Reported Earnings • Jul 24
Second quarter 2026 earnings released: EPS: ₫1,422 (vs ₫1,275 in 2Q 2025) Second quarter 2026 results: EPS: ₫1,422 (up from ₫1,275 in 2Q 2025). Revenue: ₫373.4b (up 28% from 2Q 2025). Net income: ₫14.3b (up 12% from 2Q 2025). Profit margin: 3.8% (down from 4.4% in 2Q 2025). The decrease in margin was driven by higher expenses. Board Change • Jul 24
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. 1 highly experienced director. No independent directors (6 non-independent directors). Director Kien Nguyen was the last director to join the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Board Change • May 26
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. 1 highly experienced director. No independent directors (6 non-independent directors). Director Kien Nguyen was the last director to join the board, commencing their role in 2014. 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 • Apr 25
First quarter 2026 earnings released: EPS: ₫798 (vs ₫974 in 1Q 2025) First quarter 2026 results: EPS: ₫798 (down from ₫974 in 1Q 2025). Revenue: ₫245.5b (up 18% from 1Q 2025). Net income: ₫8.01b (down 18% from 1Q 2025). Profit margin: 3.3% (down from 4.7% in 1Q 2025). The decrease in margin was driven by higher expenses. Upcoming Dividend • Mar 02
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 09 March 2026. Payment date: 01 April 2026. Payout ratio is a comfortable 45% and the cash payout ratio is 96%. Trailing yield: 4.4%. Lower than top quartile of Vietnamese dividend payers (7.7%). Lower than average of industry peers (6.8%). Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫52,000, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 10x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 130% over the past three years. Valuation Update With 7 Day Price Move • Feb 10
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫63,100, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 10x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 139% over the past three years. New Risk • Feb 09
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 96% Dividend yield: 4.4% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. 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 Risk High level of non-cash earnings (27% accrual ratio). Minor Risks Dividend is not well covered by cash flows (96% cash payout ratio). Share price has been volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$100m (₫523.8b market cap, or US$20.4m). Announcement • Feb 04
Haiphong Electricity Water Machine Assembly Joint Stock Company, Annual General Meeting, Apr 25, 2026 Haiphong Electricity Water Machine Assembly Joint Stock Company, Annual General Meeting, Apr 25, 2026. Location: company head office, no 34 thien street, an bein ward, hai phong city Vietnam Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ₫5,539 (vs ₫4,867 in FY 2024) Full year 2025 results: EPS: ₫5,539 (up from ₫4,867 in FY 2024). Revenue: ₫1.13t (up 21% from FY 2024). Net income: ₫55.6b (up 32% from FY 2024). Profit margin: 4.9% (up from 4.5% in FY 2024). The increase in margin was driven by higher revenue. Reported Earnings • Oct 26
Third quarter 2025 earnings released: EPS: ₫1,866 (vs ₫753 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,866 (up from ₫753 in 3Q 2024). Revenue: ₫358.4b (up 68% from 3Q 2024). Net income: ₫18.7b (up 148% from 3Q 2024). Profit margin: 5.2% (up from 3.5% in 3Q 2024). The increase in margin was driven by higher revenue. Upcoming Dividend • Oct 02
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 09 October 2025. Payment date: 29 October 2025. Payout ratio is a comfortable 55% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (11%). Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improves as stock rises 31% After last week's 31% share price gain to ₫85,000, the stock trades at a trailing P/E ratio of 15.7x. Average trailing P/E is 14x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 154% over the past three years. Reported Earnings • Apr 26
First quarter 2025 earnings released: EPS: ₫1,218 (vs ₫1,151 in 1Q 2024) First quarter 2025 results: EPS: ₫1,218 (up from ₫1,151 in 1Q 2024). Revenue: ₫207.5b (down 3.1% from 1Q 2024). Net income: ₫9.78b (up 5.8% from 1Q 2024). Profit margin: 4.7% (up from 4.3% in 1Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫59,400, the stock trades at a trailing P/E ratio of 11.3x. Average trailing P/E is 12x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 17% over the past three years. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫65,000, the stock trades at a trailing P/E ratio of 12.4x. Average trailing P/E is 12x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 28% over the past three years. New Risk • Mar 27
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 25% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). High level of non-cash earnings (25% accrual ratio). Minor Risks Less than 3 years of financial data is available. Dividend is not well covered by cash flows (150% cash payout ratio). Market cap is less than US$100m (₫565.2b market cap, or US$22.0m). Upcoming Dividend • Feb 28
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 07 March 2025. Payment date: 27 March 2025. Trailing yield: 2.4%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (11%). Announcement • Feb 20
Haiphong Electricity Water Machine Assembly Joint Stock Company, Annual General Meeting, Apr 05, 2025 Haiphong Electricity Water Machine Assembly Joint Stock Company, Annual General Meeting, Apr 05, 2025. Location: comapny headquarters, no.34 thien loi street, an duong ward, le chan district, hai phong city, Vietnam Board Change • Jan 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 14
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Mar 04
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 12
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Oct 26
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫242.8b (US$9.88m) This is considered a major risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (₫242.8b market cap, or US$9.88m). Board Change • Oct 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 12
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 07
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 07
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 09
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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Dec 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. 4 non-independent directors. Chairman Nguyen Kien was the last director to join the board, commencing their role in 2014. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Aug 31
Inaugural dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 07 September 2021. Payment date: 08 October 2021. This is the first dividend for Haiphong Electricity Water Machine Assembly since going public. The average dividend yield among industry peers is 15%. Is New 90 Day High Low • Jan 11
New 90-day high: ₫59,900 The company is up 10.0% from its price of ₫54,500 on 05 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 11% over the same period. Is New 90 Day High Low • Dec 30
New 90-day low: ₫42,000 The company is down 23% from its price of ₫54,900 on 30 September 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 4.0% over the same period. Upcoming Dividend • Dec 29
First Dividend Is ₫1,000 Per Share Will be paid on the 5th of February to those who are registered shareholders by the 5th of January. This is the first dividend for Haiphong Electricity Water Machine Assembly since going public. The average dividend yield among industry peers is 7.7%. Is New 90 Day High Low • Sep 30
New 90-day high: ₫54,900 The company is up 13% from its price of ₫48,400 on 02 July 2020. The Vietnamese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 2.0% over the same period. 
