Announcement • Apr 09
PetroVietnam Packaging Joint Stock Company, Annual General Meeting, Jun 30, 2026 PetroVietnam Packaging Joint Stock Company, Annual General Meeting, Jun 30, 2026, at 12:00 SE Asia Standard Time. Location: petrovietnam packaging joint stock company (ppc), - lot a1- 3, tra kha industrial park, bac lieu ward, ca mau province., Vietnam Reported Earnings • Jan 26
Full year 2025 earnings released: EPS: ₫1,696 (vs ₫1,357 in FY 2024) Full year 2025 results: EPS: ₫1,696 (up from ₫1,357 in FY 2024). Revenue: ₫420.6b (up 14% from FY 2024). Net income: ₫8.14b (up 25% from FY 2024). Profit margin: 1.9% (up from 1.8% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. New Risk • Oct 26
New major risk - Revenue and earnings growth Earnings have declined by 0.7% 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 Earnings have declined by 0.7% per year over the past 5 years. Market cap is less than US$10m (₫60.0b market cap, or US$2.28m). Minor Risk Profit margins are more than 30% lower than last year (1.4% net profit margin). Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₫395 (vs ₫564 in 3Q 2024) Third quarter 2025 results: EPS: ₫395 (down from ₫564 in 3Q 2024). Revenue: ₫78.8b (up 8.1% from 3Q 2024). Net income: ₫1.90b (down 30% from 3Q 2024). Profit margin: 2.4% (down from 3.7% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Declared Dividend • Oct 11
Dividend reduced to ₫850 Dividend of ₫850 is 5.6% lower than last year. Ex-date: 24th October 2025 Payment date: 6th November 2025 Dividend yield will be 6.3%, which is higher than the industry average of 5.6%. Sustainability & Growth Dividend is covered by earnings (83% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.0% per year over the past 4 years and payments have been stable during that time. Earnings per share has grown by 18% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Oct 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.8% to ₫13,500. The fair value is estimated to be ₫11,220, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.7% over the last 3 years. Earnings per share has grown by 3.0%. New Risk • Sep 07
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 51% 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 Risks High level of non-cash earnings (51% accrual ratio). Market cap is less than US$10m (₫62.4b market cap, or US$2.37m). Minor Risk Paying a dividend despite having no free cash flows. Announcement • Apr 30
PetroVietnam Packaging Joint Stock Company, Annual General Meeting, May 22, 2025 PetroVietnam Packaging Joint Stock Company, Annual General Meeting, May 22, 2025, at 09:00 SE Asia Standard Time. Location: lot a1-3, tra kha industrial park, ward 8, bac lieu city, Vietnam Reported Earnings • Jan 24
Full year 2024 earnings released: EPS: ₫1,696 (vs ₫1,337 in FY 2023) Full year 2024 results: EPS: ₫1,696 (up from ₫1,337 in FY 2023). Revenue: ₫370.2b (up 2.9% from FY 2023). Net income: ₫8.14b (up 1.5% from FY 2023). Profit margin: 2.2% (in line with FY 2023). Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Announcement • Dec 19
Duong Van Cop acquired 7.35% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) Duong Van Cop acquired 7.35% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) on December 10, 2024. A cash consideration will be paid by the buyer. As part of consideration, an undisclosed value is paid towards common equity of PetroVietnam Packaging Joint Stock Company.
Duong Van Cop completed the acquisition of 7.35% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) on December 10, 2024. Reported Earnings • Oct 22
Third quarter 2024 earnings released: EPS: ₫564 (vs ₫301 in 3Q 2023) Third quarter 2024 results: EPS: ₫564 (up from ₫301 in 3Q 2023). Revenue: ₫72.9b (down 16% from 3Q 2023). Net income: ₫2.71b (up 87% from 3Q 2023). Profit margin: 3.7% (up from 1.7% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 18
Upcoming dividend of ₫900 per share Eligible shareholders must have bought the stock before 25 October 2024. Payment date: 06 November 2024. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 6.3%. Lower than top quartile of Vietnamese dividend payers (8.3%). In line with average of industry peers (6.1%). Reported Earnings • Jul 24
Second quarter 2024 earnings released: EPS: ₫493 (vs ₫463 in 2Q 2023) Second quarter 2024 results: EPS: ₫493 (up from ₫463 in 2Q 2023). Revenue: ₫86.0b (up 9.6% from 2Q 2023). Net income: ₫2.37b (up 6.5% from 2Q 2023). Profit margin: 2.8% (in line with 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. New Risk • Jul 20
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 6.2% 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 Market cap is less than US$10m (₫71.5b market cap, or US$2.79m). 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 (6.2% average weekly change). Valuation Update With 7 Day Price Move • Jul 16
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to ₫16,000, the stock trades at a trailing P/E ratio of 9.6x. Average trailing P/E is 16x in the Packaging industry in Vietnam. Total returns to shareholders of 93% over the past three years. Buy Or Sell Opportunity • Jul 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to ₫13,100. The fair value is estimated to be ₫10,888, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 3.9%. Buy Or Sell Opportunity • Jun 10
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.2% to ₫13,100. The fair value is estimated to be ₫10,442, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years. Earnings per share has declined by 3.9%. Reported Earnings • Apr 24
First quarter 2024 earnings released: EPS: ₫232 (vs ₫230 in 1Q 2023) First quarter 2024 results: EPS: ₫232 (up from ₫230 in 1Q 2023). Revenue: ₫56.9b (up 51% from 1Q 2023). Net income: ₫1.11b (flat on 1Q 2023). Profit margin: 2.0% (down from 2.9% in 1Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Reported Earnings • Mar 09
Full year 2023 earnings released: EPS: ₫1,337 (vs ₫1,407 in FY 2022) Full year 2023 results: EPS: ₫1,337. Revenue: ₫359.7b (up 1.2% from FY 2022). Net income: ₫8.02b (up 19% from FY 2022). Profit margin: 2.2% (up from 1.9% in FY 2022). Buy Or Sell Opportunity • Jan 25
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 7.3% to ₫11,800. The fair value is estimated to be ₫9,759, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years, while earnings per share has been flat. Reported Earnings • Jan 24
Full year 2023 earnings released: EPS: ₫1,671 (vs ₫1,407 in FY 2022) Full year 2023 results: EPS: ₫1,671 (up from ₫1,407 in FY 2022). Revenue: ₫359.7b (up 1.2% from FY 2022). Net income: ₫8.02b (up 19% from FY 2022). Profit margin: 2.2% (up from 1.9% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. New Risk • Oct 25
New major risk - Revenue and earnings growth Earnings have declined by 1.5% 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 Earnings have declined by 1.5% per year over the past 5 years. Market cap is less than US$10m (₫55.7b market cap, or US$2.27m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Jul 25
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 7.1% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₫58.6b market cap, or US$2.47m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫12,800, the stock trades at a trailing P/E ratio of 10.7x. Average trailing P/E is 15x in the Packaging industry in Vietnam. Total returns to shareholders of 167% over the past three years. Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₫14,500, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 218% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 40% share price decline to ₫10,700, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 103% over the past three years. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment improved over the past week After last week's 24% share price gain to ₫20,200, the stock trades at a trailing P/E ratio of 16.9x. Average trailing P/E is 16x in the Packaging industry in Vietnam. Total returns to shareholders of 162% over the past three years. Reported Earnings • Oct 25
Third quarter 2022 earnings released Third quarter 2022 results: EPS: ₫19.00. Revenue: ₫53.7b (down 44% from 3Q 2021). Net income: ₫93.4m (down 92% from 3Q 2021). Profit margin: 0.2% (down from 1.3% in 3Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫20,100, the stock trades at a trailing P/E ratio of 12.9x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 161% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment improved over the past week After last week's 21% share price gain to ₫28,900, the stock trades at a trailing P/E ratio of 18.6x. Average trailing P/E is 18x in the Packaging industry in Vietnam. Total returns to shareholders of 268% over the past three years. Upcoming Dividend • Aug 30
Upcoming dividend of ₫850 per share Eligible shareholders must have bought the stock before 06 September 2022. Payment date: 14 September 2022. Trailing yield: 3.0%. Lower than top quartile of Vietnamese dividend payers (7.4%). Lower than average of industry peers (5.0%). Valuation Update With 7 Day Price Move • Aug 23
Investor sentiment improved over the past week After last week's 21% share price gain to ₫17,800, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 13x in the Packaging industry in Vietnam. Total returns to shareholders of 108% over the past three years. Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improved over the past week After last week's 27% share price gain to ₫15,100, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 16x in the Packaging industry in Vietnam. Total returns to shareholders of 66% over the past three years. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ₫799 (vs ₫675 in 2Q 2021) Second quarter 2022 results: EPS: ₫799 (up from ₫675 in 2Q 2021). Revenue: ₫121.8b (up 49% from 2Q 2021). Net income: ₫3.84b (up 18% from 2Q 2021). Profit margin: 3.1% (down from 4.0% 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 9% per year whereas the company’s share price has increased by 5% per year. Valuation Update With 7 Day Price Move • Jun 21
Investor sentiment deteriorated over the past week After last week's 23% share price decline to ₫9,100, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 10x in the Packaging industry in Vietnam. Total returns to shareholders of 3.1% over the past three years. Valuation Update With 7 Day Price Move • Jun 07
Investor sentiment deteriorated over the past week After last week's 24% share price decline to ₫13,100, the stock trades at a trailing P/E ratio of 9.2x. Average trailing P/E is 10x in the Packaging industry in Vietnam. Total returns to shareholders of 48% over the past three years. Buying Opportunity • Jun 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 67%. The fair value is estimated to be ₫18,539, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has declined by 4.7%. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫18,700, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 11x in the Packaging industry in Vietnam. Total returns to shareholders of 114% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: ₫240 (vs ₫19.00 in 1Q 2021) First quarter 2022 results: EPS: ₫240 (up from ₫19.00 in 1Q 2021). Revenue: ₫40.6b (down 30% from 1Q 2021). Net income: ₫1.15b (up ₫1.06b from 1Q 2021). Profit margin: 2.8% (up from 0.2% in 1Q 2021). 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 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment deteriorated over the past week After last week's 31% share price decline to ₫29,600, the stock trades at a trailing P/E ratio of 24.5x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 238% over the past three years. Valuation Update With 7 Day Price Move • Apr 01
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫37,800, the stock trades at a trailing P/E ratio of 31.3x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 332% over the past three years. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 46% share price gain to ₫43,000, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 13x in the Packaging industry in Vietnam. Total returns to shareholders of 318% 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 18% share price gain to ₫15,000, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 30% over the past three years. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₫330.0b (up 19% from FY 2020). Net income: ₫5.80b (up 4.2% from FY 2020). Profit margin: 1.8% (down from 2.0% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. 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 ₫14,500, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 74% over the past three years. Valuation Update With 7 Day Price Move • Sep 20
Investor sentiment improved over the past week After last week's 18% share price gain to ₫11,300, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total returns to shareholders of 41% 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 15% share price gain to ₫9,800, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total returns to shareholders of 22% over the past three years. Reported Earnings • Jul 28
Second quarter 2020 earnings released: EPS ₫80.00 (vs ₫101 in 2Q 2019) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2020 results: Revenue: ₫54.2b (down 22% from 2Q 2019). Net income: ₫383.2m (down 17% from 2Q 2019). Profit margin: 0.7% (in line with 2Q 2019). Reported Earnings • Jul 24
Second quarter 2020 earnings released: EPS ₫80.00 (vs ₫101 in 2Q 2019) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2020 results: Revenue: ₫54.2b (down 22% from 2Q 2019). Net income: ₫383.2m (down 17% from 2Q 2019). Profit margin: 0.7% (in line with 2Q 2019). 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 ₫8,400, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total loss to shareholders of 15% over the past three years. Upcoming Dividend • Jun 25
Inaugural dividend of ₫800 per share Eligible shareholders must have bought the stock before 02 July 2021. Payment date: 29 July 2021. This is the first dividend for PetroVietnam Packaging since going public. The average dividend yield among industry peers is 5.8%. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improved over the past week After last week's 19% share price gain to ₫8,600, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total loss to shareholders of 4.4% over the past three years. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫9,000, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total loss to shareholders of 2.3% over the past three years. Announcement • Mar 16
An unknown buyer agreed to acquire 6.06% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) from Phung Van Phat. An unknown buyer acquired 6.06% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) from Phung Van Phat on March 9, 2021. Under the terms Phung Van Phat sold 290,795 shares and is no longer shareholder in PetroVietnam Packaging Joint Stock Company
An unknown buyer completed the acquisition of 6.06% stake in PetroVietnam Packaging Joint Stock Company (HNX:PBP) from Phung Van Phat on March 9, 2021. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 23% share price gain to ₫10,000, the stock is trading at a trailing P/E ratio of 8.1x, up from the previous P/E ratio of 6.6x. This compares to an average P/E of 8x in the Packaging industry in Vietnam. Total returns to shareholders over the past three years are 18%. Is New 90 Day High Low • Mar 11
New 90-day high: ₫9,100 The company is up 23% from its price of ₫7,400 on 11 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Packaging industry, which is down 5.0% over the same period. Is New 90 Day High Low • Feb 01
New 90-day low: ₫7,000 The company is down 1.0% from its price of ₫7,100 on 02 November 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 3.0% over the same period. Is New 90 Day High Low • Jan 05
New 90-day high: ₫8,800 The company is up 2.0% from its price of ₫8,600 on 06 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 14% over the same period. Reported Earnings • Oct 28
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫5.95b, up 22% from the prior year. Total revenue was ₫217.6b over the last 12 months, down 5.8% from the prior year. Is New 90 Day High Low • Oct 02
New 90-day high: ₫7,900 The company is up 5.0% from its price of ₫7,500 on 03 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 22% over the same period.