New Risk • May 11
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. This is currently the only risk that has been identified for the company. Reported Earnings • Dec 02
Second quarter 2026 earnings released: EPS: ₫425 (vs ₫278 in 2Q 2025) Second quarter 2026 results: EPS: ₫425 (up from ₫278 in 2Q 2025). Revenue: ₫2.42t (up 11% from 2Q 2025). Net income: ₫90.0b (up 53% from 2Q 2025). Profit margin: 3.7% (up from 2.7% in 2Q 2025). The increase in margin was driven by higher revenue. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 8.1% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Reported Earnings • Aug 02
First quarter 2026 earnings released: EPS: ₫445 (vs ₫394 in 1Q 2025) First quarter 2026 results: EPS: ₫445 (up from ₫394 in 1Q 2025). Revenue: ₫2.21t (up 23% from 1Q 2025). Net income: ₫94.2b (up 13% from 1Q 2025). Profit margin: 4.3% (down from 4.6% in 1Q 2025). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 24% p.a. on average during the next 2 years, compared to a 7.9% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 7% per year. Buy Or Sell Opportunity • Jul 29
Now 24% undervalued Over the last 90 days, the stock has risen 26% to ₫39,700. The fair value is estimated to be ₫52,433, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.5% over the last 3 years. Earnings per share has grown by 11%. Reported Earnings • Jul 02
Full year 2025 earnings released: EPS: ₫1,428 (vs ₫1,361 in FY 2024) Full year 2025 results: EPS: ₫1,428 (up from ₫1,361 in FY 2024). Revenue: ₫8.20t (up 12% from FY 2024). Net income: ₫348.6b (up 21% from FY 2024). Profit margin: 4.3% (up from 3.9% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the IT industry in Asia. Over the last 3 years on average, earnings per share has increased by 11% per year and the company’s share price has also increased by 11% per year. New Risk • Jun 30
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 7.3% 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. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 30
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫41,300, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 21x in the IT industry in Asia. Total returns to shareholders of 38% over the past three years. Announcement • Jun 05
CMC Corporation, Annual General Meeting, Jul 29, 2025 CMC Corporation, Annual General Meeting, Jul 29, 2025. Buy Or Sell Opportunity • Apr 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 33% to ₫31,450. The fair value is estimated to be ₫39,347, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 82% in the next year. Buy Or Sell Opportunity • Apr 08
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 34% to ₫31,000. The fair value is estimated to be ₫40,900, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 7.0% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 27% in a year. Earnings are forecast to grow by 82% in the next year. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫33,300, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 20x in the IT industry in Asia. Total returns to shareholders of 2.0% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫41,366 per share. Valuation Update With 7 Day Price Move • Nov 12
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫58,400, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 22x in the IT industry in Asia. Total returns to shareholders of 75% over the past three years. Announcement • Sep 10
CMC Corporation Announces Board Changes On September 06, 2024, the BOD of CMC Corporation approved the change in personnel as follows: Approved the appointment of Ms. Mai Thu HA as Head of the Supervisory Board and approved the resignation of Mr. Nguyen Thanh Nam as Head of the Supervisory Board, Effective from September 06, 2024. Reported Earnings • Aug 02
First quarter 2025 earnings released: EPS: ₫438 (vs ₫442 in 1Q 2024) First quarter 2025 results: EPS: ₫438 (down from ₫442 in 1Q 2024). Revenue: ₫1.79t (up 1.2% from 1Q 2024). Net income: ₫83.2b (flat on 1Q 2024). Profit margin: 4.6% (down from 4.7% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 30
CMC Corporation Announces Board Changes CMC Corporation announced that Ong/Mr. Kwon Oh Soo is appointed as Member of the Board of directors for the term of 2024-2026, effective from July 25, 2024. Mai Thu Ha is appointed as Member of the Board of Supervisors for the term of 2024-2026, effective from July 25, 2024. Kim Jung Wuk resigned as Member of the Board of directors and Nguyen Minh Tue resigned as Member of the Board of Supervisors, both effective from July 25, 2024. Kwon Oh Soo date of birth is April 24, 1968. Mai Thu Ha date of birth is April 23, 1982. Valuation Update With 7 Day Price Move • Jul 17
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫56,200, the stock trades at a trailing P/E ratio of 37.3x. Average trailing P/E is 32x in the IT industry in Vietnam. Total returns to shareholders of 204% over the past three years. Valuation Update With 7 Day Price Move • Jun 06
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫68,400, the stock trades at a trailing P/E ratio of 40.6x. Average trailing P/E is 29x in the IT industry in Vietnam. Total returns to shareholders of 263% over the past three years. Announcement • May 31
CMC Corporation, Annual General Meeting, Jul 25, 2024 CMC Corporation, Annual General Meeting, Jul 25, 2024. Location: ha noi Vietnam Valuation Update With 7 Day Price Move • May 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫51,800, the stock trades at a trailing P/E ratio of 30.8x. Average trailing P/E is 27x in the IT industry in Vietnam. Total returns to shareholders of 188% over the past three years. Reported Earnings • Apr 27
Full year 2024 earnings released: EPS: ₫1,684 (vs ₫1,617 in FY 2023) Full year 2024 results: EPS: ₫1,684 (up from ₫1,617 in FY 2023). Revenue: ₫7.32t (down 4.4% from FY 2023). Net income: ₫325.0b (up 6.0% from FY 2023). Profit margin: 4.4% (up from 4.0% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫41,550, the stock trades at a trailing P/E ratio of 22.3x. Average trailing P/E is 24x in the IT industry in Vietnam. Total returns to shareholders of 125% over the past three years. New Risk • Apr 15
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 5.3% 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 Risk High level of non-cash earnings (23% accrual ratio). Minor Risk Share price has been volatile over the past 3 months (5.3% average weekly change). Valuation Update With 7 Day Price Move • Apr 05
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫47,300, the stock trades at a trailing P/E ratio of 25.4x. Average trailing P/E is 25x in the IT industry in Vietnam. Total returns to shareholders of 148% over the past three years. Valuation Update With 7 Day Price Move • Dec 04
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₫38,352, the stock trades at a trailing P/E ratio of 18.6x. Average forward P/E is 21x in the IT industry in Vietnam. Total returns to shareholders of 73% over the past three years. Upcoming Dividend • Nov 28
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 05 December 2023. Payment date: 28 December 2023. The company last paid an ordinary dividend in June 2017. The average dividend yield among industry peers is 1.6%. Announcement • Nov 18
CMC Corporation Declares Cash Dividend for 2022, Payable on December 28, 2023 CMC Corporation declares cash dividend of 6%/par value VND 600 per share, payable on December 28, 2023. Ex-right date: December 05, 2023 and Record date: December 06, 2023. Announcement • Oct 14
Cmc Corporation Announces Resignation of Mr. Nguyen Phuoc Hai as Senior Vice President ,Coo and from All Positions and Titles At the Executive Board CMC Corporation announced resignation of Mr. Nguyen Phuoc Hai as Senior Vice President, COO and from all positions and titles at the Executive Board effective date October 1, 2023. 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. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 02
First quarter 2024 earnings released: EPS: ₫557 (vs ₫533 in 1Q 2023) First quarter 2024 results: EPS: ₫557 (up from ₫533 in 1Q 2023). Revenue: ₫1.77t (up 3.6% from 1Q 2023). Net income: ₫83.9b (up 5.0% from 1Q 2023). Profit margin: 4.7% (in line with 1Q 2023). 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 34% per year. Announcement • Jul 15
CMC Corporation Announces Withdrawal of Resignation of Kim Jung Wuk as Member of the Board of Directors On July 13, 2023, CMC Corporation received the Notification to withdraw the resignation letter of Mr. Kim Jung Wuk - member of the Board of Directors for the term 2021-2026. Announcement • Jul 08
CMC Corporation Receives the Resignation Letter of Mr. Kim Jung Wuk - Member of the Board of Directors CMC Corporation announced that on July 5, 2023, received the resignation letter of Mr. Kim Jung Wuk - member of the board of directors for the term 2021-2026. Announcement • Jun 13
CMC Corporation Announces Board Changes CMC Corporation announced that on June 8, 2023, the Company received the resignation letter of Mr. Lee Jay Seok - a member of the BOD and Ms. Nguyen Thi Hong Nhung - a member of the BOS. Announcement • Jun 01
CMC Corporation, Annual General Meeting, Jul 26, 2023 CMC Corporation, Annual General Meeting, Jul 26, 2023. Location: CMC Tower, 11 Duy Tan, Dich Vong Hau ward Cau Giay district Ha Noi City Vietnam Reported Earnings • May 03
Full year 2023 earnings released: EPS: ₫2,080 (vs ₫1,557 in FY 2022) Full year 2023 results: EPS: ₫2,080 (up from ₫1,557 in FY 2022). Revenue: ₫7.66t (up 22% from FY 2022). Net income: ₫312.0b (up 34% from FY 2022). Profit margin: 4.1% (up from 3.7% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year whereas the company’s share price has increased by 30% per year. Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 16% share price gain to ₫41,200, the stock trades at a trailing P/E ratio of 26.7x. Average trailing P/E is 21x in the IT industry in Asia. Total returns to shareholders of 70% over the past three years. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Head of Board of Supervisors Tue Nguyen was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Nov 07
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫32,000, the stock trades at a trailing P/E ratio of 22.7x. Average trailing P/E is 21x in the IT industry in Asia. Total returns to shareholders of 25% over the past three years. Announcement • Aug 11
CMC Corporation Announces Management Changes CMC Corporation announced the election of Mr. Nguyen Minh Tue as Head of the Board of Supervisors of the company for the term 2021-2026, replacement for Mrs. Vu Thi Phuong Thanh due to resignation. The newly elected Head of the Board of Supervisors is responsible for performing the duties and powers in accordance with the Law, the Company's Charter, the Regulations of the Board of Supervisors of Company. Reported Earnings • Aug 07
First quarter 2023 earnings released: EPS: ₫733 (vs ₫405 in 1Q 2022) First quarter 2023 results: EPS: ₫733 (up from ₫405 in 1Q 2022). Revenue: ₫1.71t (up 31% from 1Q 2022). Net income: ₫79.9b (up 81% from 1Q 2022). Profit margin: 4.7% (up from 3.4% in 1Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year and the company’s share price has also increased by 21% per year. Announcement • Jul 30
CMC Corporation Announces Management Changes Based on General Mandate No 01/2022/NQ-DHDCD dated July 27, 2022 of CMC Corporation the company announced the change in personnel of CMC Corporation as follows: Mr. Nguyen Minh Tue appointed as Member of the Board of Supervisors, Former position in the organization: Head of internal audit and risk management department. Effective date: July 27, 2022. The company also announced resignation of VU Thi Phu'ong Thanh as Member of the Board of Supervisors, Effective date: July 27, 2022. Announcement • Jul 08
CMC Corporation, Annual General Meeting, Jul 27, 2022 CMC Corporation, Annual General Meeting, Jul 27, 2022, at 02:00 Coordinated Universal Time. Location: Conference room, 17th Floor, CMC Tower, Duy Tan Street, Dich Vong Hau Ward Hanoi Vietnam Board Change • Apr 27
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Member of Management Board Seok Lee was the last director to join the board, commencing their role in 2021. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 20% share price gain to ₫59,900, the stock trades at a trailing P/E ratio of 35.5x. Average trailing P/E is 27x in the IT industry in Asia. Total returns to shareholders of 173% over the past three years. Executive Departure • Sep 07
Senior EVP, CTO & Director Thanh Luong has left the company On the 31st of August, Thanh Luong's tenure as Senior EVP, CTO & Director ended after 1.1 years in the role. We don't have any record of a personal shareholding under Thanh's name. Thanh is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 1.08 years, which is considered inexperienced in the Simply Wall St Risk Model. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improved over the past week After last week's 18% share price gain to ₫42,450, the stock trades at a trailing P/E ratio of 27.7x. Average trailing P/E is 27x in the IT industry in Asia. Total returns to shareholders of 150% over the past three years. Reported Earnings • Jul 03
Full year 2021 earnings released: EPS ₫1,531 (vs ₫1,393 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: ₫5.18t (up 6.7% from FY 2020). Net income: ₫153.1b (up 23% from FY 2020). Profit margin: 3.0% (up from 2.6% in FY 2020). The increase in margin was driven by higher revenue. 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 31% per year, which means it is well ahead of 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 ₫31,000, the stock is trading at a trailing P/E ratio of 21.2x, down from the previous P/E ratio of 25.3x. This compares to an average P/E of 27x in the IT industry in Asia. Total returns to shareholders over the past three years are 28%. Is New 90 Day High Low • Jan 28
New 90-day low: ₫31,000 The company is down 6.0% from its price of ₫32,900 on 30 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 22% over the same period. Is New 90 Day High Low • Dec 28
New 90-day high: ₫36,850 The company is up 7.0% from its price of ₫34,600 on 29 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 12% over the same period. Is New 90 Day High Low • Dec 02
New 90-day low: ₫32,650 The company is down 9.0% from its price of ₫35,800 on 03 September 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the IT industry, which is up 9.0% over the same period. Upcoming Dividend • Nov 16
Upcoming Dividend of ₫1,000 Per Share Will be paid on the 8th of December to those who are registered shareholders by the 23rd of November. The trailing yield of 3.0% is below the top quartile of Vietnamese dividend payers (9.1%), but it is higher than industry peers (1.3%). Reported Earnings • Oct 30
First half earnings released Over the last 12 months the company has reported total profits of ₫146.0b, up 38% from the prior year. Total revenue was ₫4.96t over the last 12 months, largely unchanged from the prior year. Announcement • Oct 29
CMC Corporation Corporation Appoints Ho Thank Tung as Acting CEO CMC Corporation announced that on October 27, 2020 the board approved the appointment of Ho thank Tung as Acting CEO. Announcement • Aug 15
CMC Corporation Announces Resignation of Nguyen Trung Chinh as CEO On July 31, 2020, Chairman of Board of Directors of CMC Corp. has ratified Decision regarding dismissal of Chief Executive Officer of the CMC Corporation, as follows: Mr. Nguyen Trung Chinh resigned from the CEO position of CMC Corp. since August 1, 2020.