Reported Earnings • Apr 26
First quarter 2026 earnings released: EPS: ₫558 (vs ₫391 in 1Q 2025) First quarter 2026 results: EPS: ₫558 (up from ₫391 in 1Q 2025). Revenue: ₫73.0b (up 57% from 1Q 2025). Net income: ₫7.18b (up 43% from 1Q 2025). Profit margin: 9.8% (down from 11% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 62% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Apr 22
Now 21% overvalued Over the last 90 days, the stock has fallen 2.6% to ₫7,500. The fair value is estimated to be ₫6,177, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Apr 07
Ninh Binh Thermal Power Joint-Stock Company, Annual General Meeting, May 28, 2026 Ninh Binh Thermal Power Joint-Stock Company, Annual General Meeting, May 28, 2026. Location: ninh binh thermal power joint stock company, no. 01a hoang dieu street, hoa lu ward, ninh binh province., Vietnam Buy Or Sell Opportunity • Mar 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 3.9% to ₫7,900. The fair value is estimated to be ₫6,569, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. Buy Or Sell Opportunity • Mar 03
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 1.3% to ₫7,900. The fair value is estimated to be ₫6,569, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Meanwhile, the company has become profitable. Valuation Update With 7 Day Price Move • Jan 23
Investor sentiment deteriorates as stock falls 23% After last week's 23% share price decline to ₫7,600, the stock trades at a trailing P/E ratio of 62.8x. Average trailing P/E is 10x in the Electric Utilities industry in Vietnam. Total loss to shareholders of 32% over the past three years. Valuation Update With 7 Day Price Move • Jan 09
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫9,000, the stock trades at a trailing P/E ratio of 74.4x. Average trailing P/E is 11x in the Electric Utilities industry in Vietnam. Total loss to shareholders of 20% over the past three years. Reported Earnings • Oct 23
Third quarter 2025 earnings released Third quarter 2025 results: ₫97.68 loss per share. Revenue: ₫153.6b (down 30% from 3Q 2024). Net loss: ₫1.26b (loss narrowed 83% from 3Q 2024). New Risk • Sep 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 6.8% 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 Earnings have declined by 43% per year over the past 5 years. Market cap is less than US$10m (₫104.2b market cap, or US$3.96m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.8% average weekly change). Reported Earnings • Apr 26
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫46.4b (down 87% from 1Q 2024). Net income: ₫5.03b (up 148% from 1Q 2024). Profit margin: 11% (up from 0.6% in 1Q 2024). The increase in margin was driven by lower expenses. Announcement • Feb 25
Ninh Binh Thermal Power Joint-Stock Company, Annual General Meeting, Apr 15, 2025 Ninh Binh Thermal Power Joint-Stock Company, Annual General Meeting, Apr 15, 2025, at 09:00 SE Asia Standard Time. Location: ninhbinh thermal power jsc, no. 01a, hoang dieu road, van giang ward, ninh binh province., hoa lu Vietnam Board Change • Feb 03
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 6 non-independent directors. Chairman of the Board of Director Duong Trung Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 28
Full year 2024 earnings released Full year 2024 results: Revenue: ₫1.16t (up 23% from FY 2023). Net loss: ₫8.51b (down 199% from profit in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 64 percentage points per year, which is a significant difference in performance. Board Change • Nov 15
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 7 non-independent directors. Chairman of the Board of Director Duong Trung Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫219.1b (down 11% from 3Q 2023). Net loss: ₫7.18b (loss widened 197% from 3Q 2023). Upcoming Dividend • Sep 13
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 20 September 2024. Payment date: 28 November 2024. Trailing yield: 3.9%. Lower than top quartile of Vietnamese dividend payers (8.2%). Lower than average of industry peers (11%). Reported Earnings • Apr 24
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫366.0b (up ₫334.6b from 1Q 2023). Net income: ₫2.03b (up ₫6.96b from 1Q 2023). Profit margin: 0.6% (up from net loss in 1Q 2023). The move to profitability was driven by higher revenue. New Risk • Jan 25
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: 0.9% Last year net profit margin: 2.6% 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 Share price has been highly volatile over the past 3 months (8.7% average weekly change). Earnings have declined by 10% per year over the past 5 years. Market cap is less than US$10m (₫162.1b market cap, or US$6.65m). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (0.9% net profit margin). Buy Or Sell Opportunity • Jan 22
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 13% to ₫12,400. The fair value is estimated to be ₫16,272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jan 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 7.1%. The fair value is estimated to be ₫16,272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Valuation Update With 7 Day Price Move • Jan 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫15,500, the stock trades at a trailing P/E ratio of 9.8x. Average trailing P/E is 14x in the Electric Utilities industry in Asia. Total returns to shareholders of 55% over the past three years. Buying Opportunity • Nov 22
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 20%. The fair value is estimated to be ₫16,272, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last year. Earnings per share has grown by 555%. Upcoming Dividend • Nov 13
Upcoming dividend of ₫1,300 per share at 8.8% yield Eligible shareholders must have bought the stock before 20 November 2023. Payment date: 30 November 2023. Trailing yield: 8.8%. Lower than top quartile of Vietnamese dividend payers (9.0%). In line with average of industry peers (9.5%). Board Change • May 04
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 7 non-independent directors. Chairman of the Board of Director Duong Trung Nguyen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Mar 25
Full year 2022 earnings released Full year 2022 results: Revenue: ₫931.9b (down 69% from FY 2021). Net income: ₫24.3b (down 50% from FY 2021). Profit margin: 2.6% (up from 1.6% in FY 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫14,400, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 14x in the Electric Utilities industry in Asia. Total returns to shareholders of 68% over the past three years. Buying Opportunity • Mar 07
Now 23% undervalued Over the last 90 days, the stock is up 3.2%. The fair value is estimated to be ₫16,829, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 8.7%. Buying Opportunity • Feb 20
Now 20% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be ₫16,829, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 8.7%. Buying Opportunity • Feb 03
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 1.5%. The fair value is estimated to be ₫16,829, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 3.1% over the last 3 years. Earnings per share has grown by 8.7%. Board Change • Jan 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 7 non-independent directors. Chairman of the Board of Director Duong Trung Nguyen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Buying Opportunity • Dec 20
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₫17,009, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 18% over the last 3 years. Earnings per share has grown by 2.6%. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improved over the past week After last week's 17% share price gain to ₫13,800, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 16x in the Electric Utilities industry in Asia. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Nov 21
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫12,700, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Electric Utilities industry in Asia. Total returns to shareholders of 65% over the past three years. Board Change • Nov 16
Less than half of directors are independent There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 1 independent director. 7 non-independent directors. Chairman of the Board of Director Duong Trung Nguyen was the last director to join the board, commencing their role in 2022. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Valuation Update With 7 Day Price Move • Oct 31
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫13,600, the stock trades at a trailing P/E ratio of 8.6x. Average trailing P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 21% over the past three years. Reported Earnings • Oct 25
Third quarter 2022 earnings released: EPS: ₫112 (vs ₫1,855 in 3Q 2021) Third quarter 2022 results: EPS: ₫112 (down from ₫1,855 in 3Q 2021). Revenue: ₫225.9b (down 6.5% from 3Q 2021). Net income: ₫1.44b (down 94% from 3Q 2021). Profit margin: 0.6% (down from 9.9% in 3Q 2021). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 3% per year whereas the company’s share price has increased by 7% per year. Upcoming Dividend • Oct 18
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 25 October 2022. Payment date: 08 November 2022. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 9.1%. Within top quartile of Vietnamese dividend payers (8.4%). Higher than average of industry peers (7.5%). Reported Earnings • Jul 20
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫218.8b (down 9.3% from 2Q 2021). Net income: ₫20.4b (up ₫20.2b from 2Q 2021). Profit margin: 9.3% (up from 0.1% in 2Q 2021). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improved over the past week After last week's 18% share price gain to ₫19,900, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 16x in the Electric Utilities industry in Asia. Total returns to shareholders of 29% over the past three years. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫17,900, the stock trades at a trailing P/E ratio of 10.2x. Average trailing P/E is 17x in the Electric Utilities industry in Asia. Total returns to shareholders of 82% over the past three years. Board Change • Jun 20
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. Director Nguyen Danh 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. Reported Earnings • Apr 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₫150.8b (down 9.9% from 1Q 2021). Net loss: ₫2.66b (down 350% from profit in 1Q 2021). 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. Director Nguyen Danh 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 • Apr 12
Investor sentiment improved over the past week After last week's 15% share price gain to ₫19,000, the stock trades at a trailing P/E ratio of 9.3x. Average trailing P/E is 18x in the Electric Utilities industry in Asia. Total returns to shareholders of 86% over the past three years. Board Change • Mar 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. 9 non-independent directors. Director Nguyen Danh 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 • Feb 22
Investor sentiment improved over the past week After last week's 20% share price gain to ₫21,200, the stock trades at a trailing P/E ratio of 8.1x. Average trailing P/E is 14x in the Electric Utilities industry in Vietnam. Total returns to shareholders of 129% over the past three years. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improved over the past week After last week's 21% share price gain to ₫21,100, the stock trades at a trailing P/E ratio of 8.3x. Average trailing P/E is 16x in the Electric Utilities industry in Asia. Total returns to shareholders of 102% over the past three years. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improved over the past week After last week's 17% share price gain to ₫17,500, the stock trades at a trailing P/E ratio of 6.8x. Average trailing P/E is 14x in the Electric Utilities industry in Asia. Total returns to shareholders of 75% over the past three years. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS ₫1,855 (vs ₫250 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫241.5b (up 17% from 3Q 2020). Net income: ₫23.9b (up ₫20.6b from 3Q 2020). Profit margin: 9.9% (up from 1.6% in 3Q 2020). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Aug 25
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫13,000, the stock trades at a trailing P/E ratio of 4.9x. Average trailing P/E is 17x in the Electric Utilities industry in Asia. Total returns to shareholders of 23% over the past three years. Upcoming Dividend • Aug 17
Inaugural dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 24 August 2021. Payment date: 09 September 2021. The company last paid an ordinary dividend in May 2017. The average dividend yield among industry peers is 16%. Reported Earnings • Apr 25
First quarter 2021 earnings released The company reported a soft first quarter result with weaker earnings and revenues, although profit margins were improved. First quarter 2021 results: Revenue: ₫167.4b (down 46% from 1Q 2020). Net income: ₫1.06b (down 10% from 1Q 2020). Profit margin: 0.6% (up from 0.4% in 1Q 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Mar 16
New 90-day high: ₫14,600 The company is up 22% from a price of ₫12,000 on 16 December 2020. Outperformed the Vietnamese market which is up 13% over the last 90 days. Exceeded the Electric Utilities industry, which is up 1.0% over the same period. Is New 90 Day High Low • Feb 08
New 90-day high: ₫13,600 The company is up 20% from its price of ₫11,300 on 10 November 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Electric Utilities industry, which is up 7.0% over the same period. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫2,621 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫1.04t (down 13% from FY 2019). Net income: ₫33.7b (up 66% from FY 2019). Profit margin: 3.2% (up from 1.7% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Dec 31
New 90-day high: ₫13,400 The company is up 10.0% from its price of ₫12,200 on 30 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 5.0% over the same period. Announcement • Nov 24
R.E.E Energy Company Limited acquired 29.5% stake in Ninh Binh Thermal Power Joint-Stock Company (HNX:NBP) from Quach Vinh Binh. R.E.E Energy Company Limited acquired 29.5% stake in Ninh Binh Thermal Power Joint-Stock Company (HNX:NBP) from Quach Vinh Binh on November 10, 2020. R.E.E Energy Company Limited acquired 3.8 million shares in Ninh Binh Thermal Power Joint-Stock Company.
R.E.E Energy Company Limited completed the acquisition of 29.5% stake in Ninh Binh Thermal Power Joint-Stock Company (HNX:NBP) from Quach Vinh Binh on November 10, 2020. Is New 90 Day High Low • Oct 27
New 90-day low: ₫11,400 The company is down 9.0% from its price of ₫12,500 on 29 July 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 2.0% over the same period. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫34.4b, down 17% from the prior year. Total revenue was ₫1.23t over the last 12 months, up 11% from the prior year. 
