Reported Earnings • May 05
First quarter 2026 earnings released: EPS: ₫131 (vs ₫51.85 in 1Q 2025) First quarter 2026 results: EPS: ₫131 (up from ₫51.85 in 1Q 2025). Revenue: ₫104.3b (down 76% from 1Q 2025). Net income: ₫132.4b (up 162% from 1Q 2025). Revenue is forecast to grow 60% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Real Estate industry in Vietnam. 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 10% per year, which means it is well ahead of earnings. New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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. This is currently the only risk that has been identified for the company. New Risk • May 04
New major risk - Revenue and earnings growth Earnings have declined by 42% 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 Risks Interest payments are not well covered by earnings (1.3x net interest cover). Earnings have declined by 42% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Price Target Changed • Apr 30
Price target decreased by 13% to ₫24,350 Down from ₫28,050, the current price target is an average from 2 analysts. New target price is 48% above last closing price of ₫16,450. Stock is up 15% over the past year. The company is forecast to post earnings per share of ₫1,007 for next year compared to ₫534 last year. Announcement • Feb 13
Phat Dat Real Estate Development Corporation, Annual General Meeting, Apr 16, 2026 Phat Dat Real Estate Development Corporation, Annual General Meeting, Apr 16, 2026. Reported Earnings • Feb 02
Full year 2025 earnings released: EPS: ₫534 (vs ₫170 in FY 2024) Full year 2025 results: EPS: ₫534 (up from ₫170 in FY 2024). Revenue: ₫1.32t (up 61% from FY 2024). Net income: ₫515.1b (up 246% from FY 2024). Profit margin: 39% (up from 18% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 50% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 58% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Oct 29
Third quarter 2025 earnings released: EPS: ₫91.00 (vs ₫55.56 in 3Q 2024) Third quarter 2025 results: EPS: ₫91.00 (up from ₫55.56 in 3Q 2024). Revenue: ₫506.5b (up ₫503.9b from 3Q 2024). Net income: ₫85.8b (up 68% from 3Q 2024). Profit margin: 17% (down from 1,950% in 3Q 2024). Revenue is forecast to grow 65% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Buy Or Sell Opportunity • Oct 20
Now 25% undervalued Over the last 90 days, the stock has risen 28% to ₫24,200. The fair value is estimated to be ₫32,328, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 56% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 610% in 2 years. Earnings are forecast to grow by 950% in the next 2 years. Buy Or Sell Opportunity • Sep 06
Now 23% undervalued Over the last 90 days, the stock has risen 52% to ₫25,100. The fair value is estimated to be ₫32,493, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 56% over the last 3 years. Earnings per share has declined by 81%. Revenue is forecast to grow by 592% in 2 years. Earnings are forecast to grow by 888% in the next 2 years. Price Target Changed • Aug 19
Price target increased by 19% to ₫22,572 Up from ₫18,935, the current price target is an average from 2 analysts. New target price is 12% below last closing price of ₫25,700. Stock is up 36% over the past year. The company is forecast to post earnings per share of ₫755 for next year compared to ₫170 last year. Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: ₫70.00 (vs ₫51.94 in 2Q 2024) Second quarter 2025 results: EPS: ₫70.00 (up from ₫51.94 in 2Q 2024). Revenue: ₫19.9b (up 141% from 2Q 2024). Net income: ₫64.9b (up 31% from 2Q 2024). Revenue is forecast to grow 59% p.a. on average during the next 3 years, compared to a 9.0% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 53 percentage points per year, which is a significant difference in performance. New Risk • Jul 29
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Vietnamese stocks, typically moving 5.7% 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 Interest payments are not well covered by earnings (0.9x net interest cover). High level of non-cash earnings (29% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Profit margins are more than 30% lower than last year (13% net profit margin). Buy Or Sell Opportunity • Jul 18
Now 21% undervalued Over the last 90 days, the stock has risen 25% to ₫20,550. The fair value is estimated to be ₫25,931, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 72% over the last 3 years. Earnings per share has declined by 75%. Revenue is forecast to grow by 477% in 2 years. Earnings are forecast to grow by 716% in the next 2 years. Price Target Changed • Jun 25
Price target decreased by 14% to ₫20,450 Down from ₫23,700, the current price target is an average from 2 analysts. New target price is 16% above last closing price of ₫17,700. Stock is down 26% over the past year. The company is forecast to post earnings per share of ₫676 for next year compared to ₫184 last year. Buy Or Sell Opportunity • Jun 11
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 12% to ₫17,350. The fair value is estimated to be ₫22,184, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 72% over the last 3 years. Earnings per share has declined by 75%. Revenue is forecast to grow by 477% in 2 years. Earnings are forecast to grow by 716% in the next 2 years. Announcement • May 30
Phat Dat Real Estate Development Corporation, Annual General Meeting, Jun 27, 2025 Phat Dat Real Estate Development Corporation, Annual General Meeting, Jun 27, 2025. Location: lotus ballroom, 1st floor, rex hotel, 141 nguyen hue street, ben nghe ward, district 1, hochiminh Vietnam Price Target Changed • May 15
Price target decreased by 12% to ₫23,700 Down from ₫26,800, the current price target is an average from 3 analysts. New target price is 41% above last closing price of ₫16,800. Stock is down 35% over the past year. The company is forecast to post earnings per share of ₫731 for next year compared to ₫184 last year. Reported Earnings • Apr 10
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₫184 (down from ₫993 in FY 2023). Revenue: ₫821.7b (up 33% from FY 2023). Net income: ₫148.9b (down 78% from FY 2023). Profit margin: 18% (down from 108% in FY 2023). Revenue missed analyst estimates by 9.1%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 62% p.a. on average during the next 3 years, compared to a 8.2% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 29 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫16,150, the stock trades at a forward P/E ratio of 25x. Average forward P/E is 23x in the Real Estate industry in Vietnam. Total loss to shareholders of 73% over the past three years. Recent Insider Transactions • Mar 18
Member of Advisor Board & Director recently sold ₫2.4b worth of stock On the 14th of March, Phuc Le sold around 240k shares on-market at roughly ₫10,000 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of ₫6.6b more than they bought in the last 12 months. Major Estimate Revision • Mar 11
Consensus revenue estimates increase by 18%, EPS downgraded The consensus outlook for fiscal year 2025 has been updated. 2025 revenue forecast increased from ₫3.78t to ₫4.47t. EPS estimate fell from ₫733 to ₫635. Net income forecast to grow 6.1% next year vs 5.4% growth forecast for Real Estate industry in Vietnam. Consensus price target broadly unchanged at ₫26,400. Share price rose 2.5% to ₫20,600 over the past week. Reported Earnings • Jan 28
Full year 2024 earnings released: EPS: ₫620 (vs ₫1,003 in FY 2023) Full year 2024 results: EPS: ₫620 (down from ₫1,003 in FY 2023). Revenue: ₫2.02t (up 227% from FY 2023). Net income: ₫522.7b (down 23% from FY 2023). Profit margin: 26% (down from 110% in FY 2023). Revenue is forecast to grow 72% p.a. on average during the next 2 years, compared to a 15% growth forecast for the Real Estate industry in Vietnam. 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 34% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Dec 14
Consensus EPS estimates increase by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from ₫2.08t to ₫2.22t. EPS estimate increased from ₫526 to ₫695 per share. Net income forecast to grow 46% next year vs 46% growth forecast for Real Estate industry in Vietnam. Consensus price target of ₫26,800 unchanged from last update. Share price fell 2.3% to ₫21,500 over the past week. New Risk • Oct 15
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 28% 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 (28% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Shareholders have been diluted in the past year (30% increase in shares outstanding). Significant insider selling over the past 3 months (₫6.2b sold). Reported Earnings • Oct 12
Third quarter 2024 earnings released: EPS: ₫60.00 (vs ₫146 in 3Q 2023) Third quarter 2024 results: EPS: ₫60.00 (down from ₫146 in 3Q 2023). Net income: ₫51.2b (down 50% from 3Q 2023). Revenue is forecast to grow 92% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 32% per year, which means it has not declined as severely as earnings. New Risk • Sep 20
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: Minor Risks Share price has been volatile over the past 3 months (6.2% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (81% net profit margin). Shareholders have been diluted in the past year (30% increase in shares outstanding). Valuation Update With 7 Day Price Move • Aug 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫21,000, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the Real Estate industry in Vietnam. Total loss to shareholders of 64% over the past three years. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫64.00 (vs ₫408 in 2Q 2023) Second quarter 2024 results: EPS: ₫64.00 (down from ₫408 in 2Q 2023). Revenue: ₫8.26b (up 237% from 2Q 2023). Net income: ₫49.8b (down 82% from 2Q 2023). Revenue is forecast to grow 75% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 45% per year but the company’s share price has only fallen by 33% per year, which means it has not declined as severely as earnings. Recent Insider Transactions • Jun 18
VP & Member of Management Board recently bought ₫1b worth of stock On the 14th of June, Hoa Phan bought around 100k shares on-market at roughly ₫10,000 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Apr 23
First quarter 2024 earnings released: EPS: ₫69.00 (vs ₫35.00 in 1Q 2023) First quarter 2024 results: EPS: ₫69.00 (up from ₫35.00 in 1Q 2023). Revenue: ₫162.2b (down 16% from 1Q 2023). Net income: ₫52.6b (up 119% from 1Q 2023). Profit margin: 32% (up from 13% in 1Q 2023). Revenue is forecast to grow 69% p.a. on average during the next 3 years, compared to a 12% growth forecast for the Real Estate industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 22% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫26,200, the stock trades at a forward P/E ratio of 31x. Average forward P/E is 22x in the Real Estate industry in Vietnam. Total loss to shareholders of 49% over the past three years. Reported Earnings • Jan 25
Full year 2023 earnings released: EPS: ₫974 (vs ₫1,634 in FY 2022) Full year 2023 results: EPS: ₫974 (down from ₫1,634 in FY 2022). Revenue: ₫617.6b (down 59% from FY 2022). Net income: ₫683.9b (down 38% from FY 2022). Over the last 3 years on average, earnings per share has fallen by 27% 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. Announcement • Dec 06
Phat Dat Real Estate Development Corporation has filed a Follow-on Equity Offering in the amount of VND 1.343292 trillion. Phat Dat Real Estate Development Corporation has filed a Follow-on Equity Offering in the amount of VND 1.343292 trillion.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 134,329,243
Price\Range: VND 10000
Transaction Features: Rights Offering New Risk • Nov 24
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% 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: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.6% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). New Risk • Oct 29
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.2x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (0.2x net interest cover). Minor Risks Share price has been volatile over the past 3 months (8.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Reported Earnings • Oct 22
Third quarter 2023 earnings released: EPS: ₫146 (vs ₫1,031 in 3Q 2022) Third quarter 2023 results: EPS: ₫146 (down from ₫1,031 in 3Q 2022). Revenue: ₫354.8b (up ₫343.7b from 3Q 2022). Net income: ₫101.7b (down 86% from 3Q 2022). Profit margin: 29% (down from 6,458% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Recent Insider Transactions • Jul 28
Deputy Chief Executive Officer recently sold ₫100m worth of stock On the 24th of July, Sinh Nguyen sold around 10k shares on-market at roughly ₫10,000 per share. This transaction amounted to 9.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Reported Earnings • Jul 22
Second quarter 2023 earnings released Second quarter 2023 results: Net income: ₫275.7b (down 33% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 10% 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 • Jun 12
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫17,700, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 21x in the Real Estate industry in Vietnam. Total returns to shareholders of 31% over the past three years. Announcement • Jun 09
Phat Dat Real Estate Development Corporation, Annual General Meeting, Jun 30, 2023 Phat Dat Real Estate Development Corporation, Annual General Meeting, Jun 30, 2023. Location: Pavillon Tan Son Nhat, 202 Hoang Van Thu Street ward 9, Phu Nhuan district Ho Chi Minh City Vietnam Announcement • May 26
Phat Dat Real Estate Development Corporation Announces the Resignation of Vu Kim Dien – Vice General Director On April 28, 2023, Phat Dat Real Estate Development Corp. announced the resignation letter of Mr. Vu Kim Dien – Vice General Director form April 29, 2023. Announcement • Feb 16
An unknown buyer agreed to acquire unknown stake in Phat Dat Realty Business and Service Corporation from Phat Dat Real Estate Development Corporation (HOSE:PDR) An unknown buyer agreed to acquire unknown stake in Phat Dat Realty Business and Service Corporation from Phat Dat Real Estate Development Corporation (HOSE:PDR) on February 13, 2023. Phat Dat Real Estate Development Corporation will sell 0.018 million shares of Phat Dat Realty Business and Service Corporation. The board of directors of Phat Dat Real Estate Development Corporation approved the transaction. Valuation Update With 7 Day Price Move • Feb 13
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫11,250, the stock trades at a trailing P/E ratio of 6.6x. Average trailing P/E is 20x in the Real Estate industry in Vietnam. Total loss to shareholders of 12% over the past three years. Reported Earnings • Jan 29
Full year 2022 earnings released: EPS: ₫1,706 (vs ₫2,683 in FY 2021) Full year 2022 results: EPS: ₫1,706 (down from ₫2,683 in FY 2021). Revenue: ₫1.50t (down 58% from FY 2021). Net income: ₫1.15t (down 36% from FY 2021). Profit margin: 76% (up from 49% 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 25% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Jan 05
Phat Dat Real Estate Development Corporation Announces Resignation of Trang Thanh Minh Thu as Deputy CEO Phat Dat Real Estate Development Corporation announced resignation of Mrs. Trang Thanh Minh Thu as Deputy CEO, effective December 31, 2022. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫12,000, the stock trades at a trailing P/E ratio of 3.9x. Average trailing P/E is 10x in the Real Estate industry in Vietnam. Total loss to shareholders of 4.7% over the past three years. Valuation Update With 7 Day Price Move • Dec 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₫15,800, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 11x in the Real Estate industry in Vietnam. Total returns to shareholders of 20% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 25% share price decline to ₫18,350, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 10x in the Real Estate industry in Vietnam. Total returns to shareholders of 50% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Vinh Tran was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Nov 04
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫37,500, the stock trades at a trailing P/E ratio of 12.1x. Average trailing P/E is 13x in the Real Estate industry in Vietnam. Total returns to shareholders of 201% over the past three years. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫11.1b (down 99% from 3Q 2021). Net income: ₫717.7b (up 18% from 3Q 2021). Reported Earnings • Jul 23
Second quarter 2022 earnings released: EPS: ₫671 (vs ₫358 in 2Q 2021) Second quarter 2022 results: EPS: ₫671 (up from ₫358 in 2Q 2021). Revenue: ₫853.4b (up 59% from 2Q 2021). Net income: ₫412.6b (up 64% from 2Q 2021). Profit margin: 48% (up from 47% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 288%, compared to a 80% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has increased by 59% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 13
Phat Dat Real Estate Development Corporation Approves Resignation of Le Minh Dung as Independent Board Member On July 11, 2022, the Board of Directors of Phat Dat Real Estate Development Corp. approved the resignation of Mr. Le Minh Dung as Independent Board Member dated July 11, 2022. Announcement • Jun 29
Phat Dat Real Estate Development Corp Announces Appointment of Nguyen Khac Sinh as Deputy Chief Executive Officer of the Company On June 25, 2022, Phat Dat Real Estate Development Corp. announced the appointment of Mr. Nguyen Khac Sinh as Deputy Chief Executive Officer of the Company from June 25, 2022. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 2 were independent directors. The company's board is composed of: 3 independent directors. 5 non-independent directors. Independent Director Vinh Tran was the last independent director to join the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 21
First quarter 2022 earnings released: EPS: ₫552 (vs ₫373 in 1Q 2021) First quarter 2022 results: EPS: ₫552 (up from ₫373 in 1Q 2021). Revenue: ₫625.4b (up 6.7% from 1Q 2021). Net income: ₫282.1b (up 12% from 1Q 2021). Profit margin: 45% (up from 43% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 261%, compared to a 47% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 77% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 31
Phat Dat Real Estate Development Corporation Approves Dividend Phat Dat Real Estate Development Corporation at its AGM held on March 26, 2022, approved to pay dividend of VND 1,794.13 billion. Reported Earnings • Mar 04
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫3,656 (up from ₫2,444 in FY 2020). Revenue: ₫3.62t (down 7.4% from FY 2020). Net income: ₫1.78t (up 50% from FY 2020). Profit margin: 49% (up from 30% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 205%, compared to a 50% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 37% per year but the company’s share price has increased by 84% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Mar 04
Phat Dat Real Estate Development Corporation, Annual General Meeting, Mar 26, 2022 Phat Dat Real Estate Development Corporation, Annual General Meeting, Mar 26, 2022, at 01:30 Coordinated Universal Time. Location: Nikko Hotel, 235 Nguyen Van Cu, Nguyen Cu Trinh Ward, district 1 Ho Chi Minh Vietnam Announcement • Feb 10
Phat Dat Real Estate Development Corporation Announces Executive Changes The Board of Directors of Phat Dat Real Estate Development Corp. approved the resignation of Mr. Nguyen Thanh Thao as Deputy CFO as of January 28, 2022 in order to become the Assistant to the Board Chairman. Reported Earnings • Jan 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫3,866 (up from ₫2,382 in FY 2020). Revenue: ₫3.62t (down 7.4% from FY 2020). Net income: ₫1.87t (up 61% from FY 2020). Profit margin: 52% (up from 30% in FY 2020). The increase in margin was driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Oct 19
Third quarter 2021 earnings released: EPS ₫1,244 (vs ₫863 in 3Q 2020) The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₫1.27t (down 3.7% from 3Q 2020). Net income: ₫607.9b (up 38% from 3Q 2020). Profit margin: 48% (up from 33% 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 35% per year but the company’s share price has increased by 86% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ₫449 (vs ₫239 in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: ₫537.7b (down 2.7% from 2Q 2020). Net income: ₫251.6b (up 108% from 2Q 2020). Profit margin: 47% (up from 22% in 2Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 87% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₫79,400, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 17x in the Real Estate industry in Vietnam. Total returns to shareholders of 308% over the past three years. Is New 90 Day High Low • Mar 11
New 90-day high: ₫66,800 The company is up 56% from its price of ₫42,900 on 11 December 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 17% over the same period. Reported Earnings • Mar 07
Full year 2020 earnings released: EPS ₫2,926 (vs ₫2,141 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫3.91t (up 15% from FY 2019). Net income: ₫1.16t (up 37% from FY 2019). Profit margin: 30% (up from 25% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 03
New 90-day high: ₫59,000 The company is up 48% from its price of ₫39,813 on 05 November 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 12% over the same period. Reported Earnings • Jan 23
Full year 2020 earnings released: EPS ₫3,021 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫3.91t (up 15% from FY 2019). Net income: ₫1.22t (up 47% from FY 2019). Profit margin: 31% (up from 24% in FY 2019). The increase in margin was driven by higher revenue. 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 37% per year. Is New 90 Day High Low • Jan 13
New 90-day high: ₫53,300 The company is up 46% from its price of ₫36,542 on 15 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 27% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: ₫52,000 The company is up 44% from its price of ₫36,075 on 30 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 15% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₫43,700 The company is up 39% from its price of ₫31,495 on 08 September 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 10.0% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₫41,950 The company is up 64% from its price of ₫25,654 on 21 August 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 9.0% over the same period. Is New 90 Day High Low • Nov 09
New 90-day high: ₫40,800 The company is up 76% from its price of ₫23,131 on 11 August 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 7.0% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: ₫41,050 The company is up 69% from its price of ₫24,250 on 29 July 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 15% over the same period. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫1.15t, up 67% from the prior year. Total revenue was ₫3.53t over the last 12 months, down 13% from the prior year. Is New 90 Day High Low • Sep 18
New 90-day high: ₫38,100 The company is up 64% from its price of ₫23,200 on 19 June 2020. The Vietnamese market is up 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is flat over the same period. 
