Buy Or Sell Opportunity • Jul 01
Now 20% undervalued Over the last 90 days, the stock has risen 7.4% to ₫15,200. The fair value is estimated to be ₫19,061, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last year. Earnings per share has grown by 42%. New Risk • Jun 25
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 5.6% 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 High level of non-cash earnings (32% accrual ratio). Market cap is less than US$10m (₫161.3b market cap, or US$6.13m). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.6% average weekly change). Buy Or Sell Opportunity • Jun 10
Now 20% undervalued Over the last 90 days, the stock has risen 8.9% to ₫17,100. The fair value is estimated to be ₫21,462, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last year. Earnings per share has grown by 42%. Upcoming Dividend • Jun 09
Upcoming dividend of ₫700 per share Eligible shareholders must have bought the stock before 16 June 2026. Payment date: 03 July 2026. Payout ratio is on the higher end at 78% but the company is not cash flow positive. Trailing yield: 12%. Within top quartile of Vietnamese dividend payers (8.0%). Higher than average of industry peers (2.9%). Buy Or Sell Opportunity • May 18
Now 21% undervalued Over the last 90 days, the stock has risen 5.6% to ₫16,900. The fair value is estimated to be ₫21,325, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 29% over the last year. Earnings per share has grown by 42%. Reported Earnings • Apr 27
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₫98.6b (up 70% from 1Q 2025). Net income: ₫8.65b (up 210% from 1Q 2025). Profit margin: 8.8% (up from 4.8% in 1Q 2025). The increase in margin was driven by higher revenue. Announcement • Jan 27
Transimex Logistics Corporation, Annual General Meeting, Mar 23, 2026 Transimex Logistics Corporation, Annual General Meeting, Mar 23, 2026, at 13:30 SE Asia Standard Time. Location: conference hall- hoa vien tri ky restaurant, duc nhuan ward, ho chi minh Vietnam Buy Or Sell Opportunity • Jan 26
Now 21% undervalued Over the last 90 days, the stock has risen 2.6% to ₫16,000. The fair value is estimated to be ₫20,157, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last year, while earnings per share has been flat. New Risk • Jan 23
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 26% 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 High level of non-cash earnings (26% accrual ratio). Market cap is less than US$10m (₫146.4b market cap, or US$5.56m). Minor Risk Paying a dividend despite having no free cash flows. Reported Earnings • Jan 23
Full year 2025 earnings released: EPS: ₫2,684 (vs ₫2,620 in FY 2024) Full year 2025 results: EPS: ₫2,684 (up from ₫2,620 in FY 2024). Revenue: ₫290.2b (up 14% from FY 2024). Net income: ₫24.7b (up 6.9% from FY 2024). Profit margin: 8.5% (down from 9.1% in FY 2024). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Aug 18
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫17,200, the stock trades at a trailing P/E ratio of 7.1x. Average trailing P/E is 15x in the Transportation industry in Asia. Total returns to shareholders of 130% over the past three years. New Risk • Aug 13
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 6.4% 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 Risk Market cap is less than US$10m (₫163.0b market cap, or US$6.19m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (6.4% average weekly change). Upcoming Dividend • Aug 06
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 13 August 2025. Payment date: 29 August 2025. The average dividend yield among industry peers is 2.5%. Reported Earnings • Apr 24
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫58.2b (down 15% from 1Q 2024). Net income: ₫2.79b (down 36% from 1Q 2024). Profit margin: 4.8% (down from 6.4% in 1Q 2024). The decrease in margin was driven by lower revenue. New Risk • Mar 11
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 5.1% 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 High level of non-cash earnings (41% accrual ratio). Market cap is less than US$10m (₫163.9b market cap, or US$6.39m). Minor Risks Less than 3 years of financial data is available. Share price has been volatile over the past 3 months (5.1% average weekly change). Announcement • Feb 07
Transimex Transportation Joint Stock Company, Annual General Meeting, Mar 28, 2025 Transimex Transportation Joint Stock Company, Annual General Meeting, Mar 28, 2025, at 08:00 SE Asia Standard Time. Location: hoavien tri ky restaurant, no. 123 hong ha road, ward 09, phunhuan district, ho chi minh Vietnam New Risk • Jan 16
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 38% This is considered a major 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 No financial data reported. Shareholders have been substantially diluted in the past year (38% increase in shares outstanding). Market cap is less than US$10m (₫156.5b market cap, or US$6.10m). New Risk • Mar 12
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 38% 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 No financial data reported. Market cap is less than US$10m (₫165.7b market cap, or US$6.80m). Minor Risk Shareholders have been diluted in the past year (38% increase in shares outstanding). 
