Valuation Update With 7 Day Price Move • Jun 17
Investor sentiment improves as stock rises 33% After last week's 33% share price gain to ₫13,700, the stock trades at a trailing P/E ratio of 13x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 61% over the past three years. Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment deteriorates as stock falls 21% After last week's 21% share price decline to ₫10,200, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 10x in the Packaging industry in Vietnam. Total loss to shareholders of 9.1% over the past year. Buy Or Sell Opportunity • Apr 15
Now 27% undervalued after recent price drop Over the last 90 days, the stock has fallen 4.9% to ₫11,700. The fair value is estimated to be ₫16,117, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 34%. Board Change • Mar 31
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. Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ₫11,800, the stock trades at a trailing P/E ratio of 11.2x. Average trailing P/E is 10x in the Packaging industry in Vietnam. Total returns to shareholders of 39% over the past three years. Board Change • Mar 06
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. Duyuru • Feb 11
But Son Cement Packing Joint Stock Company, Annual General Meeting, Apr 28, 2026 But Son Cement Packing Joint Stock Company, Annual General Meeting, Apr 28, 2026. Location: head office of vicem packaging but son jsc, km 2, van cao road trung, thi ward, ninh binh, Vietnam Board Change • Jan 08
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. 2 highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Buy Or Sell Opportunity • Nov 28
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₫12,900. The fair value is estimated to be ₫16,182, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 4.3% over the last 3 years. Earnings per share has declined by 34%. Valuation Update With 7 Day Price Move • Oct 29
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫13,000, the stock trades at a trailing P/E ratio of 12.3x. Average trailing P/E is 11x in the Packaging industry in Vietnam. Total returns to shareholders of 60% over the past three years. Reported Earnings • Oct 20
Third quarter 2025 earnings released: EPS: ₫312 (vs ₫66.00 loss in 3Q 2024) Third quarter 2025 results: EPS: ₫312 (up from ₫66.00 loss in 3Q 2024). Revenue: ₫121.6b (up 71% from 3Q 2024). Net income: ₫1.87b (up ₫2.27b from 3Q 2024). Profit margin: 1.5% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Board Change • Oct 09
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. 2 highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Upcoming Dividend • Aug 07
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 11 August 2025. Payment date: 28 August 2025. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 6.8%. Lower than top quartile of Vietnamese dividend payers (7.4%). Higher than average of industry peers (5.1%). Declared Dividend • Jul 24
Dividend increased to ₫1,000 Dividend of ₫1,000 is 11% higher than last year. Ex-date: 11th August 2025 Payment date: 28th August 2025 Dividend yield will be 5.6%, which is about the same as the industry average. Sustainability & Growth The dividend has decreased over the past 36 years, indicating a lack of growth and stability in payments. Reported Earnings • Jul 19
Second quarter 2025 earnings released: EPS: ₫417 (vs ₫590 in 2Q 2024) Second quarter 2025 results: EPS: ₫417 (down from ₫590 in 2Q 2024). Revenue: ₫117.1b (up 26% from 2Q 2024). Net income: ₫2.50b (down 29% from 2Q 2024). Profit margin: 2.1% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. 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 17% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Jul 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫22,000, the stock trades at a trailing P/E ratio of 21.3x. Average trailing P/E is 13x in the Packaging industry in Vietnam. Total returns to shareholders of 161% over the past three years. Buy Or Sell Opportunity • Jul 07
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 72% to ₫20,000. The fair value is estimated to be ₫15,837, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 16% over the last 3 years. Earnings per share has declined by 15%. Valuation Update With 7 Day Price Move • Jun 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫16,600, the stock trades at a trailing P/E ratio of 16.1x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 78% over the past three years. Board Change • May 08
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. 2 highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Reported Earnings • Mar 29
Full year 2024 earnings released: EPS: ₫1,032 (vs ₫917 in FY 2023) Full year 2024 results: EPS: ₫1,032 (up from ₫917 in FY 2023). Revenue: ₫355.5b (flat on FY 2023). Net income: ₫6.19b (up 13% from FY 2023). Profit margin: 1.7% (up from 1.5% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 15% 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. Board Change • Mar 14
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. 7 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Feb 11
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. 7 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Jan 14
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. 7 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Dec 26
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. 7 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Mai Dan 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. Buy Or Sell Opportunity • Dec 02
Now 24% undervalued after recent price drop Over the last 90 days, the stock has fallen 10.0% to ₫9,900. The fair value is estimated to be ₫13,062, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Nov 13
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 7.3% to ₫10,200. The fair value is estimated to be ₫13,137, 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 27
Now 21% undervalued Over the last 90 days, the stock has risen 3.0% to ₫10,400. The fair value is estimated to be ₫13,094, 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 09
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₫10,200. The fair value is estimated to be ₫12,977, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Upcoming Dividend • Aug 02
Upcoming dividend of ₫900 per share Eligible shareholders must have bought the stock before 09 August 2024. Payment date: 28 August 2024. Trailing yield: 11%. Within top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (6.2%). Board Change • May 02
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. 7 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Director Mai Dan 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. Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫13,000, the stock trades at a trailing P/E ratio of 5.9x. Average trailing P/E is 9x in the Packaging industry in Vietnam. Total returns to shareholders of 34% over the past three years. Board Change • Sep 29
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. 6 non-independent directors. Director Mai Dan was the last director to join the board, commencing their role in 2017. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jul 04
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. 6 non-independent directors. Director Mai Dan was the last director to join the board, commencing their role in 2017. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 08
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. 6 non-independent directors. Director Mai Dan was the last director to join the board, commencing their role in 2017. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 22
Full year 2022 earnings released: EPS: ₫1,302 (vs ₫1,701 in FY 2021) Full year 2022 results: EPS: ₫1,302 (down from ₫1,701 in FY 2021). Revenue: ₫448.4b (down 14% from FY 2021). Net income: ₫7.81b (down 24% from FY 2021). Profit margin: 1.7% (down from 2.0% in FY 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Board Change • Feb 28
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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Jan 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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Dec 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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Dec 08
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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. 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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Reported Earnings • Oct 22
Third quarter 2022 earnings released: EPS: ₫345 (vs ₫199 in 3Q 2021) Third quarter 2022 results: EPS: ₫345 (up from ₫199 in 3Q 2021). Revenue: ₫114.1b (up 12% from 3Q 2021). Net income: ₫2.07b (up 73% from 3Q 2021). Profit margin: 1.8% (up from 1.2% 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 30% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 04
Inaugural dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 11 August 2022. Payment date: 25 August 2022. This is the first dividend for But Son Cement Packing since going public. The average dividend yield among industry peers is 4.8%. Board Change • Jul 25
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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Board Change • Apr 29
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. 8 experienced directors. No highly experienced directors. No independent directors (6 non-independent directors). Director Mai Dan 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. Reported Earnings • Jan 21
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫1,631 (up from ₫1,319 in FY 2020). Revenue: ₫523.4b (up 6.8% from FY 2020). Net income: ₫9.79b (up 24% from FY 2020). Profit margin: 1.9% (up from 1.6% 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 increased by 20% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS ₫199 (vs ₫324 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫101.6b (down 27% from 3Q 2020). Net income: ₫1.19b (down 39% from 3Q 2020). Profit margin: 1.2% (down from 1.4% 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 21% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Upcoming Dividend • Oct 19
Inaugural dividend of ₫700 per share Eligible shareholders must have bought the stock before 26 October 2021. Payment date: 12 November 2021. This is the first dividend for But Son Cement Packing since going public. The average dividend yield among industry peers is 4.5%. Reported Earnings • Jul 21
Second quarter 2021 earnings released: EPS ₫274 (vs ₫314 in 2Q 2020) The company reported a soft second quarter result with weaker earnings and profit margins, although revenues improved. Second quarter 2021 results: Revenue: ₫138.5b (up 9.4% from 2Q 2020). Net income: ₫1.64b (down 13% from 2Q 2020). Profit margin: 1.2% (down from 1.5% in 2Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Reported Earnings • Apr 25
First quarter 2021 earnings released: EPS ₫345 (vs ₫228 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫132.8b (up 12% from 1Q 2020). Net income: ₫2.07b (up 51% from 1Q 2020). Profit margin: 1.6% (up from 1.2% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Mar 17
An unknown buyer acquired 5.24% stake in But Son Cement Packing Joint Stock Company (HNX:BBS) from Vu Duc Hanh. An unknown buyer acquired 5.24% stake in But Son Cement Packing Joint Stock Company (HNX:BBS) from Vu Duc Hanh on March 5, 2021. Under the terms, Vu Duc Hanh disposed 314,300 shares of But Son Cement Packing Joint Stock Company and post completion, Vu Duc Hanh is not holding any shares of But Son Cement Packing Joint Stock Company.
An unknown buyer completed the acquisition of 5.24% stake in But Son Cement Packing Joint Stock Company (HNX:BBS) from Vu Duc Hanh on March 5, 2021. Valuation Update With 7 Day Price Move • Feb 03
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫9,700, the stock is trading at a trailing P/E ratio of 7.4x, down from the previous P/E ratio of 8.7x. This compares to an average P/E of 8x in the Packaging industry in Vietnam. Total returns to shareholders over the past three years are 3.7%. Reported Earnings • Jan 20
Full year 2020 earnings released: EPS ₫1,319 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫490.3b (up 8.1% from FY 2019). Net income: ₫7.91b (up 41% from FY 2019). Profit margin: 1.6% (up from 1.2% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Valuation Update With 7 Day Price Move • Dec 15
Investor sentiment improved over the past week After last week's 19% share price gain to ₫11,900, the stock is trading at a trailing P/E ratio of 10.4x, up from the previous P/E ratio of 8.7x. This compares to an average P/E of 7x in the Packaging industry in Vietnam. Total returns to shareholders over the past three years were flat. Reported Earnings • Oct 21
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫6.89b, up 30% from the prior year. Total revenue was ₫484.7b over the last 12 months, down 1.4% from the prior year. Valuation Update With 7 Day Price Move • Oct 12
Market bids up stock over the past week After last week's 20% share price gain to ₫11,600, the stock is trading at a trailing P/E ratio of 12x, up from the previous P/E ratio of 10.1x. This compares to an average P/E of 10x in the Packaging industry in Vietnam. Total return to shareholders over the past three years is a loss of 1.7%. 
