New Risk • Apr 21
New major risk - Revenue and earnings growth Earnings have declined by 3.0% 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 3.0% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (35% net profit margin). Reported Earnings • Apr 21
First quarter 2026 earnings released: EPS: ₫1,013 (vs ₫1,275 in 1Q 2025) First quarter 2026 results: EPS: ₫1,013 (down from ₫1,275 in 1Q 2025). Revenue: ₫78.3b (down 22% from 1Q 2025). Net income: ₫122.3b (down 4.5% from 1Q 2025). Revenue is forecast to grow 1.4% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Upcoming Dividend • Apr 07
Upcoming dividend of ₫1,300 per share Eligible shareholders must have bought the stock before 14 April 2026. Payment date: 29 May 2026. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 2.4%. Lower than top quartile of Vietnamese dividend payers (7.6%). Lower than average of industry peers (3.1%). Announcement • Mar 05
Thu Dau Mot Water Joint Stock Company announces Annual dividend, payable on May 29, 2026 Thu Dau Mot Water Joint Stock Company announced Annual dividend of VND 1300.0000 per share payable on May 29, 2026, ex-date on April 14, 2026 and record date on April 15, 2026. Price Target Changed • Feb 04
Price target increased by 12% to ₫65,300 Up from ₫58,100, the current price target is provided by 1 analyst. New target price is 15% above last closing price of ₫56,800. Stock is up 8.6% over the past year. The company posted earnings per share of ₫1,748 last year. Reported Earnings • Jan 22
Full year 2025 earnings released: EPS: ₫1,748 (vs ₫1,741 in FY 2024) Full year 2025 results: EPS: ₫1,748 (up from ₫1,741 in FY 2024). Revenue: ₫506.1b (down 7.0% from FY 2024). Net income: ₫193.1b (up 2.7% from FY 2024). Profit margin: 38% (up from 35% in FY 2024). The increase in margin was driven by lower expenses. Revenue is expected to decline by 16% p.a. on average during the next 2 years, while revenues in the Water Utilities industry in Asia are expected to grow by 4.6%. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Jan 14
Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 24, 2026 Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 24, 2026. Reported Earnings • Oct 19
Third quarter 2025 earnings released: EPS: ₫23.00 (vs ₫482 in 3Q 2024) Third quarter 2025 results: EPS: ₫23.00 (down from ₫482 in 3Q 2024). Revenue: ₫64.0b (down 40% from 3Q 2024). Net income: ₫3.14b (down 95% from 3Q 2024). Profit margin: 4.9% (down from 54% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 21% per year, which means it is well ahead of earnings. Reported Earnings • Jul 19
Second quarter 2025 earnings released: EPS: ₫440 (vs ₫424 in 2Q 2024) Second quarter 2025 results: EPS: ₫440 (up from ₫424 in 2Q 2024). Revenue: ₫99.9b (down 47% from 2Q 2024). Net income: ₫52.6b (up 13% from 2Q 2024). Profit margin: 53% (up from 25% in 2Q 2024). The increase in margin was driven by lower expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 4.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Reported Earnings • Apr 19
First quarter 2025 earnings released: EPS: ₫1,202 (vs ₫334 in 1Q 2024) First quarter 2025 results: EPS: ₫1,202 (up from ₫334 in 1Q 2024). Revenue: ₫100.0b (down 5.8% from 1Q 2024). Net income: ₫143.8b (up 364% from 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 8% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Upcoming Dividend • Feb 04
Upcoming dividend of ₫1,400 per share Eligible shareholders must have bought the stock before 11 February 2025. Payment date: 02 July 2025. Payout ratio is on the higher end at 84%, however this is supported by cash flows. Trailing yield: 2.7%. Lower than top quartile of Vietnamese dividend payers (7.9%). In line with average of industry peers (2.9%). Announcement • Jan 23
Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 28, 2025 Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 28, 2025. Location: head office of thu dau mot water, joint stock company, 11b ngo van tri street, phu loi ward, binh duong province, thu dau mot Vietnam Reported Earnings • Jan 19
Full year 2024 earnings released: EPS: ₫1,741 (vs ₫2,608 in FY 2023) Full year 2024 results: EPS: ₫1,741 (down from ₫2,608 in FY 2023). Revenue: ₫544.4b (up 2.2% from FY 2023). Net income: ₫204.4b (down 22% from FY 2023). Profit margin: 38% (down from 49% in FY 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 4.8% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Announcement • Jan 14
Thu Dau Mot Water Joint Stock Company Approves Cash Dividend for 2024, Payable on July 02, 2025 On January 13, 2025, the BOD of Thu Dau Mot Water Joint Stock Company approved issued the Board resolution to approved the 2024 cash dividend payment: Exercise ratio: 14%/charter capital Record date: February 12, 2025, Payment time: July 02, 2025. Buy Or Sell Opportunity • Jan 09
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at ₫50,500. The fair value is estimated to be ₫41,247, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 9.2%. Announcement • Jan 07
Thu Dau Mot Water Joint Stock Company Appoints Tran The Hung as CEO Thu Dau Mot Water Joint Stock Company announced the change in personnel as follows: Appointment of Mr. Tran The Hung; Newly appointed position: CEO; Term: 2025-2030; Effective date: January 03, 2025. Price Target Changed • Nov 12
Price target increased by 7.3% to ₫58,800 Up from ₫54,800, the current price target is provided by 1 analyst. New target price is 19% above last closing price of ₫49,500. Stock is up 24% over the past year. The company posted earnings per share of ₫2,608 last year. Reported Earnings • Oct 17
Third quarter 2024 earnings released: EPS: ₫482 (vs ₫521 in 3Q 2023) Third quarter 2024 results: EPS: ₫482. Revenue: ₫106.4b (flat on 3Q 2023). Net income: ₫57.4b (up 1.3% from 3Q 2023). Profit margin: 54% (in line with 3Q 2023). Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Water Utilities industry in Asia. Announcement • Oct 15
Thu Dau Mot Water Joint Stock Company (HOSE:TDM) proposed to acquire 24.36% stake in Can Tho Water Supply - Sewerage Joint Stock Company for VND 210 million. Thu Dau Mot Water Joint Stock Company (HOSE:TDM) proposed to acquire 24.36% stake in Can Tho Water Supply - Sewerage Joint Stock Company for VND 210 million on October 14, 2024. A cash consideration valued at VND 30400 per share will be paid by Thu Dau Mot Water Joint Stock Company. As part of consideration, an undisclosed value is paid towards common equity of Can Tho Water Supply - Sewerage Joint Stock Company. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫372 (vs ₫507 in 2Q 2023) Second quarter 2024 results: EPS: ₫372 (down from ₫507 in 2Q 2023). Revenue: ₫187.2b (up 41% from 2Q 2023). Net income: ₫44.4b (down 12% from 2Q 2023). Profit margin: 24% (down from 38% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 6.9% p.a. on average during the next 3 years, compared to a 6.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has fallen by 5% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • May 08
Price target increased by 11% to ₫46,850 Up from ₫42,150, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₫46,850. Stock is up 17% over the past year. The company posted earnings per share of ₫2,608 last year. Valuation Update With 7 Day Price Move • Apr 29
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫51,300, the stock trades at a trailing P/E ratio of 31.8x. Average forward P/E is 13x in the Water Utilities industry in Vietnam. Total returns to shareholders of 114% over the past three years. Reported Earnings • Apr 20
First quarter 2024 earnings released: EPS: ₫339 (vs ₫1,243 in 1Q 2023) First quarter 2024 results: EPS: ₫339 (down from ₫1,243 in 1Q 2023). Revenue: ₫106.2b (up 5.1% from 1Q 2023). Net income: ₫37.5b (down 67% from 1Q 2023). Profit margin: 35% (down from 112% in 1Q 2023). Revenue is forecast to grow 9.9% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. New Risk • Mar 09
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 10.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Announcement • Feb 24
Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 28, 2024 Thu Dau Mot Water Joint Stock Company, Annual General Meeting, Mar 28, 2024. Location: No.11D Ngo Van Tri street, Phu Loi ward, Thu Dau Mot city Binh Duong Province Vietnam Reported Earnings • Jan 19
Full year 2023 earnings released: EPS: ₫2,608 (vs ₫2,028 in FY 2022) Full year 2023 results: EPS: ₫2,608 (up from ₫2,028 in FY 2022). Revenue: ₫532.6b (up 11% from FY 2022). Net income: ₫283.4b (up 40% from FY 2022). Profit margin: 53% (up from 42% in FY 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 7.6% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 16% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 21
Upcoming dividend of ₫1,400 per share at 3.2% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 May 2024. Payout ratio is a comfortable 45% but the company is paying out more than the cash it is generating. Trailing yield: 3.2%. Lower than top quartile of Vietnamese dividend payers (8.9%). In line with average of industry peers (3.3%). Reported Earnings • Oct 18
Third quarter 2023 earnings released Third quarter 2023 results: Revenue: ₫106.8b (down 13% from 3Q 2022). Net income: ₫56.6b (up 4.1% from 3Q 2022). Profit margin: 53% (up from 44% in 3Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Water Utilities industry in Asia. Reported Earnings • Jul 18
Second quarter 2023 earnings released: EPS: ₫508 (vs ₫432 in 2Q 2022) Second quarter 2023 results: EPS: ₫508 (up from ₫432 in 2Q 2022). Revenue: ₫133.0b (up 6.3% from 2Q 2022). Net income: ₫55.2b (up 18% from 2Q 2022). Profit margin: 42% (up from 37% in 2Q 2022). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 9.3% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Apr 20
First quarter 2023 earnings released: EPS: ₫1.18 (vs ₫405 in 1Q 2022) First quarter 2023 results: EPS: ₫1.18. Revenue: ₫101.0b (down 3.9% from 1Q 2022). Net income: ₫128.1b (up 281% from 1Q 2022). Revenue is forecast to grow 17% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Water Utilities industry in Asia. Upcoming Dividend • Jan 30
Upcoming dividend of ₫1,300 per share at 3.5% yield Eligible shareholders must have bought the stock before 06 February 2023. Payment date: 05 May 2023. Payout ratio is a comfortable 64% but the company is paying out more than the cash it is generating. Trailing yield: 3.5%. Lower than top quartile of Vietnamese dividend payers (8.8%). Lower than average of industry peers (3.9%). Reported Earnings • Jan 18
Full year 2022 earnings released: EPS: ₫2,028 (vs ₫3,023 in FY 2021) Full year 2022 results: EPS: ₫2,028 (down from ₫3,023 in FY 2021). Revenue: ₫478.9b (up 15% from FY 2021). Net income: ₫220.4b (down 27% from FY 2021). Profit margin: 46% (down from 73% in FY 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 14% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Nov 16
Price target increased to ₫43,650 Up from ₫39,900, the current price target is an average from 2 analysts. New target price is 61% above last closing price of ₫27,100. Stock is down 32% over the past year. The company posted earnings per share of ₫3,023 last year. Reported Earnings • Oct 18
Third quarter 2022 earnings released: EPS: ₫500 (vs ₫259 in 3Q 2021) Third quarter 2022 results: EPS: ₫500 (up from ₫259 in 3Q 2021). Revenue: ₫123.0b (up 26% from 3Q 2021). Net income: ₫54.4b (up 110% from 3Q 2021). Profit margin: 44% (up from 27% in 3Q 2021). The increase in margin was primarily driven by higher revenue. Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Water Utilities industry in Asia. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Oct 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫31,900, the stock trades at a trailing P/E ratio of 13.7x. Average forward P/E is 10x in the Water Utilities industry in Asia. Total returns to shareholders of 29% over the past three years. Price Target Changed • Aug 09
Price target increased to ₫47,700 Up from ₫41,100, the current price target is provided by 1 analyst. New target price is 18% above last closing price of ₫40,450. Stock is up 31% over the past year. The company posted earnings per share of ₫3,023 last year. Reported Earnings • Jul 20
Second quarter 2022 earnings released: EPS: ₫437 (vs ₫485 in 2Q 2021) Second quarter 2022 results: EPS: ₫437. Revenue: ₫125.1b (up 11% from 2Q 2021). Net income: ₫51.1b (up 5.3% from 2Q 2021). Profit margin: 41% (down from 43% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 22%, compared to a 10% growth forecast for the industry in Vietnam. Reported Earnings • Apr 17
First quarter 2022 earnings released: EPS: ₫410 (vs ₫1,185 in 1Q 2021) First quarter 2022 results: EPS: ₫410 (down from ₫1,185 in 1Q 2021). Revenue: ₫105.1b (up 13% from 1Q 2021). Net income: ₫41.0b (down 65% from 1Q 2021). Profit margin: 39% (down from 128% in 1Q 2021). The decrease in margin was primarily driven by lower expenses. Over the next year, revenue is forecast to grow 24%, compared to a 7.5% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 07
Full year 2021 earnings: EPS in line with analyst expectations despite revenue beat Full year 2021 results: EPS: ₫3,023 (up from ₫1,602 in FY 2020). Revenue: ₫417.0b (up 8.1% from FY 2020). Net income: ₫302.3b (up 94% from FY 2020). Profit margin: 73% (up from 40% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue exceeded analyst estimates by 4.0%. Over the next year, revenue is forecast to grow 18%, compared to a 4.5% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 13% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jan 25
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫3,031 (up from ₫1,602 in FY 2020). Revenue: ₫417.0b (up 8.1% from FY 2020). Net income: ₫329.5b (up 112% from FY 2020). Profit margin: 79% (up from 40% in FY 2020). The increase in margin was primarily driven by lower expenses. Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 17%, compared to a 4.6% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 4% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 23
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 30 December 2021. Payment date: 26 April 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.4%. Lower than top quartile of Vietnamese dividend payers (6.2%). Higher than average of industry peers (2.9%). Price Target Changed • Nov 07
Price target increased to ₫39,100 Up from ₫32,800, the current price target is provided by 1 analyst. New target price is 10% above last closing price of ₫35,500. Stock is up 51% over the past year. The company posted earnings per share of ₫1,602 last year. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS ₫259 (vs ₫418 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫97.8b (down 2.5% from 3Q 2020). Net income: ₫25.9b (down 38% from 3Q 2020). Profit margin: 27% (down from 42% in 3Q 2020). The decrease in margin was primarily driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 17% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Jul 22
Second quarter 2021 earnings released: EPS ₫485 (vs ₫455 in 2Q 2020) The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫113.2b (up 18% from 2Q 2020). Net income: ₫48.5b (up 2.5% from 2Q 2020). Profit margin: 43% (down from 49% in 2Q 2020). The decrease in margin was driven by higher expenses. Reported Earnings • Mar 21
Full year 2020 earnings released: EPS ₫1,602 (vs ₫1,971 in FY 2019) The company reported a soft full year result with weaker earnings and profit margins, although revenues improved. Full year 2020 results: Revenue: ₫385.6b (up 12% from FY 2019). Net income: ₫155.7b (down 11% from FY 2019). Profit margin: 40% (down from 51% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Feb 20
New 90-day high: ₫28,300 The company is up 13% from its price of ₫25,000 on 20 November 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company underperformed over that time. However, its price trend is similar to the Water Utilities industry, which is also up 13% over the same period. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue misses expectations Revenue missed analyst estimates by 0.6%. Over the next year, revenue is forecast to grow 28%, compared to a 5.0% growth forecast for the Water Utilities industry in Vietnam. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫1,729 The company reported a soft full year result with weaker earnings and profit margins, although revenues were improved. Full year 2020 results: Revenue: ₫385.6b (up 12% from FY 2019). Net income: ₫172.9b (down 1.3% from FY 2019). Profit margin: 45% (down from 51% in FY 2019). The decrease in margin was driven by higher expenses. Is New 90 Day High Low • Jan 14
New 90-day high: ₫27,950 The company is up 20% from its price of ₫23,250 on 16 October 2020. The Vietnamese market is up 24% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is up 18% over the same period. Is New 90 Day High Low • Dec 07
New 90-day high: ₫27,700 The company is up 17% from its price of ₫23,700 on 08 September 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company outperformed over that time. However, its price trend is similar to the Water Utilities industry, which is also up 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫43,104 per share. Is New 90 Day High Low • Nov 19
New 90-day high: ₫25,350 The company is up 6.0% from its price of ₫23,950 on 21 August 2020. The Vietnamese market is up 14% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Water Utilities industry, which is up 2.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫43,104 per share. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫181.4b, down 15% from the prior year. Total revenue was ₫372.0b over the last 12 months, up 10% from the prior year. Is New 90 Day High Low • Oct 21
New 90-day low: ₫22,350 The company is down 12% from its price of ₫25,300 on 23 July 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Water Utilities industry, which is down 3.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫42,525 per share. 
