New Risk • Aug 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 28% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 119% Paying a dividend despite having no free cash flows. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.06% net profit margin). Market cap is less than US$100m (₫485.2b market cap, or US$18.4m). Reported Earnings • Aug 02
Second quarter 2026 earnings released: ₫296 loss per share (vs ₫145 profit in 2Q 2025) Second quarter 2026 results: ₫296 loss per share (down from ₫145 profit in 2Q 2025). Revenue: ₫194.3b (down 10% from 2Q 2025). Net loss: ₫20.1b (down 311% from profit in 2Q 2025). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 40 percentage points per year, which is a significant difference in performance. New Risk • Mar 23
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 4.3% Last year net profit margin: 8.3% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 120% Paying a dividend despite having no free cash flows. Minor Risks Profit margins are more than 30% lower than last year (4.3% net profit margin). Market cap is less than US$100m (₫576.1b market cap, or US$21.9m). Announcement • Mar 05
Vietnam Sun Corporation, Annual General Meeting, Apr 22, 2026 Vietnam Sun Corporation, Annual General Meeting, Apr 22, 2026. Location: no. 648 nguyen trai, cho lon ward, ho chi minh Vietnam Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: ₫132 (vs ₫307 in 3Q 2024) Third quarter 2025 results: EPS: ₫132 (down from ₫307 in 3Q 2024). Revenue: ₫217.3b (down 12% from 3Q 2024). Net income: ₫9.23b (down 56% from 3Q 2024). Profit margin: 4.2% (down from 8.5% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Reported Earnings • Sep 02
Second quarter 2025 earnings released: EPS: ₫145 (vs ₫246 in 2Q 2024) Second quarter 2025 results: EPS: ₫145 (down from ₫246 in 2Q 2024). Revenue: ₫216.7b (down 14% from 2Q 2024). Net income: ₫10.1b (down 40% from 2Q 2024). Profit margin: 4.7% (down from 6.6% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 22% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 29
Second quarter 2025 earnings released: EPS: ₫144 (vs ₫246 in 2Q 2024) Second quarter 2025 results: EPS: ₫144 (down from ₫246 in 2Q 2024). Revenue: ₫216.7b (down 14% from 2Q 2024). Net income: ₫9.94b (down 41% from 2Q 2024). Profit margin: 4.6% (down from 6.6% in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Declared Dividend • Apr 30
Dividend of ₫1,000 announced Shareholders will receive a dividend of ₫1,000. Ex-date: 14th May 2025 Payment date: 29th May 2025 Dividend yield will be 9.5%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (120% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 4.5% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 34% to bring the payout ratio under control, which is more than the 4.8% EPS growth achieved over the last 5 years. Announcement • Feb 28
Vietnam Sun Corporation, Annual General Meeting, Apr 24, 2025 Vietnam Sun Corporation, Annual General Meeting, Apr 24, 2025. Location: 648 nguyen trai street, ward 11, district 5, hcm city, Vietnam Reported Earnings • Oct 30
Third quarter 2024 earnings released: EPS: ₫307 (vs ₫479 in 3Q 2023) Third quarter 2024 results: EPS: ₫307 (down from ₫479 in 3Q 2023). Revenue: ₫246.2b (down 21% from 3Q 2023). Net income: ₫21.0b (down 36% from 3Q 2023). Profit margin: 8.5% (down from 11% in 3Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Jul 31
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 26% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 0% Dividend per share is over 12x cash flows per share. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (8.6% net profit margin). Market cap is less than US$100m (₫715.9b market cap, or US$28.6m). Reported Earnings • Jul 27
Second quarter 2024 earnings released: EPS: ₫247 (vs ₫586 in 2Q 2023) Second quarter 2024 results: EPS: ₫247 (down from ₫586 in 2Q 2023). Revenue: ₫253.2b (down 16% from 2Q 2023). Net income: ₫16.9b (down 57% from 2Q 2023). Profit margin: 6.7% (down from 13% in 2Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 16
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫11,150, the stock trades at a trailing P/E ratio of 6.3x. Average trailing P/E is 15x in the Transportation industry in Asia. Total returns to shareholders of 66% over the past three years. New Risk • May 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 18% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 200% Cash payout ratio: 224% Minor Risks Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (₫882.2b market cap, or US$34.4m). Declared Dividend • Apr 29
Dividend of ₫1,500 announced Shareholders will receive a dividend of ₫1,500. Ex-date: 15th May 2024 Payment date: 28th May 2024 Dividend yield will be 46%, which is higher than the industry average of 1.9%. Sustainability & Growth Dividend is not covered by earnings (200% earnings payout ratio) nor is it covered by cash flows (226% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 122% to bring the payout ratio under control, which is more than the 12% EPS growth achieved over the last 5 years. Announcement • Mar 02
Vietnam Sun Corporation, Annual General Meeting, Apr 24, 2024 Vietnam Sun Corporation, Annual General Meeting, Apr 24, 2024. Location: 648 Nguyen Trai, ward 11, district 5 HCMC Vietnam Reported Earnings • Jan 28
Full year 2023 earnings released: EPS: ₫2,208 (vs ₫2,699 in FY 2022) Full year 2023 results: EPS: ₫2,208 (down from ₫2,699 in FY 2022). Revenue: ₫1.22t (up 12% from FY 2022). Net income: ₫150.4b (down 18% from FY 2022). Profit margin: 12% (down from 17% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 98% per year but the company’s share price has only increased by 11% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Oct 26
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 22%. The fair value is estimated to be ₫18,485, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 2.8% over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Sep 06
Upcoming dividend of ₫500 per share at 26% yield Eligible shareholders must have bought the stock before 13 September 2023. Payment date: 27 September 2023. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 26%. Within top quartile of Vietnamese dividend payers (8.5%). Higher than average of industry peers (1.8%). Announcement • Aug 31
Vietnam Sun Corporation Approves Cash Dividend for the Second Phase of 2023, Payable on September 27, 2023 The board of directors of Vietnam Sun Corporation approved to pay for the second phase of 2023 dividend in cash: Dividend pay-out ratio: 5%/par value (VND 500/share). Record date is September 14, 2023. Payment date is September 27, 2023. New Risk • Jul 27
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 8.5% 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 Share price has been highly volatile over the past 3 months (8.5% average weekly change). Earnings have declined by 12% per year over the past 5 years. High level of non-cash earnings (27% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫1.37t market cap, or US$57.8m). Reported Earnings • Jul 24
Second quarter 2023 earnings released: EPS: ₫585 (vs ₫828 in 2Q 2022) Second quarter 2023 results: EPS: ₫585 (down from ₫828 in 2Q 2022). Revenue: ₫302.5b (up 23% from 2Q 2022). Net income: ₫39.8b (down 29% from 2Q 2022). Profit margin: 13% (down from 23% in 2Q 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 76% per year but the company’s share price has only increased by 33% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 20
Upcoming dividend of ₫4,000 per share at 3.2% yield Eligible shareholders must have bought the stock before 27 July 2023. Payment date: 11 August 2023. Payout ratio is a comfortable 24% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Vietnamese dividend payers (8.4%). Higher than average of industry peers (1.8%). Valuation Update With 7 Day Price Move • Jul 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫25,400, the stock trades at a trailing P/E ratio of 7.7x. Average trailing P/E is 16x in the Transportation industry in Asia. Total returns to shareholders of 132% over the past three years. Announcement • Jul 18
Vietnam Sun Corporation Approves to Pay Dividend for the Year 2023 Vietnam Sun Corporation announced that extraordinary general shareholders' meeting (EGM) approved to pay for the 2023 dividend in cash: Payment date: The BOD decides on the date of dividend payment; Dividend pay-out ratio: 45% par value (VND 4,500/share). Valuation Update With 7 Day Price Move • Jun 22
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫21,050, the stock trades at a trailing P/E ratio of 6.4x. Average trailing P/E is 16x in the Transportation industry in Asia. Total returns to shareholders of 143% over the past three years. Upcoming Dividend • May 08
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 15 May 2023. Payment date: 26 May 2023. The company last paid an ordinary dividend in December 2013. The average dividend yield among industry peers is 1.8%. Reported Earnings • Apr 22
First quarter 2023 earnings released: EPS: ₫776 (vs ₫176 in 1Q 2022) First quarter 2023 results: EPS: ₫776 (up from ₫176 in 1Q 2022). Revenue: ₫325.9b (up 98% from 1Q 2022). Net income: ₫52.8b (up 342% from 1Q 2022). Profit margin: 16% (up from 7.3% 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 44% per year but the company’s share price has only increased by 26% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: ₫2,708 (vs ₫4,035 loss in FY 2021) Full year 2022 results: EPS: ₫2,708 (up from ₫4,035 loss in FY 2021). Revenue: ₫1.09t (up 125% from FY 2021). Net income: ₫183.8b (up ₫457.6b from FY 2021). Profit margin: 17% (up from net loss in FY 2021). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improved over the past week After last week's 16% share price gain to ₫17,450, the stock trades at a trailing P/E ratio of 29.4x. Average trailing P/E is 15x in the Transportation industry in Asia. Total returns to shareholders of 57% over the past three years. Board Change • Nov 16
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Head of Supervisory Board Hien Thi Tran was the last 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: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Oct 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫18,000, the stock trades at a trailing P/E ratio of 30.2x. Average trailing P/E is 16x in the Transportation industry in Asia. Total returns to shareholders of 49% over the past three years. Reported Earnings • Oct 23
Third quarter 2022 earnings released: EPS: ₫882 (vs ₫1,333 loss in 3Q 2021) Third quarter 2022 results: EPS: ₫882 (up from ₫1,333 loss in 3Q 2021). Revenue: ₫353.2b (up ₫330.3b from 3Q 2021). Net income: ₫59.9b (up ₫150.1b from 3Q 2021). Profit margin: 17% (up from net loss in 3Q 2021). Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Jul 26
Second quarter 2022 earnings released: EPS: ₫828 (vs ₫971 loss in 2Q 2021) Second quarter 2022 results: EPS: ₫828 (up from ₫971 loss in 2Q 2021). Revenue: ₫246.8b (up 64% from 2Q 2021). Net income: ₫56.4b (up ₫122.4b from 2Q 2021). Profit margin: 23% (up from net loss in 2Q 2021). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 82 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
No independent directors There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 9 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Head of Supervisory Board Hien Thu Tran was the last 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: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Feb 02
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: ₫4,041 loss per share (down from ₫3,060 loss in FY 2020). Revenue: ₫484.7b (down 52% from FY 2020). Net loss: ₫273.6b (loss widened 32% from FY 2020). 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 87 percentage points per year, which is a significant difference in performance. Is New 90 Day High Low • Jan 28
New 90-day low: ₫9,960 The company is down 8.0% from its price of ₫10,800 on 29 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Transportation industry, which is up 7.0% over the same period. Announcement • Dec 02
Vietnam Sun Corporation Announces Appointment of Nguyen Van Mac as Deputy CEO Cum Taxi Operator Vietnam Sun Corporation announced that Nguyen Van Mac was appointed as Deputy CEO cum Taxi operator as from November 30, 2020. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total losses of ₫168.1b, with earnings decreasing by ₫294.7b from the prior year. Total revenue was ₫1.18t over the last 12 months, down 43% from the prior year. Announcement • Oct 01
Vietnam Sun Corporation Announces the Resignation of Nguyen Trong Duy as Deputy Chief Executive Officer Vietnam Sun Corporation issued a decision to approve the termination of labor contract for Mr. Nguyen Trong Duy as Deputy Chief Executive Officer cum Director of Taxi Operator Dapartment from October 01, 2020. 
