Announcement • May 06
SPM Corporation, Annual General Meeting, Jun 26, 2026 SPM Corporation, Annual General Meeting, Jun 26, 2026. Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫234 (vs ₫229 in 1Q 2025) First quarter 2026 results: EPS: ₫234 (up from ₫229 in 1Q 2025). Revenue: ₫46.0b (down 44% from 1Q 2025). Net income: ₫3.22b (up 2.1% from 1Q 2025). Profit margin: 7.0% (up from 3.8% in 1Q 2025). New Risk • Feb 26
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.7% average weekly change). Earnings have declined by 12% per year over the past 5 years. Market cap is less than US$10m (₫134.9b market cap, or US$5.13m). Minor Risk Dividend is not well covered by earnings (131% payout ratio). Reported Earnings • Jan 26
Full year 2025 earnings released: EPS: ₫382 (vs ₫335 in FY 2024) Full year 2025 results: EPS: ₫382 (up from ₫335 in FY 2024). Revenue: ₫254.0b (down 15% from FY 2024). Net income: ₫5.26b (up 14% from FY 2024). Profit margin: 2.1% (up from 1.6% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 39% 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 • Dec 08
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 Earnings have declined by 6.1% per year over the past 5 years. Market cap is less than US$10m (₫146.7b market cap, or US$5.57m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Upcoming Dividend • Nov 25
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 02 December 2025. Payment date: 17 December 2025. Trailing yield: 9.4%. Within top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (5.1%). Declared Dividend • Nov 08
Dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 2nd December 2025 Payment date: 17th December 2025 Dividend yield will be 4.9%, which is higher than the industry average of 3.7%. Sustainability & Growth The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Reported Earnings • Oct 25
Third quarter 2025 earnings released: EPS: ₫368 (vs ₫89.00 in 3Q 2024) Third quarter 2025 results: EPS: ₫368 (up from ₫89.00 in 3Q 2024). Revenue: ₫57.7b (down 22% from 3Q 2024). Net income: ₫5.07b (up 314% from 3Q 2024). Profit margin: 8.8% (up from 1.7% in 3Q 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% 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. Reported Earnings • Apr 25
First quarter 2025 earnings released: EPS: ₫229 (vs ₫27.00 in 1Q 2024) First quarter 2025 results: EPS: ₫229 (up from ₫27.00 in 1Q 2024). Revenue: ₫82.5b (up 4.6% from 1Q 2024). Net income: ₫3.15b (up ₫2.77b from 1Q 2024). Profit margin: 3.8% (up from 0.5% in 1Q 2024). The increase in margin was driven by higher revenue. 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 17% per year, which means it has not declined as severely as earnings. New Risk • Jan 21
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Share price has been highly volatile over the past 3 months (7.3% average weekly change). Revenue has declined by 26% over the past year. Market cap is less than US$10m (₫172.8b market cap, or US$6.74m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Nov 29
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 06 December 2024. Payment date: 18 December 2024. Trailing yield: 9.1%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (4.4%). Announcement • Nov 13
SPM Corporation Announces Cash Dividend for the Year, Payable on December 18, 2024 On November 12, 2024, SPM Corporation announced the record date to pay the 2024 cash dividend payment as follows: Record date: December 09, 2024. Exercise ratio: 5%/share (500 dongs/share). Payment date: December 18, 2024. New Risk • Oct 20
New major risk - Financial data availability The company's latest financial reports are more than a year old. Last reported fiscal period ended September 2023. This is considered a major risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. In the worst case scenario, it may be facing other major going concern issues jeopardizing its viability as a listed company. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported September 2023 fiscal period end). Share price has been highly volatile over the past 3 months (7.5% average weekly change). Revenue has declined by 26% over the past year. Market cap is less than US$10m (₫155.6b market cap, or US$6.22m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Sep 30
New major risk - Revenue and earnings growth Revenue has declined by 26% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 26% over the past year. Market cap is less than US$10m (₫157.0b market cap, or US$6.44m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.1% average weekly change). New Risk • May 17
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.3% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (7.3% average weekly change). Market cap is less than US$10m (₫170.1b market cap, or US$6.63m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 12
SPM Corporation, Annual General Meeting, Jun 28, 2024 SPM Corporation, Annual General Meeting, Jun 28, 2024. Location: c4, buu long street, ward 15, district 10, hcm Vietnam New Risk • May 07
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₫161.1b market cap, or US$6.28m). Minor Risks Latest financial reports are more than 6 months old (reported September 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.9% average weekly change). New Risk • Apr 02
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 6.7% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (6.7% average weekly change). Market cap is less than US$10m (₫154.2b market cap, or US$6.17m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Valuation Update With 7 Day Price Move • Oct 30
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫11,300, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 13x in the Pharmaceuticals industry in Vietnam. Total loss to shareholders of 6.5% over the past three years. Reported Earnings • Oct 26
Third quarter 2023 earnings released: EPS: ₫270 (vs ₫262 in 3Q 2022) Third quarter 2023 results: EPS: ₫270 (up from ₫262 in 3Q 2022). Revenue: ₫102.1b (down 42% from 3Q 2022). Net income: ₫3.71b (up 3.1% from 3Q 2022). Profit margin: 3.6% (up from 2.0% in 3Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. New Risk • Oct 26
New major risk - Revenue and earnings growth Revenue has declined by 1.4% over the past year. 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 revenues are declining, then it is difficult for the company to prevent its earnings from declining as well. A trend of falling revenue can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Revenue has declined by 1.4% over the past year. Market cap is less than US$10m (₫188.6b market cap, or US$7.68m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Aug 04
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risk Market cap is less than US$10m (₫179.0b market cap, or US$7.54m). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • May 13
SPM Corporation, Annual General Meeting, Jun 28, 2023 SPM Corporation, Annual General Meeting, Jun 28, 2023. Location: C4 Buu Long, ward 15, district 10, Ho Chi Minh city Vietnam Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: ₫1,788 (vs ₫1,466 in FY 2021) Full year 2022 results: EPS: ₫1,788 (up from ₫1,466 in FY 2021). Revenue: ₫699.6b (down 1.4% from FY 2021). Net income: ₫24.6b (up 22% from FY 2021). Profit margin: 3.5% (up from 2.8% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Nov 30
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 19 December 2022. Trailing yield: 6.9%. Lower than top quartile of Vietnamese dividend payers (9.3%). Higher than average of industry peers (4.0%). Announcement • Nov 21
SPM Corporation Announces First Cash Dividend Payment for 2021, Payable on December 19, 2022 SPM Corporation announced first cash dividend payment of 500 dongs per share for 2021. Payment date is December 19, 2022. Record date is December 8, 2022. Ex-right date is December 7, 2022. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Member of Supervisory Board Duong Huy was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS: ₫186 (vs ₫50.00 in 3Q 2020) Third quarter 2021 results: EPS: ₫186 (up from ₫50.00 in 3Q 2020). Revenue: ₫139.6b (down 10% from 3Q 2020). Net income: ₫2.56b (up 276% from 3Q 2020). Profit margin: 1.8% (up from 0.4% in 3Q 2020). The increase in margin was driven by lower expenses. Announcement • Sep 10
SPM Corporation Announces CEO Changes S.P.M Corporation received the resignation letter from Mr. Nguyen The Ky as CEO as from September 15, 2022 and the appointment of Mr. Nguyen The Quyen as right CEO as from September 15, 2022. Upcoming Dividend • Jul 12
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 19 July 2022. Payment date: 29 July 2022. The company last paid an ordinary dividend in February 2017. The average dividend yield among industry peers is 3.8%. Announcement • Jul 01
SPM Corporation Announces First Cash Dividend Payment for 2021, Payable on July 29, 2022 SPM Corporation announced first cash dividend payment of 500 dongs per share for 2021. Payment date is July 29, 2022. Record date is July 20, 2022. Announcement • May 12
SPM Corporation, Annual General Meeting, Jun 28, 2022 SPM Corporation, Annual General Meeting, Jun 28, 2022. Location: C4 Buu Long, ward 15, district 10 Ho Chi Minh Vietnam 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. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Member of Supervisory Board Duong Huy was the last director to join the board, commencing their role in 2017. 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 • Mar 03
Investor sentiment improved over the past week After last week's 16% share price gain to ₫22,350, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 16x in the Pharmaceuticals industry in Vietnam. Total returns to shareholders of 71% over the past three years. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 18% share price gain to ₫24,400, the stock trades at a trailing P/E ratio of 24.2x. Average trailing P/E is 17x in the Pharmaceuticals industry in Vietnam. Total returns to shareholders of 88% over the past three years. Valuation Update With 7 Day Price Move • Sep 21
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫22,300, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 16x in the Pharmaceuticals industry in Vietnam. Total returns to shareholders of 73% over the past three years. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 20% share price gain to ₫16,550, the stock trades at a trailing P/E ratio of 16.4x. Average trailing P/E is 16x in the Pharmaceuticals industry in Vietnam. Total returns to shareholders of 38% over the past three years. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ₫477 (vs ₫168 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫174.0b (up 52% from 2Q 2020). Net income: ₫6.56b (up 184% from 2Q 2020). Profit margin: 3.8% (up from 2.0% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year whereas the company’s share price has remained flat. Is New 90 Day High Low • Jan 06
New 90-day high: ₫13,950 The company is up 13% from its price of ₫12,400 on 06 October 2020. The Vietnamese market is up 21% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Pharmaceuticals industry, which is up 7.0% over the same period. Is New 90 Day High Low • Nov 24
New 90-day low: ₫12,000 The company is down 7.0% from its price of ₫12,950 on 25 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 1.0% over the same period.