Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫428 (vs ₫178 in 1Q 2025) First quarter 2026 results: EPS: ₫428 (up from ₫178 in 1Q 2025). Revenue: ₫54.8b (down 3.8% from 1Q 2025). Net income: ₫25.9b (up 141% from 1Q 2025). Profit margin: 47% (up from 19% in 1Q 2025). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Apr 14
Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, May 20, 2026 Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, May 20, 2026, at 08:00 SE Asia Standard Time. Location: hall of ba ria thermal power jsc, huong giang quarter, long huong ward, ho chi minh Vietnam Buy Or Sell Opportunity • Jan 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 18% to ₫8,310. The fair value is estimated to be ₫10,512, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Earnings per share has declined by 43%. Upcoming Dividend • Nov 17
Upcoming dividend of ₫330 per share Eligible shareholders must have bought the stock before 24 November 2025. Payment date: 15 December 2025. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 28%. Within top quartile of Vietnamese dividend payers (7.4%). Higher than average of industry peers (9.5%). Announcement • May 28
Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, Jun 26, 2025 Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, Jun 26, 2025, at 08:00 SE Asia Standard Time. Location: huong giang quarter, long huong ward, ba ria city, ba ria - vung tau province, Vietnam Reported Earnings • Apr 02
Full year 2024 earnings released: EPS: ₫708 (vs ₫984 in FY 2023) Full year 2024 results: EPS: ₫708 (down from ₫984 in FY 2023). Revenue: ₫357.4b (down 54% from FY 2023). Net income: ₫42.8b (down 28% from FY 2023). Profit margin: 12% (up from 7.6% in FY 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 13% per year, which means it has not declined as severely as earnings. New Risk • Oct 29
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 36% 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 Risks Dividend is not well covered by earnings and cash flows. Dividend per share is over 5x earnings per share. Cash payout ratio: 137% Earnings have declined by 22% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (₫744.0b market cap, or US$29.8m). New Risk • Oct 28
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 378% Cash payout ratio: 154% Dividend yield: 25% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 378% Cash payout ratio: 154% Earnings have declined by 21% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫744.0b market cap, or US$29.0m). Upcoming Dividend • Sep 30
Upcoming dividend of ₫145 per share Eligible shareholders must have bought the stock before 07 October 2024. Payment date: 31 October 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 7.3%. Lower than top quartile of Vietnamese dividend payers (8.1%). Lower than average of industry peers (10%). Announcement • Sep 23
Ba Ria Thermal Power Joint Stock Company Approves to Pay Cash Dividend for the Last Phase of 2023, Payable from October 31, 2024 On September 20, 2024, the Board of Directors of Ba Ria Thermal Power Joint Stock Company approved to pay for the last phase of 2023 cash dividend: Record date is October 08, 2024. Exercise ratio: 1.45%/share (VND 145/share). Payment date from October 31, 2024. Reported Earnings • Jul 21
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫154.6b (down 76% from 2Q 2023). Net income: ₫3.34b (down 88% from 2Q 2023). Profit margin: 2.2% (down from 4.3% 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 1% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Mar 14
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫16,650, the stock trades at a trailing P/E ratio of 13.9x. Average trailing P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 65% over the past three years. Announcement • Mar 12
Ba Ria Thermal Power Joint Stock Company Announces Cash Dividend, Payable on March 29, 2024 On February 29, 2024, the Hochiminh Stock Exchange issued Announcement No.343/TB- SGDHCM about the record date of Ba Ria Thermal Power Joint Stock Company as follows: Ex-right date: March 14, 2024, Record date: March 15, 2024. Exercise ratio: 26.47%/par value (VND 2,647 per share). Payment time: March 29, 2024. Upcoming Dividend • Mar 07
Upcoming dividend of ₫2,647 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 29 March 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.9%. Lower than top quartile of Vietnamese dividend payers (8.6%). Lower than average of industry peers (8.7%). New Risk • Feb 03
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 5.3% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 282% Cash payout ratio: 116% Earnings have declined by 7.9% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.3% average weekly change). Profit margins are more than 30% lower than last year (9.2% net profit margin). Market cap is less than US$100m (₫995.0b market cap, or US$40.8m). Reported Earnings • Jan 21
Full year 2023 earnings released: EPS: ₫1,198 (vs ₫1,170 in FY 2022) Full year 2023 results: EPS: ₫1,198 (up from ₫1,170 in FY 2022). Revenue: ₫787.5b (up 53% from FY 2022). Net income: ₫72.5b (up 2.4% from FY 2022). Profit margin: 9.2% (down from 14% 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 9% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 12
Upcoming dividend of ₫480 per share at 7.4% yield Eligible shareholders must have bought the stock before 19 December 2023. Payment date: 10 January 2024. The company is paying out more than 100% of its profits and is cash flow negative. Trailing yield: 7.4%. Lower than top quartile of Vietnamese dividend payers (9.1%). Lower than average of industry peers (8.3%). Announcement • Dec 11
Ba Ria Thermal Power Joint Stock Company Approves Cash Dividend for 2023, Payable on January 10, 2024 The Board of Directors of Ba Ria Thermal Power Joint Stock Company approved to pay for the 2023 dividend in cash: Record date: December 20, 2023; Payment date: January 10, 2024; Dividend pay-out ratio: 4.8%/par value (VND 480/share). Valuation Update With 7 Day Price Move • Dec 01
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫15,300, the stock trades at a trailing P/E ratio of 25.7x. Average trailing P/E is 13x in the Electric Utilities industry in Asia. Total returns to shareholders of 40% over the past three years. Reported Earnings • Oct 22
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₫44.5b (down 73% from 3Q 2022). Net income: ₫11.8b (down 86% from 3Q 2022). Profit margin: 27% (down from 52% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Sep 07
Upcoming dividend of ₫1,200 per share at 7.3% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 16 October 2023. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 7.3%. Lower than top quartile of Vietnamese dividend payers (8.4%). In line with average of industry peers (7.0%). Announcement • Sep 01
Ba Ria Thermal Power Joint Stock Company Announces Cash Dividend for 2022, Payable on October 16, 2023 Ba Ria Thermal Power Joint Stock Company announced cash dividend of 12.0% (VND 1,200/share) for 2022. Ex-right date: September 14, 2023; Record date: September 15, 2023; Payment date: October 16, 2023. Reported Earnings • Jul 18
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫641.5b (up 218% from 2Q 2022). Net income: ₫27.7b (up 94% from 2Q 2022). Profit margin: 4.3% (down from 7.1% in 2Q 2022). The decrease in margin was driven by higher expenses. Reported Earnings • Apr 20
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫46.2b (up ₫46.1b from 1Q 2022). Net income: ₫14.6b (up ₫26.6b from 1Q 2022). Profit margin: 32% (up from net loss in 1Q 2022). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 10% per year whereas the company’s share price has fallen by 8% per year. Buying Opportunity • Apr 11
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 9.5%. The fair value is estimated to be ₫16,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Earnings per share has declined by 16%. Buying Opportunity • Mar 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.3%. The fair value is estimated to be ₫16,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Earnings per share has declined by 15%. Buying Opportunity • Feb 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 3.8%. The fair value is estimated to be ₫16,161, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 35% over the last 3 years. Earnings per share has declined by 15%. Reported Earnings • Jan 19
Full year 2022 earnings released: EPS: ₫1,283 (vs ₫2,103 in FY 2021) Full year 2022 results: EPS: ₫1,283 (down from ₫2,103 in FY 2021). Revenue: ₫513.5b (down 58% from FY 2021). Net income: ₫77.6b (down 39% from FY 2021). Profit margin: 15% (up from 11% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Buying Opportunity • Jan 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 12%. The fair value is estimated to be ₫17,551, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 26% over the last 3 years. Earnings per share has declined by 13%. Board Change • Nov 16
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. 8 non-independent directors. Independent Director Chau Can was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫166.6b (up 62% from 3Q 2021). Net income: ₫86.6b (up 375% from 3Q 2021). Profit margin: 52% (up from 18% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Announcement • Oct 20
Ba Ria Thermal Power Joint Stock Company Appoints Le Hoang Trieu as Secretary, Effective Date Is November 01, 2022 Ba Ria Thermal Power Joint Stock Company announced the appointment of Mr. Le Hoang Trieu. Former position in the organization: Newly appointed position: the person in charge of administration cum secretary. Term: Effective date: November 01, 2022. Buying Opportunity • Oct 06
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 5.6%. The fair value is estimated to be ₫20,721, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 20% over the last 3 years. Earnings per share has declined by 14%. Upcoming Dividend • Sep 30
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 07 October 2022. Payment date: 31 October 2022. Payout ratio is on the higher end at 85% but the company is not cash flow positive. Trailing yield: 8.6%. Within top quartile of Vietnamese dividend payers (7.9%). Higher than average of industry peers (7.0%). Announcement • Aug 25
Ba Ria Thermal Power Joint Stock Company Approves Dividend for 2021, Payable on October 31, 2022 Ba Ria Thermal Power Joint Stock Company announced the record date as October 10, 2022. Reason and purpose: to pay cash dividend for 2021. Exercise ratio: 15%/share (1,500 dongs/share). Payment date: October 31, 2022. Reported Earnings • Jul 21
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫201.8b (down 48% from 2Q 2021). Net income: ₫14.3b (up 187% from 2Q 2021). Profit margin: 7.1% (up from 1.3% in 2Q 2021). The increase in margin was driven by lower expenses. Announcement • May 12
Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, May 31, 2022 Ba Ria Thermal Power Joint Stock Company, Annual General Meeting, May 31, 2022, at 01:00 Coordinated Universal Time. Location: Huong Giang Are, Long Huong ward, Ba Ria city Ba Ria-Vung Tau Vietnam Board Change • Apr 27
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. 8 non-independent directors. Independent Director Chau Can was the last independent director to join the board, commencing their role in 2018. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jan 23
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫2,094 (up from ₫1,338 in FY 2020). Revenue: ₫1.21t (up 62% from FY 2020). Net income: ₫126.6b (up 56% from FY 2020). Profit margin: 10% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Reported Earnings • Oct 21
Third quarter 2021 earnings released The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2021 results: Revenue: ₫103.0b (down 6.2% from 3Q 2020). Net income: ₫18.2b (up 72% from 3Q 2020). Profit margin: 18% (up from 9.7% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 10
Upcoming dividend of ₫1,100 per share Eligible shareholders must have bought the stock before 17 September 2021. Payment date: 29 October 2021. Trailing yield: 6.3%. Lower than top quartile of Vietnamese dividend payers (6.8%). Lower than average of industry peers (14%). Reported Earnings • Jul 21
Second quarter 2021 earnings released The company reported a decent second quarter result with improved revenues, although earnings and profit margins were weaker. Second quarter 2021 results: Revenue: ₫389.7b (up 415% from 2Q 2020). Net income: ₫4.97b (down 85% from 2Q 2020). Profit margin: 1.3% (down from 43% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Reported Earnings • Apr 21
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: ₫227.4b (down 45% from 1Q 2020). Net income: ₫18.3b (down 35% from 1Q 2020). Profit margin: 8.0% (up from 6.8% in 1Q 2020). The increase in margin was driven by lower expenses. Is New 90 Day High Low • Feb 26
New 90-day high: ₫15,150 The company is up 9.0% from its price of ₫13,950 on 27 November 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 8.0% over the same period. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫1,469 The company reported a soft full year result with weaker earnings and revenues, although profit margins were improved. Full year 2020 results: Revenue: ₫747.5b (down 61% from FY 2019). Net income: ₫88.9b (down 51% from FY 2019). Profit margin: 12% (up from 9.6% 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 2% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Is New 90 Day High Low • Jan 18
New 90-day high: ₫14,950 The company is up 5.0% from its price of ₫14,300 on 20 October 2020. The Vietnamese market is up 26% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 23
New 90-day high: ₫14,800 The company is up 3.0% from its price of ₫14,300 on 24 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Electric Utilities industry, which is up 2.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: ₫13,950 The company is down 3.0% from its price of ₫14,450 on 28 July 2020. The Vietnamese market is up 23% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Electric Utilities industry, which is up 5.0% over the same period. Announcement • Aug 31
Ba Ria Thermal Power Joint Stock Company Announces Appointment of Le Van Huy as CEO Ba Ria Thermal Power Joint Stock Company announced the appointment of Mr. Le Van Huy as CEO cum the representative of the capital contribution of BTP in Thach Phu My JSC as from August 03, 2020.