Declared Dividend • May 09
Dividend of ₫2,000 announced Shareholders will receive a dividend of ₫2,000. Ex-date: 21st May 2026 Payment date: 5th June 2026 Dividend yield will be 8.0%, which is higher than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (176% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 19% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Apr 28
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% 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 Risk High level of non-cash earnings (21% accrual ratio). Minor Risks Dividend is not well covered by cash flows (176% cash payout ratio). Market cap is less than US$100m (₫2.09t market cap, or US$79.3m). Reported Earnings • Mar 29
Full year 2025 earnings released: EPS: ₫7,695 (vs ₫10,116 in FY 2024) Full year 2025 results: EPS: ₫7,695 (down from ₫10,116 in FY 2024). Revenue: ₫3.53t (flat on FY 2024). Net income: ₫321.0b (down 24% from FY 2024). Profit margin: 9.1% (down from 12% in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 12
Dividend of ₫1,000 announced Dividend of ₫1,000 is the same as last year. Ex-date: 25th March 2026 Payment date: 16th April 2026 Dividend yield will be 9.8%, which is higher than the industry average of 5.2%. Sustainability & Growth Dividend is covered by earnings (39% earnings payout ratio) but not covered by cash flows (165% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 20% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 11
Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 28, 2026 Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 28, 2026. Location: meeting room, 11th floor, vfc tower, 29 ton duc thang street, sai goan ward, ho chi minh Vietnam Reported Earnings • Jan 24
Full year 2025 earnings released: EPS: ₫7,668 (vs ₫10,143 in FY 2024) Full year 2025 results: EPS: ₫7,668 (down from ₫10,143 in FY 2024). Revenue: ₫3.53t (flat on FY 2024). Net income: ₫337.1b (down 20% from FY 2024). Profit margin: 9.5% (down from 12% in FY 2024). Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Board Change • Jan 15
No independent directors There are 4 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: 4 new directors. 4 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Nguyen Vu Huong is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of experienced directors. Declared Dividend • Jul 27
Dividend of ₫1,000 announced Dividend of ₫1,000 is the same as last year. Ex-date: 4th August 2025 Payment date: 20th August 2025 Dividend yield will be 8.3%, which is higher than the industry average of 5.2%. Sustainability & Growth Dividend is covered by both earnings (36% earnings payout ratio) and cash flows (68% cash payout ratio). The dividend has increased by an average of 19% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 30% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫778.5b (down 8.5% from 2Q 2024). Net income: ₫75.6b (down 7.3% from 2Q 2024). Profit margin: 9.7% (in line with 2Q 2024). Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 17% per year, which means it is significantly lagging earnings growth. New Risk • Jul 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.53t (US$96.1m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (44% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫2.53t market cap, or US$96.1m). Upcoming Dividend • May 08
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 15 May 2025. Payment date: 28 May 2025. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 2.8%. Lower than top quartile of Vietnamese dividend payers (8.0%). Lower than average of industry peers (3.9%). Reported Earnings • Apr 20
First quarter 2025 earnings released: EPS: ₫2,260 (vs ₫1,886 in 1Q 2024) First quarter 2025 results: EPS: ₫2,260 (up from ₫1,886 in 1Q 2024). Revenue: ₫1.07t (up 10% from 1Q 2024). Net income: ₫94.3b (up 20% from 1Q 2024). Profit margin: 8.8% (up from 8.1% in 1Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. New Risk • Apr 08
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.50t (US$97.6m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫2.50t market cap, or US$97.6m). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫60,000, the stock trades at a trailing P/E ratio of 5.3x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total returns to shareholders of 56% over the past three years. Upcoming Dividend • Mar 11
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 18 March 2025. Payment date: 04 April 2025. Payout ratio is a comfortable 9.6% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.2%). Announcement • Mar 08
Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 25, 2025 Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 25, 2025. Location: floor 11, vfc-tower, no. 29, ton duc thang street, ben nghe ward, district 1, Vietnam Announcement • Jan 03
Vietnam Fumigation Joint Stock Company Appoints Nguyen Huu Tho as Head of Company On December 23, 2024, VietNam Fumigation Joint Stock Company received the Certificate of Business Location Registration regarding change in the head of company as follows: The new head of company: Mr. Nguyen Huu Tho. Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: ₫1,908 (vs ₫1,591 in 3Q 2023) Third quarter 2024 results: EPS: ₫1,908 (up from ₫1,591 in 3Q 2023). Revenue: ₫885.2b (up 19% from 3Q 2023). Net income: ₫194.0b (up 192% from 3Q 2023). Profit margin: 22% (up from 8.9% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 20% per year whereas the company’s share price has increased by 24% per year. Board Change • Aug 14
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. 5 non-independent directors. Member of Supervisory Board Tuan Nguyen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jul 25
Vietnam Fumigation Joint Stock Company Approves First Cash Dividend Payment in 2024, Payable on August 22, 2024 Vietnam Fumigation Joint Stock Company announced on July 23, 2024, the BOD of the company approved the record date for the first cash dividend payment in 2024 as follows: Record date is August 09, 2024. Payment time is August 22, 2024. Exercise ratio is 10% per share (VND 1,000 per share). Reported Earnings • Apr 20
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫965.8b (up 40% from 1Q 2023). Net income: ₫78.7b (up 41% from 1Q 2023). Profit margin: 8.1% (in line with 1Q 2023). Announcement • Mar 10
Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 25, 2024 Vietnam Fumigation Joint Stock Company, Annual General Meeting, Apr 25, 2024. Location: No.29 Ton Duc Thang street, Ben Nghe ward, district 1 HCMC Vietnam Valuation Update With 7 Day Price Move • Feb 21
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫63,300, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 116% over the past three years. New Risk • Feb 03
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 5.4% 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 High level of non-cash earnings (35% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.4% average weekly change). Market cap is less than US$100m (₫2.35t market cap, or US$96.3m). Upcoming Dividend • Jan 30
Upcoming dividend of ₫1,000 per share at 6.9% yield Eligible shareholders must have bought the stock before 06 February 2024. Payment date: 08 March 2024. Payout ratio is a comfortable 68% but the company is not cash flow positive. Trailing yield: 6.9%. Lower than top quartile of Vietnamese dividend payers (8.9%). Higher than average of industry peers (5.5%). Reported Earnings • Jan 21
Full year 2023 earnings released: EPS: ₫7,086 (vs ₫4,805 in FY 2022) Full year 2023 results: EPS: ₫7,086 (up from ₫4,805 in FY 2022). Revenue: ₫3.26t (up 9.6% from FY 2022). Net income: ₫295.6b (up 48% from FY 2022). Profit margin: 9.1% (up from 6.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫41,150, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 11x in the Chemicals industry in Vietnam. Total returns to shareholders of 38% over the past three years. Buy Or Sell Opportunity • Jan 19
Now 23% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to ₫41,150. The fair value is estimated to be ₫33,348, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 18%. Reported Earnings • Oct 21
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₫741.7b (down 5.7% from 3Q 2022). Net income: ₫66.4b (up 11% from 3Q 2022). Profit margin: 8.9% (up from 7.6% in 3Q 2022). The increase in margin was driven by lower expenses. Buying Opportunity • Oct 05
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.6%. The fair value is estimated to be ₫44,703, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 18% over the last 3 years. Earnings per share has grown by 19%. Upcoming Dividend • Aug 02
Upcoming dividend of ₫1,000 per share at 5.2% yield Eligible shareholders must have bought the stock before 09 August 2023. Payment date: 24 August 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (8.5%). In line with average of industry peers (5.5%). Announcement • Jul 22
Vietnam Fumigation Joint Stock Company Approves Dividend for the First Phase of 2023 The Board of Directors of Viet Nam Fumigation Joint Stock Company approved to pay for the first phase of 2023 dividend in cash: Dividend pay-out ratio: 10% par value (VND 1,000/share). Payment date: in Quarter III/2023. Reported Earnings • Jul 20
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫672.5b (up 4.3% from 2Q 2022). Net income: ₫56.7b (down 4.4% from 2Q 2022). Profit margin: 8.4% (down from 9.2% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 11
Upcoming dividend of ₫1,500 per share at 6.0% yield Eligible shareholders must have bought the stock before 18 May 2023. Payment date: 31 May 2023. Trailing yield: 6.0%. Lower than top quartile of Vietnamese dividend payers (9.1%). Lower than average of industry peers (7.1%). Board Change • May 08
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. 6 non-independent directors. Member of Supervisory Board Tuan Nguyen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 31
Viet Nam Fumigation Joint Stock Company Announces Cash Dividend, Payment Date of February 22, 2023 Viet Nam Fumigation Joint Stock Company announces the record date for the second phase of 2022 dividend payment: Record date: February 08, 2023, Purpose the record date for the second phase of 2022 dividend payment in cash, Dividend pay-out ratio: 10%/par value (VND 1,000/share) and Payment date: February 22, 2023. Upcoming Dividend • Jan 31
Upcoming dividend of ₫1,000 per share at 6.1% yield Eligible shareholders must have bought the stock before 07 February 2023. Payment date: 22 February 2023. Payout ratio is on the higher end at 89% but the company is not cash flow positive. Trailing yield: 6.1%. Lower than top quartile of Vietnamese dividend payers (8.9%). In line with average of industry peers (6.0%). Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment improved over the past week After last week's 17% share price gain to ₫39,950, the stock trades at a trailing P/E ratio of 8.5x. Average trailing P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 45% over the past three years. Announcement • Dec 28
Vietnam Fumigation Joint Stock Company Announces Appointment of Nguyen Thanh Tung as Head of the Internal Audit Board Vietnam Fumigation Joint Stock Company announced appointment of Nguyen Thanh Tung as Head of the Internal Audit Board as from December 26, 2022. Board Change • Nov 16
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. 6 non-independent directors. Member of Supervisory Board Tuan Nguyen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Oct 21
Vietnam Fumigation Joint Stock Company Appoints Nguyen Van Kien as Secretary Vietnam Fumigation Joint Stock Company appointed Mr. Nguyen Van Kien as administration cum secretary, Effective date is October 18, 2022. Reported Earnings • Oct 21
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫786.3b (up 84% from 3Q 2021). Net income: ₫59.8b (up 50% from 3Q 2021). Profit margin: 7.6% (down from 9.3% in 3Q 2021). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Sep 19
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫38,600, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 10x in the Chemicals industry in Vietnam. Total returns to shareholders of 43% over the past three years. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment improved over the past week After last week's 16% share price gain to ₫49,000, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 10x in the Chemicals industry in Vietnam. Total returns to shareholders of 77% over the past three years. Upcoming Dividend • Jul 28
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 04 August 2022. Payment date: 25 August 2022. Payout ratio is on the higher end at 91%, and the cash payout ratio is above 100%. Trailing yield: 5.6%. Lower than top quartile of Vietnamese dividend payers (7.7%). Higher than average of industry peers (3.8%). Announcement • Jul 23
Vietnam Fumigation Joint Stock Company Approves First Dividend Payment of 2022 On July 19, 2022, the Board of Directors of Viet Nam Fumigation Joint Stock Company approved the first dividend payment of 2022: Payment method: in cash; Exercise ratio: 10%/par value (1,000 dongs/share) and Payment date: Quarter 3 of 2022. Reported Earnings • Jul 23
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫644.8b (up 21% from 2Q 2021). Net income: ₫59.5b (up 33% from 2Q 2021). Profit margin: 9.2% (up from 8.4% in 2Q 2021). The increase in margin was driven by higher revenue. Buying Opportunity • May 17
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be ₫71,773, 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 grown by 8.2%. Upcoming Dividend • May 16
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 23 May 2022. Payment date: 14 June 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.1%). Announcement • May 10
Vietnam Fumigation Joint Stock Company Announces Supervisory Board Changes Vietnam Fumigation Joint Stock Company Approved the appointment of Mr. Nguyen Anh Tuan as member of Supervisory Board for the term 2018-2022. and also approved the resignation of Mr. Nguyen Khanh Quynh as member of Supervisory Board of the Company for the term 2018-2022. Announcement • May 08
Viet Nam Fumigation Joint Stock Company Approves to Pay the Final Cash Dividend for 2021, Payable on June 14, 2022 The Board of Directors of Viet Nam Fumigation Joint Stock Company approved to pay the final cash dividend for 2021 as 15%/par value (1,500 dongs/share), payable on June 14, 2022 with record date of May 24, 2022. Board Change • Apr 27
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. 6 non-independent directors. Member of Supervisory Board Lan Bich Phan was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 28
Full year 2021 earnings released: EPS: ₫4,422 (vs ₫4,192 in FY 2020) Full year 2021 results: EPS: ₫4,422 (up from ₫4,192 in FY 2020). Revenue: ₫2.08t (up 10% from FY 2020). Net income: ₫141.9b (up 5.5% from FY 2020). Profit margin: 6.8% (down from 7.1% in FY 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Mar 16
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. 6 non-independent directors. Member of Supervisory Board Lan Bich Phan was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 20
Third quarter 2021 earnings released The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: ₫426.3b (down 32% from 3Q 2020). Net income: ₫39.8b (down 14% from 3Q 2020). Profit margin: 9.3% (up from 7.5% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 23
Investor sentiment improved over the past week After last week's 19% share price gain to ₫56,000, the stock trades at a trailing P/E ratio of 11.7x. Average trailing P/E is 15x in the Chemicals industry in Vietnam. Total returns to shareholders of 87% over the past three years. Board Change • Sep 07
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. 6 non-independent directors. Member of Supervisory Board Lan Bich Phan was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 12
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 19 August 2021. Payment date: 31 August 2021. Trailing yield: 5.5%. Lower than top quartile of Vietnamese dividend payers (7.2%). Higher than average of industry peers (2.5%). Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS ₫1,391 (vs ₫1,128 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫533.9b (up 2.0% from 2Q 2020). Net income: ₫44.6b (up 23% from 2Q 2020). Profit margin: 8.4% (up from 6.9% in 2Q 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 11% per year. Valuation Update With 7 Day Price Move • Jul 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫47,500, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 53% over the past three years. Upcoming Dividend • May 27
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 03 June 2021. Payment date: 24 June 2021. Trailing yield: 4.9%. Lower than top quartile of Vietnamese dividend payers (7.7%). In line with average of industry peers (4.5%). Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫1,005 (vs ₫774 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: ₫504.8b (up 59% from 1Q 2020). Net income: ₫32.2b (up 30% from 1Q 2020). Profit margin: 6.4% (down from 7.8% in 1Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₫58,000, the stock trades at a trailing P/E ratio of 13.1x. Average trailing P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 90% over the past three years. Reported Earnings • Mar 31
Full year 2020 earnings released: EPS ₫5,189 (vs ₫3,986 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫1.91t (down 7.5% from FY 2019). Net income: ₫166.5b (up 17% from FY 2019). Profit margin: 8.7% (up from 6.9% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 15% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 25
New 90-day low: ₫44,100 The company is down 9.0% from its price of ₫48,500 on 27 November 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 27% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₫45,000 The company is down 8.0% from its price of ₫49,000 on 30 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 56% over the same period. Reported Earnings • Jan 21
Full year 2020 earnings released: EPS ₫5,189 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫1.91t (down 7.5% from FY 2019). Net income: ₫166.5b (up 17% from FY 2019). Profit margin: 8.7% (up from 6.9% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 21% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 05
New 90-day high: ₫50,200 The company is up 4.0% from its price of ₫48,500 on 07 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 17
New 90-day low: ₫45,700 The company is down 1.0% from its price of ₫46,000 on 18 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is up 10.0% over the same period. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫150.7b, up 11% from the prior year. Total revenue was ₫2.03t over the last 12 months, down 9.4% from the prior year. Is New 90 Day High Low • Oct 01
New 90-day high: ₫48,500 The company is up 24% from its price of ₫39,000 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 Chemicals industry, which is up 18% over the same period. 
