Board Change • Feb 26
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Feb 11
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ₫151 (vs ₫56.78 in FY 2024) Full year 2025 results: EPS: ₫151 (up from ₫56.78 in FY 2024). Revenue: ₫47.5b (down 6.1% from FY 2024). Net income: ₫529.5m (up 166% from FY 2024). Profit margin: 1.1% (up from 0.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 2% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Board Change • Jan 12
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: ₫38.00 (vs ₫19.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫38.00 (up from ₫19.00 in 3Q 2024). Revenue: ₫12.5b (down 7.3% from 3Q 2024). Net income: ₫131.5m (up 101% from 3Q 2024). Profit margin: 1.1% (up from 0.5% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Sep 03
An undisclosed buyer acquired 19.94% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Do Duy Kien. An undisclosed buyer acquired 19.94% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Do Duy Kien on August 26, 2025.
An undisclosed buyer completed the acquisition of 19.94% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Do Duy Kien on August 26, 2025. Reported Earnings • Jul 20
Second quarter 2025 earnings released: EPS: ₫40.58 (vs ₫16.89 in 2Q 2024) Second quarter 2025 results: EPS: ₫40.58 (up from ₫16.89 in 2Q 2024). Revenue: ₫11.7b (down 4.5% from 2Q 2024). Net income: ₫142.0m (up 140% from 2Q 2024). Profit margin: 1.2% (up from 0.5% in 2Q 2024). The increase in margin was driven by lower expenses. Board Change • Jul 10
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jun 04
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • May 14
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, 1 was an independent director. The company's board is composed of: 6 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Member of Supervisory Board Diep Tran is the most experienced director on the board, commencing their role in 2024. Independent Member of the Board Quoc-Cuong Nguyen was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: ₫29.00 (vs ₫1.00 in 1Q 2024) First quarter 2025 results: EPS: ₫29.00 (up from ₫1.00 in 1Q 2024). Revenue: ₫10.1b (down 7.3% from 1Q 2024). Net income: ₫100.8m (up ₫98.5m from 1Q 2024). Profit margin: 1.0% (up from 0% in 1Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Atesco Industrial Cartering Joint Stock Company, Annual General Meeting, Apr 08, 2025 Atesco Industrial Cartering Joint Stock Company, Annual General Meeting, Apr 08, 2025, at 14:00 SE Asia Standard Time. Location: golden king building, no.15 nguyen luong bang street, tan phu ward, district 7, ho chi minh Vietnam Reported Earnings • Jan 17
Full year 2024 earnings released: EPS: ₫57.00 (vs ₫66.00 in FY 2023) Full year 2024 results: EPS: ₫57.00 (down from ₫66.00 in FY 2023). Revenue: ₫50.6b (up 5.6% from FY 2023). Net income: ₫198.7m (down 14% from FY 2023). Profit margin: 0.4% (down from 0.5% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 28% per year whereas the company’s share price has fallen by 24% per year. New Risk • Oct 26
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major 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. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Shares are highly illiquid. Market cap is less than US$10m (₫63.0b market cap, or US$2.46m). Minor Risks Profit margins are more than 30% lower than last year (0.6% net profit margin). Revenue is less than US$5m (₫47b revenue, or US$1.8m). New Risk • May 13
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 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 Risks Shares are highly illiquid. Market cap is less than US$10m (₫47.3b market cap, or US$1.89m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Profit margins are more than 30% lower than last year (0.6% net profit margin). Revenue is less than US$5m (₫47b revenue, or US$1.9m). Announcement • Mar 21
Nguyen Dac Tuan Anh Nguyen acquired 19.53% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS). Nguyen Dac Tuan Anh Nguyen acquired 19.53% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) on March 14, 2024. Nguyen Dac Tuan Anh Nguyen completed the acquisition of 19.53% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) on March 14, 2024. Reported Earnings • Oct 30
Third quarter 2023 earnings released Third quarter 2023 results: EPS: ₫20.00. Revenue: ₫13.3b (up 19% from 3Q 2022). Net income: ₫69.9m (down 52% from 3Q 2022). Profit margin: 0.5% (down from 1.3% in 3Q 2022). The decrease in margin was driven by higher expenses. Buying Opportunity • Oct 06
Now 27% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₫14,723, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 29%. Buying Opportunity • Aug 22
Now 24% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be ₫14,680, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.7% over the last 3 years. Earnings per share has declined by 29%. Reported Earnings • Jul 26
Second quarter 2023 earnings released Second quarter 2023 results: EPS: ₫22.00. Revenue: ₫11.3b (up 12% from 2Q 2022). Net income: ₫76.2m (up ₫64.6m from 2Q 2022). Profit margin: 0.7% (up from 0.1% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 25% per year. Valuation Update With 7 Day Price Move • Dec 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫12,900, the stock trades at a trailing P/E ratio of 69.3x. Average trailing P/E is 25x in the Hospitality industry in Asia. Total loss to shareholders of 54% over the past three years. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫11.2b (up 5.9% from 3Q 2021). Net income: ₫144.3m (up 262% from 3Q 2021). Profit margin: 1.3% (up from 0.4% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jul 26
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫10.1b (up 8.8% from 2Q 2021). Net income: ₫11.6m (down 86% from 2Q 2021). Profit margin: 0.1% (down from 0.9% 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 54% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: ₫166 (vs ₫2.00 in 1Q 2021) First quarter 2022 results: EPS: ₫166 (up from ₫2.00 in 1Q 2021). Revenue: ₫8.77b (up 10% from 1Q 2021). Net income: ₫580.7m (up ₫575.3m from 1Q 2021). Profit margin: 6.6% (up from 0.1% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Reported Earnings • Jan 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫48.00 (down from ₫87.00 in FY 2020). Revenue: ₫38.4b (up 4.2% from FY 2020). Net income: ₫167.2m (down 45% from FY 2020). Profit margin: 0.4% (down from 0.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Announcement • Jan 16
An unknown buyer acquired 16.13% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Wall Street Securities Joint Stock Company (HNX:WSS). An unknown buyer acquired 16.13% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Wall Street Securities Joint Stock Company (HNX:WSS) on December 29, 2021.
An unknown buyer completed the acquisition of 16.13% stake in Atesco Industrial Cartering Joint Stock Company (HNX:ATS) from Wall Street Securities Joint Stock Company (HNX:WSS) on December 29, 2021. Reported Earnings • Jan 23
Full year 2020 earnings released: EPS ₫87.00 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫36.9b (down 7.3% from FY 2019). Net income: ₫304.3m (up ₫268.2m from FY 2019). Profit margin: 0.8% (up from 0.1% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. 