New Risk • Apr 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 128% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.5x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (₫937.5b market cap, or US$35.6m). Announcement • Mar 30
CMC Joint Stock Company, Annual General Meeting, Apr 22, 2026 CMC Joint Stock Company, Annual General Meeting, Apr 22, 2026, at 08:00 SE Asia Standard Time. Location: lot b10-11, thuy van industrial park, phu tho province, Vietnam New Risk • Jan 29
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 5.9% 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 (0.7x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₫1.04t market cap, or US$39.6m). Board Change • Dec 12
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Supervisory Board Ha Thu Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Nov 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 2.2% Last year net profit margin: 3.2% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 19% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₫1.02t market cap, or US$38.9m). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: ₫622 (vs ₫709 in 3Q 2024) Third quarter 2025 results: EPS: ₫622 (down from ₫709 in 3Q 2024). Revenue: ₫521.3b (up 14% from 3Q 2024). Net income: ₫22.8b (down 12% from 3Q 2024). Profit margin: 4.4% (down from 5.7% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Announcement • Apr 26
CMC Joint Stock Company, Annual General Meeting, Apr 23, 2025 CMC Joint Stock Company, Annual General Meeting, Apr 23, 2025, at 08:30 SE Asia Standard Time. Location: lots b10 - b11, thuy van industrial zone, thuy van commune, viet tri city, Vietnam New Risk • Apr 08
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 319% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.8x net interest cover). Earnings have declined by 20% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₫1.01t market cap, or US$39.6m). Board Change • Jan 24
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 3 non-independent directors. Member of the Supervisory Board Ha Thu Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 15
CMC Joint Stock Company Approves Board Changes On January 14, 2025, CMC Joint Stock Company issued the resolution of the Extraordinary General Meeting of 2024 to approve the following contents: Approve the resignation of Ms. Nguyen Thi Huyen and Ms. Nguyen Thi Minh Huyen as member of the Supervisory Board. Approve the additional election of Ms. Pham Thi Thu Hang and Ms. Nguyen Thi Thu Ha as member of the Supervisory Board from January 14, 2025. Reported Earnings • Nov 04
Third quarter 2024 earnings released: EPS: ₫709 (vs ₫488 in 3Q 2023) Third quarter 2024 results: EPS: ₫709 (up from ₫488 in 3Q 2023). Revenue: ₫456.5b (down 16% from 3Q 2023). Net income: ₫26.0b (up 45% from 3Q 2023). Profit margin: 5.7% (up from 3.3% in 3Q 2023). 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 13% per year, which means it has not declined as severely as earnings. 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 6.2% 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 Risks Interest payments are not well covered by earnings (0.7x net interest cover). Earnings have declined by 18% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.6% net profit margin). Market cap is less than US$100m (₫957.6b market cap, or US$39.3m). Reported Earnings • Aug 03
Second quarter 2024 earnings released: EPS: ₫614 (vs ₫992 in 2Q 2023) Second quarter 2024 results: EPS: ₫614 (down from ₫992 in 2Q 2023). Revenue: ₫431.7b (down 13% from 2Q 2023). Net income: ₫22.5b (down 38% from 2Q 2023). Profit margin: 5.2% (down from 7.3% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 21% 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 • May 07
First quarter 2024 earnings released: EPS: ₫483 (vs ₫14.00 in 1Q 2023) First quarter 2024 results: EPS: ₫483 (up from ₫14.00 in 1Q 2023). Revenue: ₫294.9b (down 17% from 1Q 2023). Net income: ₫17.7b (up ₫17.2b from 1Q 2023). Profit margin: 6.0% (up from 0.1% in 1Q 2023). Over the last 3 years on average, earnings per share has fallen by 17% 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. New Risk • Apr 14
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 211% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.7x net interest cover). Share price has been highly volatile over the past 3 months (6.8% average weekly change). Earnings have declined by 15% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (2.2% net profit margin). Market cap is less than US$100m (₫1.08t market cap, or US$43.1m). Announcement • Apr 05
CMC Joint Stock Company, Annual General Meeting, Apr 23, 2024 CMC Joint Stock Company, Annual General Meeting, Apr 23, 2024, at 01:00 Coordinated Universal Time. Location: Lot B10-B11, Thuy Van Industrial Park, Thuy Van commune, Viet Tri city Phu Tho Vietnam Board Change • Feb 26
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 4 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Deputy Chairman of the Board Huy Nguyen is the most experienced director on 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 03
Full year 2023 earnings released: EPS: ₫1,107 (vs ₫2,588 in FY 2022) Full year 2023 results: EPS: ₫1,107 (down from ₫2,588 in FY 2022). Revenue: ₫1.83t (down 9.4% from FY 2022). Net income: ₫40.6b (down 57% from FY 2022). Profit margin: 2.2% (down from 4.7% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Announcement • Jan 08
CMC Joint Stock Company Announces Change in Deputy CEO CMC Joint Stock Company announced the appointment of Mr. Tran Huy Anh as Deputy CEO. The resignation of Mr. Vu Duc Ho Vien as Deputy CEO. Effective from 4 January 2023. Reported Earnings • Nov 04
Third quarter 2023 earnings released: EPS: ₫488 (vs ₫782 in 3Q 2022) Third quarter 2023 results: EPS: ₫488 (down from ₫782 in 3Q 2022). Revenue: ₫541.0b (down 7.2% from 3Q 2022). Net income: ₫17.9b (down 38% from 3Q 2022). Profit margin: 3.3% (down from 4.9% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Reported Earnings • May 09
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫357.0b (down 17% from 1Q 2022). Net income: ₫509.3m (down 97% from 1Q 2022). Profit margin: 0.1% (down from 4.4% in 1Q 2022). 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 30% per year, which means it is well ahead of earnings. Board Change • Apr 27
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 2 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Deputy Chairman of the Board Huy Nguyen is the most experienced director on 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. Lack of board continuity. Lack of experienced directors. Reported Earnings • Feb 02
Full year 2022 earnings released Full year 2022 results: Revenue: ₫2.02t (up 40% from FY 2021). Net income: ₫92.8b (down 1.4% from FY 2021). Profit margin: 4.6% (down from 6.5% in FY 2021). The decrease in margin was driven by higher expenses. Board Change • Dec 21
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Deputy Chairman of the Board Huy Nguyen is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Sep 22
CMC Joint Stock Company Announces Resignation of Tran Thi Hoa Le as Administration Cum Secretary CMC Joint Stock Company announced the resignation of Ms. Tran Thi Hoa Le as administration cum secretary, Effective date: September 19, 2022. Announcement • Aug 05
CMC Joint Stock Company Do Phuc Vien as Deputy CEO CMC Joint Stock Company announced the resignation of Mr. Do Phuc Vien as Deputy CEO, effective date is August 01, 2022. Board Change • Apr 27
No independent directors There are 7 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 7 new directors. 5 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Deputy Chairman of the Board Huy Nguyen is the most experienced director on the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Announcement • Mar 04
CMC Joint Stock Company Announces Executive Changes On February 25, 2022, the BOD of CMC Joint Stock Company approved the personnel change as follows: approving the appointment of Mr. Vu Quoc Toan as Deputy Chief Executive Officer from March 01, 2022; and approving the appointment of Mr. Vu Duc Ho Vien as Deputy Chief Executive Officer from March 01, 2022. Announcement • Feb 25
CMC Joint Stock Company, Annual General Meeting, Apr 01, 2022 CMC Joint Stock Company, Annual General Meeting, Apr 01, 2022. Reported Earnings • Feb 09
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: ₫2,550 (down from ₫3,123 in FY 2020). Revenue: ₫1.44t (up 9.8% from FY 2020). Net income: ₫93.6b (down 18% from FY 2020). Profit margin: 6.5% (down from 8.8% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) missed analyst estimates by 12%. 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 26% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Nov 26
Investor sentiment improved over the past week After last week's 22% share price gain to ₫46,950, the stock trades at a trailing P/E ratio of 17x. Average trailing P/E is 14x in the Basic Materials industry in Vietnam. Total returns to shareholders of 170% over the past three years. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS ₫1,070 (vs ₫1,156 in 3Q 2020) The company reported a poor third quarter result with weaker earnings and revenues, although profit margins were flat. Third quarter 2021 results: Revenue: ₫389.4b (down 3.9% from 3Q 2020). Net income: ₫39.3b (down 7.4% from 3Q 2020). Profit margin: 10% (in line with 3Q 2020). 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 18% per year, which means it is well ahead of earnings. Executive Departure • Sep 07
Member of the Supervisory Board Tran Hiep has left the company On the 30th of August, Tran Hiep's tenure as Member of the Supervisory Board ended. We don't have any record of a personal shareholding under Tran's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 07
Director Bui Minh has left the company On the 30th of August, Bui Minh's tenure as Director ended. We don't have any record of a personal shareholding under Bui's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 07
Director Hoang Viet has left the company On the 30th of August, Hoang Viet's tenure as Director ended. We don't have any record of a personal shareholding under Hoang's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Executive Departure • Sep 07
Director Phan Thi Thao has left the company On the 30th of August, Phan Thi Thao's tenure as Director ended. We don't have any record of a personal shareholding under Phan Thi's name. A total of 4 executives have left over the last 12 months. The current median tenure of the management team is 1.50 years, which is considered inexperienced in the Simply Wall St Risk Model. Reported Earnings • Jul 22
Second quarter 2021 earnings released The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫318.2b (down 6.1% from 2Q 2020). Net income: ₫31.2b (down 24% from 2Q 2020). Profit margin: 9.8% (down from 12% in 2Q 2020). The decrease in margin was driven by lower revenue. 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 17% per year, which means it is well ahead of earnings. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫49.00 (vs ₫34.00 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: ₫262.5b (up 62% from 1Q 2020). Net income: ₫1.80b (up 44% from 1Q 2020). Profit margin: 0.7% (down from 0.8% in 1Q 2020). The decrease in margin was driven by higher expenses. 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 7% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 12
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 06 May 2021. Trailing yield: 3.3%. Lower than top quartile of Vietnamese dividend payers (7.2%). Lower than average of industry peers (5.2%). Valuation Update With 7 Day Price Move • Mar 24
Investor sentiment improved over the past week After last week's 21% share price gain to ₫54,700, the stock trades at a trailing P/E ratio of 17.5x. Average forward P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 85% over the past three years. Reported Earnings • Mar 10
Full year 2020 earnings released: EPS ₫3,123 (vs ₫4,263 in FY 2019) The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫1.31t (down 11% from FY 2019). Net income: ₫114.6b (down 27% from FY 2019). Profit margin: 8.8% (down from 11% in FY 2019). 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 but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Analyst Estimate Surprise Post Earnings • Mar 10
Revenue beats expectations, earnings disappoint Revenue exceeded analyst estimates by 8.1%. Earnings per share (EPS) missed analyst estimates by 12%. Over the next year, revenue is forecast to grow 17%, compared to a 13% growth forecast for the Basic Materials industry in Vietnam. Is New 90 Day High Low • Mar 03
New 90-day high: ₫46,400 The company is up 4.0% from its price of ₫44,650 on 03 December 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫1,665,187 per share. Valuation Update With 7 Day Price Move • Dec 05
Market pulls back on stock over the past week After last week's 19% share price decline to ₫41,550, the stock is trading at a trailing P/E ratio of 11.5x, down from the previous P/E ratio of 14.3x. This compares to an average P/E of 8x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 24%. Valuation Update With 7 Day Price Move • Nov 18
Market bids up stock over the past week After last week's 19% share price gain to ₫32,150, the stock is trading at a trailing P/E ratio of 8.9x, up from the previous P/E ratio of 7.5x. This compares to an average P/E of 8x in the Basic Materials industry in Vietnam. Total returns to shareholders over the past three years are 1.5%. Valuation Update With 7 Day Price Move • Nov 04
Market bids up stock over the past week After last week's 15% share price gain to ₫25,800, the stock is trading at a trailing P/E ratio of 7.2x, up from the previous P/E ratio of 6.2x. 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 17%. Is New 90 Day High Low • Oct 30
New 90-day high: ₫25,600 The company is up 45% from its price of ₫17,600 on 31 July 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 20% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫17,696 per share. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫129.3b, down 15% from the prior year. Total revenue was ₫1.33t over the last 12 months, down 12% from the prior year. Is New 90 Day High Low • Oct 02
New 90-day high: ₫21,050 The company is up 21% from its price of ₫17,350 on 03 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 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫354,622 per share. 
