New Risk • Jun 12
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 Risk High level of non-cash earnings (132% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (₫427.0b market cap, or US$16.2m). New Risk • May 05
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 80% 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 (80% accrual ratio). Minor Risk Market cap is less than US$100m (₫499.1b market cap, or US$19.0m). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫4,550, the stock trades at a trailing P/E ratio of 4.7x. Average trailing P/E is 21x in the Real Estate industry in Vietnam. Total returns to shareholders of 45% over the past three years. Announcement • Mar 26
Thuduc Housing Development Corporation, Annual General Meeting, Apr 24, 2026 Thuduc Housing Development Corporation, Annual General Meeting, Apr 24, 2026, at 08:30 SE Asia Standard Time. Location: white palace hall b1, 558 pham van dong street, hiep binh ward, ho chi minh Vietnam New Risk • Nov 08
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -₫43b This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risk Less than 1 year of cash runway based on free cash flow trend (-₫43b free cash flow). Minor Risks Revenue is less than US$5m (₫74b revenue, or US$2.8m). Market cap is less than US$100m (₫536.2b market cap, or US$20.4m). Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: ₫118 (vs ₫233 loss in 2Q 2024) Second quarter 2025 results: EPS: ₫118 (up from ₫233 loss in 2Q 2024). Net income: ₫13.3b (up ₫39.1b from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. New Risk • May 01
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 8.3% 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 Risk Share price has been highly volatile over the past 3 months (8.3% average weekly change). Minor Risks Revenue is less than US$5m (₫47b revenue, or US$1.8m). Market cap is less than US$100m (₫487.8b market cap, or US$18.5m). Announcement • Apr 15
Thuduc Housing Development Corporation Announces Receiving Decision from the Court On April 10, 2025, ThuDuc Housing Development Corporation ("Company") received Decision No. 1832/2025/QÐXXST-HC dated April 2, 2025, from the People's Court of Ho Chi Minh City regarding the first-instance trial of an administrative case on "Administrative decision complaint" between the plaintiff, Thu Duc Housing Development Corporation, and the defendant, Ho Chi Minh City Tax Department. The resumption of the trial is scheduled for 14:00 on April 24, 2025. Reported Earnings • Apr 02
Full year 2024 earnings released: ₫2,705 loss per share (vs ₫554 loss in FY 2023) Full year 2024 results: ₫2,705 loss per share (further deteriorated from ₫554 loss in FY 2023). Net loss: ₫304.7b (loss widened 388% from FY 2023). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has fallen by 38% per year, which means it is significantly lagging earnings. Announcement • Feb 17
Thu Duc Housing Development Corporation Approves Board Changes Thu Duc Housing Development Corporation at its EGM held on February 14, 2025, approved the resignation of Mr. Hoang Anh Phuc as a member of the BOD and approved election of members of the BOD in the term 2020-2025: Ms. Tran Thi Lien; Mr. Vu Hai Quan and Mr. Tran Thanh Vinh. Announcement • Jan 21
Thuduc Housing Development Corporation, Annual General Meeting, Feb 14, 2025 Thuduc Housing Development Corporation, Annual General Meeting, Feb 14, 2025, at 08:30 SE Asia Standard Time. Location: palace ballroom, 6th floor, palace sai gon hotel, no. 55-66, nguyen hue street, ben nghe ward, district 1, hcmc, Vietnam New Risk • Dec 23
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 4.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Revenue is less than US$5m (₫76b revenue, or US$3.0m). Market cap is less than US$100m (₫286.1b market cap, or US$11.2m). New Risk • Nov 28
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫255.7b (US$9.97m) This is considered a major 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 Risks Earnings have declined by 9.1% per year over the past 5 years. Market cap is less than US$10m (₫255.7b market cap, or US$9.97m). Minor Risk Revenue is less than US$5m (₫76b revenue, or US$3.0m). Reported Earnings • Nov 05
Third quarter 2024 earnings released: EPS: ₫263 (vs ₫70.00 in 3Q 2023) Third quarter 2024 results: EPS: ₫263 (up from ₫70.00 in 3Q 2023). Revenue: ₫6.56b (down 48% from 3Q 2023). Net income: ₫29.6b (up 277% from 3Q 2023). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has fallen by 42% per year, which means it is significantly lagging earnings. Announcement • Sep 10
Thuduc Housing Development Corporation Announces Change in Personnel Thu Duc Housing Development Corporation announced the change in personnel as follows: Appointment: Ms. Le Ngoc Minh: Newly appointed position: Chief Accountant. Term: Effective date: September 06, 2024. Resignation:
Mr. Nguyen Thi Ha: Resigned position: Chief Accountant. Effective date: September 06, 2024. Announcement • May 31
Thuduc Housing Development Corporation, Annual General Meeting, Jun 27, 2024 Thuduc Housing Development Corporation, Annual General Meeting, Jun 27, 2024, at 08:00 SE Asia Standard Time. Location: floor 6, palace sai gon hotel, no.55-56 nguyen hue street, ben nghe ward, district 1, hcmc Vietnam Reported Earnings • Jan 30
Full year 2023 earnings released: ₫426 loss per share (vs ₫43.80 profit in FY 2022) Full year 2023 results: ₫426 loss per share (down from ₫43.80 profit in FY 2022). Revenue: ₫115.9b (down 33% from FY 2022). Net loss: ₫48.0b (down ₫52.9b from profit in FY 2022). Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Jul 06
New major 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 8.4% 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 Risks Less than 1 year of cash runway based on free cash flow trend (-₫159b free cash flow). Earnings have declined by 62% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Market cap is less than US$100m (₫580.2b market cap, or US$24.5m). Announcement • Jun 09
Thuduc Housing Development Corporation Announces Resignation of Nguyen Huy Hoang as Chairman of the Bod and Member of the Audit Committee On June 06, 2023, Thu Duc Housing Development Corporation announced the resignation letter of Mr. Nguyen Huy Hoang – Chairman of the BOD and member of the Audit Committee. Announcement • Jun 07
Thuduc Housing Development Corporation, Annual General Meeting, Jun 29, 2023 Thuduc Housing Development Corporation, Annual General Meeting, Jun 29, 2023, at 02:00 Coordinated Universal Time. Location: Palace Sai Gon hotel, 56-66 Nguyen Hue street, Ben Nghe ward, district 1 HCM City Vietnam Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫3,610, the stock trades at a trailing P/E ratio of 30.9x. Average trailing P/E is 19x in the Real Estate industry in Vietnam. Total loss to shareholders of 54% over the past three years. Reported Earnings • Feb 03
Full year 2022 earnings released: EPS: ₫117 (vs ₫8,362 loss in FY 2021) Full year 2022 results: EPS: ₫117 (up from ₫8,362 loss in FY 2021). Revenue: ₫176.5b (down 64% from FY 2021). Net income: ₫13.2b (up ₫955.2b from FY 2021). Profit margin: 7.5% (up from net loss in FY 2021). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 52 percentage points per year, which is a significant difference in performance. Announcement • Dec 02
Thuduc Housing Development Corporation Announces Executive Changes Thuduc Housing Development Corporation announced the change in personnel as follows: Appointment: Mr. Nguyen Van Tuyen, Former position in the organization: Deputy Head of the financial & accountant department; Newly appointed position: Head of internal audit board; Term: 2020-2025; Effective date: December 01, 2022. Resignation: Mrs. Quan Dien Trang; Resigned position: Head of internal audit board; Effective date: December 01, 2022. Announcement • Jul 01
Thuduc Housing Development Corporation Announces Chief Accountant Changes, Effective from July 1, 2022 The Board resolution dated June 27, 2022, the BOD of Thu Duc Housing Development Corporation approved the change in personnel as follows: approved the resignation of Mrs. Le Thi Ngoc Cam as Chief Accountant of the Company from July 01, 2022. Approved the appointment of Mrs. Nguyen Thi Ha as Chief Accountant of the Company from July 01, 2022. Announcement • Mar 31
Thuduc Housing Development Corporation Announces Change in Personnel Thuduc Housing Development Corporation announced the change in personnel as follows: Appointment: Mr. Duong Ngoc Hai as Former position in the organization: Deputy Chairman of the Board of Directors, Newly appointed position: Chairman of the Board of Directors. Term: 2020-2025. Effective date is on March 22, 2022. The company also announced resignation of Mr. Lu Minh Son as Chairman of the Board of Directors for personal reasons, effective March 14, 2022. Announcement • Mar 06
Thuduc Housing Development Corporation Announces Executive Changes The Board of Directors of Thu Duc Housing Development Corporation approved the resignation of Mr. Le Chi Thu Khoa as Deputy CEO, effective March 1, 2022, Lu Minh Son as Deputy CEO, effective March 1, 2022 and Mr. Ta Chi Cuong resigned as Member of the Board of Directors, effective February 24, 2022. Board Change • Feb 22
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 3 non-independent directors. Independent Director Le Tam was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 16
Thu Duc Housing Development Corporation Approves the Resignation of Tran Quang Nhuong as Deputy CEO On February 11, 2022, the Board of Directors of Thu Duc Housing Development Corporation approved the resignation of Mr. Tran Quang Nhuong as Deputy CEO. Announcement • Feb 11
Thuduc Housing Development Corporation Announces the Resignation of Mr. Le Chi Hieu as Chairman of Board of Directors Thuduc Housing Development Corporation announced the resignation of Mr. Le Chi Hieu as Chairman of board of directors. Reported Earnings • Feb 02
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: ₫5,115 loss per share (down from ₫3,226 loss in FY 2020). Revenue: ₫487.2b (down 75% from FY 2020). Net loss: ₫576.2b (loss widened 59% from FY 2020). Revenue missed analyst estimates by 1.5%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS ₫1,247 (vs ₫18.42 loss in 2Q 2020) Second quarter 2021 results: Revenue: ₫119.4b (down 72% from 2Q 2020). Net income: ₫140.4b (up ₫142.9b from 2Q 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 90 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Feb 20
Investor sentiment improved over the past week After last week's 16% share price gain to ₫8,470, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13.5x. This compares to an average P/E of 14x in the Real Estate industry in Vietnam. Total return to shareholders over the past three years is a loss of 7.0%. Valuation Update With 7 Day Price Move • Feb 01
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫7,140, the stock is trading at a trailing P/E ratio of 13.3x, down from the previous P/E ratio of 16.4x. This compares to an average P/E of 14x in the Real Estate industry in Vietnam. Total return to shareholders over the past three years is a loss of 23%. Is New 90 Day High Low • Feb 01
New 90-day low: ₫7,140 The company is down 2.0% from its price of ₫7,250 on 03 November 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 15% over the same period. Valuation Update With 7 Day Price Move • Dec 25
Investor sentiment improved over the past week After last week's 18% share price gain to ₫10,350, the stock is trading at a trailing P/E ratio of 19.2x, up from the previous P/E ratio of 16.3x. This compares to an average P/E of 12x in the Real Estate industry in Vietnam. Total returns to shareholders over the past three years are 12%. Is New 90 Day High Low • Dec 22
New 90-day high: ₫9,410 The company is up 20% from its price of ₫7,870 on 23 September 2020. The Vietnamese market is up 17% 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. Is New 90 Day High Low • Dec 05
New 90-day high: ₫8,290 The company is up 6.0% from its price of ₫7,850 on 04 September 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 9.0% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: EPS ₫184 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: ₫191.8b (down 84% from 3Q 2019). Net income: ₫17.3b (up 100% from 3Q 2019). Profit margin: 9.0% (up from 0.7% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Announcement • Aug 08
Thu Duc Housing Development Corporation Appoints Nguyen Vu Bao Hoang as Chief Executive Officer Thu Duc Housing Development Corporation announced that according to the Board resolution dated July 24, 2020, the company approved the appointment of Mr. Nguyen Vu Bao Hoang as Chief Executive Officer (CEO) of the Company for the term 2020 – 2025. Announcement • Jun 18
An unknown buyer acquired 6.02% stake of Thuduc Housing Development Corporation (HOSE:TDH) from KWE Beteiligungen AG. An unknown buyer acquired 6.02% stake of Thuduc Housing Development Corporation (HOSE:TDH) from KWE Beteiligungen AG on June 12, 2020. Under the plan, KWE sold 5.66 million shares. As a result of the transaction KWE does not hold any stake in Thuduc.
An unknown buyer completed the acquisition of 6.02% stake of Thuduc Housing Development Corporation (HOSE:TDH) from KWE Beteiligungen AG on June 12, 2020. 
