New Risk • Jul 31
New major risk - Revenue and earnings growth Earnings have declined by 2.8% 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 2.8% per year over the past 5 years. Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Upcoming Dividend • Jul 02
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 09 July 2026. Payment date: 31 July 2026. Payout ratio is a comfortable 58% and this is well supported by cash flows. Trailing yield: 6.0%. Lower than top quartile of Vietnamese dividend payers (8.1%). In line with average of industry peers (6.3%). Announcement • Jun 17
Thac Mo Hydro Power Joint Stock Company Provides Production and Earnings Guidance for the Year 2026 Thac Mo Hydro Power Joint Stock Company provided production and earnings guidance for the year 2026. For the year, the company expects total revenues of VND 676.17 billion, net profit of VND 246.88 billion, production of nitial electricity generation of 762 million kWh and delivered electricity of 757 million kWh. Declared Dividend • Jun 12
Dividend of ₫2,000 announced Shareholders will receive a dividend of ₫2,000. Ex-date: 9th July 2026 Payment date: 31st July 2026 Dividend yield will be 6.2%, which is lower than the industry average of 6.7%. Sustainability & Growth Dividend is covered by both earnings (58% earnings payout ratio) and cash flows (58% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 9.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Mar 14
Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, Apr 22, 2026 Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, Apr 22, 2026. Buy Or Sell Opportunity • Mar 09
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.2% to ₫57,500. The fair value is estimated to be ₫72,058, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 12% over the last 3 years. Earnings per share has declined by 20%. New Risk • Feb 14
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 5.8% 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: 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 (5.8% average weekly change). Reported Earnings • Feb 04
Full year 2025 earnings released: EPS: ₫4,517 (vs ₫5,005 in FY 2024) Full year 2025 results: EPS: ₫4,517 (down from ₫5,005 in FY 2024). Revenue: ₫753.4b (down 1.3% from FY 2024). Net income: ₫316.2b (down 9.8% from FY 2024). Profit margin: 42% (down from 46% in FY 2024). The decrease in margin was primarily driven by higher expenses. 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 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Dec 18
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 25 December 2025. Payment date: 06 February 2026. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (7.7%). In line with average of industry peers (5.6%). Reported Earnings • Nov 01
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫239.6b (down 6.4% from 3Q 2024). Net income: ₫106.6b (down 18% from 3Q 2024). Profit margin: 45% (down from 51% in 3Q 2024). The decrease in margin was primarily driven by lower revenue. 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 7% per year, which means it is well ahead of earnings. Reported Earnings • Jul 31
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫186.0b (up 14% from 2Q 2024). Net income: ₫84.3b (up 13% from 2Q 2024). Profit margin: 45% (in line with 2Q 2024). Upcoming Dividend • Jul 10
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 17 July 2025. Payment date: 30 July 2025. Trailing yield: 14%. Within top quartile of Vietnamese dividend payers (7.7%). Higher than average of industry peers (6.2%). Reported Earnings • Apr 30
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫134.7b (up 20% from 1Q 2024). Net income: ₫51.2b (up 34% from 1Q 2024). Profit margin: 38% (up from 34% in 1Q 2024). The increase in margin was driven by higher revenue. Announcement • Apr 10
Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, Apr 25, 2025 Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, Apr 25, 2025, at 13:30 SE Asia Standard Time. Location: tan son nhat hotel conference hall, 202 hoang van thu, ward 9, phu nhuan district, ho chi minh Vietnam New Risk • Dec 09
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 4.8% 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 Risk Dividend is not well covered by earnings and cash flows. Payout ratio: 143% Cash payout ratio: 214% Minor Risk Share price has been volatile over the past 3 months (4.8% average weekly change). Upcoming Dividend • Dec 04
Upcoming dividend of ₫1,800 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 24 December 2024. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 13%. Within top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (9.1%). Announcement • Nov 27
Thac Mo Hydro Power Joint Stock Company Approves First Cash Dividend Payment in 2024, Payable on December 24, 2024 Thac Mo Hydro Power Joint Stock Company announced the Board of Directors approved the plan to pay the first cash dividend payment for 2024 as follows: Record date: December 12, 2024. Exercise ratio: 18%/share. Payment date: December 24, 2024. Reported Earnings • Nov 05
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫256.0b (up 12% from 3Q 2023). Net income: ₫130.0b (up 13% from 3Q 2023). Profit margin: 51% (in line with 3Q 2023). Buy Or Sell Opportunity • Oct 17
Now 22% undervalued Over the last 90 days, the stock has risen 2.2% to ₫69,000. The fair value is estimated to be ₫88,279, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Earnings per share has grown by 11%. Buy Or Sell Opportunity • Aug 07
Now 20% undervalued Over the last 90 days, the stock has risen 3.2% to ₫70,200. The fair value is estimated to be ₫88,280, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years. Earnings per share has grown by 17%. Reported Earnings • May 01
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫112.1b (down 43% from 1Q 2023). Net income: ₫38.3b (down 63% from 1Q 2023). Profit margin: 34% (down from 52% in 1Q 2023). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 28
Full year 2023 earnings released Full year 2023 results: Revenue: ₫854.0b (down 20% from FY 2022). Net income: ₫440.9b (down 23% from FY 2022). Profit margin: 52% (down from 54% in FY 2022). The decrease in margin was driven by lower revenue. Upcoming Dividend • Jan 12
Upcoming dividend of ₫3,883 per share at 13% yield Eligible shareholders must have bought the stock before 19 January 2024. Payment date: 29 March 2024. Payout ratio is on the higher end at 93%, however this is supported by cash flows. Trailing yield: 13%. Within top quartile of Vietnamese dividend payers (8.8%). Higher than average of industry peers (6.5%). Announcement • Jan 02
Thac Mo Hydro Power Joint Stock Company Announces Third Cash Dividend in 2023, Payable on February 29, 2024 On December 29, 2023, the Hochiminh Stock Exchange issued Announcement No.2062/TB-SGDHCM about the record date of Thac Mo Hydro Power Joint Stock Company as follows: Ex-right date: January 19, 2024; Record date: January 22, 2024; Reason & purpose: to pay for the 3rd cash dividend in 2023. Content: Exercise ratio: 38.83%/par value (VND 3,883 per share); Payment time: February 29, 2024. Announcement • Dec 26
Thac Mo Hydro Power Joint Stock Company Announces Executive Changes Thac Mo Hydro Power Joint Stock Company announced the resignation of Mr. Le Nguyen Hoang as a member of the BOD. Approved to elect Mr. Pham Minh Tri as a member of the BOD. Announcement • Nov 17
Thac Mo Hydro Power Joint Stock Company Announces Paying for the Second Cash Dividend in 2023, Payable on December 08, 2023 On November 14, 2023, Thac Mo Hydro Power Joint Stock Company announced paying for the second cash dividend in 2023 of 26%/par value (VND 2,600 per share). The dividend will be payable on December 08, 2023 with Ex-right date of November 24, 2023 and Record date of November 27, 2023. Upcoming Dividend • Nov 17
Upcoming dividend of ₫2,600 per share at 3.9% yield Eligible shareholders must have bought the stock before 24 November 2023. Payment date: 08 December 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 3.9%. Lower than top quartile of Vietnamese dividend payers (9.0%). Lower than average of industry peers (4.9%). Upcoming Dividend • Oct 16
Upcoming dividend of ₫2,500 per share at 4.1% yield Eligible shareholders must have bought the stock before 23 October 2023. Payment date: 06 November 2023. Payout ratio is a comfortable 28% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Vietnamese dividend payers (8.7%). Lower than average of industry peers (4.9%). Reported Earnings • Jul 26
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫209.6b (down 9.7% from 2Q 2022). Net income: ₫130.7b (down 4.8% from 2Q 2022). Profit margin: 62% (up from 59% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 07
Upcoming dividend of ₫1,000 per share at 4.2% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 02 August 2023. Payout ratio is a comfortable 25% and this is well supported by cash flows. Trailing yield: 4.2%. Lower than top quartile of Vietnamese dividend payers (8.5%). In line with average of industry peers (4.5%). Announcement • Jul 06
Thac Mo Hydro Power Joint Stock Company Announces Last Phase of Dividend for 2022, Payable on August 2, 2023 Thac Mo Hydro Power Joint Stock Company announced the record date for the last phase of 2022 dividend payment. Record date is July 17, 2023. Dividend pay-out ratio is 10 %/par value (VND 1,000/share). Payment date is August 2, 2023. New Risk • Jun 09
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 4.3% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining 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: 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 (7.2% average weekly change). Upcoming Dividend • Jun 02
Upcoming dividend of ₫1,200 per share at 2.9% yield Eligible shareholders must have bought the stock before 09 June 2023. Payment date: 22 June 2023. Payout ratio is a comfortable 49% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Vietnamese dividend payers (8.6%). Lower than average of industry peers (3.9%). Announcement • Jun 01
Thac Mo Hydro Power Joint Stock Company Announces Cash Dividend for the Second Phase of 2022, Payable on June 22, 2023 Thac Mo Hydro Power Joint Stock Company announced cash dividend for the second phase of 2022 of 12%/par value (VND 1,200 per share). Record date: June 12, 2023. Payment date: June 22, 2023. Reported Earnings • Apr 27
First quarter 2023 earnings released First quarter 2023 results: Revenue: ₫196.7b (down 17% from 1Q 2022). Net income: ₫103.0b (down 15% from 1Q 2022). Profit margin: 52% (up from 51% in 1Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 01
Full year 2022 earnings released: EPS: ₫8,229 (vs ₫5,046 in FY 2021) Full year 2022 results: EPS: ₫8,229 (up from ₫5,046 in FY 2021). Revenue: ₫1.07t (up 43% from FY 2021). Net income: ₫576.0b (up 63% from FY 2021). Profit margin: 54% (up from 47% 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 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Dec 09
Upcoming dividend of ₫800 per share Eligible shareholders must have bought the stock before 16 December 2022. Payment date: 29 December 2022. Trailing yield: 6.0%. Lower than top quartile of Vietnamese dividend payers (9.2%). Higher than average of industry peers (3.9%). Announcement • Dec 08
Thac Mo Hydro Power Joint Stock Company Announces First Cash Dividend for the Year 2022, Payable on December 29, 2022 Thac Mo Hydro Power Joint Stock Company announced on December 06, 2022, to pay first cash dividend of 8% per share (800 dongs per share) for the year 2022. Payment date is December 29, 2022. Record date is December 19, 2022. Announcement • Nov 25
Thac Mo Hydro Power Joint Stock Company Announces Board Changes Thac Mo Hydro Power Joint Stock Company announced the appointment of Mr. Nguyen Le Hoang: Former position in the organization: Newly appointed position: a member of the BOD; Term: 05 years; Effective date: November 24, 2022. The company also announced the resignation of Mr. Doan Duc Toan: Resigned position: a member of the BOD; Effective date: November 24, 2022. Board Change • Nov 16
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). was the last director to join the board, commencing their role in . The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 30
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫333.8b (up 65% from 3Q 2021). Net income: ₫174.7b (up 107% from 3Q 2021). Profit margin: 52% (up from 42% in 3Q 2021). The increase in margin was driven by higher revenue. Reported Earnings • Jul 27
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫232.0b (up 46% from 2Q 2021). Net income: ₫137.3b (up 61% from 2Q 2021). Profit margin: 59% (up from 54% in 2Q 2021). The increase in margin was driven by higher revenue. Upcoming Dividend • Jun 14
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 21 June 2022. Payment date: 06 July 2022. Trailing yield: 12%. Within top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.3%). Reported Earnings • May 02
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₫236.0b (up 56% from 1Q 2021). Net income: ₫121.0b (up 77% from 1Q 2021). Profit margin: 51% (up from 45% in 1Q 2021). The increase in margin was driven by higher revenue. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Deputy General Director & Director Dinh Van Son was the last director to join the board, commencing their role in 2017. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Announcement • Apr 08
Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, May 20, 2022 Thac Mo Hydro Power Joint Stock Company, Annual General Meeting, May 20, 2022. Reported Earnings • Jan 30
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫5,091 (up from ₫2,550 in FY 2020). Revenue: ₫748.3b (up 69% from FY 2020). Net income: ₫356.4b (up 100% from FY 2020). Profit margin: 48% (up from 40% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Reported Earnings • Oct 26
Third quarter 2021 earnings released The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫202.0b (up 79% from 3Q 2020). Net income: ₫84.4b (up 284% from 3Q 2020). Profit margin: 42% (up from 20% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 31% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 16
Upcoming dividend of ₫1,230 per share Eligible shareholders must have bought the stock before 23 September 2021. Payment date: 05 October 2021. Trailing yield: 13%. Within top quartile of Vietnamese dividend payers (6.8%). Higher than average of industry peers (4.5%). Reported Earnings • Jul 31
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: ₫158.6b (up 36% from 2Q 2020). Net income: ₫85.4b (up 28% from 2Q 2020). Profit margin: 54% (down from 57% 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 24% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jun 09
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫41,050, the stock trades at a trailing P/E ratio of 16.2x. Average trailing P/E is 13x in the Renewable Energy industry in Vietnam. Total returns to shareholders of 80% over the past three years. Upcoming Dividend • May 31
Upcoming dividend of ₫4,500 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 17 June 2021. Trailing yield: 6.5%. Lower than top quartile of Vietnamese dividend payers (7.8%). Higher than average of industry peers (4.3%). Is New 90 Day High Low • Mar 16
New 90-day low: ₫38,950 The company is down 5.0% from a price of ₫41,000 on 16 December 2020. Underperformed the Vietnamese market, which is up 13% over the last 90 days. Lagged the Renewable Energy industry, which is up 10.0% over the same period. Is New 90 Day High Low • Jan 22
New 90-day low: ₫40,400 The company is down 3.0% from its price of ₫41,750 on 23 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Renewable Energy industry, which is up 20% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₫43,400 The company is up 12% from its price of ₫38,850 on 21 August 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Renewable Energy industry, which is up 2.0% over the same period. Reported Earnings • Oct 24
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫266.2b, down 37% from the prior year. Total revenue was ₫548.4b over the last 12 months, down 22% from the prior year. 
