Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫1,672 (vs ₫1,464 in 1Q 2025) First quarter 2026 results: EPS: ₫1,672 (up from ₫1,464 in 1Q 2025). Revenue: ₫1.34t (up 4.8% from 1Q 2025). Net income: ₫63.7b (up 13% from 1Q 2025). Profit margin: 4.8% (up from 4.4% in 1Q 2025). The increase in margin was driven by higher revenue. Reported Earnings • Mar 15
Full year 2025 earnings released: EPS: ₫7,488 (vs ₫6,634 in FY 2024) Full year 2025 results: EPS: ₫7,488 (up from ₫6,634 in FY 2024). Revenue: ₫5.41t (up 6.1% from FY 2024). Net income: ₫269.6b (up 13% from FY 2024). Profit margin: 5.0% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.0% p.a. on average during the next 2 years, while revenues in the Luxury industry in Vietnam are expected to grow by 3.9%. New Risk • Mar 15
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. 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 Dividend is not well covered by cash flows (254% cash payout ratio). Market cap is less than US$100m (₫1.55t market cap, or US$58.8m). Announcement • Feb 25
Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 24, 2026 Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 24, 2026. Reported Earnings • Jan 29
Full year 2025 earnings released: EPS: ₫7,549 (vs ₫6,634 in FY 2024) Full year 2025 results: EPS: ₫7,549 (up from ₫6,634 in FY 2024). Revenue: ₫5.41t (up 6.1% from FY 2024). Net income: ₫316.8b (up 33% from FY 2024). Profit margin: 5.9% (up from 4.7% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 2.0% p.a. on average during the next 2 years, while revenues in the Luxury industry in Vietnam are expected to grow by 5.2%. Upcoming Dividend • Dec 11
Upcoming dividend of ₫2,500 per share Eligible shareholders must have bought the stock before 18 December 2025. Payment date: 19 January 2026. Payout ratio is a comfortable 18% and this is well supported by cash flows. Trailing yield: 8.6%. Within top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.5%). Declared Dividend • Nov 20
Dividend of ₫2,500 announced Shareholders will receive a dividend of ₫2,500. Ex-date: 18th December 2025 Payment date: 19th January 2026 Dividend yield will be 5.3%, which is higher than the industry average of 3.0%. Sustainability & Growth Dividend is well covered by both earnings (18% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 6.9% per year over the past 2 years. However, payments have been volatile during that time. Earnings per share has grown by 23% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 22
Third quarter 2025 earnings released: EPS: ₫2,173 (vs ₫1,815 in 3Q 2024) Third quarter 2025 results: EPS: ₫2,173 (up from ₫1,815 in 3Q 2024). Revenue: ₫1.52t (up 7.3% from 3Q 2024). Net income: ₫78.5b (up 20% from 3Q 2024). Profit margin: 5.2% (up from 4.6% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Luxury industry in Vietnam are expected to grow by 5.8%. Reported Earnings • Jul 25
Second quarter 2025 earnings released: EPS: ₫3,048 (vs ₫1,534 in 2Q 2024) Second quarter 2025 results: EPS: ₫3,048 (up from ₫1,534 in 2Q 2024). Revenue: ₫1.31t (up 20% from 2Q 2024). Net income: ₫129.0b (up 84% from 2Q 2024). Profit margin: 9.9% (up from 6.4% in 2Q 2024). The increase in margin was driven by higher revenue. New Risk • Jun 18
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 145% Dividend yield: 9.6% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks High level of debt (51% net debt to equity). Dividend is not well covered by cash flows (145% cash payout ratio). Market cap is less than US$100m (₫1.51t market cap, or US$57.5m). Buy Or Sell Opportunity • May 30
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₫43,700. The fair value is estimated to be ₫55,999, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has declined by 17%. Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫45,000, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 11x in the Luxury industry in Vietnam. Total returns to shareholders of 41% over the past year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫41,200, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 11x in the Luxury industry in Vietnam. Total returns to shareholders of 43% over the past year. Buy Or Sell Opportunity • Mar 31
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.0% to ₫47,500. The fair value is estimated to be ₫60,194, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.5% over the last 3 years. Earnings per share has declined by 17%. Announcement • Feb 27
Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 26, 2025 Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 26, 2025. Reported Earnings • Jan 27
Full year 2024 earnings released: EPS: ₫6,633 (vs ₫4,444 in FY 2023) Full year 2024 results: EPS: ₫6,633 (up from ₫4,444 in FY 2023). Revenue: ₫5.10t (up 8.6% from FY 2023). Net income: ₫280.9b (up 76% from FY 2023). Profit margin: 5.5% (up from 3.4% in FY 2023). The increase in margin was driven by higher revenue. New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 9.2% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. 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 Revenue has declined by 9.2% over the past year. Minor Risks High level of debt (57% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (₫1.73t market cap, or US$67.5m). Upcoming Dividend • Dec 17
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 24 December 2024. Payment date: 23 January 2025. Trailing yield: 8.5%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (3.0%). Announcement • Nov 27
Hoa Tho Textile - Garment Joint Stock Corporation Announces Second Cash Dividend for 2024, Payable on January 23, 2025 Hoa Tho Textile - Garment Joint Stock Corporation announced Board of Directors approved the plan to pay the 2nd cash dividend payment for 2024 as follows: Record date is December 25, 2024. Exercise ratio is 30%/share (3,000 dongs/share). Payment date is January 23, 2025. New Risk • Nov 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 91% Cash payout ratio: null Minor Risks High level of debt (57% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Profit margins are more than 30% lower than last year (3.4% net profit margin). Market cap is less than US$100m (₫1.64t market cap, or US$65.7m). Announcement • Oct 15
Hoa Tho Textile - Garment Joint Stock Corporation Announce CEO Changes On October 10, 2024, the BOD of Hoa Tho Textile - Garment Joint Stock Corporation approved the change in personnel as follows: The resignation of: Mr. Nguyen Van Hai as CEO and The appointment of: Mr. Nguyen Ngoc Binh as member of the BOD, CEO. Effective from October 11, 2024. Announcement • Oct 14
Hoa Tho Textile - Garment Joint Stock Corporation Announces Board Changes On October 10, 2024, the BOD of Hoa Tho Textile - Garment Joint Stock Corporation approved the change in personnel as follows: The resignation of: Mr. Nguyen Duc Tri as Chairman of the BOD; The appointment of: Mr. Nguyen Van Hai as Chairman of the BOD. Effective from October 11, 2024. Upcoming Dividend • Jun 20
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 27 June 2024. Payment date: 26 July 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. The average dividend yield among industry peers is 2.8%. Announcement • Jun 13
Hoa Tho Textile - Garment Joint Stock Corporation Approves First Cash Dividend Payment in 2024, Payable on July 26, 2024 On June 11, 2024, the BOD of Hoa Tho Textile - Garment Joint Stock Corporation approved the plan for the 1st cash dividend payment in 2024 as follows: Record date: June 28, 2024, Exercise ratio: 10%/share (VND 1,000 per share), Payment date: July 26, 2024. Upcoming Dividend • May 01
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 08 May 2024. Payment date: 07 June 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. The average dividend yield among industry peers is 3.0%. Reported Earnings • Apr 27
Full year 2023 earnings released: EPS: ₫4,444 (vs ₫7,146 in FY 2022) Full year 2023 results: EPS: ₫4,444 (down from ₫7,146 in FY 2022). Revenue: ₫4.70t (down 9.2% from FY 2022). Net income: ₫172.0b (down 38% from FY 2022). Profit margin: 3.7% (down from 5.4% in FY 2022). The decrease in margin was driven by lower revenue. Announcement • Mar 24
Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 12, 2024 Hoa Tho Textile - Garment Joint Stock Corporation, Annual General Meeting, Apr 12, 2024, at 01:00 Coordinated Universal Time. Location: Venue: No.36 Ong Ich Duong street, Cam Le district, Da Nang City Vietnam Announcement • Dec 07
Hoa Tho Textile - Garment Joint Stock Corporation Announces First Cash Dividend Payment in 2023, Payable on January 26, 2024 The Board resolution dated December 04, 2023, the Board of Directors of Hoa Tho Textile Garment Joint Stock Corporation approved to pay for 1st cash dividend in 2023 as follows: Exercise ratio: 25% (2,500 dongs/share). Record date is December 27, 2023. Payment date is January 26, 2024. Board Change • Nov 10
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (3 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. 