Declared Dividend • May 15
Dividend of ₫1,000 announced Shareholders will receive a dividend of ₫1,000. Ex-date: 28th May 2026 Payment date: 12th June 2026 Dividend yield will be 9.4%, which is higher than the industry average of 6.7%. Sustainability & Growth Dividend is covered by earnings (49% earnings payout ratio) but not covered by cash flows (130% cash payout ratio). The dividend has remained flat since 10 years ago. However, payments have been volatile during that time. Earnings per share has remained steady over the last 5 years. Unless this trend deteriorates, it should provide adequate earnings cover for the dividend. Upcoming Dividend • Apr 15
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 22 April 2026. Payment date: 08 May 2026. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of Vietnamese dividend payers (7.7%). In line with average of industry peers (6.0%). Reported Earnings • Jan 30
Full year 2025 earnings released: EPS: ₫3,027 (vs ₫2,804 in FY 2024) Full year 2025 results: EPS: ₫3,027 (up from ₫2,804 in FY 2024). Revenue: ₫562.8b (up 4.5% from FY 2024). Net income: ₫192.2b (up 8.0% from FY 2024). Profit margin: 34% (up from 33% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 5% per year, which means it is well ahead of earnings. Announcement • Jan 23
Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 24, 2026 Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 24, 2026. Location: thac ba hydrowater jsc- residential camp no 1, thac ba commune,lao cai province, Vietnam Upcoming Dividend • Nov 27
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 04 December 2025. Payment date: 25 December 2025. Payout ratio is a comfortable 16% and the cash payout ratio is 76%. Trailing yield: 5.3%. Lower than top quartile of Vietnamese dividend payers (7.6%). In line with average of industry peers (5.7%). Reported Earnings • Nov 04
Third quarter 2025 earnings released: EPS: ₫1,029 (vs ₫1,332 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,029 (down from ₫1,332 in 3Q 2024). Revenue: ₫174.1b (down 9.7% from 3Q 2024). Net income: ₫65.3b (down 23% from 3Q 2024). Profit margin: 38% (down from 44% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. New Risk • Jul 30
New major risk - Revenue and earnings growth Earnings have declined by 0.6% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.6% per year over the past 5 years. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫2.41t market cap, or US$91.7m). Reported Earnings • Jul 30
Second quarter 2025 earnings released: EPS: ₫956 (vs ₫233 in 2Q 2024) Second quarter 2025 results: EPS: ₫956 (up from ₫233 in 2Q 2024). Revenue: ₫155.0b (up 57% from 2Q 2024). Net income: ₫60.7b (up 311% from 2Q 2024). Profit margin: 39% (up from 15% in 2Q 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Upcoming Dividend • May 12
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 19 May 2025. Payment date: 05 June 2025. Payout ratio is on the higher end at 96%, however this is supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Vietnamese dividend payers (8.0%). Lower than average of industry peers (6.6%). Reported Earnings • May 04
First quarter 2025 earnings released: EPS: ₫455 (vs ₫617 in 1Q 2024) First quarter 2025 results: EPS: ₫455 (down from ₫617 in 1Q 2024). Revenue: ₫101.7b (down 8.3% from 1Q 2024). Net income: ₫28.9b (down 26% from 1Q 2024). Profit margin: 28% (down from 35% in 1Q 2024). The decrease in margin was primarily driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Announcement • Jan 24
Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 20, 2025 Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 20, 2025. Location: group no1, thac ba town, yen binh district, yen bai province, Vietnam Announcement • Dec 17
Thac Ba Hydropower Joint Stock Company Announces Payment of Second Cash Dividend of 2024, Payable on February 14, 2025 On December 11, 2024, Thac Ba Hydropower Joint Stock Company announced the Board resolution. Accordingly, the Board of Directors approved the plan to pay the 2nd cash dividend for 2024 as follows: Record date: December 30, 2024, Exercise ratio: 5%/share (VND 500/share). Payment date: February 14, 2025. Declared Dividend • Dec 14
Dividend of ₫500 announced Shareholders will receive a dividend of ₫500. Ex-date: 27th December 2024 Payment date: 14th February 2025 Dividend yield will be 6.3%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (77% earnings payout ratio) and cash flows (44% cash payout ratio). The dividend has increased 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 15% to shift the payout ratio to a potentially unsustainable range, which is more than the 1.0% EPS decline seen over the last 5 years. New Risk • Oct 03
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.48t (US$99.3m) This is considered a minor 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: Minor Risks Dividend is not well covered by earnings (138% payout ratio). Profit margins are more than 30% lower than last year (23% net profit margin). Market cap is less than US$100m (₫2.48t market cap, or US$99.3m). Upcoming Dividend • Sep 04
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 11 September 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Vietnamese dividend payers (8.4%). Lower than average of industry peers (10.0%). Announcement • Aug 29
Thac Ba Hydropower Joint Stock Company Approves Cash Dividend for the First Phase of 2024, Payable on September 27, 2024 On August 22, 2024, the Board of Directors of Thac Ba Hydropower Joint Stock Company approved to pay for the first phase of 2024 cash dividend: Record date: September 12, 2024, Exercise ratio: 10%/share (VND 1,000/share); and Payment date: September 27, 2024. New Risk • Aug 21
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.48t (US$99.1m) This is considered a minor 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: 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 (23% net profit margin). Market cap is less than US$100m (₫2.48t market cap, or US$99.1m). Buy Or Sell Opportunity • Aug 13
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to ₫42,850. The fair value is estimated to be ₫35,360, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 7.6% over the last 3 years. Earnings per share has declined by 13%. Upcoming Dividend • Jun 12
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 19 June 2024. Payment date: 11 July 2024. Payout ratio is on the higher end at 91%, however this is supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Vietnamese dividend payers (8.4%). Lower than average of industry peers (10.0%). Announcement • Jan 30
Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 27, 2024 Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 27, 2024. Location: Thac Ba Hydropower Joint Stock Company, Thac Ba town, Yen Binh district Yen Bai Vietnam New Risk • Jan 28
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: 29% Last year net profit margin: 45% 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: Minor Risks Dividend is not well covered by cash flows (119% cash payout ratio). Profit margins are more than 30% lower than last year (29% net profit margin). Market cap is less than US$100m (₫2.40t market cap, or US$98.4m). Upcoming Dividend • Dec 20
Upcoming dividend of ₫1,000 per share at 5.1% yield Eligible shareholders must have bought the stock before 27 December 2023. Payment date: 25 January 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 5.1%. Lower than top quartile of Vietnamese dividend payers (8.9%). In line with average of industry peers (5.0%). Announcement • Dec 07
Thac Ba Hydropower Joint Stock Company Approves Cash Dividend for the First Phase of 2023, Payable on January 25, 2024 The board of directors of Thac Ba Hydropower Joint Stock Company approved to pay for the first phase of 2023 dividend in cash: Dividend pay-out ratio: 10%/par value (VND 1,000/share). Record date is December 28, 2023. Payment date is January 25, 2024. New Risk • Aug 24
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.37t (US$98.8m) This is considered a minor 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: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫2.37t market cap, or US$98.8m). Reported Earnings • Aug 01
Second quarter 2023 earnings released: EPS: ₫255 (vs ₫1,243 in 2Q 2022) Second quarter 2023 results: EPS: ₫255 (down from ₫1,243 in 2Q 2022). Revenue: ₫82.8b (down 54% from 2Q 2022). Net income: ₫16.2b (down 80% from 2Q 2022). Profit margin: 20% (down from 44% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Announcement • Jun 15
Thac Ba Hydropower Joint Stock Company Announces Appointment of Nguyen Thanh Hai as Deputy CEO Thac Ba Hydropower Joint Stock Company announced appointment of Mr. Nguyen Thanh Hai as Deputy CEO. Effective date: June 01, 2023. Upcoming Dividend • May 23
Upcoming dividend of ₫1,500 per share at 8.5% yield Eligible shareholders must have bought the stock before 30 May 2023. Payment date: 23 June 2023. Payout ratio is a comfortable 59% and the cash payout ratio is 80%. Trailing yield: 8.5%. Lower than top quartile of Vietnamese dividend payers (8.7%). Higher than average of industry peers (3.3%). Announcement • May 17
Thac Ba Hydropower Joint Stock Company Announces Cash Dividend for the 2022, Payable on June 23, 2023 Thac Ba Hydropower Joint Stock Company announced cash dividend of VND 1,500 per share for the 2022. Record date is May 31, 2023 and Payment date is June 23, 2023. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: ₫5,101 (vs ₫2,655 in FY 2021) Full year 2022 results: EPS: ₫5,101 (up from ₫2,655 in FY 2021). Revenue: ₫726.1b (up 47% from FY 2021). Net income: ₫323.9b (up 92% from FY 2021). Profit margin: 45% (up from 34% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Announcement • Jan 19
Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 23, 2023 Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 23, 2023. Buying Opportunity • Dec 09
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.3%. The fair value is estimated to be ₫36,527, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 21% over the last 3 years. Earnings per share has grown by 21%. Upcoming Dividend • Nov 28
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 05 December 2022. Payment date: 30 December 2022. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 11%. Within top quartile of Vietnamese dividend payers (9.9%). Higher than average of industry peers (4.0%). Announcement • Nov 24
Thac Ba Hydropower Joint Stock Company Approves First Phase of Dividend for the Year 2022, Payable on December 30, 2022 The Board of Directors of Thac Ba Hydropower Joint Stock Company approved to pay for the first phase of the 2022 dividend in cash: Dividend pay-out ratio: 15%/par value (VND 1,500/share). Record date: December 06, 2022 and Payment date: December 30, 2022. 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. 6 non-independent directors. Director Da 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 23
Third quarter 2022 earnings released: EPS: ₫1,488 (vs ₫388 in 3Q 2021) Third quarter 2022 results: EPS: ₫1,488 (up from ₫388 in 3Q 2021). Revenue: ₫189.8b (up 93% from 3Q 2021). Net income: ₫94.5b (up 284% from 3Q 2021). Profit margin: 50% (up from 25% in 3Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 29
Now 21% undervalued Over the last 90 days, the stock is up 2.9%. The fair value is estimated to be ₫40,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 10%. Upcoming Dividend • Aug 22
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 29 August 2022. Payment date: 23 September 2022. Payout ratio is on the higher end at 79%, however this is supported by cash flows. Trailing yield: 7.6%. Within top quartile of Vietnamese dividend payers (7.5%). Higher than average of industry peers (3.1%). Announcement • Aug 16
Thac Ba Hydropower Joint Stock Company Announces Cash Dividend Payment for 2021, Payable on September 23, 2022 Thac Ba Hydropower Joint Stock Company announced to make the final cash dividend payment of 2021 of 15%/par value (VND 1,500 /share). The dividend will paid on September 23, 2022 and record date is August 30, 2022. Reported Earnings • Jul 25
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫106.1b (down 19% from 2Q 2021). Net income: ₫59.7b (up 17% from 2Q 2021). Profit margin: 56% (up from 39% in 2Q 2021). The increase in margin was driven by lower expenses. Buying Opportunity • Jul 12
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 9.1%. The fair value is estimated to be ₫37,818, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 7.8%. Announcement • Jul 07
Thac Ba Hydropower Joint Stock Company Appoints Bui Hoang as Deputy CEO of Construction & Investment Operation, Effective July 10, 2022 Thac Ba Hydropower Joint Stock Company announced personnel change as follows: Mr. Bui Hoang is appointed to Deputy CEO of Construction & Investment operation. Effective date: July 10, 2022. 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. 6 non-independent directors. Director Da 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. Buying Opportunity • Apr 12
Now 20% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be ₫40,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 4.3%. Announcement • Mar 30
Thac Ba Hydropower Joint Stock Company Announces Executive Changes On March 25, 2022, Thac Ba Hydropower Joint Stock Company announces the Resolution of the Annual General Meeting 2022 approved the resignation of Mr. Ho Bao Hung as member of BOD from October 01, 2021. The AGM approved the appointment of Mr. Nguyen Van Da as member of BOD from March 25, 2022. Buying Opportunity • Feb 28
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 1.7%. The fair value is estimated to be ₫40,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% per annum over the last 3 years. Earnings per share has grown by 4.4% per annum over the last 3 years. Announcement • Feb 16
Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 25, 2022 Thac Ba Hydropower Joint Stock Company, Annual General Meeting, Mar 25, 2022. Location: Thac Ba Town, Yen Binh District Yen Bai Province Yen Binh Vietnam Buying Opportunity • Feb 10
Now 22% undervalued Over the last 90 days, the stock is up 1.5%. The fair value is estimated to be ₫40,064, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% per annum over the last 3 years. Earnings per share has grown by 4.4% per annum over the last 3 years. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫2,655 (down from ₫2,850 in FY 2020). Revenue: ₫495.2b (down 7.1% from FY 2020). Net income: ₫168.6b (down 6.8% from FY 2020). Profit margin: 34% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 8% per year. Upcoming Dividend • Dec 24
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 31 December 2021. Payment date: 21 January 2022. Payout ratio is on the higher end at 85%, however this is supported by cash flows. Trailing yield: 8.1%. Within top quartile of Vietnamese dividend payers (6.3%). Higher than average of industry peers (3.1%). Reported Earnings • Oct 22
Third quarter 2021 earnings released: EPS ₫388 (vs ₫989 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫98.1b (down 39% from 3Q 2020). Net income: ₫24.6b (down 61% from 3Q 2020). Profit margin: 25% (down from 39% in 3Q 2020). The decrease in margin was 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 8% per year. Upcoming Dividend • Sep 02
Upcoming dividend of ₫1,500 per share Eligible shareholders must have bought the stock before 09 September 2021. Payment date: 24 September 2021. Trailing yield: 9.6%. Within top quartile of Vietnamese dividend payers (6.9%). Higher than average of industry peers (4.4%). Reported Earnings • Jul 25
Second quarter 2021 earnings released: EPS ₫806 (vs ₫911 in 2Q 2020) The company reported a poor second quarter result with weaker earnings and revenues, although profit margins were flat. Second quarter 2021 results: Revenue: ₫130.9b (down 11% from 2Q 2020). Net income: ₫51.2b (down 12% from 2Q 2020). Profit margin: 39% (in line with 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 1% per year whereas the company’s share price has increased by 4% per year. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₫2,850 (vs ₫1,941 in FY 2019) The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2020 results: Revenue: ₫533.0b (up 80% from FY 2019). Net income: ₫180.9b (up 47% from FY 2019). Profit margin: 34% (down from 42% in FY 2019). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Upcoming Dividend • Feb 01
Upcoming Dividend of ₫1,000 Per Share Will be paid on the 26th of February to those who are registered shareholders by the 8th of February. The trailing yield of 8.0% is below the top quartile of Vietnamese dividend payers (8.1%), but it is higher than industry peers (4.3%). Is New 90 Day High Low • Jan 12
New 90-day high: ₫25,600 The company is up 2.0% from its price of ₫25,000 on 14 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: ₫25,450 The company is up 5.0% from its price of ₫24,200 on 24 September 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 10.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫140.4b, down 21% from the prior year. Total revenue was ₫453.7b over the last 12 months, up 30% from the prior year. 
