Board Change • Aug 03
Less than half of directors are independent 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. 1 independent director (4 non-independent directors). Independent Director Hoan Truong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Board Change • Jul 08
Less than half of directors are independent 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. 1 independent director (4 non-independent directors). Independent Director Hoan Truong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫13,000, the stock trades at a trailing P/E ratio of 40.2x. Average trailing P/E is 10x in the Packaging industry in Vietnam. Total loss to shareholders of 21% over the past year. Board Change • May 15
Less than half of directors are independent 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. 1 independent director (4 non-independent directors). Independent Director Hoan Truong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Apr 25
First quarter 2026 earnings released: EPS: ₫90.20 (vs ₫68.64 in 1Q 2025) First quarter 2026 results: EPS: ₫90.20 (up from ₫68.64 in 1Q 2025). Revenue: ₫65.5b (up 56% from 1Q 2025). Net income: ₫271.7m (up 31% from 1Q 2025). Profit margin: 0.4% (down from 0.5% in 1Q 2025). The decrease in margin was driven by higher expenses. Board Change • Apr 02
Less than half of directors are independent 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. 1 independent director (4 non-independent directors). Independent Director Hoan Truong was the last independent director to join the board, commencing their role in 2023. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Duyuru • Apr 01
Haiphong Packing VICEM Joint Stock Company, Annual General Meeting, Apr 22, 2026 Haiphong Packing VICEM Joint Stock Company, Annual General Meeting, Apr 22, 2026, at 08:30 SE Asia Standard Time. Location: the hall ofhai phong packing-, vicem joint stock company, no. 3, hanoi street, hong bang ward, hai phong ci Vietnam Board Change • Mar 13
Less than half of directors are independent There are 8 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 8 new directors. No experienced directors. No highly experienced directors. 1 independent director (4 non-independent directors). Independent Director Hoan Truong is the most experienced director on the board, commencing their role in 2023. They were also the last independent director to join the board. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Lack of experienced directors. Reported Earnings • Jan 28
Full year 2025 earnings released: EPS: ₫302 (vs ₫189 in FY 2024) Full year 2025 results: EPS: ₫302 (up from ₫189 in FY 2024). Revenue: ₫264.9b (up 56% from FY 2024). Net income: ₫908.7m (up 59% from FY 2024). Profit margin: 0.3% (in line with FY 2024). Valuation Update With 7 Day Price Move • Jan 22
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫14,600, the stock trades at a trailing P/E ratio of 52.6x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 41% over the past three years. Reported Earnings • Oct 23
Third quarter 2025 earnings released Third quarter 2025 results: EPS: ₫81.54. Revenue: ₫68.2b (up 40% from 3Q 2024). Net income: ₫245.6m (up 139% from 3Q 2024). Profit margin: 0.4% (up from 0.2% in 3Q 2024). The increase in margin was driven by higher revenue. Declared Dividend • Sep 15
Dividend reduced to ₫100.00 Dividend of ₫100.00 is 60% lower than last year. Ex-date: 17th September 2025 Payment date: 10th October 2025 Dividend yield will be 0.6%, which is lower than the industry average of 5.6%. Sustainability & Growth The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Valuation Update With 7 Day Price Move • Aug 27
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to ₫17,200, the stock trades at a trailing P/E ratio of 74.8x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 50% over the past three years. New Risk • Aug 11
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 20% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Shares are highly illiquid. Earnings have declined by 42% per year over the past 5 years. High level of non-cash earnings (20% accrual ratio). Market cap is less than US$10m (₫38.3b market cap, or US$1.45m). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 25% After last week's 25% share price gain to ₫15,000, the stock trades at a trailing P/E ratio of 62.9x. Average trailing P/E is 14x in the Packaging industry in Vietnam. Total returns to shareholders of 18% over the past three years. Duyuru • Mar 27
Haiphong Packing VICEM Joint Stock Company, Annual General Meeting, Apr 18, 2025 Haiphong Packing VICEM Joint Stock Company, Annual General Meeting, Apr 18, 2025, at 08:30 SE Asia Standard Time. Location: no.3, hanoi street, so dau ward, hong bang district, hai phong city, Vietnam Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫13,600, the stock trades at a trailing P/E ratio of 75.4x. Average trailing P/E is 11x in the Packaging industry in Vietnam. Total loss to shareholders of 12% over the past three years. Reported Earnings • Jan 28
Full year 2024 earnings released Full year 2024 results: Revenue: ₫170.2b (down 22% from FY 2023). Net income: ₫543.4m (down 54% from FY 2023). Profit margin: 0.3% (down from 0.5% in FY 2023). The decrease in margin was driven by lower revenue. Reported Earnings • Oct 25
Third quarter 2024 earnings released Third quarter 2024 results: Revenue: ₫48.7b (flat on 3Q 2023). Net income: ₫104.0m (up 312% from 3Q 2023). Profit margin: 0.2% (up from 0.1% in 3Q 2023). Upcoming Dividend • Sep 06
Upcoming dividend of ₫250 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 10 October 2024. Trailing yield: 1.9%. Lower than top quartile of Vietnamese dividend payers (8.3%). Lower than average of industry peers (6.0%). New Risk • Jul 24
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: 0.3% Last year net profit margin: 0.6% 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: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 28% per year over the past 5 years. Market cap is less than US$10m (₫48.2b market cap, or US$1.88m). Minor Risk Profit margins are more than 30% lower than last year (0.3% net profit margin). Reported Earnings • Jul 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫40.9b (down 25% from 2Q 2023). Net income: ₫220.5m (down 74% from 2Q 2023). Profit margin: 0.5% (down from 1.5% in 2Q 2023). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Jul 11
Investor sentiment improves as stock rises 26% After last week's 26% share price gain to ₫20,000, the stock trades at a trailing P/E ratio of 50.8x. Average trailing P/E is 16x in the Packaging industry in Vietnam. Valuation Update With 7 Day Price Move • Jun 14
Investor sentiment improves as stock rises 23% After last week's 23% share price gain to ₫19,500, the stock trades at a trailing P/E ratio of 49.5x. Average trailing P/E is 15x in the Packaging industry in Vietnam. Total returns to shareholders of 32% over the past year. Valuation Update With 7 Day Price Move • May 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫21,600, the stock trades at a trailing P/E ratio of 54.9x. Average trailing P/E is 15x in the Packaging industry in Vietnam. Valuation Update With 7 Day Price Move • Apr 03
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₫22,800, the stock trades at a trailing P/E ratio of 57.9x. Average trailing P/E is 7x in the Packaging industry in Vietnam. Total returns to shareholders of 70% over the past year. Valuation Update With 7 Day Price Move • Mar 20
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫19,100, the stock trades at a trailing P/E ratio of 48.5x. Average trailing P/E is 7x in the Packaging industry in Vietnam. Reported Earnings • Jan 26
Full year 2023 earnings released Full year 2023 results: Revenue: ₫217.2b (up 1.1% from FY 2022). Net income: ₫1.19b (down 24% from FY 2022). Profit margin: 0.5% (down from 0.7% in FY 2022). The decrease in margin was driven by higher expenses. Valuation Update With 7 Day Price Move • Dec 27
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫19,300, the stock trades at a trailing P/E ratio of 36.8x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total returns to shareholders of 82% over the past three years. Valuation Update With 7 Day Price Move • Nov 23
Investor sentiment deteriorates as stock falls 22% After last week's 22% share price decline to ₫15,500, the stock trades at a trailing P/E ratio of 29.5x. Average trailing P/E is 8x in the Packaging industry in Vietnam. Total returns to shareholders of 39% over the past three years. New Risk • Jul 26
New major risk - Financial data availability The company has not reported any financial data. This is considered a major risk. With no or incomplete audited reported financial data, it is virtually impossible to assess the company's investment potential. Currently, the following risks have been identified for the company: Major Risks No financial data reported. Shares are highly illiquid. Market cap is less than US$10m (₫41.0b market cap, or US$1.73m). Reported Earnings • Oct 23
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫44.9b (down 26% from 3Q 2021). Net income: ₫258.8m (down 47% from 3Q 2021). Profit margin: 0.6% (down from 0.8% in 3Q 2021). The decrease in margin was driven by lower revenue. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫10,300, the stock trades at a trailing P/E ratio of 20.1x. Average trailing P/E is 15x in the Packaging industry in Vietnam. Total returns to shareholders of 3.6% over the past year. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improved over the past week After last week's 17% share price gain to ₫14,000, the stock trades at a trailing P/E ratio of 27.4x. Average trailing P/E is 17x in the Packaging industry in Vietnam. Total returns to shareholders of 11% over the past three years. Upcoming Dividend • Sep 16
Upcoming dividend of ₫300 per share Eligible shareholders must have bought the stock before 23 September 2022. Payment date: 14 October 2022. Trailing yield: 2.5%. Lower than top quartile of Vietnamese dividend payers (7.5%). Lower than average of industry peers (5.0%). Reported Earnings • Jul 25
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫55.3b (down 9.9% from 2Q 2021). Net income: ₫529.0m (down 19% from 2Q 2021). Profit margin: 1.0% (in line with 2Q 2021). Reported Earnings • Apr 27
First quarter 2022 earnings released First quarter 2022 results: Revenue: ₫60.3b (up 28% from 1Q 2021). Net income: ₫43.9m (up 54% from 1Q 2021). Profit margin: 0.1% (in line with 1Q 2021). Valuation Update With 7 Day Price Move • Mar 16
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫13,500, the stock trades at a trailing P/E ratio of 24.7x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 14% over the past three years. Reported Earnings • Jan 21
Full year 2021 earnings: Revenues in line with analyst expectations Full year 2021 results: Revenue: ₫229.5b (up 13% from FY 2020). Net income: ₫1.65b (down 58% from FY 2020). Profit margin: 0.7% (down from 1.9% in FY 2020). The decrease in margin was driven by higher expenses. Revenue was in line with analyst estimates. Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment deteriorated over the past week After last week's 15% share price decline to ₫14,000, the stock trades at a trailing P/E ratio of 19.9x. Average trailing P/E is 11x in the Packaging industry in Vietnam. Total returns to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Nov 29
Investor sentiment improved over the past week After last week's 30% share price gain to ₫14,600, the stock trades at a trailing P/E ratio of 20.8x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 99% over the past three years. Upcoming Dividend • Oct 15
Inaugural dividend of ₫800 per share Eligible shareholders must have bought the stock before 22 October 2021. Payment date: 18 November 2021. The company last paid an ordinary dividend in March 2015. The average dividend yield among industry peers is 4.5%. 
