫2,262 for next year compared to ₫985 last year. New Risk • Sep 04
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 6.5% 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 Debt is not well covered by operating cash flow (19% operating cash flow to total debt). Minor Risks Share price has been volatile over the past 3 months (6.5% average weekly change). Profit margins are more than 30% lower than last year (7.7% net profit margin). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫32,950, the stock trades at a forward P/E ratio of 15x. Average forward P/E is 13x in the Construction industry in Vietnam. Total loss to shareholders of 5.4% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫14,358 per share. Reported Earnings • Jul 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫583.8b (up 6.2% from 2Q 2024). Net loss: ₫24.9b (down 139% from profit in 2Q 2024). Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 14% growth forecast for the Construction industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 48% 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. Major Estimate Revision • May 27
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2025 has deteriorated. 2025 revenue forecast decreased from ₫3.16t to ₫3.03t. EPS estimate also fell from ₫2,419 per share to ₫2,143 per share. Net income forecast to grow 226% next year vs 34% growth forecast for Construction industry in Vietnam. Consensus price target up from ₫32,000 to ₫32,800. Share price rose 9.8% to ₫26,900 over the past week. New Risk • May 05
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 17% 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 Risk Debt is not well covered by operating cash flow (17% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (11% net profit margin). Announcement • Apr 16
Ha Do Group Joint Stock Company Receives Resignation Letter from Hoang Dinh Hung as Member of the Board On April 15, 2025. Ha Do Group Joint Stock Company received a resignation letter from Mr. Hoang Dinh Hung regarding his position as a member of the board of directors. New Risk • Apr 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 13% Last year net profit margin: 23% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (52% net debt to equity). Profit margins are more than 30% lower than last year (13% net profit margin). Announcement • Apr 10
Ha Do Group Joint Stock Company, Annual General Meeting, Apr 26, 2025 Ha Do Group Joint Stock Company, Annual General Meeting, Apr 26, 2025, at 08:30 SE Asia Standard Time. Location: 7th floor hall, ha do building, no.186 hoang sam, nghia do ward, cau giay district, hanoi Vietnam Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 20% After last week's 20% share price decline to ₫21,150, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Construction industry in Vietnam. Total loss to shareholders of 45% over the past three years. New Risk • Mar 01
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 19% 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. This is currently the only risk that has been identified for the company. Buy Or Sell Opportunity • Jan 08
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to ₫27,900. The fair value is estimated to be ₫23,042, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.9% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Buy Or Sell Opportunity • Nov 27
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 3.7% to ₫29,200. The fair value is estimated to be ₫23,828, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.9% over the last 3 years. Earnings per share has declined by 21%. Revenue is forecast to grow by 32% in 2 years. Earnings are forecast to grow by 65% in the next 2 years. Buy Or Sell Opportunity • Nov 11
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 7.0% to ₫28,450. The fair value is estimated to be ₫23,673, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 9.9% over the last 3 years. Earnings per share has declined by 22%. Revenue is forecast to grow by 29% in 2 years. Earnings are forecast to grow by 35% in the next 2 years. Reported Earnings • Nov 05
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫566.9b (up 23% from 3Q 2023). Net income: ₫137.6b (up 63% from 3Q 2023). Profit margin: 24% (up from 18% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Vietnam. Reported Earnings • Aug 06
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫559.8b (down 7.4% from 2Q 2023). Net income: ₫74.4b (up 110% from 2Q 2023). Profit margin: 13% (up from 5.9% in 2Q 2023). The increase in margin was driven by lower expenses. Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Construction industry in Vietnam. Buy Or Sell Opportunity • Jul 24
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₫28,100. The fair value is estimated to be ₫22,948, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 34% in 2 years. Earnings are forecast to grow by 81% in the next 2 years. Price Target Changed • Jul 02
Price target increased by 8.3% to ₫30,870 Up from ₫28,515, the current price target is an average from 4 analysts. New target price is 5.7% above last closing price of ₫29,200. Stock is up 2.3% over the past year. The company is forecast to post earnings per share of ₫2,187 for next year compared to ₫1,977 last year. Announcement • Jun 25
Ha Do Group Joint Stock Company Announces Change in Personnel Ha Do Group Joint Stock Company announced the change in personnel as follows: Appointment: Mrs. Tran Thi Thuong: Newly appointed position: the person in charge of corporate governance cum secretary. Effective date: June 17, 2024. Resignation: Mr. Chu Tuan Anh: Resigned position: Deputy CEO, the person in charge of corporate governance cum secretary. Effective date: June 14, 2024. Upcoming Dividend • Jun 17
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 24 June 2024. Payment date: 05 July 2024. The company last paid an ordinary dividend in February 2014. The average dividend yield among industry peers is 5.5%. Announcement • May 30
Ha Do Group Joint Stock Company Approves Cash Dividend for the Year 2023 Ha Do Group Joint Stock Company announced on May 27, 2024, the BOD of the company approved the plan to pay dividend in 2023 as follows: Cash dividend payment: Exercise ratio: 5% (VND 500/share). Payment time: quarter 2/2024 - quarter 3/2024. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫31,300, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 15x in the Construction industry in Vietnam. Total returns to shareholders of 29% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫24,915 per share. Buy Or Sell Opportunity • May 20
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 17% to ₫31,300. The fair value is estimated to be ₫24,915, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 13% over the last 3 years. Earnings per share has declined by 13%. Revenue is forecast to grow by 95% in 2 years. Earnings are forecast to grow by 151% in the next 2 years. New Risk • May 18
New minor risk - Financial position The company has a high level of debt. Net debt to equity ratio: 59% This is considered a minor risk. Having a high level of debt increases the company's balance sheet risk. The company has a higher interest repayment burden, leading to the need to allocate a greater amount of its earnings towards servicing the debt, potentially limiting growth options or shareholder distributions. It can also increase the risk of bankruptcy if business conditions deteriorate enough that the company can no longer meet its debt obligations. This is currently the only risk that has been identified for the company. Reported Earnings • May 07
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫847.8b (down 11% from 1Q 2023). Net income: ₫221.3b (down 27% from 1Q 2023). Profit margin: 26% (down from 32% in 1Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. Board Change • Apr 04
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Manh Nguyen was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Mar 23
Ha Do Group Joint Stock Company, Annual General Meeting, Apr 27, 2024 Ha Do Group Joint Stock Company, Annual General Meeting, Apr 27, 2024, at 01:30 Coordinated Universal Time. Location: 186 Hoang Sam street, , Nghia Do ward, Cau Giay district, Hanoi. Ha Noi Vietnam Announcement • Jan 05
Ha Do Group Joint Stock Company Announces Termination of Branch Operation Ha Do Group Joint Stock Company approved to close a branch (branch code: 0100283802-001) at No.60 Truong Son street, ward 2, Tan Binh district, HCMC. Major Estimate Revision • Nov 29
Consensus EPS estimates fall by 11% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫3.06t to ₫2.86t. EPS estimate also fell from ₫2,831 per share to ₫2,533 per share. Net income forecast to grow 58% next year vs 86% growth forecast for Construction industry in Vietnam. Consensus price target down from ₫31,680 to ₫31,000. Share price was steady at ₫27,650 over the past week. Reported Earnings • Nov 03
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₫459.6b (down 45% from 3Q 2022). Net income: ₫84.4b (down 66% from 3Q 2022). Profit margin: 18% (down from 30% in 3Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 17% growth forecast for the Construction industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 25% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Aug 11
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 18% 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 Risk Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Minor Risk Profit margins are more than 30% lower than last year (24% net profit margin). New Risk • Aug 03
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 24% Last year net profit margin: 38% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks High level of debt (75% net debt to equity). Profit margins are more than 30% lower than last year (24% net profit margin). Reported Earnings • Aug 03
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫564.0b (down 42% from 2Q 2022). Net income: ₫44.9b (down 88% from 2Q 2022). Profit margin: 8.0% (down from 39% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Vietnam. 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 41% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₫30,720, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 11x in the Construction industry in Vietnam. Total returns to shareholders of 135% over the past three years. Price Target Changed • Jul 01
Price target increased by 7.2% to ₫41,100 Up from ₫38,350, the current price target is an average from 3 analysts. New target price is 6.2% above last closing price of ₫38,700. Stock is down 15% over the past year. The company is forecast to post earnings per share of ₫3,692 for next year compared to ₫4,507 last year. Reported Earnings • May 04
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫955.9b (up 40% from 1Q 2022). Net income: ₫302.7b (up 24% from 1Q 2022). Profit margin: 32% (down from 36% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Construction industry in Vietnam. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: ₫4,583 (vs ₫4,779 in FY 2021) Full year 2022 results: EPS: ₫4,583. Revenue: ₫3.64t (down 3.6% from FY 2021). Net income: ₫1.12t (up 2.2% from FY 2021). Profit margin: 31% (up from 29% in FY 2021). The increase in margin was driven by lower expenses. Revenue is forecast to grow 18% p.a. on average during the next 2 years, compared to a 8.0% growth forecast for the Construction industry in Vietnam. Announcement • Jan 06
Ha Do Group Joint Stock Company Announces Resignation of Chu Tuan Anh as Chief Accountant Ha Do Group Joint Stock Company announced the resignation of Mr. Chu Tuan Anh as Chief Accountant. Effective date: January 03, 2023. Announcement • Dec 28
Ha Do Group Joint Stock Company Announces Executive Changes Ha Do Group Joint Stock Company announced the change in personnel as follows: Appointment: Mr. Pham Hong Hieu; Newly appointed position: Chief Accountant; Term: 05 years; Effective date: January 03, 2023. Resignation: Mr. Nguyen Van Cuong; Resigned position: Deputy CEO; Effective date: January 01, 2023. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 22% share price gain to ₫31,600, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 9x in the Construction industry in Asia. Total returns to shareholders of 100% over the past three years. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. No independent directors (8 non-independent directors). Deputy Chairman & Deputy General Director Minh Nguyen was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫25,600, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Construction industry in Asia. Total returns to shareholders of 47% over the past three years. Reported Earnings • Nov 05
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫837.5b (up 32% from 3Q 2021). Net income: ₫59.0b (down 74% from 3Q 2021). Profit margin: 7.0% (down from 36% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 32% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Construction industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. 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 ₫29,200, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 9x in the Construction industry in Asia. Total returns to shareholders of 66% over the past three years. Price Target Changed • Oct 11
Price target decreased to ₫51,700 Down from ₫58,719, the current price target is an average from 3 analysts. New target price is 63% above last closing price of ₫31,800. Stock is down 27% over the past year. The company is forecast to post earnings per share of ₫5,283 for next year compared to ₫4,779 last year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫32,650, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 80% over the past three years. Price Target Changed • Aug 25
Price target decreased to ₫55,400 Down from ₫59,619, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫55,800. Stock is up 52% over the past year. The company is forecast to post earnings per share of ₫5,283 for next year compared to ₫4,779 last year. Reported Earnings • Aug 05
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫1.01t (up 116% from 2Q 2021). Net income: ₫361.6b (up ₫342.7b from 2Q 2021). Profit margin: 36% (up from 4.0% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 29%, compared to a 58% growth forecast for the industry in Vietnam. Price Target Changed • Aug 03
Price target decreased to ₫59,619 Down from ₫64,186, the current price target is an average from 3 analysts. New target price is 12% above last closing price of ₫53,000. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₫5,713 for next year compared to ₫4,779 last year. Price Target Changed • Jul 24
Price target increased to ₫68,037 Up from ₫63,046, the current price target is an average from 3 analysts. New target price is 44% above last closing price of ₫47,300. Stock is up 29% over the past year. The company is forecast to post earnings per share of ₫6,152 for next year compared to ₫4,779 last year. Price Target Changed • Jul 09
Price target increased to ₫69,879 Up from ₫63,046, the current price target is an average from 2 analysts. New target price is 60% above last closing price of ₫43,600. Stock is up 37% over the past year. The company is forecast to post earnings per share of ₫5,940 for next year compared to ₫4,779 last year. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 25% share price decline to ₫42,500, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 103% over the past three years. Announcement • Jun 10
Ha Do Group Joint Stock Company Announces Dividend for 2021 Ha Do Group Joint Stock Company announced a dividend of VND 10,000 per share for 2021. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫47,450, the stock trades at a forward P/E ratio of 6x. Average forward P/E is 10x in the Construction industry in Vietnam. Total returns to shareholders of 159% over the past three years. Reported Earnings • May 04
First quarter 2022 earnings: Revenues miss analyst expectations First quarter 2022 results: Revenue: ₫684.1b (down 50% from 1Q 2021). Net income: ₫244.3b (down 24% from 1Q 2021). Profit margin: 36% (up from 24% in 1Q 2021). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.5%. Over the next year, revenue is forecast to grow 50%, compared to a 48% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 43% per year, which means it is well ahead of earnings. Price Target Changed • Apr 27
Price target increased to ₫74,655 Up from ₫60,140, the current price target is an average from 2 analysts. New target price is 39% above last closing price of ₫53,600. Stock is up 65% over the past year. The company is forecast to post earnings per share of ₫7,323 for next year compared to ₫5,735 last year. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 7 experienced directors. 3 highly experienced directors. No independent directors (8 non-independent directors). Deputy Chairman & Deputy General Director Minh Nguyen was the last director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Apr 08
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: ₫5,735 (up from ₫5,126 in FY 2020). Revenue: ₫3.78t (down 24% from FY 2020). Net income: ₫1.10t (up 14% from FY 2020). Profit margin: 29% (up from 19% in FY 2020). The increase in margin was driven by lower expenses. Revenue missed analyst estimates by 9.5%. Earnings per share (EPS) also missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 12%, compared to a 45% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 02
Ha Do Group Joint Stock Company, Annual General Meeting, Apr 23, 2022 Ha Do Group Joint Stock Company, Annual General Meeting, Apr 23, 2022, at 01:30 Coordinated Universal Time. Location: Ha Do Building, 186 Hoang Sam, Nghia Do ward, Cau Giay district, Ha Noi Ha Noi City Vietnam Major Estimate Revision • Mar 04
Consensus revenue estimates fall by 13% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from ₫4.82t to ₫4.18t. EPS estimate fell from ₫7,210 to ₫6,744 per share. Net income forecast to grow 29% next year vs 29% growth forecast for Construction industry in Vietnam. Consensus price target up from ₫60,140 to ₫66,390. Share price rose 3.3% to ₫72,800 over the past week. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫61,667, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 191% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫95,187 per share. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₫73,600, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 10x in the Construction industry in Asia. Total returns to shareholders of 260% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫92,887 per share. Reported Earnings • Nov 03
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₫633.2b (down 25% from 3Q 2020). Net income: ₫228.8b (up 78% from 3Q 2020). Profit margin: 36% (up from 15% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improved over the past week After last week's 15% share price gain to ₫59,400, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 11x in the Construction industry in Asia. Total returns to shareholders of 165% over the past three years. Reported Earnings • Aug 05
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫477.8b (down 75% from 2Q 2020). Net income: ₫32.6b (down 93% from 2Q 2020). Profit margin: 6.8% (down from 24% in 2Q 2020). The decrease in margin was 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 increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Mar 09
New 90-day high: ₫47,200 The company is up 52% from its price of ₫31,150 on 09 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Construction industry, which is up 80% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫7,430 per share. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫36,700, the stock is trading at a trailing P/E ratio of 5.4x, down from the previous P/E ratio of 6.3x. This compares to an average P/E of 14x in the Construction industry in Vietnam. Total returns to shareholders over the past three years are 93%. Is New 90 Day High Low • Jan 18
New 90-day high: ₫44,500 The company is up 81% from its price of ₫24,600 on 20 October 2020. The Vietnamese market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 43% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫7,337 per share. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 18% share price gain to ₫44,350, the stock is trading at a trailing P/E ratio of 6.5x, up from the previous P/E ratio of 5.5x. This compares to an average P/E of 14x in the Construction industry in Vietnam. Total returns to shareholders over the past three years are 153%. Is New 90 Day High Low • Dec 28
New 90-day high: ₫36,250 The company is up 49% from its price of ₫24,250 on 29 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Construction industry, which is up 27% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫7,470 per share. Is New 90 Day High Low • Dec 04
New 90-day high: ₫31,100 The company is up 36% from its price of ₫22,850 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 21% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫6,197 per share. Is New 90 Day High Low • Nov 18
New 90-day high: ₫27,000 The company is up 21% from its price of ₫22,300 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. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫6,375 per share. Is New 90 Day High Low • Sep 30
New 90-day high: ₫24,900 The company is up 29% from its price of ₫19,300 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 Construction industry, which is up 22% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫6,271 per share. Announcement • Sep 24
Ha Do Group Joint Stock Company Appoints Nguyen Trong Minh as Deputy Chairman of the BODs Ha Do Group Joint Stock Company announced that Mr. Nguyen Trong Minh was appointed as Deputy Chairman of the BODs in the term 2019-2024 cum the 2nd legal representative. 
