Reported Earnings • 16h
Second quarter 2026 earnings released: EPS: ₫362 (vs ₫294 in 2Q 2025) Second quarter 2026 results: EPS: ₫362 (up from ₫294 in 2Q 2025). Revenue: ₫2.26t (up 17% from 2Q 2025). Net income: ₫138.2b (up 23% from 2Q 2025). Profit margin: 6.1% (up from 5.8% in 2Q 2025). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 106% per year but the company’s share price has fallen by 10% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫204 (vs ₫24.00 loss in 1Q 2025) First quarter 2026 results: EPS: ₫204 (up from ₫24.00 loss in 1Q 2025). Revenue: ₫1.86t (up 17% from 1Q 2025). Net income: ₫77.8b (up ₫87.0b from 1Q 2025). Profit margin: 4.2% (up from net loss in 1Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 109% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 24
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: ₫717 (up from ₫101 in FY 2024). Revenue: ₫7.36t (up 7.0% from FY 2024). Net income: ₫273.7b (up ₫235.3b from FY 2024). Profit margin: 3.7% (up from 0.6% in FY 2024). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) exceeded analyst estimates by 6.2%. Revenue is forecast to grow 4.5% p.a. on average during the next 3 years, compared to a 3.1% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. New Risk • Mar 09
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 5.8% 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 are forecast to decline by an average of 9.7% per year for the foreseeable future. Minor Risk Share price has been volatile over the past 3 months (5.8% average weekly change). New Risk • Feb 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. New Risk • Feb 20
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 9.7% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. This is currently the only risk that has been identified for the company. Announcement • Jan 29
Vicem Ha Tien Cement Joint Stock Company, Annual General Meeting, Apr 15, 2026 Vicem Ha Tien Cement Joint Stock Company, Annual General Meeting, Apr 15, 2026. Location: meeting hall of vicem bim son packaging jsc, bim son ward, thanh hoa province, Vietnam Reported Earnings • Oct 21
Third quarter 2025 earnings released: EPS: ₫224 (vs ₫59.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫224 (up from ₫59.00 in 3Q 2024). Revenue: ₫1.87t (up 14% from 3Q 2024). Net income: ₫85.7b (up 280% from 3Q 2024). Profit margin: 4.6% (up from 1.4% in 3Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.8% p.a. on average during the next 3 years, compared to a 2.6% growth forecast for the Basic Materials industry in Asia. 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 25% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Sep 05
Upcoming dividend of ₫100.00 per share Eligible shareholders must have bought the stock before 12 September 2025. Payment date: 17 October 2025. The company last paid an ordinary dividend in September 2017. The average dividend yield among industry peers is 6.5%. Announcement • Aug 22
Vicem Ha Tien Cement Joint Stock Company announces Annual dividend, payable on October 17, 2025 Vicem Ha Tien Cement Joint Stock Company announced Annual dividend of VND 100.0000 per share payable on October 17, 2025, ex-date on September 12, 2025 and record date on September 15, 2025. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫16,750, the stock trades at a trailing P/E ratio of 45x. Average forward P/E is 15x in the Basic Materials industry in Vietnam. Total returns to shareholders of 8.2% over the past three years. Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: ₫294 (vs ₫120 in 2Q 2024) Second quarter 2025 results: EPS: ₫294 (up from ₫120 in 2Q 2024). Revenue: ₫1.93t (up 1.2% from 2Q 2024). Net income: ₫112.3b (up 145% from 2Q 2024). Profit margin: 5.8% (up from 2.4% in 2Q 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Apr 15
VICEM Ha Tien Cement Joint Stock Company Announces Appointment of Nguyen Truong Vu as Chief Accountant Cum Head of Finance and Accounting Department, Effective from April 15, 2025 On April 11, 2025, VICEM Ha Tien Cement Joint Stock Company announced the appointment of Mr. Nguyen Truong Vu as Chief Accountant cum Head of Finance and Accounting Department. Effective from April 15, 2025. Announcement • Apr 14
VICEM Ha Tien Cement Joint Stock Company Announces the Appointment of Lam Hien Dat as Deputy General Director, Effective April 10, 2025 On April 10, 2025, VICEM Ha Tien Cement Joint Stock Company announces the appointment of Mr. Lam Hien Dat as Deputy General Director. Effective from April 10, 2025. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫9,860, the stock trades at a forward P/E ratio of 30x. Average forward P/E is 14x in the Basic Materials industry in Asia. Total loss to shareholders of 58% over the past three years. Buy Or Sell Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 16% to ₫9,860. The fair value is estimated to be ₫12,935, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.7% over the last 3 years. Earnings per share has declined by 44%. Revenue is forecast to grow by 5.7% in a year. Earnings are forecast to grow by 108% in the next year. Reported Earnings • Mar 19
Full year 2024 earnings: EPS exceeds analyst expectations Full year 2024 results: EPS: ₫158 (up from ₫1.60 in FY 2023). Revenue: ₫6.88t (down 2.3% from FY 2023). Net income: ₫60.1b (up ₫59.5b from FY 2023). Profit margin: 0.9% (up from 0% in FY 2023). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 5.9%. Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Announcement • Mar 12
Ha Tien 1 Cement Joint Stock Company, Annual General Meeting, Apr 25, 2025 Ha Tien 1 Cement Joint Stock Company, Annual General Meeting, Apr 25, 2025. New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 55% 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 Risk Earnings have declined by 55% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Price Target Changed • Oct 25
Price target increased by 15% to ₫13,600 Up from ₫11,850, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ₫11,500. The company posted earnings per share of ₫46.46 last year. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings have declined by 53% 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 Risk Earnings have declined by 53% per year over the past 5 years. Minor Risk Paying a dividend despite being loss-making. Reported Earnings • Oct 19
Third quarter 2024 earnings released: EPS: ₫59.00 (vs ₫27.00 loss in 3Q 2023) Third quarter 2024 results: EPS: ₫59.00 (up from ₫27.00 loss in 3Q 2023). Revenue: ₫1.64t (up 3.9% from 3Q 2023). Net income: ₫22.5b (up ₫32.9b from 3Q 2023). Profit margin: 1.4% (up from net loss in 3Q 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 43 percentage points per year, which is a significant difference in performance. Announcement • Aug 19
Ha Tien 1 Cement Joint Stock Company Provides Earnings Guidance for the Year 2024 Ha Tien 1 Cement Joint Stock Company provided earnings guidance for the year 2024. For the year 2024, the company expected revenue and other income to be VND 7,031,973 million and Profit after tax to be VND 23,204 million. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫120 (vs ₫154 in 2Q 2023) Second quarter 2024 results: EPS: ₫120 (down from ₫154 in 2Q 2023). Revenue: ₫1.91t (down 4.5% from 2Q 2023). Net income: ₫45.8b (down 22% from 2Q 2023). Profit margin: 2.4% (down from 2.9% in 2Q 2023). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to remain flat. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 81 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 24
First quarter 2024 earnings released: ₫65.00 loss per share (vs ₫224 loss in 1Q 2023) First quarter 2024 results: ₫65.00 loss per share (improved from ₫224 loss in 1Q 2023). Revenue: ₫1.49t (down 12% from 1Q 2023). Net loss: ₫24.7b (loss narrowed 71% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 69 percentage points per year, which is a significant difference in performance. New Risk • Apr 17
New minor risk - Dividend sustainability The dividend is not well covered by earnings. Dividend per share is over 9x earnings per share. Dividend yield: 3.4% This is considered a minor risk. Companies that pay out too much of their earnings are at risk of having to reduce or cut their dividend in future. If earnings growth slows or earnings fall, then there may not be enough earnings to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. However, this risk is mitigated by the fact the dividend is covered by cash flows. 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 Earnings have declined by 40% per year over the past 5 years. Minor Risks Dividend is not well covered by earnings (dividend per share is over 9x earnings per share). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.3% net profit margin). New Risk • Apr 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% 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 Risk Earnings have declined by 38% 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 (0.3% net profit margin). New Risk • Apr 09
New major risk - Revenue and earnings growth Earnings have declined by 38% 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 Risk Earnings have declined by 38% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.2% net profit margin). Announcement • Mar 14
Ha Tien 1 Cement Joint Stock Company, Annual General Meeting, Apr 24, 2024 Ha Tien 1 Cement Joint Stock Company, Annual General Meeting, Apr 24, 2024. New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings have declined by 38% 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 Risk Earnings have declined by 38% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Jan 21
Full year 2023 earnings released: EPS: ₫44.00 (vs ₫675 in FY 2022) Full year 2023 results: EPS: ₫44.00 (down from ₫675 in FY 2022). Revenue: ₫7.05t (down 21% from FY 2022). Net income: ₫16.9b (down 93% from FY 2022). Profit margin: 0.2% (down from 2.9% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 2.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 62 percentage points per year, which is a significant difference in performance. Major Estimate Revision • Dec 27
Consensus EPS estimates increase by 29%, revenue downgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from ₫7.62t to ₫7.51t. EPS estimate rose from ₫517 to ₫665. Net income forecast to grow 2,030% next year vs 34% growth forecast for Basic Materials industry in Vietnam. Consensus price target down from ₫12,633 to ₫12,200. Share price was steady at ₫12,100 over the past week. Announcement • Dec 12
Ha Tien 1 Cement Joint Stock Company Approves Appointment of Nguyen Quoc Thang as Deputy Chief Executive Officer On December 08, 2023, the BOD of VICEM Ha Tien Cement Joint Stock Company approved the appointment of Mr. Nguyen Quoc Thang as Deputy Chief Executive Officer, Effective from December 08, 2023. Upcoming Dividend • Oct 31
Upcoming dividend of ₫400 per share at 3.6% yield Eligible shareholders must have bought the stock before 07 November 2023. Payment date: 27 November 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 3.6%. Lower than top quartile of Vietnamese dividend payers (9.4%). Lower than average of industry peers (6.8%). New Risk • Oct 22
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 31% 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: Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.2% net profit margin). Reported Earnings • Oct 22
Third quarter 2023 earnings released: ₫27.00 loss per share (vs ₫95.00 profit in 3Q 2022) Third quarter 2023 results: ₫27.00 loss per share (down from ₫95.00 profit in 3Q 2022). Revenue: ₫1.58t (down 30% from 3Q 2022). Net loss: ₫10.4b (down 129% from profit in 3Q 2022). Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 1.4% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Announcement • Oct 17
Ha Tien 1 Cement Joint Stock Company Approves to Pay Dividend for the Year 2022, Payable on November 27, 2023 The Board resolution dated October 12, 2023, the Board of directors of VICEM Ha Tien Cement Joint Stock Company approved the record date for 2022 cash dividend payment as follows: Record date: November 08, 2023; Exercise ratio: 4%/share (VND 400 per share); and Payment time: November 27, 2023. Major Estimate Revision • Oct 14
Consensus EPS estimates fall by 38% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫8.72t to ₫8.48t. EPS estimate also fell from ₫739 per share to ₫461 per share. Net income forecast to grow 194% next year vs 30% growth forecast for Basic Materials industry in Vietnam. Consensus price target broadly unchanged at ₫12,633. Share price was steady at ₫13,800 over the past week. Announcement • Sep 29
Ha Tien 1 Cement Joint Stock Company Approves the Plan to Pay Cash Dividend for 2022, Payable on October 24, 2023 The Board resolution dated September 22, 2023, the BOD of VICEM Ha Tien Cement Joint Stock Company approved the plan to pay for 2022 cash dividend payment as follows: Record date: October 10, 2023; Exercise ratio: 4% per share (VND 400 dongs per share); Payment time: October 24, 2023. Buying Opportunity • Aug 17
Now 21% undervalued Over the last 90 days, the stock is up 14%. The fair value is estimated to be ₫20,015, 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 54%. Revenue is forecast to grow by 15% in 2 years. Earnings is forecast to grow by 530% in the next 2 years. Announcement • Jul 26
Ha Tien 1 Cement Joint Stock Company Appoints Bui Nguyen Quynh as Deputy CEO Ha Tien 1 Cement Joint Stock Company appointed Mrs. Bui Nguyen Quynh as Deputy CEO. Term: 2023-2028. Effective date: July 21, 2023. New Risk • Jul 23
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: 0.8% Last year net profit margin: 2.7% 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: Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (0.8% net profit margin). Reported Earnings • Jul 22
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫2.00t (down 16% from 2Q 2022). Net income: ₫58.7b (down 59% from 2Q 2022). Profit margin: 2.9% (down from 6.0% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 6.3% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Price Target Changed • May 11
Price target decreased by 7.5% to ₫14,377 Down from ₫15,542, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₫14,250. Stock is down 11% over the past year. The company is forecast to post earnings per share of ₫1,111 for next year compared to ₫675 last year. Reported Earnings • Apr 22
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫1.69t (down 14% from 1Q 2022). Net loss: ₫85.6b (down 446% from profit in 1Q 2022). Revenue is forecast to grow 3.7% p.a. on average during the next 3 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 fallen by 40% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Buying Opportunity • Mar 14
Now 23% undervalued Over the last 90 days, the stock is up 35%. The fair value is estimated to be ₫18,541, 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 34%. Revenue is forecast to decline by 1.7% in 2 years. Earnings is forecast to grow by 58% in the next 2 years. Buying Opportunity • Feb 22
Now 22% undervalued Over the last 90 days, the stock is up 64%. The fair value is estimated to be ₫18,025, 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 34%. Revenue is forecast to decline by 1.7% in 2 years. Earnings is forecast to grow by 58% in the next 2 years. Reported Earnings • Jan 19
Full year 2022 earnings released: EPS: ₫685 (vs ₫967 in FY 2021) Full year 2022 results: EPS: ₫685 (down from ₫967 in FY 2021). Revenue: ₫8.92t (up 26% from FY 2021). Net income: ₫261.4b (down 29% from FY 2021). Profit margin: 2.9% (down from 5.2% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 1.2% p.a. on average during the next 2 years, while revenues in the Basic Materials industry in Asia are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. 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 ₫12,900, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 14x in the Basic Materials industry in Asia. Total returns to shareholders of 1.2% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫18,179 per share. Announcement • Dec 24
Ha Tien 1 Cement Joint Stock Company Announces Executive Changes Ha Tien 1 Cement Joint Stock Company announces the change in personnel as follows: Mrs. Nguyen Thi Thanh Vuong: Former position in the organization: Newly appointed position: The person in charge of corporate governance, secretary, Term: 03 years, Effective date: December 20, 2022. The company also announced the resignation of Mrs. Dang Thi Phuong Tho effective from December 20, 2022. Resigned position: The person in charge of corporate governance, secretary. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₫10,200, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total loss to shareholders of 19% 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. 8 experienced directors. 2 highly experienced directors. No independent directors (6 non-independent directors). Head of Supervisory Board Huynh Thi Tran was the last director to join the board, commencing their role in 2018. 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 16% share price decline to ₫8,470, the stock trades at a forward P/E ratio of 10x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total loss to shareholders of 34% over the past three years. Valuation Update With 7 Day Price Move • Oct 26
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫9,470, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total loss to shareholders of 29% over the past three years. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: ₫95.00 (vs ₫52.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₫95.00 (up from ₫52.00 loss in 3Q 2021). Revenue: ₫2.26t (up 118% from 3Q 2021). Net income: ₫36.4b (up ₫56.1b from 3Q 2021). Profit margin: 1.6% (up from net loss in 3Q 2021). The move to profitability was driven by higher revenue. Revenue is forecast to stay flat during the next 3 years compared to a 10% growth forecast for the Basic Materials industry in Asia. Over the last 3 years on average, earnings per share has fallen by 31% 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. Price Target Changed • Oct 16
Price target decreased to ₫17,550 Down from ₫19,350, the current price target is an average from 4 analysts. New target price is 58% above last closing price of ₫11,100. Stock is down 55% over the past year. The company is forecast to post earnings per share of ₫833 for next year compared to ₫967 last year. Valuation Update With 7 Day Price Move • Oct 04
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫12,000, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Basic Materials industry in Asia. Negligible returns to shareholders over past three years. Upcoming Dividend • Sep 16
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 23 September 2022. Payment date: 26 October 2022. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 7.8%. Within top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (6.1%). Reported Earnings • Jul 25
Second quarter 2022 earnings released: EPS: ₫356 (vs ₫633 in 2Q 2021) Second quarter 2022 results: EPS: ₫356 (down from ₫633 in 2Q 2021). Revenue: ₫2.39t (up 5.6% from 2Q 2021). Net income: ₫135.9b (down 44% from 2Q 2021). Profit margin: 5.7% (down from 11% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 13%, compared to a 11% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫15,150, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total returns to shareholders of 14% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫27,037 per share. Major Estimate Revision • May 11
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₫8.08t to ₫8.25t. EPS estimate fell from ₫1,155 to ₫1,000 per share. Net income forecast to grow 63% next year vs 15% growth forecast for Basic Materials industry in Vietnam. Consensus price target down from ₫20,200 to ₫19,700. Share price fell 13% to ₫17,550 over the past week. Reported Earnings • Apr 27
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: EPS: ₫65.00 (down from ₫248 in 1Q 2021). Revenue: ₫1.96t (up 12% from 1Q 2021). Net income: ₫24.8b (down 74% from 1Q 2021). Profit margin: 1.3% (down from 5.4% in 1Q 2021). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 9.7%. Over the next year, revenue is forecast to grow 12%, compared to a 11% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. 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. 2 highly experienced directors. No independent directors (6 non-independent directors). Head of Supervisory Board Huynh Thi Tran was the last director to join the board, commencing their role in 2018. 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 20
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫20,900, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 12x in the Basic Materials industry in Asia. Total returns to shareholders of 60% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫30,062 per share. Buying Opportunity • Apr 15
Now 20% undervalued Over the last 90 days, the stock is up 6.0%. The fair value is estimated to be ₫29,876, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 5.7% over the last 3 years. Earnings per share has declined by 6.6%. For the next 3 years, revenue is forecast to grow by 5.4% per annum. Earnings is also forecast to grow by 21% per annum over the same time period. Reported Earnings • Jan 26
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₫969 (down from ₫1,593 in FY 2020). Revenue: ₫7.06t (down 11% from FY 2020). Net income: ₫369.9b (down 39% from FY 2020). Profit margin: 5.2% (down from 7.6% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 14%, compared to a 11% growth forecast for the industry in Vietnam. 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 7% per year, which means it is well ahead of earnings. Major Estimate Revision • Dec 15
Consensus EPS estimates fall by 22% The consensus outlook for earnings per share (EPS) in 2021 has deteriorated. 2021 revenue forecast decreased from ₫7.22t to ₫7.06t. EPS estimate also fell from ₫1,147 per share to ₫899 per share. Net income forecast to grow 20% next year vs 15% growth forecast for Basic Materials industry in Vietnam. Consensus price target broadly unchanged at ₫18,750. Share price fell 7.1% to ₫24,150 over the past week. Upcoming Dividend • Dec 02
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 09 December 2021. Payment date: 28 December 2021. Trailing yield: 4.5%. Lower than top quartile of Vietnamese dividend payers (6.1%). Higher than average of industry peers (3.8%). Price Target Changed • Oct 26
Price target increased to ₫18,767 Up from ₫17,000, the current price target is an average from 3 analysts. New target price is 23% below last closing price of ₫24,400. Stock is up 62% over the past year. The company is forecast to post earnings per share of ₫1,327 for next year compared to ₫1,593 last year. Reported Earnings • Oct 22
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and control over costs. Third quarter 2021 results: Revenue: ₫1.04t (down 48% from 3Q 2020). Net loss: ₫19.7b (down 113% from profit in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 4% 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 • Aug 30
Investor sentiment improved over the past week After last week's 16% share price gain to ₫21,600, the stock trades at a forward P/E ratio of 16x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total returns to shareholders of 121% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫33,308 per share. Valuation Update With 7 Day Price Move • Aug 12
Investor sentiment improved over the past week After last week's 15% share price gain to ₫18,800, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Basic Materials industry in Asia. Total returns to shareholders of 103% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫32,873 per share. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ₫631 (vs ₫546 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₫2.26t (up 11% from 2Q 2020). Net income: ₫240.7b (up 15% from 2Q 2020). Profit margin: 11% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 8% per year. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫248 (vs ₫274 in 1Q 2020) The company reported a poor first quarter result with weaker earnings and profit margins, although revenues were flat. First quarter 2021 results: Revenue: ₫1.74t (flat on 1Q 2020). Net income: ₫94.7b (down 9.5% from 1Q 2020). Profit margin: 5.4% (down from 6.0% in 1Q 2020). Over the last 3 years on average, earnings per share has increased by 7% per year whereas the company’s share price has increased by 9% per year. Major Estimate Revision • Mar 19
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate fell from ₫1,717 to ₫1,485 per share. Revenue forecast steady at ₫8.09t. Net income forecast to grow 3.5% next year vs 14% growth forecast for Basic Materials industry in Vietnam. Consensus price target broadly unchanged at ₫17,233. Share price was steady at ₫18,700 over the past week. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 1.5%. Earnings per share (EPS) also surpassed analyst estimates by 4.6%. Over the next year, revenue is forecast to grow 1.4%, compared to a 12% growth forecast for the Basic Materials industry in Vietnam. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫1,613 The company reported a poor full year result with weaker earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫7.96t (down 9.9% from FY 2019). Net income: ₫615.5b (down 17% from FY 2019). Profit margin: 7.7% (down from 8.4% in FY 2019). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Dec 22
New 90-day high: ₫17,900 The company is up 12% from its price of ₫16,000 on 23 September 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 16% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫26,136 per share. Is New 90 Day High Low • Nov 19
New 90-day high: ₫17,350 The company is up 19% from its price of ₫14,600 on 21 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Basic Materials industry, which is also up 19% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫20,965 per share. Major Estimate Revision • Oct 28
Analysts lower EPS estimates to ₫1,506 The 2020 consensus revenue estimate was lowered from ₫8.38t to ₫7.84t. Earning per share (EPS) estimate was also lowered from ₫1,719 to ₫1,506 for the same period. Net income is expected to grow by 1.1% next year compared to 14% growth forecast for the Basic Materials industry in Vietnam. The consensus price target was lowered from ₫17,250 to ₫17,000. Share price is down by 7.5% to ₫14,800 over the past week. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫672.7b, up 5.9% from the prior year. Total revenue was ₫8.04t over the last 12 months, down 9.4% from the prior year. Is New 90 Day High Low • Sep 21
New 90-day high: ₫16,050 The company is up 15% from its price of ₫13,900 on 23 June 2020. The Vietnamese market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Basic Materials industry, which is up 6.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫20,392 per share. 
