Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫358 (vs ₫2,142 loss in 1Q 2025) First quarter 2026 results: EPS: ₫358 (up from ₫2,142 loss in 1Q 2025). Revenue: ₫810.2b (down 27% from 1Q 2025). Net income: ₫8.79b (up ₫61.4b from 1Q 2025). Profit margin: 1.1% (up from net loss in 1Q 2025). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. 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 Interest payments are not well covered by earnings (1.9x net interest cover). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 14% per year over the past 5 years. Market cap is less than US$10m (₫233.4b market cap, or US$8.87m). Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₫10,500, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 9x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 1.9% over the past three years. Announcement • Mar 03
Vinacomin - Ha Tu Coal JSC, Annual General Meeting, Apr 22, 2026 Vinacomin - Ha Tu Coal JSC, Annual General Meeting, Apr 22, 2026. Location: vinacomin, group 6, ha tu 3 quarter, ha tu ward, quang ninh province, Vietnam Reported Earnings • Jan 24
Full year 2025 earnings released: EPS: ₫1,647 (vs ₫913 in FY 2024) Full year 2025 results: EPS: ₫1,647 (up from ₫913 in FY 2024). Revenue: ₫5.33t (up 26% from FY 2024). Net income: ₫40.5b (up 81% from FY 2024). Profit margin: 0.8% (up from 0.5% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫424 (vs ₫11.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫424 (up from ₫11.00 in 3Q 2024). Revenue: ₫672.5b (up 33% from 3Q 2024). Net income: ₫10.4b (up ₫10.1b from 3Q 2024). Profit margin: 1.5% (up from 0.1% in 3Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • May 28
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 04 June 2025. Payment date: 30 June 2025. The company last paid an ordinary dividend in June 2021. The average dividend yield among industry peers is 4.4%. New Risk • May 18
New major risk - Revenue and earnings growth Earnings have declined by 1.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.2x net interest cover). Earnings have declined by 1.9% per year over the past 5 years. Market cap is less than US$10m (₫218.7b market cap, or US$8.53m). Reported Earnings • Apr 26
First quarter 2025 earnings released: ₫2,142 loss per share (vs ₫693 profit in 1Q 2024) First quarter 2025 results: ₫2,142 loss per share (down from ₫693 profit in 1Q 2024). Revenue: ₫1.10t (down 16% from 1Q 2024). Net loss: ₫52.6b (down 409% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has fallen by 12% per year and the company’s share price has also fallen by 12% per year. Valuation Update With 7 Day Price Move • Apr 25
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫9,400, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 10x in the Oil and Gas industry in Vietnam. Total loss to shareholders of 16% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫9,900, the stock trades at a trailing P/E ratio of 4.6x. Average trailing P/E is 8x in the Oil and Gas industry in Vietnam. Total loss to shareholders of 18% over the past three years. New Risk • Apr 08
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫245.7b (US$9.58m) This is considered a major 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 Risk Market cap is less than US$10m (₫245.7b market cap, or US$9.58m). Minor Risks High level of debt (96% net debt to equity). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Mar 04
Vinacomin - Ha Tu Coal JSC, Annual General Meeting, Apr 25, 2025 Vinacomin - Ha Tu Coal JSC, Annual General Meeting, Apr 25, 2025, at 08:00 SE Asia Standard Time. Location: head office in unit 6, quarter 3, ha tu ward, quang ninh province, ha long city Vietnam Reported Earnings • Jan 28
Full year 2024 earnings released: EPS: ₫2,154 (vs ₫2,967 in FY 2023) Full year 2024 results: EPS: ₫2,154 (down from ₫2,967 in FY 2023). Revenue: ₫4.28t (down 1.1% from FY 2023). Net income: ₫52.9b (down 27% from FY 2023). Profit margin: 1.2% (down from 1.7% in FY 2023). Over the last 3 years on average, earnings per share has increased by 19% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Jan 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 43% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (43% accrual ratio). Minor Risks High level of debt (102% net debt to equity). Latest financial reports are more than 6 months old (reported March 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫304.7b market cap, or US$11.9m). New Risk • Dec 31
New major risk - Revenue and earnings growth Revenue has declined by 4.6% over the past year. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Revenue has declined by 4.6% over the past year. Minor Risks High level of debt (113% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫304.7b market cap, or US$11.9m). New Risk • Aug 09
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 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: Minor Risks High level of debt (113% net debt to equity). Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫309.6b market cap, or US$12.4m). Upcoming Dividend • May 20
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 27 May 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 26% but the company is paying out more than the cash it is generating. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (8.6%). Higher than average of industry peers (3.7%). Board Change • Apr 26
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Hai Pham was the last independent director to join the board, commencing their role in 2023. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 23
Full year 2023 earnings released: EPS: ₫2,967 (vs ₫2,651 in FY 2022) Full year 2023 results: EPS: ₫2,967 (up from ₫2,651 in FY 2022). Revenue: ₫4.33t (down 4.6% from FY 2022). Net income: ₫72.9b (up 12% from FY 2022). Profit margin: 1.7% (up from 1.4% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 24
Third quarter 2023 earnings released: EPS: ₫327 (vs ₫232 in 3Q 2022) Third quarter 2023 results: EPS: ₫327 (up from ₫232 in 3Q 2022). Revenue: ₫1.27t (up 48% from 3Q 2022). Net income: ₫8.02b (up 41% from 3Q 2022). Profit margin: 0.6% (down from 0.7% in 3Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: ₫1,141 (vs ₫257 in 2Q 2022) Second quarter 2023 results: EPS: ₫1,141 (up from ₫257 in 2Q 2022). Revenue: ₫1.37t (down 1.7% from 2Q 2022). Net income: ₫28.0b (up 343% from 2Q 2022). Profit margin: 2.1% (up from 0.5% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year whereas the company’s share price has increased by 25% per year. Upcoming Dividend • May 29
Upcoming dividend of ₫700 per share at 5.6% yield Eligible shareholders must have bought the stock before 05 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Vietnamese dividend payers (8.8%). Higher than average of industry peers (3.6%). Reported Earnings • Apr 26
First quarter 2023 earnings released: EPS: ₫672 (vs ₫333 in 1Q 2022) First quarter 2023 results: EPS: ₫672 (up from ₫333 in 1Q 2022). Revenue: ₫904.0b (down 11% from 1Q 2022). Net income: ₫16.5b (up 102% from 1Q 2022). Profit margin: 1.8% (up from 0.8% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 20% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 31
Full year 2022 earnings released: EPS: ₫2,651 (vs ₫1,667 in FY 2021) Full year 2022 results: EPS: ₫2,651 (up from ₫1,667 in FY 2021). Revenue: ₫4.54t (up 26% from FY 2021). Net income: ₫65.1b (up 59% from FY 2021). Profit margin: 1.4% (up from 1.1% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has increased by 23% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 16% share price gain to ₫10,300, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 10x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 95% over the past three years. 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. 1 highly experienced director. No independent directors (5 non-independent directors). Director Vu Cam was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫232 (vs ₫86.00 in 3Q 2021) Third quarter 2022 results: EPS: ₫232 (up from ₫86.00 in 3Q 2021). Revenue: ₫862.0b (down 17% from 3Q 2021). Net income: ₫5.70b (up 170% from 3Q 2021). Profit margin: 0.7% (up from 0.2% in 3Q 2021). The increase in margin was driven by lower expenses. 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 9% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 11
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫9,300, the stock trades at a trailing P/E ratio of 5.8x. Average trailing P/E is 13x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 79% over the past three years. Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: ₫257 (vs ₫441 in 2Q 2021) Second quarter 2022 results: EPS: ₫257 (down from ₫441 in 2Q 2021). Revenue: ₫1.39t (up 29% from 2Q 2021). Net income: ₫6.33b (down 42% from 2Q 2021). Profit margin: 0.5% (down from 1.0% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 15
Investor sentiment deteriorated over the past week After last week's 27% share price decline to ₫12,000, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 12x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 128% over the past three years. Upcoming Dividend • Jun 02
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 06 July 2022. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 7.5%. Within top quartile of Vietnamese dividend payers (7.2%). Higher than average of industry peers (3.0%). Valuation Update With 7 Day Price Move • Jun 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₫16,300, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 12x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 187% over the past three years. 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. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Vu Cam was the last director to join the board, commencing their role in 2017. 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 • Feb 28
Investor sentiment improved over the past week After last week's 22% share price gain to ₫16,700, the stock trades at a trailing P/E ratio of 10x. Average trailing P/E is 13x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 166% over the past three years. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₫14,500, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 11x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 121% 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: ₫1,667 (up from ₫1,483 in FY 2020). Revenue: ₫3.59t (up 25% from FY 2020). Net income: ₫41.0b (up 12% from FY 2020). Profit margin: 1.1% (down from 1.3% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 30
Investor sentiment improved over the past week After last week's 15% share price gain to ₫15,000, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 10x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 170% over the past three years. Valuation Update With 7 Day Price Move • Nov 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫13,800, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 12x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 145% over the past three years. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ₫86.00 (vs ₫23.00 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫1.04t (up 120% from 3Q 2020). Net income: ₫2.11b (up 271% from 3Q 2020). Profit margin: 0.2% (up from 0.1% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Oct 21
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫14,800, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 12x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 185% over the past three years. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment improved over the past week After last week's 24% share price gain to ₫20,500, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 14x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 325% over the past three years. Valuation Update With 7 Day Price Move • Sep 15
Investor sentiment improved over the past week After last week's 44% share price gain to ₫18,200, the stock trades at a trailing P/E ratio of 13.4x. Average trailing P/E is 12x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 301% over the past three years. Valuation Update With 7 Day Price Move • Aug 31
Investor sentiment improved over the past week After last week's 16% share price gain to ₫11,100, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 9x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 152% over the past three years. Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improved over the past week After last week's 18% share price gain to ₫10,500, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 9x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Jul 06
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫9,500, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 11x in the Oil and Gas industry in Vietnam. Total returns to shareholders of 123% over the past three years. Upcoming Dividend • Jun 22
Inaugural dividend of ₫900 per share Eligible shareholders must have bought the stock before 29 June 2021. Payment date: 30 July 2021. The company last paid an ordinary dividend in April 2014. The average dividend yield among industry peers is 2.3%. Reported Earnings • Apr 04
Full year 2020 earnings released: EPS ₫1,483 (vs ₫2,632 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₫2.88t (up 17% from FY 2019). Net income: ₫36.4b (down 44% from FY 2019). Profit margin: 1.3% (down from 2.6% 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 11% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Jan 27
Full year 2020 earnings released: EPS ₫1,462 (vs ₫2,632 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₫2.89t (up 18% from FY 2019). Net income: ₫35.9b (down 45% from FY 2019). Profit margin: 1.2% (down from 2.6% 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 10% per year whereas the company’s share price has increased by 7% per year. Is New 90 Day High Low • Jan 18
New 90-day high: ₫8,800 The company is up 17% from its price of ₫7,500 on 20 October 2020. The Vietnamese market is up 26% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is up 13% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₫7,900 The company is up 7.0% from its price of ₫7,400 on 17 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is up 6.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫59.1b, down 30% from the prior year. Total revenue was ₫2.58t over the last 12 months, up 11% from the prior year. Is New 90 Day High Low • Oct 14
New 90-day high: ₫7,600 The company is up 13% from its price of ₫6,700 on 16 July 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 6.0% over the same period. 
