Declared Dividend • Aug 01
First half dividend of ₫900 announced Dividend of ₫900 is the same as last year. Ex-date: 20th August 2026 Payment date: 14th September 2026 Dividend yield will be 5.1%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (38% earnings payout ratio) and cash flows (57% cash payout ratio). The dividend has increased by an average of 16% per year over the past 5 years and payments have been stable during that time. Earnings per share has grown by 4.9% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 22
Second quarter 2026 earnings released: EPS: ₫1,137 (vs ₫966 in 2Q 2025) Second quarter 2026 results: EPS: ₫1,137 (up from ₫966 in 2Q 2025). Revenue: ₫141.7b (up 1.6% from 2Q 2025). Net income: ₫10.6b (up 18% from 2Q 2025). Profit margin: 7.5% (up from 6.5% in 2Q 2025). Valuation Update With 7 Day Price Move • Jul 08
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫61,400, the stock trades at a trailing P/E ratio of 11.9x. Average trailing P/E is 12x in the Water Utilities industry in Vietnam. Total returns to shareholders of 101% over the past three years. Upcoming Dividend • May 09
Upcoming dividend of ₫1,860 per share Eligible shareholders must have bought the stock before 15 May 2026. Payment date: 15 June 2026. Payout ratio is a comfortable 53% but the company is paying out more than the cash it is generating. Trailing yield: 3.9%. Lower than top quartile of Vietnamese dividend payers (8.0%). Higher than average of industry peers (3.0%). Declared Dividend • Apr 25
Final dividend of ₫1,860 announced Dividend of ₫1,860 is the same as last year. Ex-date: 15th May 2026 Payment date: 15th June 2026 Dividend yield will be 3.9%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is not covered by earnings (112% earnings payout ratio) nor is it covered by cash flows (324% cash payout ratio). The dividend has increased by an average of 16% per year over the past 5 years and payments have been stable during that time. The company's earnings per share (EPS) would need to grow by 24% to bring the payout ratio under control, which is more than the 6.1% EPS growth achieved over the last 5 years. Board Change • Apr 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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 26
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Feb 11
Ben Thanh Water Supply Joint Stock Company, Annual General Meeting, Apr 22, 2026 Ben Thanh Water Supply Joint Stock Company, Annual General Meeting, Apr 22, 2026, at 08:00 SE Asia Standard Time. Location: hall of ben thanh water supply jsc, no.194 pasteur, xuan hoa ward, hcmc Vietnam Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ₫5,159 (vs ₫5,028 in FY 2024) Full year 2025 results: EPS: ₫5,159 (up from ₫5,028 in FY 2024). Revenue: ₫550.9b (down 1.9% from FY 2024). Net income: ₫48.3b (up 2.6% from FY 2024). Profit margin: 8.8% (up from 8.4% in FY 2024). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 31% per year, which means it is well ahead of earnings. Board Change • Jan 08
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 18
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 03
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 19
Third quarter 2025 earnings released: EPS: ₫1,288 (vs ₫1,573 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,288 (down from ₫1,573 in 3Q 2024). Revenue: ₫137.1b (down 1.1% from 3Q 2024). Net income: ₫12.1b (down 18% from 3Q 2024). Profit margin: 8.8% (down from 11% in 3Q 2024). New Risk • Oct 04
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 104% Dividend per share is over 9x cash flows per share. Dividend yield: 4.2% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Dividend is not well covered by earnings and cash flows. Payout ratio: 104% Dividend per share is over 9x cash flows per share. High level of non-cash earnings (22% accrual ratio). Minor Risks Profit margins are more than 30% lower than last year (5.9% net profit margin). Market cap is less than US$100m (₫608.4b market cap, or US$23.1m). Board Change • Sep 29
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 10
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. 7 non-independent directors. CEO & Director Nam Nguyen was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 07
First half dividend increased to ₫900 Dividend of ₫900 is 4.4% higher than last year. Ex-date: 19th August 2025 Payment date: 19th September 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (78% earnings payout ratio) but not covered by cash flows (dividend approximately 9x free cash flows). The dividend has increased by an average of 20% per year over the past 4 years and payments have been stable during that time. The company's earnings per share (EPS) would need to decline by 13% to shift the payout ratio to a potentially unsustainable range, which is more than the 2.2% EPS decline seen over the last 5 years. New Risk • Jul 22
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: 5.9% Last year net profit margin: 10% 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 Risks Shares are highly illiquid. High level of non-cash earnings (22% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 9x cash flows per share). Profit margins are more than 30% lower than last year (5.9% net profit margin). Market cap is less than US$100m (₫545.7b market cap, or US$20.7m). Reported Earnings • Jul 22
Second quarter 2025 earnings released: EPS: ₫943 (vs ₫1,943 in 2Q 2024) Second quarter 2025 results: EPS: ₫943 (down from ₫1,943 in 2Q 2024). Revenue: ₫139.5b (down 1.3% from 2Q 2024). Net income: ₫8.83b (down 52% from 2Q 2024). Profit margin: 6.3% (down from 13% in 2Q 2024). The decrease in margin was primarily driven by higher expenses. Buy Or Sell Opportunity • Jul 02
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.6% to ₫49,000. The fair value is estimated to be ₫40,749, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.6% over the last year. Earnings per share has declined by 19%. Valuation Update With 7 Day Price Move • Jun 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫37,100, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 10x in the Water Utilities industry in Vietnam. Total returns to shareholders of 38% over the past three years. Board Change • May 28
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. 8 non-independent directors. Director Nguyen Hoai Nam was the last director to join the board, commencing their role in 2025. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • May 13
Dividend of ₫1,860 announced Shareholders will receive a dividend of ₫1,860. Ex-date: 15th May 2025 Payment date: 10th June 2025 Dividend yield will be 6.3%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 5.3% per year over the past 4 years and payments have been stable during that time. Board Change • May 13
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. 11 experienced directors. No highly experienced directors. No independent directors (7 non-independent directors). Chairman Anh Pham was the last director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Declared Dividend • Apr 28
Dividend of ₫1,860 announced Shareholders will receive a dividend of ₫1,860. Ex-date: 9th May 2025 Payment date: 10th June 2025 Dividend yield will be 6.8%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 5.3% per year over the past 4 years and payments have been stable during that time. Announcement • Apr 27
Ben Thanh Water Supply Joint Stock Company announces Annual dividend, payable on June 10, 2025 Ben Thanh Water Supply Joint Stock Company announced Annual dividend of VND 1,860.0000 per share payable on June 10, 2025, ex-date on May 09, 2025 and record date on May 12, 2025. Reported Earnings • Apr 19
First quarter 2025 earnings released: EPS: ₫2,023 (vs ₫2,555 in 1Q 2024) First quarter 2025 results: EPS: ₫2,023 (down from ₫2,555 in 1Q 2024). Revenue: ₫134.1b (down 3.2% from 1Q 2024). Net income: ₫18.9b (down 21% from 1Q 2024). Profit margin: 14% (down from 17% in 1Q 2024). Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫40,300, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Water Utilities industry in Vietnam. Total returns to shareholders of 47% over the past three years. Announcement • Feb 28
Ben Thanh Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2025 Ben Thanh Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2025, at 08:00 SE Asia Standard Time. Location: address 194 pasteur, vo thi sau ward, district 3, ho chi minh city, Vietnam Reported Earnings • Jan 23
Full year 2024 earnings released: EPS: ₫5,028 (vs ₫4,664 in FY 2023) Full year 2024 results: EPS: ₫5,028 (up from ₫4,664 in FY 2023). Revenue: ₫561.5b (up 6.0% from FY 2023). Net income: ₫47.1b (up 7.8% from FY 2023). Profit margin: 8.4% (up from 8.2% in FY 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Nov 18
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫47,800, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 18x in the Water Utilities industry in Vietnam. Total returns to shareholders of 56% over the past three years. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to ₫45,900, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 20x in the Water Utilities industry in Vietnam. Total returns to shareholders of 63% over the past three years. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₫45,800, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 19x in the Water Utilities industry in Vietnam. Total returns to shareholders of 61% over the past three years. Upcoming Dividend • Aug 23
Upcoming dividend of ₫862 per share Eligible shareholders must have bought the stock before 30 August 2024. Payment date: 04 October 2024. Trailing yield: 4.4%. Lower than top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (3.0%). New Risk • Aug 11
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. High level of non-cash earnings (49% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫337.9b market cap, or US$13.5m). Upcoming Dividend • May 10
Upcoming dividend of ₫1,350 per share Eligible shareholders must have bought the stock before 17 May 2024. Payment date: 20 June 2024. Trailing yield: 4.6%. Lower than top quartile of Vietnamese dividend payers (8.7%). Higher than average of industry peers (3.2%). Board Change • May 06
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. 7 non-independent directors. Director Nguyet Thi 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 • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫34,300, the stock trades at a trailing P/E ratio of 7.4x. Average trailing P/E is 11x in the Water Utilities industry in Vietnam. Total returns to shareholders of 14% over the past three years. Board Change • Mar 26
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Jan 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. 7 non-independent directors. Director Nguyet Thi 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. Upcoming Dividend • May 17
Upcoming dividend of ₫1,350 per share at 4.3% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 26 June 2023. Trailing yield: 4.3%. Lower than top quartile of Vietnamese dividend payers (8.8%). In line with average of industry peers (4.2%). Board Change • Apr 24
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Mar 17
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Feb 22
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Nov 17
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Oct 31
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. 7 non-independent directors. Director Nguyet Thi 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. Board Change • Aug 10
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. 7 non-independent directors. Director Nguyet Thi 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. 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. 6 non-independent directors. was the last director to join the board, commencing their role in . The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Mar 29
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₫40,257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last year. Earnings per share has been flat over the last year. Buying Opportunity • Mar 14
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ₫40,257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last year. Earnings per share has been flat over the last year. Buying Opportunity • Feb 11
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 6.7%. The fair value is estimated to be ₫40,257, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last year. Earnings per share has been flat over the last year. Board Change • Feb 08
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 9 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Buying Opportunity • Jan 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 1.8%. The fair value is estimated to be ₫42,304, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 6.2% over the last year. Earnings per share has been flat over the last year. Valuation Update With 7 Day Price Move • Aug 02
Investor sentiment improved over the past week After last week's 23% share price gain to ₫40,000, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 13x in the Water Utilities industry in Asia. Total returns to shareholders of 236% over the past three years. Reported Earnings • Jul 27
Second quarter 2021 earnings released: EPS ₫1,092 (vs ₫186 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫111.7b (up 8.5% from 2Q 2020). Net income: ₫10.2b (up 486% from 2Q 2020). Profit margin: 9.1% (up from 1.7% in 2Q 2020). Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment deteriorated over the past week After last week's 22% share price decline to ₫32,400, the stock trades at a trailing P/E ratio of 11x. Average trailing P/E is 13x in the Water Utilities industry in Asia. Total returns to shareholders of 178% over the past three years. Upcoming Dividend • May 06
Inaugural dividend of ₫1,300 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 14 June 2021. This is the first dividend for Ben Thanh Water Supply since going public. The average dividend yield among industry peers is 3.3%. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫1,328 (vs ₫2,222 in 1Q 2020) The company reported a poor first quarter result with weaker earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫107.6b (down 17% from 1Q 2020). Net income: ₫12.4b (down 40% from 1Q 2020). Profit margin: 12% (down from 16% in 1Q 2020). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Mar 25
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 8.4x. Average trailing P/E is 14x in the Water Utilities industry in Asia. Total returns to shareholders of 139% over the past three years. Valuation Update With 7 Day Price Move • Mar 04
Investor sentiment improved over the past week After last week's 24% share price gain to ₫35,900, the stock is trading at a trailing P/E ratio of 9.4x, up from the previous P/E ratio of 7.6x. This compares to an average P/E of 13x in the Water Utilities industry in Asia. Total returns to shareholders over the past three years are 159%. Is New 90 Day High Low • Mar 02
New 90-day high: ₫33,000 The company is up 29% from its price of ₫25,500 on 27 November 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is flat over the same period. Reported Earnings • Jan 23
Full year 2020 earnings released: EPS ₫3,831 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫454.0b (down 2.9% from FY 2019). Net income: ₫35.9b (up 8.6% from FY 2019). Profit margin: 7.9% (up from 7.1% in FY 2019). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jan 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₫30,200, the stock is trading at a trailing P/E ratio of 9.8x, up from the previous P/E ratio of 8.4x. This compares to an average P/E of 14x in the Water Utilities industry in Asia. Total returns to shareholders over the past three years are 106%. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improved over the past week After last week's 16% share price gain to ₫29,700, the stock is trading at a trailing P/E ratio of 9.6x, up from the previous P/E ratio of 8.2x. This compares to an average P/E of 13x in the Water Utilities industry in Asia. Total returns to shareholders over the past three years are 119%. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫29.0b, down 14% from the prior year. Total revenue was ₫461.6b over the last 12 months, down 1.3% from the prior year. 
