New Risk • Apr 23
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 Risk High level of non-cash earnings (20% accrual ratio). Minor Risk Market cap is less than US$100m (₫1.03t market cap, or US$39.1m). Reported Earnings • Apr 23
First quarter 2026 earnings released First quarter 2026 results: Revenue: ₫120.3b (up 72% from 1Q 2025). Net income: ₫39.6b (up 144% from 1Q 2025). Profit margin: 33% (up from 23% in 1Q 2025). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to ₫43,250, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 147% over the past three years. Duyuru • Mar 18
Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 17, 2026 Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 17, 2026, at 07:30 SE Asia Standard Time. Location: the hall of binh duong material &construction, no. 34 dt743 street, tan an quarter, tan dong hiep ward, ho chi minh Vietnam Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫55,500, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 199% over the past three years. Reported Earnings • Jan 21
Full year 2025 earnings released: EPS: ₫6,297 (vs ₫2,628 in FY 2024) Full year 2025 results: EPS: ₫6,297 (up from ₫2,628 in FY 2024). Revenue: ₫390.9b (up 40% from FY 2024). Net income: ₫138.0b (up 140% from FY 2024). Profit margin: 35% (up from 21% in FY 2024). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 40% per year whereas the company’s share price has increased by 42% per year. New Risk • Jan 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 5.9% 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 Earnings have declined by 5.1% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (₫1.33t market cap, or US$50.6m). Valuation Update With 7 Day Price Move • Dec 16
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫68,700, the stock trades at a trailing P/E ratio of 13.7x. Average trailing P/E is 11x in the Basic Materials industry in Vietnam. Total returns to shareholders of 280% over the past three years. Reported Earnings • Oct 21
Third quarter 2025 earnings released Third quarter 2025 results: Revenue: ₫100.3b (up 50% from 3Q 2024). Net income: ₫42.6b (up 163% from 3Q 2024). Profit margin: 42% (up from 24% in 3Q 2024). The increase in margin was driven by higher revenue. Buy Or Sell Opportunity • Oct 14
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 60% to ₫52,600. The fair value is estimated to be ₫43,502, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 35%. Buy Or Sell Opportunity • Sep 15
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 64% to ₫54,300. The fair value is estimated to be ₫44,694, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 50% over the last 3 years. Earnings per share has grown by 35%. Valuation Update With 7 Day Price Move • Aug 13
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫43,700, the stock trades at a trailing P/E ratio of 11.5x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total returns to shareholders of 171% over the past three years. Upcoming Dividend • Jul 31
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 07 August 2025. Payment date: 29 August 2025. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 1.4%. Lower than top quartile of Vietnamese dividend payers (7.5%). Lower than average of industry peers (6.6%). Reported Earnings • Jul 22
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫91.5b (up 40% from 2Q 2024). Net income: ₫35.1b (up 74% from 2Q 2024). Profit margin: 38% (up from 31% in 2Q 2024). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫38,000, the stock trades at a trailing P/E ratio of 12.2x. Average trailing P/E is 13x in the Basic Materials industry in Vietnam. Total returns to shareholders of 128% over the past three years. Reported Earnings • Apr 23
First quarter 2025 earnings released First quarter 2025 results: Revenue: ₫70.1b (up 35% from 1Q 2024). Net income: ₫16.2b (up 188% from 1Q 2024). Profit margin: 23% (up from 11% in 1Q 2024). The increase in margin was driven by higher revenue. Duyuru • Mar 21
Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 17, 2025 Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 17, 2025, at 08:30 SE Asia Standard Time. Location: no. 34, dt 743 street, tan an quarter, tan dong hiep ward, di an city, binh duong province., Vietnam New Risk • Feb 19
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 29% 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 Earnings have declined by 25% per year over the past 5 years. High level of non-cash earnings (29% accrual ratio). Minor Risk Market cap is less than US$100m (₫646.6b market cap, or US$25.2m). Reported Earnings • Oct 24
Third quarter 2024 earnings released: EPS: ₫738 (vs ₫535 in 3Q 2023) Third quarter 2024 results: EPS: ₫738 (up from ₫535 in 3Q 2023). Revenue: ₫66.7b (up 47% from 3Q 2023). Net income: ₫16.2b (up 38% from 3Q 2023). Profit margin: 24% (down from 26% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Upcoming Dividend • Sep 05
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 12 September 2024. Payment date: 30 September 2024. Payout ratio is a comfortable 21% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Vietnamese dividend payers (8.3%). Lower than average of industry peers (5.4%). Duyuru • Aug 15
Nui Nho Stone Joint Stock Company Approves Dividend for the Year 2023, Payable on September 30, 2024 Nui Nho Stone Joint Stock Company approved dividend of VND 500 per share for the year 2023. Record date: September 13, 2024 and Payment date: September 30, 2024. Reported Earnings • Jul 24
Second quarter 2024 earnings released Second quarter 2024 results: Revenue: ₫65.5b (up 41% from 2Q 2023). Net income: ₫20.5b (up 139% from 2Q 2023). Profit margin: 31% (up from 19% in 2Q 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫23,050, the stock trades at a trailing P/E ratio of 14.7x. Average trailing P/E is 14x in the Basic Materials industry in Vietnam. Negligible returns to shareholders over past three years. Reported Earnings • Apr 23
First quarter 2024 earnings released First quarter 2024 results: Revenue: ₫51.9b (up 77% from 1Q 2023). Net income: ₫5.65b (up 3.1% from 1Q 2023). Profit margin: 11% (down from 19% in 1Q 2023). The decrease in margin was driven by higher expenses. Duyuru • Mar 20
Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 23, 2024 Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 23, 2024, at 02:01 Central European Standard Time. Location: No.34, road DT 743, Tan Dong Hiep ward, Di An city, Binh Duong Province Vietnam Reported Earnings • Jul 21
Second quarter 2023 earnings released Second quarter 2023 results: Revenue: ₫46.4b (up 155% from 2Q 2022). Net income: ₫8.92b (up 19% from 2Q 2022). Profit margin: 19% (down from 41% in 2Q 2022). The decrease in margin was driven by higher expenses. Upcoming Dividend • Jul 17
Upcoming dividend of ₫500 per share Eligible shareholders must have bought the stock before 24 July 2023. Payment date: 15 August 2023. The company last paid an ordinary dividend in March 2013. The average dividend yield among industry peers is 6.0%. Duyuru • Jun 24
Nui Nho Stone Co-Operation Approves Cash Dividend cash dividend for 2022, Payable on August 15, 2023 On June 20, 2023, Nui Nho Stone Co-Operation issued the Board resolution to approve the record date to pay cash dividend for 2022 as follows: Exercise ratio: 5% per share (VND 500 per share). Record date is July 25, 2023. Payment time is August 15, 2023. Buying Opportunity • Apr 27
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 13%. The fair value is estimated to be ₫21,815, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 67% over the last 3 years. Earnings per share has declined by 62%. Reported Earnings • Jan 23
Full year 2022 earnings released: EPS: ₫1,794 (vs ₫1,621 in FY 2021) Full year 2022 results: EPS: ₫1,794 (up from ₫1,621 in FY 2021). Revenue: ₫80.6b (down 49% from FY 2021). Net income: ₫39.3b (up 11% from FY 2021). Profit margin: 49% (up from 22% in FY 2021). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Board Change • Nov 16
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 Pham Liem was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 22
Third quarter 2022 earnings released Third quarter 2022 results: Revenue: ₫19.6b (up 14% from 3Q 2021). Net income: ₫3.29b (up 14% from 3Q 2021). Profit margin: 17% (in line with 3Q 2021). Reported Earnings • Jul 25
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₫18.1b (down 70% from 2Q 2021). Net income: ₫7.38b (down 54% from 2Q 2021). Profit margin: 41% (up from 26% in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 40% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Duyuru • Jun 24
Nui Nho Stone Co-Operation Announces Directorate Changes, Effective July 1, 2022 On June 20, 2022, Nui Nho Stone Co-Operation approved the resignation of Mr. Pham Tuan Kiet as Director of the Company from July 01, 2022 and approved the appointment of Mr. Pham Thanh Liem as Director of the Company from July 01, 2022. Valuation Update With 7 Day Price Move • May 10
Investor sentiment deteriorated over the past week After last week's 16% share price decline to ₫19,800, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 18x in the Basic Materials industry in Vietnam. Total loss to shareholders of 49% over the past three years. Board Change • Apr 27
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 8 experienced directors. No highly experienced directors. 1 independent director (7 non-independent directors). Director Vu Hai was the last director to join the board, commencing their role in 2020. 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 06
Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 23, 2022 Nui Nho Stone Joint Stock Company, Annual General Meeting, Apr 23, 2022. Location: 306 Street D9T, Trung Thang Area, Binh Thang Ward, Di An City, Binh Duong Province Vietnam Duyuru • Mar 04
Nui Nho Stone Co-Operation Announces Management Changes Nui Nho Stone Co-Operation announces resignation of Mr. Nguyen Van Choi as Deputy Director and appointed Ms. Phan Thi Thuyen Huong as Deputy Manager of Finance and Accounting Department, effective March 1, 2022. Buying Opportunity • Mar 02
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 5.1%. The fair value is estimated to be ₫33,623, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 30% per annum over the last 3 years. Earnings per share has declined by 35% per annum over the last 3 years. Reported Earnings • Jan 26
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: ₫1,752 (down from ₫4,648 in FY 2020). Revenue: ₫159.0b (down 60% from FY 2020). Net income: ₫38.4b (down 62% from FY 2020). Profit margin: 24% (down from 25% in FY 2020). The decrease in margin was driven by lower revenue. Revenue exceeded analyst estimates by 1.7%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Over the last 3 years on average, earnings per share has fallen by 35% per year but the company’s share price has only fallen by 20% per year, which means it has not declined as severely as earnings. Reported Earnings • Oct 21
Third quarter 2021 earnings released The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫17.1b (down 81% from 3Q 2020). Net income: ₫2.89b (down 90% from 3Q 2020). Profit margin: 17% (down from 30% in 3Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 28% per year but the company’s share price has only fallen by 17% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Sep 13
Investor sentiment improved over the past week After last week's 18% share price gain to ₫28,200, the stock trades at a trailing P/E ratio of 8.8x. Average trailing P/E is 12x in the Basic Materials industry in Vietnam. Total loss to shareholders of 17% over the past three years. Reported Earnings • Jul 18
Second quarter 2021 earnings released: EPS ₫694 (vs ₫1,728 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫61.1b (down 50% from 2Q 2020). Net income: ₫15.2b (down 60% from 2Q 2020). Profit margin: 25% (down from 31% in 2Q 2020). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 26% per year whereas the company’s share price has fallen by 23% per year. Upcoming Dividend • Apr 12
Upcoming dividend of ₫1,800 per share Eligible shareholders must have bought the stock before 19 April 2021. Payment date: 05 May 2021. Trailing yield: 22%. Within top quartile of Vietnamese dividend payers (7.2%). Higher than average of industry peers (5.2%). Is New 90 Day High Low • Mar 04
New 90-day low: ₫34,450 The company is down 18% from its price of ₫42,200 on 04 December 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 12% over the same period. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫5,658 The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: ₫401.5b (down 22% from FY 2019). Net income: ₫124.0b (up 9.8% from FY 2019). Profit margin: 31% (up from 22% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 05
New 90-day low: ₫45,000 The company is down 2.0% from its price of ₫46,050 on 07 August 2020. The Vietnamese market is up 12% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Basic Materials industry, which is up 17% over the same period. Reported Earnings • Oct 25
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫116.1b, up 13% from the prior year. Total revenue was ₫445.8b over the last 12 months, down 15% from the prior year. 