Reported Earnings • Aug 04
Second quarter 2026 earnings released: ₫126 loss per share (vs ₫2.42 loss in 2Q 2025) Second quarter 2026 results: ₫126 loss per share (further deteriorated from ₫2.42 loss in 2Q 2025). Net loss: ₫12.0b (loss widened ₫11.8b from 2Q 2025). Over the last 3 years on average, earnings per share has remained flat but the company’s share price has fallen by 31% per year, which means it is significantly lagging earnings. New Risk • May 26
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 6.3% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Minor Risks Share price has been volatile over the past 3 months (6.3% average weekly change). Market cap is less than US$100m (₫368.1b market cap, or US$14.0m). Buy Or Sell Opportunity • May 07
Now 20% overvalued Over the last 90 days, the stock has fallen 3.3% to ₫4,150. The fair value is estimated to be ₫3,448, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Upcoming Dividend • May 07
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 14 May 2026. Payment date: 22 May 2026. Payout ratio is a comfortable 37% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Vietnamese dividend payers (7.9%). Higher than average of industry peers (3.8%). Announcement • Apr 03
Van Phat Hung Corporation, Annual General Meeting, Apr 22, 2026 Van Phat Hung Corporation, Annual General Meeting, Apr 22, 2026, at 08:00 SE Asia Standard Time. Location: crystal palace-13 nguyen loung bang street, tan my ward, ho chi minh Vietnam Buy Or Sell Opportunity • Feb 13
Now 23% overvalued Over the last 90 days, the stock has fallen 14% to ₫4,260. The fair value is estimated to be ₫3,473, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Meanwhile, the company became loss making. Reported Earnings • Feb 05
Full year 2025 earnings released: ₫209 loss per share (vs ₫1,358 profit in FY 2024) Full year 2025 results: ₫209 loss per share (down from ₫1,358 profit in FY 2024). Net loss: ₫19.9b (down 115% from profit in FY 2024). Over the last 3 years on average, earnings per share has increased by 41% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 04
Third quarter 2025 earnings released: ₫107 loss per share (vs ₫1,922 profit in 3Q 2024) Third quarter 2025 results: ₫107 loss per share (down from ₫1,922 profit in 3Q 2024). Net loss: ₫10.2b (down 106% from profit in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. New Risk • Nov 04
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 0.0007x 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 (0.0007x net interest cover). Minor Risks Revenue is less than US$5m (₫95b revenue, or US$3.6m). Market cap is less than US$100m (₫476.8b market cap, or US$18.1m). Reported Earnings • Aug 02
Second quarter 2025 earnings released: ₫1.20 loss per share (vs ₫246 loss in 2Q 2024) Second quarter 2025 results: ₫1.20 loss per share (improved from ₫246 loss in 2Q 2024). Net loss: ₫116.2m (loss narrowed 100% from 2Q 2024). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Reported Earnings • May 05
First quarter 2025 earnings released: ₫96.00 loss per share (vs ₫155 loss in 1Q 2024) First quarter 2025 results: ₫96.00 loss per share (improved from ₫155 loss in 1Q 2024). Net loss: ₫9.19b (loss narrowed 38% from 1Q 2024). Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫5,200, the stock trades at a trailing P/E ratio of 3.7x. Average trailing P/E is 27x in the Real Estate industry in Vietnam. Total loss to shareholders of 60% over the past three years. Announcement • Apr 01
Van Phat Hung Corporation, Annual General Meeting, Apr 17, 2025 Van Phat Hung Corporation, Annual General Meeting, Apr 17, 2025, at 08:00 SE Asia Standard Time. Location: 13 nguyen luong bang, tan phu ward, district 7, ho chi minh Vietnam New Risk • Dec 05
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 4.8% 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 Dividend is not well covered by earnings and cash flows. Paying a dividend despite being loss-making. Paying a dividend despite having no free cash flows. Earnings have declined by 7.0% per year over the past 5 years. High level of non-cash earnings (53% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (4.8% average weekly change). Revenue is less than US$5m (₫61b revenue, or US$2.4m). Market cap is less than US$100m (₫731.4b market cap, or US$28.5m). Reported Earnings • Oct 15
Third quarter 2024 earnings released: EPS: ₫1,922 (vs ₫206 loss in 3Q 2023) Third quarter 2024 results: EPS: ₫1,922 (up from ₫206 loss in 3Q 2023). Net income: ₫183.3b (up ₫203.0b from 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Reported Earnings • Jul 28
Second quarter 2024 earnings released: ₫234 loss per share (vs ₫71.00 profit in 2Q 2023) Second quarter 2024 results: ₫234 loss per share (down from ₫71.00 profit in 2Q 2023). Net loss: ₫22.3b (down 431% from profit in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 94 percentage points per year, which is a significant difference in performance. New Risk • Jun 21
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 6.0% 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 Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 33% per year over the past 5 years. 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 (6.0% average weekly change). Revenue is less than US$5m (₫70b revenue, or US$2.7m). Market cap is less than US$100m (₫822.9b market cap, or US$32.1m). Announcement • Jun 08
Van Phat Hung Corporation Announces Resignation of Nguyen Thi Le Ha as A Member of the Bod Cum Chairman of the Audit Board Van Phat Hung Corporation announced resignation of Mrs. Nguyen Thi Le Ha as a member of the BOD cum Chairman of the Audit Board. Effective date: June 05, 2024. Announcement • May 08
Van Phat Hung Corporation, Annual General Meeting, Jun 26, 2024 Van Phat Hung Corporation, Annual General Meeting, Jun 26, 2024. New Risk • Mar 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 7.6% 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 Risks Debt is not well covered by operating cash flow (currently running at an operating cash loss). Earnings have declined by 31% per year over the past 5 years. High level of non-cash earnings (42% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (6.1% net profit margin). Shareholders have been diluted in the past year (7.6% increase in shares outstanding). Revenue is less than US$5m (₫73b revenue, or US$3.0m). Market cap is less than US$100m (₫810.3b market cap, or US$33.2m). New Risk • Oct 18
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 8.6% 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 Interest payments are not well covered by earnings (0.5x net interest cover). Share price has been highly volatile over the past 3 months (8.6% average weekly change). Earnings have declined by 30% per year over the past 5 years. High level of non-cash earnings (25% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₫719.0b market cap, or US$29.4m). New Risk • Aug 02
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 21% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (0.3x net interest cover). Earnings have declined by 31% per year over the past 5 years. High level of non-cash earnings (21% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.9% average weekly change). Profit margins are more than 30% lower than last year (2.0% net profit margin). Market cap is less than US$100m (₫821.0b market cap, or US$34.6m). Reported Earnings • Aug 02
Second quarter 2023 earnings released: EPS: ₫71.00 (vs ₫142 in 2Q 2022) Second quarter 2023 results: EPS: ₫71.00 (down from ₫142 in 2Q 2022). Revenue: ₫34.6b (flat on 2Q 2022). Net income: ₫6.74b (down 50% from 2Q 2022). Profit margin: 20% (down from 39% in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 30% per year whereas the company’s share price has increased by 27% per year. Announcement • Jul 07
Van Phat Hung Corporation Announces Executive Changes On July 05, 2023, Van Phat Hung Corporation announced the appointment of Mrs. Nguyen Thi Huong Thao as authorized person to disclose information of the company to replace Mrs. Le Thi Kim Luyen from July 12, 2023. Valuation Update With 7 Day Price Move • Jun 26
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫7,060, the stock trades at a trailing P/E ratio of 71x. Average trailing P/E is 21x in the Real Estate industry in Vietnam. Total returns to shareholders of 90% over the past three years. New Risk • Jun 22
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 6.3% 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 (0.5x net interest cover). Earnings have declined by 32% per year over the past 5 years. Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (6.3% average weekly change). Profit margins are more than 30% lower than last year (7.0% net profit margin). Market cap is less than US$100m (₫608.4b market cap, or US$25.9m). Valuation Update With 7 Day Price Move • May 29
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫5,770, the stock trades at a trailing P/E ratio of 58x. Average trailing P/E is 22x in the Real Estate industry in Vietnam. Total returns to shareholders of 50% over the past three years. Valuation Update With 7 Day Price Move • May 11
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫5,170, the stock trades at a trailing P/E ratio of 52x. Average trailing P/E is 23x in the Real Estate industry in Vietnam. Total returns to shareholders of 48% over the past three years. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫4,750, the stock trades at a trailing P/E ratio of 21.9x. Average trailing P/E is 22x in the Real Estate industry in Vietnam. Total returns to shareholders of 42% over the past three years. Announcement • Feb 09
Van Phat Hung Corporation Appoints Mr. Ngo Thanh Xuan as Deputy CEO Van Phat Hung Corporation announced the appointment of Mr. Ngo Thanh Xuan as Deputy CEO, Effective date: February 06, 2023. Reported Earnings • Jan 18
Full year 2022 earnings released: EPS: ₫217 (vs ₫867 in FY 2021) Full year 2022 results: EPS: ₫217 (down from ₫867 in FY 2021). Revenue: ₫161.6b (down 44% from FY 2021). Net income: ₫20.7b (down 75% from FY 2021). Profit margin: 13% (down from 28% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 54% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫4,070, the stock trades at a trailing P/E ratio of 3.6x. Average trailing P/E is 10x in the Real Estate industry in Vietnam. Total returns to shareholders of 14% over the past three years. Announcement • Dec 14
Van Phat Hung Corporation Announces Resignation of Dao Thuy Doan as Deputy CEO Van Phat Hung Corporation announced resignation of Dao Thuy Doan as Deputy CEO. Effective date is December 16, 2022. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 20% share price gain to ₫4,950, the stock trades at a trailing P/E ratio of 4.4x. Average trailing P/E is 12x in the Real Estate industry in Vietnam. Total returns to shareholders of 38% over the past three years. Board Change • Nov 16
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, 1 was an independent director. The company's board is composed of: 1 independent director. 6 non-independent directors. Independent Director Ha Le Nguyen 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 • Nov 03
Third quarter 2022 earnings released: EPS: ₫52.00 (vs ₫98.00 loss in 3Q 2021) Third quarter 2022 results: EPS: ₫52.00 (up from ₫98.00 loss in 3Q 2021). Revenue: ₫63.6b (up 116% from 3Q 2021). Net income: ₫4.93b (up ₫14.3b from 3Q 2021). Profit margin: 7.8% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫4,940, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 13x in the Real Estate industry in Vietnam. Total returns to shareholders of 28% over the past three years. Valuation Update With 7 Day Price Move • Sep 29
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₫7,000, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 16x in the Real Estate industry in Vietnam. Total returns to shareholders of 94% over the past three years. Announcement • Jul 23
Van Phat Hung Corporation Approves Cash Dividend, Payable August 8, 2022 The Board of Directors of Van Phat Hung Corporation (stock code: VPH) approved the cash dividend payment for 2021 as 7%/par value (700 dongs/share). Record date: August is 01, 2022. Payment date is August 08, 2022. Valuation Update With 7 Day Price Move • Jul 13
Investor sentiment improved over the past week After last week's 28% share price gain to ₫8,200, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 18x in the Real Estate industry in Vietnam. Total returns to shareholders of 67% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₫7,000, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 15x in the Real Estate industry in Vietnam. Total returns to shareholders of 42% over the past three years. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫7,010, the stock trades at a trailing P/E ratio of 6.2x. Average trailing P/E is 19x in the Real Estate industry in Vietnam. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • May 09
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫8,840, the stock trades at a trailing P/E ratio of 7.9x. Average trailing P/E is 23x in the Real Estate industry in Vietnam. Total returns to shareholders of 89% over the past three years. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Director Ha Le Nguyen was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 19
Van Phat Hung Corporation Announces Executive Changes The board of directors of Van Phat Hung Corporation approved the following contents: approved the resignation of Mr. Truong Thanh Nhan, member of BOD as Chief Executive Officer (CEO) cum Legal Representative from April 15, 2022; approved the appointment of Mr. Vo Nguyen Nhu Nguyen, member of BOD cum Deputy Chief Executive Officer as Chief Executive Officer (CEO) cum Legal Representative of the Company from April 15, 2022. Announcement • Apr 14
Van Phat Hung Corporation Appoints Dao Thuy Doan as Deputy CEO Van Phat Hung Corporation announced the appointment of Ms. Dao Thuy Doan as Deputy CEO, Effective date: April 06, 2022. Valuation Update With 7 Day Price Move • Apr 12
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫14,150, the stock trades at a trailing P/E ratio of 16.3x. Average trailing P/E is 25x in the Real Estate industry in Vietnam. Total returns to shareholders of 200% over the past three years. Announcement • Apr 06
Van Phat Hung Corporation Announces Resignation of Mrs. Phan Gian Man as Deputy Chief Executive Officer The Board resolution dated April 01, 2022, the BOD of Van Phat Hung Corporation approved the resignation of Mrs. Phan Gian Man as Deputy Chief Executive Officer from April 08, 2022. Buying Opportunity • Mar 22
Now 21% undervalued Over the last 90 days, the stock is up 26%. The fair value is estimated to be ₫20,513, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% per annum over the last 3 years. Earnings per share has declined by 73% per annum over the last 3 years. Announcement • Mar 06
Van Phat Hung Corporation Announces Resignation of Ms. Vo Thu Ha as Deputy CEO Van Phat Hung Corporation announced that the resignation of Ms. Vo Thu Ha as Deputy CEO with effect from February 23, 2022. Buying Opportunity • Feb 22
Now 22% undervalued Over the last 90 days, the stock is up 44%. The fair value is estimated to be ₫20,243, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 40% per annum over the last 3 years. Earnings per share has declined by 73% per annum over the last 3 years. Reported Earnings • Feb 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫834 (up from ₫136 in FY 2020). Revenue: ₫289.3b (up 7.7% from FY 2020). Net income: ₫80.1b (up ₫67.1b from FY 2020). Profit margin: 28% (up from 4.8% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 113 percentage points per year, which is a significant difference in performance. Announcement • Jan 06
An unknow buyer acquired a 55% stake in An Hung Service and Trading Investment Joint Stock Company from Van Phat Hung Corporation (HOSE:VPH). An unknow buyer acquired a 55% stake in An Hung Service and Trading Investment Joint Stock Company from Van Phat Hung Corporation (HOSE:VPH) on December 30, 2021. Following completion, Van Phat Hung hold 12.76 million shares representing 44% stake in An Hung Service.
An unknow buyer completed the acquisition of a 55% stake in An Hung Service and Trading Investment Joint Stock Company from Van Phat Hung Corporation (HOSE:VPH) on December 30, 2021. Upcoming Dividend • Oct 18
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 25 October 2021. Payment date: 11 November 2021. Trailing yield: 6.9%. Within top quartile of Vietnamese dividend payers (6.2%). Higher than average of industry peers (1.6%). Valuation Update With 7 Day Price Move • Oct 06
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫6,430, the stock trades at a trailing P/E ratio of 73.6x. Average trailing P/E is 22x in the Real Estate industry in Vietnam. Total returns to shareholders of 18% over the past three years. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment improved over the past week After last week's 22% share price gain to ₫6,920, the stock trades at a trailing P/E ratio of 77.7x. Average trailing P/E is 20x in the Real Estate industry in Vietnam. Total returns to shareholders of 26% over the past three years. Reported Earnings • Aug 04
Second quarter 2021 earnings released: EPS ₫285 (vs ₫333 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and revenues, although profit margins were improved. Second quarter 2021 results: Revenue: ₫99.4b (down 35% from 2Q 2020). Net income: ₫27.1b (down 11% from 2Q 2020). Profit margin: 27% (up from 20% in 2Q 2020). The increase in margin 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 80 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Mar 15
New 90-day high: ₫5,880 The company is up 34% from a price of ₫4,380 on 15 December 2020. Outperformed the Vietnamese market which is up 12% over the last 90 days. Exceeded the Real Estate industry, which is up 13% over the same period. Reported Earnings • Feb 04
Full year 2020 earnings released: EPS ₫149 (vs ₫321 in FY 2019) The company reported a mediocre full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₫268.6b (up 65% from FY 2019). Net income: ₫14.2b (down 51% from FY 2019). Profit margin: 5.3% (down from 18% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 73% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Jan 28
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫4,670, the stock is trading at a trailing P/E ratio of 18.9x, down from the previous P/E ratio of 22.4x. This compares to an average P/E of 15x in the Real Estate industry in Vietnam. Total return to shareholders over the past three years is a loss of 33%. Is New 90 Day High Low • Jan 11
New 90-day high: ₫5,550 The company is up 28% from its price of ₫4,330 on 13 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 23% over the same period. Valuation Update With 7 Day Price Move • Dec 28
Investor sentiment improved over the past week After last week's 19% share price gain to ₫5,400, the stock is trading at a trailing P/E ratio of 21.8x, up from the previous P/E ratio of 18.3x. This compares to an average P/E of 12x in the Real Estate industry in Vietnam. Total return to shareholders over the past three years is a loss of 16%. Is New 90 Day High Low • Dec 22
New 90-day high: ₫4,830 The company is up 5.0% from its price of ₫4,620 on 23 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is up 12% over the same period. Reported Earnings • Oct 31
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫24.6b, down 77% from the prior year. Total revenue was ₫204.5b over the last 12 months, down 58% from the prior year. Is New 90 Day High Low • Oct 28
New 90-day low: ₫3,950 The company is down 3.0% from its price of ₫4,090 on 30 July 2020. The Vietnamese market is up 20% 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. 
