Reported Earnings • Apr 23
First quarter 2026 earnings released: EPS: ₫1,705 (vs ₫2,301 in 1Q 2025) First quarter 2026 results: EPS: ₫1,705 (down from ₫2,301 in 1Q 2025). Revenue: ₫435.6b (up 13% from 1Q 2025). Net income: ₫38.2b (down 26% from 1Q 2025). Profit margin: 8.8% (down from 13% in 1Q 2025). 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 but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 22
Full year 2025 earnings released: EPS: ₫7,085 (vs ₫9,225 in FY 2024) Full year 2025 results: EPS: ₫7,085 (down from ₫9,225 in FY 2024). Revenue: ₫1.62t (down 2.0% from FY 2024). Net income: ₫158.7b (down 23% from FY 2024). Profit margin: 9.8% (down from 13% in FY 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 19% per year whereas the company’s share price has increased by 16% per year. Reported Earnings • Oct 23
Third quarter 2025 earnings released: EPS: ₫1,430 (vs ₫1,727 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,430 (down from ₫1,727 in 3Q 2024). Revenue: ₫406.1b (down 3.4% from 3Q 2024). Net income: ₫32.0b (down 17% from 3Q 2024). Profit margin: 7.9% (down from 9.2% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 02
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫70,200, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 20x in the Household Products industry in Asia. Total returns to shareholders of 83% over the past three years. Upcoming Dividend • Sep 24
Upcoming dividend of ₫6,500 per share Eligible shareholders must have bought the stock before 01 October 2025. Payment date: 15 October 2025. Trailing yield: 4.2%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.0%). Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: ₫1,344 (vs ₫2,251 in 2Q 2024) Second quarter 2025 results: EPS: ₫1,344 (down from ₫2,251 in 2Q 2024). Revenue: ₫352.3b (down 9.5% from 2Q 2024). Net income: ₫30.1b (down 40% from 2Q 2024). Profit margin: 8.5% (down from 13% in 2Q 2024). 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 17% per year, which means it is significantly lagging earnings growth. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: ₫2,301 (vs ₫2,052 in 1Q 2024) First quarter 2025 results: EPS: ₫2,301 (up from ₫2,052 in 1Q 2024). Revenue: ₫386.3b (up 6.2% from 1Q 2024). Net income: ₫51.5b (up 12% from 1Q 2024). Profit margin: 13% (in line with 1Q 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Announcement • Apr 01
Net Detergent JSC, Annual General Meeting, Apr 18, 2025 Net Detergent JSC, Annual General Meeting, Apr 18, 2025, at 08:30 SE Asia Standard Time. Location: company office, d4 road, loc an binh son industrial park, binh son commune, long thanh district, dong nai province, Vietnam Valuation Update With 7 Day Price Move • Jan 24
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫87,500, the stock trades at a trailing P/E ratio of 9.5x. Average trailing P/E is 18x in the Household Products industry in Asia. Total returns to shareholders of 101% over the past three years. Reported Earnings • Jan 21
Full year 2024 earnings released: EPS: ₫9,225 (vs ₫7,966 in FY 2023) Full year 2024 results: EPS: ₫9,225 (up from ₫7,966 in FY 2023). Revenue: ₫1.65t (down 8.7% from FY 2023). Net income: ₫206.6b (up 16% from FY 2023). Profit margin: 13% (up from 9.9% in FY 2023). The increase in margin was driven by lower expenses. 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 14% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: ₫1,727 (vs ₫2,273 in 3Q 2023) Third quarter 2024 results: EPS: ₫1,727 (down from ₫2,273 in 3Q 2023). Revenue: ₫420.5b (up 4.2% from 3Q 2023). Net income: ₫38.7b (down 24% from 3Q 2023). Profit margin: 9.2% (down from 13% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Sep 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 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 High level of non-cash earnings (26% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (₫2.04t market cap, or US$83.7m). New Risk • Jul 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 (26% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫2.21t market cap, or US$88.5m). Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫2,251 (vs ₫2,638 in 2Q 2023) Second quarter 2024 results: EPS: ₫2,251 (down from ₫2,638 in 2Q 2023). Revenue: ₫389.4b (down 16% from 2Q 2023). Net income: ₫50.4b (down 15% from 2Q 2023). Profit margin: 13% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 07
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫101,200, the stock trades at a trailing P/E ratio of 10.9x. Average trailing P/E is 18x in the Household Products industry in Asia. Total returns to shareholders of 97% over the past three years. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: ₫2,052 (vs ₫743 in 1Q 2023) First quarter 2024 results: EPS: ₫2,052 (up from ₫743 in 1Q 2023). Revenue: ₫363.8b (down 9.7% from 1Q 2023). Net income: ₫46.0b (up 176% from 1Q 2023). Profit margin: 13% (up from 4.1% in 1Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 14
Full year 2023 earnings released: EPS: ₫7,966 (vs ₫3,936 in FY 2022) Full year 2023 results: EPS: ₫7,966 (up from ₫3,936 in FY 2022). Revenue: ₫1.81t (up 18% from FY 2022). Net income: ₫178.4b (up 102% from FY 2022). Profit margin: 9.9% (up from 5.8% in FY 2022). The increase in margin was driven by higher revenue. 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 13% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫80,100, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 24x in the Household Products industry in Asia. Total returns to shareholders of 75% over the past three years. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: ₫2,273 (vs ₫802 in 3Q 2022) Third quarter 2023 results: EPS: ₫2,273 (up from ₫802 in 3Q 2022). Revenue: ₫403.5b (up 3.6% from 3Q 2022). Net income: ₫50.9b (up 183% from 3Q 2022). Profit margin: 13% (up from 4.6% in 3Q 2022). The increase in margin was primarily 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Jul 25
Second quarter 2023 earnings released: EPS: ₫2,638 (vs ₫1,058 in 2Q 2022) Second quarter 2023 results: EPS: ₫2,638 (up from ₫1,058 in 2Q 2022). Revenue: ₫461.3b (up 23% from 2Q 2022). Net income: ₫59.1b (up 149% from 2Q 2022). Profit margin: 13% (up from 6.3% in 2Q 2022). 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 2% per year, which means it is well ahead of earnings. Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: ₫743 (vs ₫992 in 1Q 2022) First quarter 2023 results: EPS: ₫743 (down from ₫992 in 1Q 2022). Revenue: ₫403.0b (up 15% from 1Q 2022). Net income: ₫16.6b (down 25% from 1Q 2022). Profit margin: 4.1% (down from 6.3% in 1Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 7% per year. Buying Opportunity • Apr 05
Now 22% undervalued Over the last 90 days, the stock is up 2.1%. The fair value is estimated to be ₫56,155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Buying Opportunity • Mar 06
Now 23% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be ₫56,155, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Reported Earnings • Mar 04
Full year 2022 earnings released: EPS: ₫3,936 (vs ₫5,061 in FY 2021) Full year 2022 results: EPS: ₫3,936 (down from ₫5,061 in FY 2021). Revenue: ₫1.53t (up 3.4% from FY 2021). Net income: ₫88.2b (down 22% from FY 2021). Profit margin: 5.8% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 2% per year. Reported Earnings • Jan 20
Full year 2022 earnings released: EPS: ₫3,936 (vs ₫5,061 in FY 2021) Full year 2022 results: EPS: ₫3,936 (down from ₫5,061 in FY 2021). Revenue: ₫1.53t (up 3.4% from FY 2021). Net income: ₫88.2b (down 22% from FY 2021). Profit margin: 5.8% (down from 7.7% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has fallen by 2% per year. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 8 experienced directors. No highly experienced directors. No independent directors (8 non-independent directors). Director Thai Thi Yen was the last director to join the board, commencing their role in 2016. 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: ₫802 (vs ₫737 in 3Q 2021) Third quarter 2022 results: EPS: ₫802 (up from ₫737 in 3Q 2021). Revenue: ₫389.4b (up 45% from 3Q 2021). Net income: ₫18.0b (up 8.8% from 3Q 2021). Profit margin: 4.6% (down from 6.2% in 3Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has increased by 14% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫48,000, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 20x in the Household Products industry in Asia. Total returns to shareholders of 70% over the past three years. Reported Earnings • Jul 26
Second quarter 2022 earnings released: EPS: ₫1,058 (vs ₫1,561 in 2Q 2021) Second quarter 2022 results: EPS: ₫1,058 (down from ₫1,561 in 2Q 2021). Revenue: ₫376.1b (up 5.0% from 2Q 2021). Net income: ₫23.7b (down 32% from 2Q 2021). Profit margin: 6.3% (down from 9.8% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 16% per year whereas the company’s share price has increased by 15% per year. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: ₫992 (vs ₫1,452 in 1Q 2021) First quarter 2022 results: EPS: ₫992 (down from ₫1,452 in 1Q 2021). Revenue: ₫351.6b (down 7.9% from 1Q 2021). Net income: ₫22.2b (down 32% from 1Q 2021). Profit margin: 6.3% (down from 8.5% in 1Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year whereas the company’s share price has increased by 27% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Chairman of Supervisory Board Nguyen Chau was the last director to join the board, commencing their role in 2016. 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 • Mar 28
Full year 2021 earnings released: EPS: ₫5,061 (vs ₫5,956 in FY 2020) Full year 2021 results: EPS: ₫5,061 (down from ₫5,956 in FY 2020). Revenue: ₫1.48t (flat on FY 2020). Net income: ₫113.4b (down 15% from FY 2020). Profit margin: 7.7% (down from 9.1% in FY 2020). 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 25% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫5,061 (down from ₫5,956 in FY 2020). Revenue: ₫1.48t (flat on FY 2020). Net income: ₫113.4b (down 15% from FY 2020). Profit margin: 7.7% (down from 9.1% in FY 2020). Revenue was in line with analyst estimates. 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 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 24
Third quarter 2021 earnings released: EPS ₫737 (vs ₫1,323 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫268.4b (down 30% from 3Q 2020). Net income: ₫16.5b (down 44% from 3Q 2020). Profit margin: 6.2% (down from 7.8% in 3Q 2020). The decrease in margin was driven by lower revenue. 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 27% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫56,200, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 24x in the Household Products industry in Asia. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Sep 23
Upcoming dividend of ₫6,000 per share Eligible shareholders must have bought the stock before 30 September 2021. Payment date: 20 October 2021. Trailing yield: 4.2%. Lower than top quartile of Vietnamese dividend payers (6.5%). Higher than average of industry peers (1.5%). Valuation Update With 7 Day Price Move • Sep 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₫77,000, the stock trades at a trailing P/E ratio of 13.2x. Average trailing P/E is 21x in the Household Products industry in Asia. Total returns to shareholders of 226% over the past three years. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ₫1,561 (vs ₫1,870 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫358.2b (down 3.1% from 2Q 2020). Net income: ₫35.0b (down 17% from 2Q 2020). Profit margin: 9.8% (down from 11% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 42% per year and the company’s share price has also increased by 42% per year. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫1,452 (vs ₫1,436 in 1Q 2020) The company reported a solid first quarter result with improved earnings and revenues, although profit margins were weaker. First quarter 2021 results: Revenue: ₫381.8b (up 7.0% from 1Q 2020). Net income: ₫32.5b (up 1.1% from 1Q 2020). Profit margin: 8.5% (down from 9.0% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 43% per year whereas the company’s share price has increased by 38% per year. Reported Earnings • Mar 24
Full year 2020 earnings released: EPS ₫5,956 (vs ₫3,251 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫1.47t (up 27% from FY 2019). Net income: ₫133.4b (up 83% from FY 2019). Profit margin: 9.1% (up from 6.3% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 32% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 27
Full year 2020 earnings released: EPS ₫5,956 (vs ₫3,333 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫1.47t (up 27% from FY 2019). Net income: ₫133.4b (up 79% from FY 2019). Profit margin: 9.1% (up from 6.4% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 36% per year. Is New 90 Day High Low • Jan 19
New 90-day low: ₫55,200 The company is down 6.0% from its price of ₫59,000 on 20 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Household Products industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₫61,000 The company is up 4.0% from its price of ₫58,500 on 24 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Household Products industry, which is flat over the same period. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫124.7b, up 89% from the prior year. Total revenue was ₫1.46t over the last 12 months, up 33% from the prior year. 
