Announcement • Apr 14
PetroVietnam Coating Joint Stock Company, Annual General Meeting, Jun 18, 2026 PetroVietnam Coating Joint Stock Company, Annual General Meeting, Jun 18, 2026, at 13:30 SE Asia Standard Time. Location: head office of petrovietnam coating jsc, road 2b, phu my 1 industrial park, phu my ward, hcmc Vietnam New Risk • Mar 02
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 7.9% 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 Share price has been highly volatile over the past 3 months (7.9% average weekly change). High level of non-cash earnings (105% accrual ratio). Minor Risk Market cap is less than US$100m (₫892.1b market cap, or US$33.9m). Valuation Update With 7 Day Price Move • Mar 02
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫41,300, the stock trades at a trailing P/E ratio of 14.4x. Average trailing P/E is 21x in the Energy Services industry in Vietnam. Total returns to shareholders of 181% over the past three years. Reported Earnings • Jan 22
Full year 2025 earnings released: EPS: ₫2,861 (vs ₫673 in FY 2024) Full year 2025 results: EPS: ₫2,861 (up from ₫673 in FY 2024). Revenue: ₫831.6b (up 214% from FY 2024). Net income: ₫61.8b (up 325% from FY 2024). Profit margin: 7.4% (up from 5.5% in FY 2024). The increase in margin was driven by higher revenue. Revenue is expected to decline by 36% p.a. on average during the next 2 years, while revenues in the Energy Services industry in Asia are expected to grow by 6.4%. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. New Risk • Jan 21
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 5.9% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (128% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (₫781.9b market cap, or US$29.7m). Reported Earnings • Oct 24
Third quarter 2025 earnings released: EPS: ₫1,236 (vs ₫307 loss in 3Q 2024) Third quarter 2025 results: EPS: ₫1,236 (up from ₫307 loss in 3Q 2024). Revenue: ₫268.8b (up ₫247.2b from 3Q 2024). Net income: ₫26.7b (up ₫33.3b from 3Q 2024). Profit margin: 9.9% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is expected to decline by 18% p.a. on average during the next 3 years, while revenues in the Energy Services industry in Asia are expected to grow by 6.6%. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 30% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 24
First quarter 2025 earnings released: EPS: ₫186 (vs ₫950 in 1Q 2024) First quarter 2025 results: EPS: ₫186 (down from ₫950 in 1Q 2024). Revenue: ₫105.6b (down 14% from 1Q 2024). Net income: ₫4.02b (down 80% from 1Q 2024). Profit margin: 3.8% (down from 17% in 1Q 2024). The decrease in margin was driven by lower revenue. 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 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫26,500, the stock trades at a trailing P/E ratio of 39.4x. Average trailing P/E is 33x in the Energy Services industry in Vietnam. Total returns to shareholders of 27% over the past three years. New Risk • Mar 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 5.2% 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 58% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Market cap is less than US$100m (₫734.4b market cap, or US$28.6m). Reported Earnings • Feb 26
Full year 2024 earnings released: EPS: ₫673 (vs ₫63.16 in FY 2023) Full year 2024 results: EPS: ₫673 (up from ₫63.16 in FY 2023). Revenue: ₫265.2b (up 8.5% from FY 2023). Net income: ₫14.5b (up ₫13.2b from FY 2023). Profit margin: 5.5% (up from 0.6% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Feb 03
PetroVietnam Coating Joint Stock Company, Annual General Meeting, Apr 11, 2025 PetroVietnam Coating Joint Stock Company, Annual General Meeting, Apr 11, 2025. Location: road 2b, phu my industrial park, phu my ward, phu my town, ba ria, vung tau province., Vietnam Reported Earnings • Jan 23
Full year 2024 earnings released: EPS: ₫615 (vs ₫156 in FY 2023) Full year 2024 results: EPS: ₫615 (up from ₫156 in FY 2023). Revenue: ₫265.2b (up 8.5% from FY 2023). Net income: ₫13.3b (up 295% from FY 2023). Profit margin: 5.0% (up from 1.4% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Oct 24
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 Risk Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Minor Risks Revenue is less than US$5m (₫105b revenue, or US$4.1m). Market cap is less than US$100m (₫598.3b market cap, or US$23.3m). New Risk • May 11
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 Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Share price has been volatile over the past 3 months (6.5% average weekly change). Revenue is less than US$5m (₫105b revenue, or US$4.1m). Market cap is less than US$100m (₫635.0b market cap, or US$24.8m). New Risk • Apr 15
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 Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Revenue is less than US$5m (₫105b revenue, or US$4.2m). Market cap is less than US$100m (₫490.3b market cap, or US$19.6m). New Risk • Oct 27
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 7.4% 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 Risk Earnings have declined by 27% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Revenue is less than US$5m (₫105b revenue, or US$4.3m). Market cap is less than US$100m (₫419.0b market cap, or US$17.1m). Reported Earnings • Oct 26
Third quarter 2023 earnings released: ₫131 loss per share (vs ₫112 loss in 3Q 2022) Third quarter 2023 results: ₫131 loss per share (further deteriorated from ₫112 loss in 3Q 2022). Revenue: ₫41.8b (up 167% from 3Q 2022). Net loss: ₫2.82b (loss widened 17% from 3Q 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 97 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 22
Second quarter 2023 earnings released: EPS: ₫61.00 (vs ₫30.00 loss in 2Q 2022) Second quarter 2023 results: EPS: ₫61.00 (up from ₫30.00 loss in 2Q 2022). Revenue: ₫52.3b (up ₫47.6b from 2Q 2022). Net income: ₫1.32b (up ₫1.97b from 2Q 2022). Profit margin: 2.5% (up from net loss in 2Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 116 percentage points per year, which is a significant difference in performance. 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. 4 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. Upcoming Dividend • Oct 22
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 29 October 2021. Payment date: 10 November 2021. Trailing yield: 5.8%. Lower than top quartile of Vietnamese dividend payers (6.2%). Higher than average of industry peers (1.6%). Reported Earnings • Oct 20
Third quarter 2021 earnings released: ₫250 loss per share (vs ₫266 loss in 3Q 2020) The company reported a soft third quarter result with weaker revenues and control over costs, although losses reduced. Third quarter 2021 results: Revenue: ₫9.64b (down 80% from 3Q 2020). Net loss: ₫5.41b (loss narrowed 10% from 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 2% per year. Reported Earnings • Jul 22
Second quarter 2021 earnings released: ₫235 loss per share (vs ₫1,754 profit in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and control over costs. Second quarter 2021 results: Revenue: ₫16.7b (down 93% from 2Q 2020). Net loss: ₫5.08b (down 113% from profit in 2Q 2020). Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 02
First quarter 2021 earnings released The company reported a poor first quarter result with weaker earnings, revenues and control over costs. First quarter 2021 results: Revenue: ₫11.0b (down 97% from 1Q 2020). Net loss: ₫10.1b (down 121% from profit in 1Q 2020). Valuation Update With 7 Day Price Move • Feb 04
Investor sentiment improved over the past week After last week's 16% share price gain to ₫17,200, the stock is trading at a trailing P/E ratio of 6.1x, up from the previous P/E ratio of 5.3x. This compares to an average P/E of 42x in the Energy Services industry in Vietnam. Total returns to shareholders over the past three years are 16%. Reported Earnings • Jan 28
Full year 2020 earnings released: EPS ₫2,803 (vs ₫1,760 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₫695.1b (up 82% from FY 2019). Net income: ₫60.5b (up 59% from FY 2019). Profit margin: 8.7% (down from 9.9% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Jan 15
New 90-day high: ₫22,200 The company is up 37% from its price of ₫16,200 on 16 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Energy Services industry, which is up 55% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₫21,400, the stock is trading at a trailing P/E ratio of 2.9x, up from the previous P/E ratio of 2.5x. This compares to an average P/E of 14x in the Energy Services industry in Vietnam. Total returns to shareholders over the past three years are 5.8%. Is New 90 Day High Low • Dec 28
New 90-day high: ₫18,600 The company is up 9.0% from its price of ₫17,000 on 29 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 17% over the same period. Is New 90 Day High Low • Oct 29
New 90-day low: ₫13,600 The company is down 6.0% from its price of ₫14,400 on 30 July 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Energy Services industry, which is up 26% over the same period. 
