Upcoming Dividend • Aug 10
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 17 August 2026. Payment date: 17 September 2026. Payout ratio is a comfortable 73% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Vietnamese dividend payers (8.4%). Higher than average of industry peers (2.8%). New Risk • Jul 20
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 70% This is considered a major 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (31% accrual ratio). Shareholders have been substantially diluted in the past year (70% increase in shares outstanding). Minor Risk Paying a dividend despite having no free cash flows. Declared Dividend • Jul 03
Dividend of ₫1,000 announced Shareholders will receive a dividend of ₫1,000. Ex-date: 17th August 2026 Payment date: 17th September 2026 Dividend yield will be 4.7%, which is higher than the industry average of 2.3%. Sustainability & Growth Dividend is covered by earnings (73% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has not increased over the past 2 years but payments have been stable during that time. Earnings per share has grown by 5.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • May 05
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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.1% average weekly change). High level of non-cash earnings (31% accrual ratio). Minor Risk Paying a dividend despite having no free cash flows. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫20,000, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 133% over the past three years. New Risk • Mar 09
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 5.8% 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). High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.8% average weekly change). Announcement • Mar 05
MB Securities Joint Stock Company, Annual General Meeting, Mar 26, 2026 MB Securities Joint Stock Company, Annual General Meeting, Mar 26, 2026, at 08:00 SE Asia Standard Time. Location: lotte hotel hanoi, 54 lieu giai st, giang wo ward, hanoi Vietnam Reported Earnings • Jan 14
Full year 2025 earnings released Full year 2025 results: Revenue: ₫2.77t (up 7.3% from FY 2024). Net income: ₫1.13t (up 62% from FY 2024). Profit margin: 41% (up from 27% in FY 2024). The increase in margin was primarily driven by lower expenses. Reported Earnings • Oct 15
Third quarter 2025 earnings released: EPS: ₫564 (vs ₫318 in 3Q 2024) Third quarter 2025 results: EPS: ₫564 (up from ₫318 in 3Q 2024). Revenue: ₫919.4b (up 40% from 3Q 2024). Net income: ₫332.6b (up 86% from 3Q 2024). Profit margin: 36% (up from 27% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 39% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Oct 06
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 8.3% 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.3% average weekly change). Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (32% accrual ratio). New Risk • Aug 14
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 (currently running at an operating cash loss). High level of non-cash earnings (32% accrual ratio). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (6.4% average weekly change). Valuation Update With 7 Day Price Move • Aug 14
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫44,100, the stock trades at a trailing P/E ratio of 32x. Average trailing P/E is 24x in the Capital Markets industry in Vietnam. Total returns to shareholders of 199% over the past three years. Upcoming Dividend • Aug 12
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 19 August 2025. Payment date: 19 September 2025. Payout ratio is on the higher end at 92% but the company is not cash flow positive. Trailing yield: 3.3%. Lower than top quartile of Vietnamese dividend payers (7.3%). Higher than average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫35,200, the stock trades at a trailing P/E ratio of 25.5x. Average trailing P/E is 22x in the Capital Markets industry in Vietnam. Total returns to shareholders of 175% over the past three years. Reported Earnings • Jul 12
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫611.6b (down 19% from 2Q 2024). Net income: ₫221.1b (up 2.0% from 2Q 2024). Profit margin: 36% (up from 29% in 2Q 2024). Reported Earnings • Apr 19
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫504.6b (down 7.6% from 1Q 2024). Net income: ₫269.0b (up 47% from 1Q 2024). Profit margin: 53% (up from 33% in 1Q 2024). New Risk • Apr 10
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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (30% accrual ratio). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). 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 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫24,300, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 31% over the past three years. Announcement • Mar 25
MB Securities Joint Stock Company, Annual General Meeting, Apr 15, 2025 MB Securities Joint Stock Company, Annual General Meeting, Apr 15, 2025, at 08:00 SE Asia Standard Time. Location: pullman hanoi hotel, no. 40 cat linh street, dong da district, hanoi Vietnam New Risk • Jan 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 31% This is considered a major 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Payout ratio: 92% Paying a dividend despite having no free cash flows. High level of non-cash earnings (31% accrual ratio). Shareholders have been substantially diluted in the past year (31% increase in shares outstanding). Reported Earnings • Jan 18
Full year 2024 earnings released: EPS: ₫1,359 (vs ₫1,254 in FY 2023) Full year 2024 results: EPS: ₫1,359 (up from ₫1,254 in FY 2023). Revenue: ₫2.57t (up 80% from FY 2023). Net income: ₫743.6b (up 35% from FY 2023). Profit margin: 29% (down from 39% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • Oct 15
Third quarter 2024 earnings released: EPS: ₫409 (vs ₫380 in 3Q 2023) Third quarter 2024 results: EPS: ₫409 (up from ₫380 in 3Q 2023). Revenue: ₫661.5b (up 54% from 3Q 2023). Net income: ₫178.9b (up 7.6% from 3Q 2023). Profit margin: 27% (down from 39% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 6% per year, which means it is well ahead of earnings. New Risk • Sep 28
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). High level of non-cash earnings (46% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (7.1% average weekly change). Shareholders have been diluted in the past year (25% increase in shares outstanding). Upcoming Dividend • Jul 17
Inaugural dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 24 July 2024. Payment date: 23 August 2024. This is the first dividend for MB Securities since going public. The average dividend yield among industry peers is 2.2%. Reported Earnings • Jul 13
Second quarter 2024 earnings released: EPS: ₫495 (vs ₫282 in 2Q 2023) Second quarter 2024 results: EPS: ₫495 (up from ₫282 in 2Q 2023). Revenue: ₫753.5b (up 141% from 2Q 2023). Net income: ₫216.7b (up 75% from 2Q 2023). Profit margin: 29% (down from 40% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Apr 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 5.6% 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). High level of non-cash earnings (46% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.6% average weekly change). Reported Earnings • Mar 20
Full year 2023 earnings released: EPS: ₫1,334 (vs ₫1,251 in FY 2022) Full year 2023 results: EPS: ₫1,334 (up from ₫1,251 in FY 2022). Revenue: ₫1.43t (down 6.6% from FY 2022). Net income: ₫584.0b (up 14% from FY 2022). Profit margin: 41% (up from 34% in FY 2022). The increase in margin was driven by lower expenses. 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 27% per year, which means it is well ahead of earnings. Reported Earnings • Jan 13
Full year 2023 earnings released: EPS: ₫1,334 (vs ₫1,251 in FY 2022) Full year 2023 results: EPS: ₫1,334 (up from ₫1,251 in FY 2022). Revenue: ₫1.43t (down 6.3% from FY 2022). Net income: ₫584.0b (up 14% from FY 2022). Profit margin: 41% (up from 34% in FY 2022). The increase in margin was driven by lower expenses. 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 16% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₫16,000, the stock trades at a trailing P/E ratio of 14.5x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 230% over the past three years. New Risk • Oct 26
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 8.9% 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 (currently running at an operating cash loss). Share price has been highly volatile over the past 3 months (8.9% average weekly change). New Risk • Oct 18
New major risk - Financial position The company's debt is not well covered by operating cash flow. Currently running at an operating cash loss. 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 (currently running at an operating cash loss). Minor Risk Share price has been volatile over the past 3 months (8.3% average weekly change). Reported Earnings • Oct 18
Third quarter 2023 earnings released: EPS: ₫380 (vs ₫328 in 3Q 2022) Third quarter 2023 results: EPS: ₫380 (up from ₫328 in 3Q 2022). Revenue: ₫430.8b (up 33% from 3Q 2022). Net income: ₫166.3b (up 37% from 3Q 2022). Profit margin: 39% (up from 37% in 3Q 2022). The increase in margin was driven by higher revenue. 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 43% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫19,700, the stock trades at a trailing P/E ratio of 19.7x. Average trailing P/E is 25x in the Capital Markets industry in Vietnam. Total returns to shareholders of 327% over the past three years. New Risk • Jul 19
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 9.5% 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 (9.5% operating cash flow to total debt). Minor Risk Shareholders have been diluted in the past year (19% increase in shares outstanding). Reported Earnings • Jul 19
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫315.5b (down 22% from 2Q 2022). Net income: ₫123.6b (up 2.6% from 2Q 2022). Profit margin: 39% (up from 30% in 2Q 2022). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫16,900, the stock trades at a trailing P/E ratio of 12.5x. Average trailing P/E is 13x in the Capital Markets industry in Vietnam. Total returns to shareholders of 263% over the past three years. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫14,800, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 11x in the Capital Markets industry in Vietnam. Total returns to shareholders of 168% over the past three years. Valuation Update With 7 Day Price Move • Dec 26
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫11,700, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Nov 28
Investor sentiment improved over the past week After last week's 18% share price gain to ₫13,500, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 8x in the Capital Markets industry in Vietnam. Total returns to shareholders of 129% over the past three years. Board Change • Nov 16
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. 5 non-independent directors. Head of Board of Supervisory Board Hoa Pham was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₫13,600, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total returns to shareholders of 146% over the past three years. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫323.9b (down 23% from 3Q 2021). Net income: ₫121.2b (down 34% from 3Q 2021). Profit margin: 37% (down from 44% in 3Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: ₫450 (vs ₫388 in 2Q 2021) Second quarter 2022 results: EPS: ₫450. Revenue: ₫405.3b (down 27% from 2Q 2021). Net income: ₫120.4b (down 8.8% from 2Q 2021). Profit margin: 30% (up from 24% in 2Q 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jul 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₫21,300, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total returns to shareholders of 179% over the past three years. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫18,600, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 9x in the Capital Markets industry in Vietnam. Total returns to shareholders of 134% over the past three years. 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 ₫24,900, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 10x in the Capital Markets industry in Vietnam. Total returns to shareholders of 198% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: ₫756 (vs ₫529 in 1Q 2021) First quarter 2022 results: EPS: ₫756 (up from ₫529 in 1Q 2021). Revenue: ₫500.0b (up 50% from 1Q 2021). Net income: ₫200.2b (up 100% from 1Q 2021). Profit margin: 40% (up from 30% 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 30% per year whereas the company’s share price has increased by 33% per year. Board Change • Apr 27
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. 5 non-independent directors. Head of Board of Supervisory Board Thoa Pham was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫30,200, the stock trades at a trailing P/E ratio of 13.8x. Average trailing P/E is 14x in the Capital Markets industry in Vietnam. Total returns to shareholders of 266% over the past three years. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫2,193 (up from ₫1,505 in FY 2020). Revenue: ₫1.85t (up 105% from FY 2020). Net income: ₫586.8b (up 118% from FY 2020). Profit margin: 32% (up from 30% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has increased by 38% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Dec 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫36,900, the stock trades at a trailing P/E ratio of 19.2x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 371% over the past three years. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improved over the past week After last week's 16% share price gain to ₫38,200, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 375% over the past three years. Reported Earnings • Oct 26
Third quarter 2021 earnings released: EPS ₫687 (vs ₫337 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫419.6b (up 109% from 3Q 2020). Net income: ₫183.8b (up 189% from 3Q 2020). Profit margin: 44% (up from 32% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 22% 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 • Aug 19
Investor sentiment improved over the past week After last week's 17% share price gain to ₫37,000, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 13x in the Capital Markets industry in Vietnam. Total returns to shareholders of 338% over the past three years. Reported Earnings • Jul 25
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫556.9b (up 136% from 2Q 2020). Net income: ₫132.1b (up 63% from 2Q 2020). Profit margin: 24% (down from 34% in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 01
Investor sentiment improved over the past week After last week's 18% share price gain to ₫34,500, the stock trades at a trailing P/E ratio of 18.9x. Average trailing P/E is 18x in the Capital Markets industry in Vietnam. Total returns to shareholders of 355% over the past three years. Valuation Update With 7 Day Price Move • Jun 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₫30,200, the stock trades at a trailing P/E ratio of 16.5x. Average trailing P/E is 17x in the Capital Markets industry in Vietnam. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • May 31
Investor sentiment improved over the past week After last week's 15% share price gain to ₫27,100, the stock trades at a trailing P/E ratio of 14.8x. Average trailing P/E is 13x in the Capital Markets industry in Vietnam. Total returns to shareholders of 226% over the past three years. Valuation Update With 7 Day Price Move • May 14
Investor sentiment improved over the past week After last week's 16% share price gain to ₫26,800, the stock trades at a trailing P/E ratio of 12.7x. Average trailing P/E is 13x in the Capital Markets industry in Vietnam. Total returns to shareholders of 118% over the past three years. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₫26,500, the stock trades at a trailing P/E ratio of 15.3x. Average trailing P/E is 14x in the Capital Markets industry in Vietnam. Total returns to shareholders of 82% over the past three years. Is New 90 Day High Low • Mar 05
New 90-day high: ₫23,800 The company is up 89% from its price of ₫12,600 on 04 December 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 52% over the same period. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₫22,700, the stock is trading at a trailing P/E ratio of 13.9x, up from the previous P/E ratio of 12x. This compares to an average P/E of 14x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 97%. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 29% share price decline to ₫16,400, the stock is trading at a trailing P/E ratio of 10.1x, down from the previous P/E ratio of 14.2x. This compares to an average P/E of 12x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 43%. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 18% share price gain to ₫23,600, the stock is trading at a trailing P/E ratio of 14.5x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 20x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 107%. Is New 90 Day High Low • Jan 14
New 90-day high: ₫22,400 The company is up 106% from its price of ₫10,900 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 73% over the same period. Valuation Update With 7 Day Price Move • Jan 06
Investor sentiment improved over the past week After last week's 16% share price gain to ₫19,000, the stock is trading at a trailing P/E ratio of 11.7x, up from the previous P/E ratio of 10.1x. This compares to an average P/E of 17x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 66%. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 17% share price gain to ₫16,400, the stock is trading at a trailing P/E ratio of 10.1x, up from the previous P/E ratio of 8.6x. This compares to an average P/E of 12x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 55%. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 15% share price gain to ₫16,000, the stock is trading at a trailing P/E ratio of 9.8x, up from the previous P/E ratio of 8.5x. This compares to an average P/E of 12x in the Capital Markets industry in Vietnam. Total returns to shareholders over the past three years are 50%. Is New 90 Day High Low • Dec 21
New 90-day high: ₫15,300 The company is up 53% from its price of ₫10,000 on 22 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 50% over the same period. Is New 90 Day High Low • Dec 01
New 90-day high: ₫11,700 The company is up 23% from its price of ₫9,500 on 01 September 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 28% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫229.6b, up 51% from the prior year. Total revenue was ₫813.0b over the last 12 months, up 12% from the prior year. Is New 90 Day High Low • Oct 19
New 90-day high: ₫11,400 The company is up 15% from its price of ₫9,900 on 21 July 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Capital Markets industry, which is up 19% over the same period. Is New 90 Day High Low • Sep 30
New 90-day high: ₫10,300 The company is up 5.0% from its price of ₫9,800 on 02 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 10.0% over the same period. 
