New Risk • May 29
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 6.3% 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 Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (₫975.0b market cap, or US$37.0m). Announcement • May 23
Ocean Group Joint Stock Company, Annual General Meeting, May 20, 2026 Ocean Group Joint Stock Company, Annual General Meeting, May 20, 2026, at 09:00 SE Asia Standard Time. Location: at tu hoa hall, dusit le palais tu hoa hanoi hotel, tay ho ward, hanoi Vietnam Valuation Update With 7 Day Price Move • May 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫3,250, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total loss to shareholders of 63% over the past three years. Reported Earnings • May 05
First quarter 2026 earnings released: ₫42.00 loss per share (vs ₫2.00 loss in 1Q 2025) First quarter 2026 results: ₫42.00 loss per share (further deteriorated from ₫2.00 loss in 1Q 2025). Revenue: ₫178.8b (up 37% from 1Q 2025). Net loss: ₫2.57b (loss widened 459% from 1Q 2025). Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Feb 27
Director recently sold ₫35b worth of stock On the 24th of February, Huong Thi Nguyen sold around 4m shares on-market at roughly ₫10,000 per share. This transaction amounted to 60% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Feb 04
Full year 2025 earnings released: EPS: ₫283 (vs ₫398 in FY 2024) Full year 2025 results: EPS: ₫283 (down from ₫398 in FY 2024). Revenue: ₫1.14t (up 13% from FY 2024). Net income: ₫85.0b (down 29% from FY 2024). Profit margin: 7.5% (down from 12% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: ₫256 (vs ₫95.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫256 (up from ₫95.00 in 3Q 2024). Revenue: ₫666.3b (up 15% from 3Q 2024). Net income: ₫76.7b (up 169% from 3Q 2024). Profit margin: 12% (up from 4.9% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 53% per year but the company’s share price has fallen by 26% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: ₫20.00 (vs ₫17.06 in 2Q 2024) Second quarter 2025 results: EPS: ₫20.00 (up from ₫17.06 in 2Q 2024). Revenue: ₫180.9b (up 10.0% from 2Q 2024). Net income: ₫6.06b (up 17% from 2Q 2024). Profit margin: 3.3% (up from 3.2% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 28% per year, which means it is significantly lagging earnings. Announcement • May 16
Ocean Group Joint Stock Company, Annual General Meeting, Jun 27, 2025 Ocean Group Joint Stock Company, Annual General Meeting, Jun 27, 2025. New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 73% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.4x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (₫1.16t market cap, or US$45.4m). Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₫3,880, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total loss to shareholders of 75% over the past three years. Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: ₫398 (vs ₫287 in FY 2023) Full year 2024 results: EPS: ₫398 (up from ₫287 in FY 2023). Revenue: ₫1.01t (up 2.3% from FY 2023). Net income: ₫119.3b (up 38% from FY 2023). Profit margin: 12% (up from 8.8% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has fallen by 37% per year, which means it is significantly lagging earnings. New Risk • Nov 06
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 4.9% 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 Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (₫1.30t market cap, or US$50.9m). New Risk • Nov 05
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 33% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.8x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (1.3% net profit margin). Market cap is less than US$100m (₫1.30t market cap, or US$51.8m). Valuation Update With 7 Day Price Move • Oct 28
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫4,340, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 17x in the Diversified Financial industry in Asia. Total loss to shareholders of 44% over the past three years. New Risk • Aug 06
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 21% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.7x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (6.2% net profit margin). Market cap is less than US$100m (₫1.51t market cap, or US$60.2m). Announcement • May 18
Ocean Group Joint Stock Company Appoint Le Vu Hai as Deputy CEO Ocean Group Joint Stock Company appointed Mr. Le Vu Hai as Deputy CEO, effective from May 15, 2024. Announcement • Apr 24
Ocean Group Joint Stock Company, Annual General Meeting, May 16, 2024 Ocean Group Joint Stock Company, Annual General Meeting, May 16, 2024, at 01:30 Coordinated Universal Time. Location: National Convention Center, Me Tri ward, Nam Tu Liem district, Ha Noi Vietnam Reported Earnings • Feb 03
Full year 2023 earnings released: EPS: ₫352 (vs ₫135 in FY 2022) Full year 2023 results: EPS: ₫352 (up from ₫135 in FY 2022). Revenue: ₫984.7b (down 2.6% from FY 2022). Net income: ₫105.5b (up 161% from FY 2022). Profit margin: 11% (up from 4.0% 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 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 • Oct 13
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 7.0% 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: Minor Risks Share price has been volatile over the past 3 months (7.0% average weekly change). Market cap is less than US$100m (₫2.05t market cap, or US$84.0m). Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫6,840, the stock trades at a trailing P/E ratio of 23.1x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total loss to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫5,980, the stock trades at a trailing P/E ratio of 20.2x. Average trailing P/E is 17x in the Diversified Financial industry in Asia. Total loss to shareholders of 3.2% over the past three years. New Risk • Aug 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.31t (US$97.0m) 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫7,980, the stock trades at a trailing P/E ratio of 27x. Average trailing P/E is 17x in the Diversified Financial industry in Asia. Total returns to shareholders of 79% over the past three years. Reported Earnings • Jul 31
Second quarter 2023 earnings released: EPS: ₫60.00 (vs ₫40.94 loss in 2Q 2022) Second quarter 2023 results: EPS: ₫60.00 (up from ₫40.94 loss in 2Q 2022). Revenue: ₫148.9b (down 3.5% from 2Q 2022). Net income: ₫18.0b (up ₫30.3b from 2Q 2022). Profit margin: 12% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 37% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫8,490, the stock trades at a trailing P/E ratio of 64.1x. Average trailing P/E is 13x in the Diversified Financial industry in Asia. Total returns to shareholders of 145% over the past three years. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: ₫132 (vs ₫253 loss in FY 2021) Full year 2022 results: EPS: ₫132 (up from ₫253 loss in FY 2021). Revenue: ₫1.01t (up 147% from FY 2021). Net income: ₫39.7b (up ₫115.7b from FY 2021). Profit margin: 3.9% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 56% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Board Change • Nov 16
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. 4 non-independent directors. Independent Member of the Board Nguyen Mai Phuong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 03
Third quarter 2022 earnings released: EPS: ₫250 (vs ₫141 in 3Q 2021) Third quarter 2022 results: EPS: ₫250 (up from ₫141 in 3Q 2021). Revenue: ₫589.8b (up ₫506.1b from 3Q 2021). Net income: ₫74.9b (up 77% from 3Q 2021). Profit margin: 13% (down from 51% in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has increased by 38% per year, which means it is well ahead of earnings. Reported Earnings • Aug 06
Second quarter 2022 earnings released: ₫48.00 loss per share (vs ₫174 profit in 2Q 2021) Second quarter 2022 results: ₫48.00 loss per share (down from ₫174 profit in 2Q 2021). Revenue: ₫154.4b (up 30% from 2Q 2021). Net loss: ₫14.4b (down 127% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 46% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫9,820, the stock trades at a trailing P/E ratio of 22.1x. Average trailing P/E is 14x in the Diversified Financial industry in Asia. Total returns to shareholders of 146% 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 16% share price gain to ₫13,300, the stock trades at a trailing P/E ratio of 30x. Average trailing P/E is 14x in the Diversified Financial industry in Asia. Total returns to shareholders of 223% 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 17% share price decline to ₫13,300, the stock trades at a trailing P/E ratio of 27.6x. Average trailing P/E is 15x in the Diversified Financial industry in Asia. Total returns to shareholders of 201% over the past three years. Board Change • Apr 27
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. 3 non-independent directors. Independent Member of the Board Nguyen Mai Phuong was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 20% share price decline to ₫16,400, the stock trades at a trailing P/E ratio of 34x. Average trailing P/E is 15x in the Diversified Financial industry in Asia. Total returns to shareholders of 277% over the past three years. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment improved over the past week After last week's 18% share price gain to ₫15,900, the stock trades at a trailing P/E ratio of 33x. Average trailing P/E is 14x in the Diversified Financial industry in Asia. Total returns to shareholders of 203% over the past three years. Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improved over the past week After last week's 18% share price gain to ₫10,750, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 15x in the Diversified Financial industry in Asia. Total returns to shareholders of 134% over the past three years. Announcement • Mar 01
Ocean Group Joint Stock Company Approves the Resignation of Mr. Nguyen Giang Nam as Deputy CEO On February 21, 2022, the Board of Directors of Ocean Group Joint Stock Company approved the resignation of Mr. Nguyen Giang Nam as Deputy CEO from February 21, 2022. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 15% share price gain to ₫10,600, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total returns to shareholders of 190% over the past three years. Reported Earnings • Nov 04
Third quarter 2021 earnings released: EPS ₫141 (vs ₫122 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₫83.8b (down 64% from 3Q 2020). Net income: ₫42.3b (up 16% from 3Q 2020). Profit margin: 51% (up from 16% 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 64% per year but the company’s share price has only increased by 35% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫6,300, the stock trades at a trailing P/E ratio of 19.4x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total returns to shareholders of 101% over the past three years. Valuation Update With 7 Day Price Move • Sep 07
Investor sentiment improved over the past week After last week's 18% share price gain to ₫6,510, the stock trades at a trailing P/E ratio of 20.4x. Average trailing P/E is 15x in the Diversified Financial industry in Asia. Total returns to shareholders of 136% over the past three years. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS ₫168 (vs ₫72.00 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫118.8b (up 2.5% from 2Q 2020). Net income: ₫50.5b (up 134% from 2Q 2020). Profit margin: 43% (up from 19% in 2Q 2020). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 86% per year but the company’s share price has only increased by 37% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₫6,800, the stock trades at a trailing P/E ratio of 20.5x. Average trailing P/E is 16x in the Diversified Financial industry in Asia. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Feb 23
Investor sentiment improved over the past week After last week's 16% share price gain to ₫6,900, the stock is trading at a trailing P/E ratio of 20.8x, up from the previous P/E ratio of 18x. This compares to an average P/E of 14x in the Diversified Financial industry in Asia. Total returns to shareholders over the past three years are 247%. Reported Earnings • Feb 03
Full year 2020 earnings released: EPS ₫331 (vs ₫249 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫902.3b (down 25% from FY 2019). Net income: ₫99.4b (up 33% from FY 2019). Profit margin: 11% (up from 6.2% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 125% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₫6,380, the stock is trading at a trailing P/E ratio of 14.4x, down from the previous P/E ratio of 18.9x. This compares to an average P/E of 15x in the Diversified Financial industry in Asia. Total returns to shareholders over the past three years are 222%. Is New 90 Day High Low • Jan 27
New 90-day low: ₫6,850 The company is down 4.0% from its price of ₫7,120 on 29 October 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Diversified Financial industry, which is up 9.0% over the same period. Valuation Update With 7 Day Price Move • Jan 07
Investor sentiment improved over the past week After last week's 17% share price gain to ₫9,350, the stock is trading at a trailing P/E ratio of 21.1x, up from the previous P/E ratio of 18x. This compares to an average P/E of 15x in the Diversified Financial industry in Asia. Total returns to shareholders over the past three years are 301%. Is New 90 Day High Low • Jan 06
New 90-day high: ₫8,980 The company is up 11% from its price of ₫8,100 on 08 October 2020. The Vietnamese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Diversified Financial industry, which is also up 11% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 15% share price gain to ₫8,110, the stock is trading at a trailing P/E ratio of 18.3x, up from the previous P/E ratio of 15.9x. This compares to an average P/E of 14x in the Diversified Financial industry in Asia. Total returns to shareholders over the past three years are 301%. Reported Earnings • Nov 03
Third quarter 2020 earnings released: EPS ₫122 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₫233.3b (down 60% from 3Q 2019). Net income: ₫36.7b (up 42% from 3Q 2019). Profit margin: 16% (up from 4.4% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 124% per year but the company’s share price has only increased by 64% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 29
Market pulls back on stock over the past week After last week's 15% share price decline to ₫7,120, the stock is trading at a trailing P/E ratio of 17.3x, down from the previous P/E ratio of 20.5x. This compares to an average P/E of 12x in the Diversified Financial industry in Asia. Total returns to shareholders over the past three years are 300%. Is New 90 Day High Low • Oct 22
New 90-day high: ₫8,420 The company is up 152% from its price of ₫3,340 on 24 July 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 6.0% over the same period. Is New 90 Day High Low • Oct 05
New 90-day high: ₫7,070 The company is up 109% from its price of ₫3,380 on 07 July 2020. The Vietnamese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Diversified Financial industry, which is up 1.0% over the same period. 