New Risk • Mar 24
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 48% 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 Dividend is not well covered by earnings and cash flows. Payout ratio: 162% Cash payout ratio: 185% High level of non-cash earnings (48% accrual ratio). Minor Risks Revenue is less than US$5m (₫103b revenue, or US$3.9m). Market cap is less than US$100m (₫434.6b market cap, or US$16.5m). Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₫4,711 (vs ₫4,388 in FY 2024) Full year 2025 results: EPS: ₫4,711 (up from ₫4,388 in FY 2024). Revenue: ₫102.7b (up 12% from FY 2024). Net income: ₫48.9b (up 17% from FY 2024). Profit margin: 48% (up from 46% in FY 2024). The increase in margin was driven by higher revenue. Announcement • Feb 13
Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 23, 2026 Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 23, 2026. Location: buon ma thuot ward, dak lak province, Vietnam Declared Dividend • Nov 22
Dividend of ₫1,200 announced Shareholders will receive a dividend of ₫1,200. Ex-date: 9th December 2025 Payment date: 24th December 2025 Dividend yield will be 10%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio). However, it is covered by cash flows (75% cash payout ratio). The dividend has increased by an average of 7.2% 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 8.9% to bring the payout ratio under control. However, EPS has declined by 3.8% over the last 5 years so the company would need to reverse this trend. Reported Earnings • Oct 22
Third quarter 2025 earnings released: EPS: ₫830 (vs ₫1,357 in 3Q 2024) Third quarter 2025 results: EPS: ₫830 (down from ₫1,357 in 3Q 2024). Revenue: ₫21.1b (down 33% from 3Q 2024). Net income: ₫7.11b (down 45% from 3Q 2024). Profit margin: 34% (down from 41% in 3Q 2024). The decrease in margin was driven by lower revenue. Upcoming Dividend • Aug 29
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 05 September 2025. Payment date: 29 September 2025. Payout ratio is a comfortable 66% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of Vietnamese dividend payers (7.5%). In line with average of industry peers (5.3%). Declared Dividend • Aug 07
Dividend of ₫2,000 announced Shareholders will receive a dividend of ₫2,000. Ex-date: 5th September 2025 Payment date: 29th September 2025 Dividend yield will be 8.7%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (66% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 7.2% 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 decline by 27% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.5% EPS decline seen over the last 5 years. Announcement • Apr 15
Hydro Power Joint Stock Company - Power No. 3 Announces Cash Dividend for 2024, Payable on May 15, 2025 On April 14,2025, Hydro Power Joint Stock Company - Power No. 3 announced the remaining cash dividend payment for 2024. The exercise ratio is 19,00% (VND 1900 per share) and Payment date: May 15, 2025, with record date April 24, 2025. Declared Dividend • Apr 10
Dividend of ₫1,900 announced Shareholders will receive a dividend of ₫1,900. Ex-date: 23rd April 2025 Payment date: 15th May 2025 Dividend yield will be 8.4%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (68% earnings payout ratio) and cash flows (60% cash payout ratio). The dividend has increased by an average of 7.2% 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 decline by 24% to shift the payout ratio to a potentially unsustainable range, which is more than the 5.2% EPS decline seen over the last 5 years. Buy Or Sell Opportunity • Feb 10
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.5% to ₫57,600. The fair value is estimated to be ₫72,024, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jan 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.7% to ₫57,300. The fair value is estimated to be ₫71,651, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Nov 30
Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 03, 2025 Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 03, 2025. Upcoming Dividend • Nov 21
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 28 November 2024. Payment date: 20 December 2024. Trailing yield: 9.6%. Within top quartile of Vietnamese dividend payers (8.3%). In line with average of industry peers (9.8%). Announcement • Nov 13
Hydro Power Joint Stock Company - Power No. 3 Approves Second Cash Dividend Payment for 2024, Payable on December 20, 2024 Hydro Power Joint Stock Company - Power No.3 announced that the Board of Directors approved to pay the second cash dividend payment for 2024 as follows: Exercise ratio: 10% (1,000 dongs/share) and Payment date: December 20, 2024. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.1% to ₫61,400. The fair value is estimated to be ₫76,961, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Sep 23
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.6% to ₫62,500. The fair value is estimated to be ₫78,229, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Aug 29
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.2% to ₫63,300. The fair value is estimated to be ₫79,825, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Aug 23
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 29 August 2024. Payment date: 25 September 2024. Trailing yield: 9.0%. Within top quartile of Vietnamese dividend payers (8.2%). Lower than average of industry peers (10.0%). Buy Or Sell Opportunity • Aug 13
Now 21% undervalued after recent price drop Over the last 90 days, the stock has fallen 1.5% to ₫64,000. The fair value is estimated to be ₫80,684, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Declared Dividend • Aug 09
Dividend of ₫2,000 announced Dividend of ₫2,000 is the same as last year. Ex-date: 29th August 2024 Payment date: 25th September 2024 Dividend yield will be 8.9%, which is higher than the industry average of 6.7%. Sustainability & Growth The dividend has increased by an average of 16% per year over the past 9 years. However, payments have been volatile during that time. Announcement • Aug 08
Hydro Power Joint Stock Company - Power No. 3 Approves First Cash Dividend of 2024, Payable on September 25, 2024 Hydro Power Joint Stock Company - Power No. 3 approved first cash dividend payment of VND 2,000 per share in 2024, Payable on September 25, 2024. Last registration date is August 30, 2024. Execution rate: 20.00%/par value. Upcoming Dividend • Apr 26
Upcoming dividend of ₫1,800 per share Eligible shareholders must have bought the stock before 03 May 2024. Payment date: 17 May 2024. Trailing yield: 8.6%. Within top quartile of Vietnamese dividend payers (8.6%). Lower than average of industry peers (9.7%). 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. 5 non-independent directors. Chairman of the Board Luu Thuan was the last director to join the board, commencing their role in 2023. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Jan 21
Hydro Power Joint Stock Company - Power No. 3 Provides Earnings Guidance for the Year 2024 Hydro Power Joint Stock Company - Power No. 3 provided earnings guidance for the year 2024. For the year, the company expects revenue of VND 96,876,180,000 and profit after tax of VND 41,539,890,400. Upcoming Dividend • Dec 12
Upcoming dividend of ₫2,000 per share at 5.2% yield Eligible shareholders must have bought the stock before 19 December 2023. Payment date: 29 December 2023. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (9.1%). In line with average of industry peers (5.0%). Announcement • Dec 07
Hydro Power Joint Stock Company - Power No.3 Approves Second Cash Dividend for 2023, Payable on December 29, 2023 On December 5, 2023, the BOD Hydro Power Joint Stock Company - Power No.3 issued the Board resolution to approve the plan to pay for the 2nd cash dividend in 2023 as follows: Exercise ratio: 20% (VND 2,000 per share). Expected payment date: December 29, 2023. Record date is December 20, 2023. Upcoming Dividend • Aug 15
Upcoming dividend of ₫2,000 per share at 5.4% yield Eligible shareholders must have bought the stock before 22 August 2023. Payment date: 08 September 2023. Trailing yield: 5.4%. Lower than top quartile of Vietnamese dividend payers (8.5%). Higher than average of industry peers (4.5%). Announcement • Aug 09
Hydro Power Joint Stock Company - Power No.3 Approves to Pay the First Cash Dividend for 2023, Estimated Payment on September 08, 2023 The Board resolution dated August 03, 2023, the BOD of Hydro Power Joint Stock Company - Power No.3 approved to pay the first cash dividend for 2023 as follows: Exercise ratio: 20.00%/par value (2,000 dongs/share). Estimated payment time: September 08, 2023. Upcoming Dividend • May 12
Upcoming dividend of ₫1,600 per share at 8.1% yield Eligible shareholders must have bought the stock before 19 May 2023. Payment date: 30 May 2023. Trailing yield: 8.1%. Lower than top quartile of Vietnamese dividend payers (8.9%). Higher than average of industry peers (3.3%). Announcement • Feb 07
Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 26, 2023 Hydro Power Joint Stock Company - Power No. 3, Annual General Meeting, Apr 26, 2023. Upcoming Dividend • Dec 07
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 28 December 2022. Trailing yield: 7.5%. Lower than top quartile of Vietnamese dividend payers (9.2%). Higher than average of industry peers (4.0%). Announcement • Nov 25
Hydro Power Joint Stock Company - Power No. 3 Approves to Pay Second Cash Dividend Payment for 2022, Payable on December 28, 2022 The Board resolution dated November 23, 2022, the BOD of Hydro Power Joint Stock Company – Power No.3 approved to pay second cash dividend for 2022 as follows: Exercise ratio: 30% (3,000 dongs/share) and Payment date: expected on December 28, 2022. Board Change • Nov 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. 4 non-independent directors. Chairman Duc Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Buying Opportunity • Sep 13
Now 22% undervalued Over the last 90 days, the stock is up 2.2%. The fair value is estimated to be ₫84,503, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Announcement • Aug 18
Hydro Power Joint Stock Company - Power No. 3 Announces Executive Changes The Board resolution dated August 15, 2022, the BOD of Hydro Power Joint Stock Company – Power No.3 approved the change in personnel as follows: Approved the resignation of Mr. Pham Duc Hung as Chief Accountant of the Company from August 15, 2022; Approved the appointment of Mrs. Trinh Chu Khanh Nhien as Chief Accountant of the Company from August 15, 2022. Upcoming Dividend • Aug 16
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 23 August 2022. Payment date: 08 September 2022. Trailing yield: 7.9%. Within top quartile of Vietnamese dividend payers (7.3%). Higher than average of industry peers (3.1%). Announcement • Aug 10
Hydro Power Joint Stock Company - Power No. 3 Approves Cash Dividend for the of the 2022, Payable on September 08, 2022 Hydro Power Joint Stock Company - Power No. 3 approved to pay 15% cash dividend /par value (VND 1,500/share) for the of the 2022. Payment date is on September 08, 2022. Record date is August 24, 2022. Buying Opportunity • Aug 02
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 3.0%. The fair value is estimated to be ₫84,503, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 23
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be ₫83,060, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 06
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 4.0%. The fair value is estimated to be ₫82,661, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • May 14
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 1.8%. The fair value is estimated to be ₫83,720, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Apr 29
Upcoming dividend of ₫2,273 per share Eligible shareholders must have bought the stock before 06 May 2022. Payment date: 18 May 2022. Trailing yield: 7.7%. Within top quartile of Vietnamese dividend payers (6.6%). Higher than average of industry peers (3.7%). 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. 4 non-independent directors. Chairman Duc Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Apr 20
Hydro Power Joint Stock Company - Power No. 3 Approves Dividend Payment for 2021, Payable on May 18, 2022 Hydro Power Joint Stock Company - Power No. 3 approved to pay remaining cash dividend of 2,273 dongs per share for 2021, payable on May 18, 2022. The record date is May 09, 2022. Announcement • Jan 28
Hydro Power Joint Stock Company - Power No. 3 Provides Dividend Guidance for the Year of 2021 Hydro Power Joint Stock Company - Power No. 3 provided dividend guidance for the year of 2021. The company expects to pay dividend of 55.65% for the year 2021. Announcement • Jan 07
Hydro Power Joint Stock Company - Power No. 3 Provides Production and Earnings Guidance for the Year of 2021 and 2022 Hydro Power Joint Stock Company - Power No. 3 provided production and earnings guidance for the year of 2021 and 2022. For the year 2021, the company expects commercial electricity output of 71,000,000 kWh.For the year 2021, the company expects total revenue of VND 92,642,832,000 million and profit after tax of VND 49,995,616,000 million.For the year 2022, the company expects commercial electricity output of 72,500,000 kWh.For the year 2022, the company expects total revenue of VND 93,320,082,000 million and profit after tax of VND 45,851,723,000 million. Upcoming Dividend • Nov 26
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 03 December 2021. Payment date: 22 December 2021. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (5.9%). Higher than average of industry peers (3.6%). Upcoming Dividend • Aug 20
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 27 August 2021. Payment date: 10 September 2021. Trailing yield: 5.8%. Lower than top quartile of Vietnamese dividend payers (7.1%). Higher than average of industry peers (4.6%). Upcoming Dividend • May 06
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 13 May 2021. Payment date: 27 May 2021. Trailing yield: 5.9%. Lower than top quartile of Vietnamese dividend payers (7.4%). Higher than average of industry peers (4.2%). Is New 90 Day High Low • Feb 20
New 90-day high: ₫57,000 The company is up 7.0% from its price of ₫53,300 on 20 November 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 15% over the same period. Is New 90 Day High Low • Jan 28
New 90-day low: ₫51,000 The company is down 2.0% from its price of ₫52,000 on 30 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 16
New 90-day high: ₫55,500 The company is up 2.0% from its price of ₫54,300 on 17 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 7.0% over the same period. Announcement • Dec 04
Hydro Power Joint Stock Company – Power No.3 Announces Retirement of Nguyen Son as Director Hydro Power Joint Stock Company – Power No.3 announced retirement of Nguyen Son as Director from December 01, 2020. Is New 90 Day High Low • Oct 13
New 90-day high: ₫54,900 The company is up 8.0% from its price of ₫51,000 on 15 July 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Renewable Energy industry, which is up 5.0% over the same period. 
