Reported Earnings • May 11
First quarter 2026 earnings released: EPS: ₫727 (vs ₫972 in 1Q 2025) First quarter 2026 results: EPS: ₫727 (down from ₫972 in 1Q 2025). Revenue: ₫744.4b (down 27% from 1Q 2025). Net income: ₫123.4b (down 25% from 1Q 2025). Profit margin: 17% (in line with 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 9% per year. Reported Earnings • Apr 04
Full year 2025 earnings released: EPS: ₫4,065 (vs ₫4,824 in FY 2024) Full year 2025 results: EPS: ₫4,065 (down from ₫4,824 in FY 2024). Revenue: ₫4.13t (down 4.5% from FY 2024). Net income: ₫694.5b (down 10.0% from FY 2024). Profit margin: 17% (down from 18% in FY 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 12% per year whereas the company’s share price has fallen by 7% per year. Buy Or Sell Opportunity • Apr 01
Now 23% overvalued Over the last 90 days, the stock has fallen 4.0% to ₫41,100. The fair value is estimated to be ₫33,541, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 16%. Buy Or Sell Opportunity • Mar 10
Now 23% overvalued Over the last 90 days, the stock has fallen 13% to ₫41,000. The fair value is estimated to be ₫33,382, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 11% over the last 3 years. Earnings per share has declined by 16%. Announcement • Feb 10
Vicostone Joint Stock Company, Annual General Meeting, Apr 10, 2026 Vicostone Joint Stock Company, Annual General Meeting, Apr 10, 2026. Location: vinstone jsc, hoa lac high-tech park, hoa lac commune, hanoi Vietnam Upcoming Dividend • Dec 09
Upcoming dividend of ₫1,800 per share Eligible shareholders must have bought the stock before 16 December 2025. Payment date: 25 December 2025. Payout ratio is a comfortable 49% and the cash payout ratio is 83%. Trailing yield: 7.5%. Within top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (4.9%). Reported Earnings • Nov 05
Third quarter 2025 earnings released: EPS: ₫794 (vs ₫959 in 3Q 2024) Third quarter 2025 results: EPS: ₫794 (down from ₫959 in 3Q 2024). Revenue: ₫924.9b (down 4.8% from 3Q 2024). Net income: ₫134.6b (down 17% from 3Q 2024). Profit margin: 15% (down from 17% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Reported Earnings • Aug 05
Second quarter 2025 earnings released: EPS: ₫1,206 (vs ₫1,505 in 2Q 2024) Second quarter 2025 results: EPS: ₫1,206 (down from ₫1,505 in 2Q 2024). Revenue: ₫1.12t (down 4.8% from 2Q 2024). Net income: ₫210.1b (down 16% from 2Q 2024). Profit margin: 19% (down from 21% in 2Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. New Risk • Apr 10
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 Earnings have declined by 13% per year over the past 5 years. 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). Reported Earnings • Apr 08
Full year 2024 earnings released: EPS: ₫4,824 (vs ₫5,041 in FY 2023) Full year 2024 results: EPS: ₫4,824 (down from ₫5,041 in FY 2023). Revenue: ₫4.32t (flat on FY 2023). Net income: ₫771.8b (down 4.3% from FY 2023). Profit margin: 18% (in line with FY 2023). Over the last 3 years on average, earnings per share has fallen by 29% per year whereas the company’s share price has fallen by 27% per year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫47,200, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 16x in the Basic Materials industry in Asia. Total loss to shareholders of 49% over the past three years. Announcement • Feb 20
Vicostone Joint Stock Company, Annual General Meeting, Apr 10, 2025 Vicostone Joint Stock Company, Annual General Meeting, Apr 10, 2025. Location: vicostone joint stock company, hoa lac high-tech park, thach hoa commune, thach that district, hanoi Vietnam Reported Earnings • Feb 07
Full year 2024 earnings released: EPS: ₫4,824 (vs ₫5,041 in FY 2023) Full year 2024 results: EPS: ₫4,824. Revenue: ₫4.32t (flat on FY 2023). Net income: ₫807.1b (flat on FY 2023). Profit margin: 19% (in line with FY 2023). Reported Earnings • Nov 03
Third quarter 2024 earnings released: EPS: ₫959 (vs ₫1,149 in 3Q 2023) Third quarter 2024 results: EPS: ₫959 (down from ₫1,149 in 3Q 2023). Revenue: ₫971.6b (down 5.5% from 3Q 2023). Net income: ₫161.9b (down 17% from 3Q 2023). Profit margin: 17% (down from 19% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Reported Earnings • Aug 02
Second quarter 2024 earnings released: EPS: ₫1,505 (vs ₫1,343 in 2Q 2023) Second quarter 2024 results: EPS: ₫1,505 (up from ₫1,343 in 2Q 2023). Revenue: ₫1.17t (up 3.2% from 2Q 2023). Net income: ₫251.2b (up 12% from 2Q 2023). Profit margin: 21% (up from 20% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 30% per year but the company’s share price has only fallen by 18% per year, which means it has not declined as severely as earnings. New Risk • Jul 01
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 Earnings have declined by 7.3% per year over the past 5 years. 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 • Jun 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫79,000, the stock trades at a trailing P/E ratio of 15.4x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total loss to shareholders of 4.9% over the past three years. Reported Earnings • May 07
First quarter 2024 earnings released: EPS: ₫1,227 (vs ₫1,138 in 1Q 2023) First quarter 2024 results: EPS: ₫1,227 (up from ₫1,138 in 1Q 2023). Revenue: ₫1.07t (up 3.9% from 1Q 2023). Net income: ₫204.7b (up 7.7% from 1Q 2023). Profit margin: 19% (in line with 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: ₫5,041 (vs ₫6,425 in FY 2022) Full year 2023 results: EPS: ₫5,041 (down from ₫6,425 in FY 2022). Revenue: ₫4.35t (down 23% from FY 2022). Net income: ₫846.4b (down 18% from FY 2022). Profit margin: 19% (up from 18% in FY 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Buying Opportunity • Jan 17
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.4%. The fair value is estimated to be ₫68,468, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 19%. Buying Opportunity • Dec 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be ₫69,101, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 19%. Buying Opportunity • Nov 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 11%. The fair value is estimated to be ₫70,530, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 19%. Reported Earnings • Nov 02
Third quarter 2023 earnings released: EPS: ₫1,149 (vs ₫1,129 in 3Q 2022) Third quarter 2023 results: EPS: ₫1,149. Revenue: ₫1.03t (down 6.1% from 3Q 2022). Net income: ₫194.9b (down 3.1% from 3Q 2022). Profit margin: 19% (in line with 3Q 2022). Buying Opportunity • Oct 19
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be ₫72,721, 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. Earnings per share has declined by 11%. Reported Earnings • Jul 29
Second quarter 2023 earnings released: EPS: ₫1,343 (vs ₫2,062 in 2Q 2022) Second quarter 2023 results: EPS: ₫1,343 (down from ₫2,062 in 2Q 2022). Revenue: ₫1.14t (down 34% from 2Q 2022). Net income: ₫224.4b (down 39% from 2Q 2022). Profit margin: 20% (down from 21% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 4% per year, which means it is well ahead of earnings. Reported Earnings • May 10
First quarter 2023 earnings released: EPS: ₫1,138 (vs ₫2,069 in 1Q 2022) First quarter 2023 results: EPS: ₫1,138 (down from ₫2,069 in 1Q 2022). Revenue: ₫1.03t (down 36% from 1Q 2022). Net income: ₫190.1b (down 49% from 1Q 2022). Profit margin: 18% (down from 23% in 1Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 5% per year whereas the company’s share price has fallen by 9% per year. Buying Opportunity • Apr 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 7.2%. The fair value is estimated to be ₫64,878, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.3% over the last 3 years, while earnings per share has been flat. Reported Earnings • Feb 08
Full year 2022 earnings released: EPS: ₫6,425 (vs ₫9,892 in FY 2021) Full year 2022 results: EPS: ₫6,425 (down from ₫9,892 in FY 2021). Revenue: ₫5.66t (down 21% from FY 2021). Net income: ₫1.15t (down 27% from FY 2021). Profit margin: 20% (down from 22% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₫59,400, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total loss to shareholders of 11% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 18% share price gain to ₫53,300, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total loss to shareholders of 21% 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. 6 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). GM & Director Pham Tuan 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 10
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫42,600, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total loss to shareholders of 43% over the past three years. Reported Earnings • Nov 02
Third quarter 2022 earnings released: EPS: ₫1,129 (vs ₫2,697 in 3Q 2021) Third quarter 2022 results: EPS: ₫1,129 (down from ₫2,697 in 3Q 2021). Revenue: ₫1.10t (down 41% from 3Q 2021). Net income: ₫201.2b (down 59% from 3Q 2021). Profit margin: 18% (down from 26% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Basic Materials industry in Asia. 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 18% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫47,700, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total loss to shareholders of 38% over the past three years. Reported Earnings • Aug 04
Second quarter 2022 earnings released: EPS: ₫2,062 (vs ₫2,516 in 2Q 2021) Second quarter 2022 results: EPS: ₫2,062 (down from ₫2,516 in 2Q 2021). Revenue: ₫1.73t (down 3.8% from 2Q 2021). Net income: ₫369.7b (down 18% from 2Q 2021). Profit margin: 21% (down from 25% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
First quarter 2022 earnings released: EPS: ₫2,069 (vs ₫2,067 in 1Q 2021) First quarter 2022 results: EPS: ₫2,069 (up from ₫2,067 in 1Q 2021). Revenue: ₫1.61t (up 3.9% from 1Q 2021). Net income: ₫371.0b (flat on 1Q 2021). Profit margin: 23% (in line with 1Q 2021). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. 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. 8 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). GM & Director Pham Tuan 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 • Feb 08
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₫9,890 (up from ₫8,251 in FY 2020). Revenue: ₫7.07t (up 25% from FY 2020). Net income: ₫1.77t (up 34% from FY 2020). Profit margin: 25% (up from 23% in FY 2020). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.6%. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 29
Second quarter 2021 earnings released: EPS ₫2,516 (vs ₫1,521 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫1.79t (up 59% from 2Q 2020). Net income: ₫448.5b (up 75% from 2Q 2020). Profit margin: 25% (up from 23% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year whereas the company’s share price has increased by 12% per year. Upcoming Dividend • Jun 07
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 14 June 2021. Payment date: 23 June 2021. Trailing yield: 5.8%. Lower than top quartile of Vietnamese dividend payers (7.7%). Lower than average of industry peers (6.5%). Reported Earnings • May 06
First quarter 2021 earnings released: EPS ₫2,067 (vs ₫1,700 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫1.55t (up 13% from 1Q 2020). Net income: ₫370.8b (up 22% from 1Q 2020). Profit margin: 24% (up from 22% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Reported Earnings • Mar 27
Full year 2020 earnings released: EPS ₫8,004 (vs ₫7,870 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫5.66t (up 1.7% from FY 2019). Net income: ₫1.43t (up 10.0% from FY 2019). Profit margin: 25% (up from 23% in FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Mar 10
New 90-day high: ₫90,700 The company is up 17% from its price of ₫77,796 on 10 December 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 16% over the same period. Reported Earnings • Jan 30
Full year 2020 earnings released: EPS ₫8,251 (vs ₫7,870 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫5.66t (up 1.7% from FY 2019). Net income: ₫1.43t (up 10.0% from FY 2019). Profit margin: 25% (up from 23% in FY 2019). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫70,300, the stock is trading at a trailing P/E ratio of 9.2x, down from the previous P/E ratio of 11.1x. This compares to an average P/E of 9x in the Basic Materials industry in Vietnam. Total return to shareholders over the past three years is a loss of 23%. Is New 90 Day High Low • Jan 11
New 90-day high: ₫91,300 The company is up 20% from its price of ₫76,200 on 13 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Basic Materials industry, which is up 16% over the same period. Is New 90 Day High Low • Dec 14
New 90-day high: ₫82,000 The company is up 21% from its price of ₫67,800 on 15 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 14% over the same period. Is New 90 Day High Low • Nov 19
New 90-day high: ₫79,200 The company is up 25% from its price of ₫63,600 on 21 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 19% over the same period. Reported Earnings • Nov 04
Third quarter 2020 earnings released: EPS ₫2,392 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₫1.51t (up 2.2% from 3Q 2019). Net income: ₫402.7b (up 15% from 3Q 2019). Profit margin: 27% (up from 24% in 3Q 2019). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 30
New 90-day high: ₫73,200 The company is up 18% from its price of ₫62,000 on 02 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 8.0% over the same period. 
