Announcement • May 25
Vicem But Son Cement Joint Stock Company, Annual General Meeting, Jun 11, 2026 Vicem But Son Cement Joint Stock Company, Annual General Meeting, Jun 11, 2026, at 08:30 SE Asia Standard Time. Location: hall 309, hall of guest house of the company-, vicem but son cement joint stock company, hong son rg,ly thuong kiet ward ninh binh province, Vietnam Reported Earnings • Jan 23
Full year 2025 earnings released: EPS: ₫256 (vs ₫1,633 loss in FY 2024) Full year 2025 results: EPS: ₫256 (up from ₫1,633 loss in FY 2024). Revenue: ₫2.66t (up 1.8% from FY 2024). Net income: ₫31.6b (up ₫233.4b from FY 2024). Profit margin: 1.2% (up from net loss in FY 2024). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 27% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫81.00 (vs ₫212 loss in 3Q 2024) Third quarter 2025 results: EPS: ₫81.00 (up from ₫212 loss in 3Q 2024). Revenue: ₫521.8b (down 18% from 3Q 2024). Net income: ₫10.1b (up ₫36.3b from 3Q 2024). Profit margin: 1.9% (up from net loss in 3Q 2024). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 58 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 23
First quarter 2025 earnings released: ₫231 loss per share (vs ₫449 loss in 1Q 2024) First quarter 2025 results: ₫231 loss per share (improved from ₫449 loss in 1Q 2024). Revenue: ₫613.9b (up 19% from 1Q 2024). Net loss: ₫28.5b (loss narrowed 49% from 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 73 percentage points per year, which is a significant difference in performance. Announcement • Apr 05
Vicem But Son Cement Joint Stock Company, Annual General Meeting, Apr 25, 2025 Vicem But Son Cement Joint Stock Company, Annual General Meeting, Apr 25, 2025, at 08:30 SE Asia Standard Time. Location: hall 309, hong son hamlet, thanh son commune, kim bang town, ha nam province, Vietnam Reported Earnings • Mar 20
Full year 2024 earnings released: ₫1,633 loss per share (vs ₫779 loss in FY 2023) Full year 2024 results: ₫1,633 loss per share (further deteriorated from ₫779 loss in FY 2023). Revenue: ₫2.61t (up 1.4% from FY 2023). Net loss: ₫201.8b (loss widened 110% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 75 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 22
Full year 2024 earnings released: ₫1,601 loss per share (vs ₫779 loss in FY 2023) Full year 2024 results: ₫1,601 loss per share (further deteriorated from ₫779 loss in FY 2023). Revenue: ₫2.61t (up 1.4% from FY 2023). Net loss: ₫197.8b (loss widened 106% from FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 22
Third quarter 2024 earnings released: ₫212 loss per share (vs ₫257 loss in 3Q 2023) Third quarter 2024 results: ₫212 loss per share (improved from ₫257 loss in 3Q 2023). Revenue: ₫633.2b (up 16% from 3Q 2023). Net loss: ₫26.2b (loss narrowed 17% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 79 percentage points per year, which is a significant difference in performance. Reported Earnings • Jul 25
Second quarter 2024 earnings released: ₫295 loss per share (vs ₫139 loss in 2Q 2023) Second quarter 2024 results: ₫295 loss per share (further deteriorated from ₫139 loss in 2Q 2023). Revenue: ₫691.7b (flat on 2Q 2023). Net loss: ₫36.5b (loss widened 112% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 106 percentage points per year, which is a significant difference in performance. New Risk • May 04
New major risk - Financial position The company's debt is not well covered by operating cash flow. Operating cash flow to total debt ratio: 11% 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 Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). 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 62% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫667.2b market cap, or US$26.0m). Reported Earnings • Apr 23
First quarter 2024 earnings released: ₫449 loss per share (vs ₫122 loss in 1Q 2023) First quarter 2024 results: ₫449 loss per share (further deteriorated from ₫122 loss in 1Q 2023). Revenue: ₫515.0b (down 21% from 1Q 2023). Net loss: ₫55.5b (loss widened 267% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Reported Earnings • Jan 24
Full year 2023 earnings released: ₫779 loss per share (vs ₫436 profit in FY 2022) Full year 2023 results: ₫779 loss per share (down from ₫436 profit in FY 2022). Revenue: ₫2.57t (down 18% from FY 2022). Net loss: ₫96.2b (down 278% from profit in FY 2022). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 71 percentage points per year, which is a significant difference in performance. Reported Earnings • Oct 25
Third quarter 2023 earnings released: ₫257 loss per share (vs ₫65.00 profit in 3Q 2022) Third quarter 2023 results: ₫257 loss per share (down from ₫65.00 profit in 3Q 2022). Revenue: ₫544.6b (down 32% from 3Q 2022). Net loss: ₫31.7b (down 496% from profit in 3Q 2022). 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 8% per year, which means it is well ahead of earnings. Upcoming Dividend • Aug 30
Upcoming dividend of ₫300 per share at 6.5% yield Eligible shareholders must have bought the stock before 06 September 2023. Payment date: 12 October 2023. Payout ratio is a comfortable 62% but the company is not cash flow positive. Trailing yield: 6.5%. Lower than top quartile of Vietnamese dividend payers (8.6%). In line with average of industry peers (6.3%). New Risk • Jul 26
New major risk - Revenue and earnings growth Earnings have declined by 1.8% 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 1.8% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫803.1b market cap, or US$34.0m). Reported Earnings • Jul 26
Second quarter 2023 earnings released: ₫139 loss per share (vs ₫240 profit in 2Q 2022) Second quarter 2023 results: ₫139 loss per share (down from ₫240 profit in 2Q 2022). Revenue: ₫689.6b (down 13% from 2Q 2022). Net loss: ₫17.2b (down 158% from profit in 2Q 2022). 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 13% per year. Reported Earnings • Apr 25
First quarter 2023 earnings released: ₫122 loss per share (vs ₫143 profit in 1Q 2022) First quarter 2023 results: ₫122 loss per share (down from ₫143 profit in 1Q 2022). Revenue: ₫652.8b (down 12% from 1Q 2022). Net loss: ₫15.1b (down 186% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫5,700, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 47% over the past three years. Reported Earnings • Feb 02
Full year 2022 earnings released: EPS: ₫436 (vs ₫405 in FY 2021) Full year 2022 results: EPS: ₫436 (up from ₫405 in FY 2021). Revenue: ₫3.13t (up 4.9% from FY 2021). Net income: ₫53.9b (up 7.8% from FY 2021). Profit margin: 1.7% (in line with FY 2021). Over the last 3 years on average, earnings per share has increased by 52% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 16
Investor sentiment improved over the past week After last week's 18% share price gain to ₫7,900, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 15x in the Basic Materials industry in Vietnam. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment improved over the past week After last week's 22% share price gain to ₫5,600, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 26% 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. 10 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). Member of Management Board Trinh Do 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. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫5,000, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 23% over the past three years. Buying Opportunity • Nov 01
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 35%. The fair value is estimated to be ₫7,483, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫65.00 (vs ₫61.60 loss in 3Q 2021) Third quarter 2022 results: EPS: ₫65.00 (up from ₫61.60 loss in 3Q 2021). Revenue: ₫804.5b (up 22% from 3Q 2021). Net income: ₫8.02b (up ₫15.6b from 3Q 2021). Profit margin: 1.0% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 02
Inaugural dividend of ₫400 per share Eligible shareholders must have bought the stock before 09 September 2022. Payment date: 20 October 2022. This is the first dividend for Vicem But Son Cement since going public. The average dividend yield among industry peers is 6.0%. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ₫247 (vs ₫168 in 2Q 2021) Second quarter 2022 results: EPS: ₫247 (up from ₫168 in 2Q 2021). Revenue: ₫795.6b (up 1.2% from 2Q 2021). Net income: ₫30.5b (up 47% from 2Q 2021). Profit margin: 3.8% (up from 2.6% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has increased by 27% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫7,800, the stock trades at a trailing P/E ratio of 17.3x. Average trailing P/E is 16x in the Basic Materials industry in Vietnam. Total returns to shareholders of 83% 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. 10 experienced directors. 1 highly experienced director. No independent directors (7 non-independent directors). Member of Management Board Trinh Do 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. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫13,000, the stock trades at a trailing P/E ratio of 32.1x. Average trailing P/E is 20x in the Basic Materials industry in Vietnam. Total returns to shareholders of 198% over the past three years. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment improved over the past week After last week's 19% share price gain to ₫16,000, the stock trades at a trailing P/E ratio of 39.5x. Average trailing P/E is 22x in the Basic Materials industry in Vietnam. Total returns to shareholders of 251% over the past three years. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫405 (up from ₫140 in FY 2020). Revenue: ₫2.98t (down 2.7% from FY 2020). Net income: ₫50.0b (up 190% from FY 2020). Profit margin: 1.7% (up from 0.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. 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 30% per year, which means it is well ahead of earnings. Reported Earnings • Jan 26
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫405 (up from ₫140 in FY 2020). Revenue: ₫2.98t (down 2.7% from FY 2020). Net income: ₫50.0b (up 190% from FY 2020). Profit margin: 1.7% (up from 0.6% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. 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 30% per year, which means it is well ahead of earnings. Reported Earnings • Oct 22
Third quarter 2021 earnings released: ₫62.00 loss per share (vs ₫100.00 profit in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₫657.3b (down 15% from 3Q 2020). Net loss: ₫7.61b (down 161% from profit in 3Q 2020). 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 28% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 17% share price gain to ₫8,100, the stock trades at a trailing P/E ratio of 67.3x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 94% over the past three years. Valuation Update With 7 Day Price Move • Aug 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₫7,600, the stock trades at a trailing P/E ratio of 63.1x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 70% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improved over the past week After last week's 17% share price gain to ₫6,900, the stock trades at a trailing P/E ratio of 57.3x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 48% over the past three years. Reported Earnings • Jul 24
Second quarter 2021 earnings released: EPS ₫168 (vs ₫191 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫785.9b (down 1.3% from 2Q 2020). Net income: ₫20.8b (down 12% from 2Q 2020). Profit margin: 2.6% (down from 3.0% in 2Q 2020). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫6,300, the stock trades at a trailing P/E ratio of 43.8x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 35% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment improved over the past week After last week's 17% share price gain to ₫7,000, the stock trades at a trailing P/E ratio of 48.7x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 41% over the past three years. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫97.00 (vs ₫92.65 in 1Q 2020) The company reported a decent first quarter result with improved earnings, although revenues and profit margins were flat. First quarter 2021 results: Revenue: ₫682.7b (flat on 1Q 2020). Net income: ₫12.0b (up 4.4% from 1Q 2020). Profit margin: 1.8% (in line with 1Q 2020). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment improved over the past week After last week's 24% share price gain to ₫7,200, the stock trades at a trailing P/E ratio of 51.5x. Average trailing P/E is 10x in the Basic Materials industry in Vietnam. Total returns to shareholders of 65% over the past three years. Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 23% share price gain to ₫6,500, the stock trades at a trailing P/E ratio of 46.5x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Mar 09
Investor sentiment improved over the past week After last week's 18% share price gain to ₫5,300, the stock is trading at a trailing P/E ratio of 37.9x, up from the previous P/E ratio of 32.2x. This compares to an average P/E of 10x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 9.2%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫3,900, the stock is trading at a trailing P/E ratio of 27.9x, down from the previous P/E ratio of 35.7x. This compares to an average P/E of 8x in the Basic Materials industry in Vietnam. Total return to shareholders over the past three years is a loss of 24%. Is New 90 Day High Low • Jan 28
New 90-day low: ₫3,900 The company is down 11% from its price of ₫4,400 on 27 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Jan 11
Investor sentiment improved over the past week After last week's 17% share price gain to ₫5,600, the stock is trading at a trailing P/E ratio of 11.5x, up from the previous P/E ratio of 9.9x. This compares to an average P/E of 9x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 20%. Is New 90 Day High Low • Jan 04
New 90-day high: ₫4,800 The company is up 4.0% from its price of ₫4,600 on 06 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 11% over the same period. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫60.0b, up 23% from the prior year. Total revenue was ₫3.13t over the last 12 months, down 5.5% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: ₫4,100 The company is down 16% from its price of ₫4,854 on 22 July 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 16% over the same period.