New Risk • Jul 25
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 4.0% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 6.0% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫1.02t market cap, or US$38.7m). Reported Earnings • Jul 25
Third quarter 2026 earnings released: EPS: ₫971 (vs ₫340 in 3Q 2025) Third quarter 2026 results: EPS: ₫971 (up from ₫340 in 3Q 2025). Revenue: ₫30.4b (up 9.5% from 3Q 2025). Net income: ₫46.0b (up 186% from 3Q 2025). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 5% per year. Reported Earnings • May 20
Second quarter 2026 earnings released: EPS: ₫233 (vs ₫661 in 2Q 2025) Second quarter 2026 results: EPS: ₫233 (down from ₫661 in 2Q 2025). Revenue: ₫28.4b (up 15% from 2Q 2025). Net income: ₫12.7b (down 59% from 2Q 2025). Profit margin: 45% (down from 127% in 2Q 2025). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has remained flat, which means it is well ahead of earnings. Upcoming Dividend • Dec 08
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 09 January 2026. Payout ratio is a comfortable 34% but the company is not cash flow positive. Trailing yield: 3.6%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (4.2%). New Risk • Nov 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 27% 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 7.2% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risk Market cap is less than US$100m (₫1.09t market cap, or US$41.4m). Announcement • Nov 20
Vinh Phuc Infrastructure Development Joint Stock Company, Annual General Meeting, Jan 11, 2026 Vinh Phuc Infrastructure Development Joint Stock Company, Annual General Meeting, Jan 11, 2026. Location: headquarter of vinhphuc infrastructure development, -jsc khai quang industrial park, vinh phuc ward phutho province, Vietnam Buy Or Sell Opportunity • Oct 22
Now 25% overvalued Over the last 90 days, the stock has fallen 1.9% to ₫26,200. The fair value is estimated to be ₫21,016, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.6% over the last 3 years. Earnings per share has declined by 11%. New Risk • Aug 05
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 9.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 7.3% per year over the past 5 years. High level of non-cash earnings (32% accrual ratio). Minor Risks Revenue is less than US$5m (₫105b revenue, or US$4.0m). Market cap is less than US$100m (₫1.17t market cap, or US$44.3m). New Risk • Apr 27
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 0% The company is paying a dividend despite having no free cash flows. Dividend yield: 10% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough 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. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Paying a dividend despite having no free cash flows. Earnings have declined by 6.0% per year over the past 5 years. High level of non-cash earnings (40% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.5% average weekly change). Revenue is less than US$5m (₫105b revenue, or US$4.0m). Market cap is less than US$100m (₫1.04t market cap, or US$39.5m). Reported Earnings • Apr 27
Second quarter 2025 earnings released: EPS: ₫314 (vs ₫796 in 2Q 2024) Second quarter 2025 results: EPS: ₫314 (down from ₫796 in 2Q 2024). Revenue: ₫24.6b (down 37% from 2Q 2024). Net income: ₫12.9b (down 61% from 2Q 2024). Profit margin: 53% (down from 84% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year whereas the company’s share price has fallen by 13% per year. New Risk • Apr 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 6.7% 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 4.1% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.7% average weekly change). Revenue is less than US$5m (₫120b revenue, or US$4.7m). Market cap is less than US$100m (₫1.02t market cap, or US$39.9m). Buy Or Sell Opportunity • Apr 08
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 24% to ₫25,100. The fair value is estimated to be ₫32,581, 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 17%. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₫27,800, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 30x in the Real Estate industry in Vietnam. Total loss to shareholders of 22% over the past three years. New Risk • Jan 29
New minor risk - Revenue size The company makes less than US$5m in revenue. Total revenue: ₫120b (US$4.8m) This is considered a minor risk. Companies with a small amount of revenue 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 Risks Earnings have declined by 4.1% per year over the past 5 years. High level of non-cash earnings (28% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Revenue is less than US$5m (₫120b revenue, or US$4.8m). Market cap is less than US$100m (₫1.31t market cap, or US$52.2m). Upcoming Dividend • Dec 09
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 16 December 2024. Payment date: 30 December 2024. Payout ratio is a comfortable 20% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (2.8%). Announcement • Nov 29
Vinh Phuc Infrastructure Development Joint Stock Company, Annual General Meeting, Jan 18, 2025 Vinh Phuc Infrastructure Development Joint Stock Company, Annual General Meeting, Jan 18, 2025. Reported Earnings • Oct 25
Full year 2024 earnings released: EPS: ₫3,744 (vs ₫4,927 in FY 2023) Full year 2024 results: EPS: ₫3,744 (down from ₫4,927 in FY 2023). Revenue: ₫135.8b (down 26% from FY 2023). Net income: ₫134.2b (down 8.6% from FY 2023). Profit margin: 99% (up from 80% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year whereas the company’s share price has fallen by 3% per year. Reported Earnings • Jul 24
Third quarter 2024 earnings released: EPS: ₫841 (vs ₫814 in 3Q 2023) Third quarter 2024 results: EPS: ₫841 (up from ₫814 in 3Q 2023). Net income: ₫30.2b (up 6.6% from 3Q 2023). 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 4% per year, which means it is well ahead of earnings. Reported Earnings • Apr 25
Second quarter 2024 earnings released: EPS: ₫916 (vs ₫516 in 2Q 2023) Second quarter 2024 results: EPS: ₫916 (up from ₫516 in 2Q 2023). Net income: ₫32.8b (up 7.4% from 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. New Risk • Mar 12
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. The company is paying a dividend despite having no free cash flows. Dividend yield: 4.7% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 High level of non-cash earnings (41% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (₫1.34t market cap, or US$55.0m). Upcoming Dividend • Feb 26
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 21 March 2024. Payout ratio is a comfortable 8.7% but the company is not cash flow positive. Trailing yield: 1.1%. Lower than top quartile of Vietnamese dividend payers (8.6%). Lower than average of industry peers (4.0%). Upcoming Dividend • Nov 24
Upcoming dividend of ₫500 per share at 1.1% yield Eligible shareholders must have bought the stock before 01 December 2023. Payment date: 25 December 2023. Payout ratio is a comfortable 10% but the company is paying out more than the cash it is generating. Trailing yield: 1.1%. Lower than top quartile of Vietnamese dividend payers (9.1%). Lower than average of industry peers (4.6%). New Risk • Oct 06
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 3.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. 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 (59% net profit margin). Shareholders have been diluted in the past year (3.0% increase in shares outstanding). Market cap is less than US$100m (₫1.11t market cap, or US$45.5m). Reported Earnings • Jul 23
Third quarter 2023 earnings released: EPS: ₫936 (vs ₫887 in 3Q 2022) Third quarter 2023 results: EPS: ₫936 (up from ₫887 in 3Q 2022). Revenue: ₫45.3b (up 117% from 3Q 2022). Net income: ₫28.3b (up 5.2% from 3Q 2022). Profit margin: 63% (down from 129% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • May 10
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫33,800, the stock trades at a trailing P/E ratio of 8.9x. Average trailing P/E is 23x in the Real Estate industry in Vietnam. Total returns to shareholders of 62% over the past three years. Reported Earnings • Apr 22
Second quarter 2023 earnings released: EPS: ₫1,011 (vs ₫548 in 2Q 2022) Second quarter 2023 results: EPS: ₫1,011 (up from ₫548 in 2Q 2022). Revenue: ₫50.0b (up 132% from 2Q 2022). Net income: ₫30.6b (up 38% from 2Q 2022). Profit margin: 61% (down from 103% in 2Q 2022). Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Jan 20
First quarter 2023 earnings released: EPS: ₫1,115 (vs ₫3,147 in 1Q 2022) First quarter 2023 results: EPS: ₫1,115 (down from ₫3,147 in 1Q 2022). Revenue: ₫64.5b (up 100% from 1Q 2022). Net income: ₫28.2b (down 47% from 1Q 2022). Profit margin: 44% (down from 164% in 1Q 2022). Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Upcoming Dividend • Nov 29
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 06 December 2022. Payment date: 26 December 2022. Payout ratio is a comfortable 8.8% but the company is not cash flow positive. Trailing yield: 1.6%. Lower than top quartile of Vietnamese dividend payers (9.5%). Lower than average of industry peers (3.9%). 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. 12 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Thang Hoang was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 25
Full year 2022 earnings released: EPS: ₫5,565 (vs ₫6,889 in FY 2021) Full year 2022 results: EPS: ₫5,565 (down from ₫6,889 in FY 2021). Net income: ₫140.6b (down 2.8% from FY 2021). Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 10% per year. Reported Earnings • Jul 21
Third quarter 2022 earnings released: EPS: ₫1,064 (vs ₫1,951 in 3Q 2021) Third quarter 2022 results: EPS: ₫1,064 (down from ₫1,951 in 3Q 2021). Net income: ₫26.9b (down 44% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 15% 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 • 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. 12 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Thang Hoang was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jan 25
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: ₫2,520 (up from ₫1,204 in 1Q 2021). Net income: ₫53.0b (up 125% from 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 40% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Nov 25
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 02 December 2021. Payment date: 04 January 2022. Trailing yield: 2.2%. Lower than top quartile of Vietnamese dividend payers (5.9%). Higher than average of industry peers (1.5%). Reported Earnings • Oct 26
Full year 2021 earnings released: EPS ₫7,444 (vs ₫10,248 in FY 2020) Full year 2021 results: Net income: ₫156.6b (down 25% from FY 2020). Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 47% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Sep 08
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫56,000, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 19x in the Real Estate industry in Vietnam. Total returns to shareholders of 167% over the past three years. Reported Earnings • Jul 23
Third quarter 2021 earnings released: EPS ₫2,692 (vs ₫3,489 in 3Q 2020) Third quarter 2021 results: Net income: ₫48.0b (down 19% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 32% per year whereas the company’s share price has increased by 33% per year. Reported Earnings • Apr 27
Second quarter 2021 earnings released: EPS ₫1,355 (vs ₫1,172 in 2Q 2020) Second quarter 2021 results: Net income: ₫23.0b (up 18% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 39% per year whereas the company’s share price has increased by 34% per year. Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improved over the past week After last week's 16% share price gain to ₫91,800, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 15x in the Real Estate industry in Vietnam. Total returns to shareholders of 308% over the past three years. Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improved over the past week After last week's 23% share price gain to ₫71,000, the stock is trading at a trailing P/E ratio of 7.6x, up from the previous P/E ratio of 6.2x. This compares to an average P/E of 14x in the Real Estate industry in Vietnam. Total returns to shareholders over the past three years are 238%. Is New 90 Day High Low • Feb 25
New 90-day high: ₫64,000 The company is up 14% from its price of ₫56,000 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 Real Estate industry, which is up 19% over the same period. Reported Earnings • Jan 28
First quarter 2021 earnings released: EPS ₫1,413 (vs ₫4,457 in 1Q 2020) First quarter 2021 results: Net income: ₫24.0b (down 68% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 40% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 12
New 90-day high: ₫61,000 The company is up 15% from its price of ₫53,000 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 28% over the same period. Upcoming Dividend • Nov 26
First Dividend Is ₫1,000 Per Share Will be paid on the 14th of December to those who are registered shareholders by the 3rd of December. This is the first dividend for Vinh Phuc Infrastructure Development since going public. The average dividend yield among industry peers is 2.8%. Is New 90 Day High Low • Nov 20
New 90-day high: ₫58,000 The company is up 14% from its price of ₫51,000 on 21 August 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is up 9.0% over the same period. Reported Earnings • Oct 24
Full year earnings released - EPS ₫12,358 Over the last 12 months the company has reported total profits of ₫210.0b, up 128% from the prior year. Total revenue was ₫220.4b over the last 12 months, up 76% from the prior year. Profit margins were 95%, which is higher than the 73% margin from last year. The increase in margin was primarily driven by higher revenue. Is New 90 Day High Low • Oct 06
New 90-day high: ₫53,600 The company is up 41% from its price of ₫38,000 on 08 July 2020. The Vietnamese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 1.0% over the same period.