New Risk • Apr 23
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.6x 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 (0.6x net interest cover). Earnings have declined by 11% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: ₫1,402 (vs ₫573 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,402 (up from ₫573 in 3Q 2024). Revenue: ₫152.9b (up 27% from 3Q 2024). Net income: ₫299.8b (up 145% from 3Q 2024). Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 21% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫17,800, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 58% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫25,600, the stock trades at a trailing P/E ratio of 14.6x. Average trailing P/E is 24x in the Capital Markets industry in Vietnam. Total returns to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₫18,300, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 22x in the Capital Markets industry in Vietnam. Total loss to shareholders of 19% over the past three years. New Risk • Jun 17
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 7.2% 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 19% per year over the past 5 years. Minor Risks High level of debt (73% net debt to equity). Share price has been volatile over the past 3 months (7.2% average weekly change). Profit margins are more than 30% lower than last year (57% net profit margin). Announcement • Jun 04
Ipa Investments Group Joint Stock Company, Annual General Meeting, Jun 24, 2025 Ipa Investments Group Joint Stock Company, Annual General Meeting, Jun 24, 2025, at 14:00 SE Asia Standard Time. Location: no. 01 nguyen thuong hien street, nguyen du ward, hai ba trung district, hanoi city Vietnam Reported Earnings • May 05
First quarter 2025 earnings released: EPS: ₫83.00 (vs ₫4.00 in 1Q 2024) First quarter 2025 results: EPS: ₫83.00. Revenue: ₫105.7b (up 24% from 1Q 2024). Net income: ₫17.8b (down 82% from 1Q 2024). Profit margin: 17% (down from 118% in 1Q 2024). New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.46t (US$95.9m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (10% operating cash flow to total debt). Earnings have declined by 7.4% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Market cap is less than US$100m (₫2.46t market cap, or US$95.9m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫11,500, the stock trades at a trailing P/E ratio of 6x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total loss to shareholders of 72% over the past three years. Reported Earnings • Feb 06
Full year 2024 earnings released: EPS: ₫1,955 (vs ₫1,453 in FY 2023) Full year 2024 results: EPS: ₫1,955 (up from ₫1,453 in FY 2023). Revenue: ₫560.1b (up 61% from FY 2023). Net income: ₫418.1b (up 35% from FY 2023). Profit margin: 75% (down from 89% in FY 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 31 percentage points per year, which is a significant difference in performance. New Risk • Jan 17
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 5.0% 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 (currently running at an operating cash loss). Earnings have declined by 8.5% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.0% average weekly change). Market cap is less than US$100m (₫2.46t market cap, or US$95.9m). Buy Or Sell Opportunity • Jan 15
Now 24% overvalued Over the last 90 days, the stock has fallen 23% to ₫10,500. The fair value is estimated to be ₫8,485, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Meanwhile, the company has become profitable. New Risk • Dec 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.54t (US$99.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. 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). Earnings have declined by 8.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫2.54t market cap, or US$99.2m). Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: ₫573 (vs ₫574 in 3Q 2023) Third quarter 2024 results: EPS: ₫573 (down from ₫574 in 3Q 2023). Revenue: ₫120.2b (up 25% from 3Q 2023). Net income: ₫122.6b (flat on 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 46 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: ₫308 (vs ₫13.62 in 2Q 2023) Second quarter 2024 results: EPS: ₫308 (up from ₫13.62 in 2Q 2023). Revenue: ₫163.5b (up 189% from 2Q 2023). Net income: ₫65.9b (up ₫63.0b from 2Q 2023). Profit margin: 40% (up from 5.2% in 2Q 2023). The increase in margin was driven by higher revenue. Announcement • Jun 02
Ipa Investments Group Joint Stock Company, Annual General Meeting, Jun 20, 2024 Ipa Investments Group Joint Stock Company, Annual General Meeting, Jun 20, 2024, at 14:00 SE Asia Standard Time. Location: head office of the company, no 1, nguyen thuong hien street, nyugen du ward, hai ba trung district, hanoi Vietnam New Risk • Apr 24
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 Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 2.6% per year over the past 5 years. Minor Risk Share price has been volatile over the past 3 months (6.2% average weekly change). Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫12,700, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 11% over the past year. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: ₫1,453 (vs ₫443 in FY 2022) Full year 2023 results: EPS: ₫1,453 (up from ₫443 in FY 2022). Revenue: ₫347.1b (up 18% from FY 2022). Net income: ₫310.3b (up 228% from FY 2022). Profit margin: 89% (up from 32% in FY 2022). The increase in margin was primarily driven by lower expenses. New Risk • Nov 09
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.5x 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 (0.5x net interest cover). Share price has been highly volatile over the past 3 months (9.6% average weekly change). Earnings have declined by 1.3% per year over the past 5 years. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ₫574 (vs ₫143 loss in 3Q 2022) Third quarter 2023 results: EPS: ₫574 (up from ₫143 loss in 3Q 2022). Revenue: ₫96.5b (up 34% from 3Q 2022). Net income: ₫122.6b (up ₫153.3b from 3Q 2022). Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫11,200, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total loss to shareholders of 79% over the past year. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 19% share price gain to ₫10,600, the stock trades at a trailing P/E ratio of 4.8x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total loss to shareholders of 81% over the past year. Board Change • Nov 16
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 (5 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. Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₫9,900, the stock trades at a trailing P/E ratio of 4.5x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total loss to shareholders of 78% over the past year. Board Change • Apr 27
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 (5 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. Announcement • Dec 31
Vu Thi Duyen agreed to acquire Homedirect Services Joint Stock Company from Ipa Investments Group Joint Stock Company (HNX:IPA). Vu Thi Duyen agreed to acquire Homedirect Services Joint Stock Company from Ipa Investments Group Joint Stock Company (HNX:IPA) on December 24, 2021. Board Change • Nov 03
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. 3 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. 
