Recent Insider Transactions • Mar 25
Chairman recently sold ₫739m worth of stock On the 18th of March, Cuong Nguyen sold around 74k shares on-market at roughly ₫10,000 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Cuong's only on-market trade for the last 12 months. Duyuru • Mar 17
Thuan Duc Joint Stock Company, Annual General Meeting, Apr 19, 2026 Thuan Duc Joint Stock Company, Annual General Meeting, Apr 19, 2026, at 08:00 SE Asia Standard Time. Location: luong hoi hamlet, luong bang commune, hung yen province, Vietnam New Risk • Feb 27
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.56t (US$97.4m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (8.4% average weekly change). Earnings have declined by 1.6% per year over the past 5 years. Minor Risk Market cap is less than US$100m (₫2.56t market cap, or US$97.4m). New Risk • Feb 07
New major risk - Revenue and earnings growth Earnings have declined by 0.9% 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 Risks Interest payments are not well covered by earnings (2.0x net interest cover). Share price has been highly volatile over the past 3 months (8.0% average weekly change). Earnings have declined by 0.9% per year over the past 5 years. Reported Earnings • Feb 01
Full year 2025 earnings released: EPS: ₫1,121 (vs ₫1,087 in FY 2024) Full year 2025 results: EPS: ₫1,121 (up from ₫1,087 in FY 2024). Revenue: ₫4.76t (up 8.7% from FY 2024). Net income: ₫98.9b (up 5.3% from FY 2024). Profit margin: 2.1% (in line with FY 2024). New Risk • Jan 30
New major risk - Revenue and earnings growth Earnings have declined by 0.8% 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 Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (8.2% average weekly change). Earnings have declined by 0.8% per year over the past 5 years. Valuation Update With 7 Day Price Move • Jan 26
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫32,000, the stock trades at a trailing P/E ratio of 32.8x. Average trailing P/E is 11x in the Packaging industry in Vietnam. Total returns to shareholders of 25% over the past three years. New Risk • Jan 06
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Vietnamese stocks, typically moving 7.4% a week. This is considered a major risk. Share price volatility 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. It may also indicate 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. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.8x net interest cover). Share price has been highly volatile over the past 3 months (7.4% average weekly change). Minor Risk Market cap is less than US$100m (₫2.45t market cap, or US$93.2m). New Risk • Nov 19
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 6.4% 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 Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (₫2.54t market cap, or US$96.6m). New Risk • Nov 10
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: ₫2.52t (US$95.7m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risk Market cap is less than US$100m (₫2.52t market cap, or US$95.7m). Valuation Update With 7 Day Price Move • Nov 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫28,550, the stock trades at a trailing P/E ratio of 29.3x. Average trailing P/E is 12x in the Packaging industry in Vietnam. Total returns to shareholders of 46% over the past three years. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₫468 (vs ₫217 in 2Q 2024) Second quarter 2025 results: EPS: ₫468 (up from ₫217 in 2Q 2024). Revenue: ₫2.19t (up 98% from 2Q 2024). Net income: ₫41.3b (up 153% from 2Q 2024). Profit margin: 1.9% (up from 1.5% in 2Q 2024). The increase in margin was driven by higher revenue. Duyuru • Apr 18
Thuan Duc Joint Stock Company Announces Board Appointments, Effective April 13, 2025 On April 14, 2025, Thuan Duc Joint Stock Company announces the appointment of Ms. Do Thi Hong Tu as member of the Supervisory Board and Ms. Duong Thi Thu Hoai as member of the Supervisory Board. Effective from April 13, 2025. Duyuru • Feb 19
Thuan Duc Joint Stock Company, Annual General Meeting, Apr 01, 2025 Thuan Duc Joint Stock Company, Annual General Meeting, Apr 01, 2025. Duyuru • Sep 13
Thuan Duc Joint Stock Company Provides Earnings Guidance for the Year 2024 Thuan Duc Joint Stock Company provided earnings guidance for the year 2024. For the year, the company expects revenue of VND 3,888 million and Profit after tax of VND 78 million. Recent Insider Transactions • Jun 01
Chairman recently sold ₫314m worth of stock On the 29th of May, Cuong Nguyen sold around 31k shares on-market at roughly ₫10,000 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Cuong's only on-market trade for the last 12 months. New Risk • Apr 11
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 6.2% 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. Currently, the following risks have been identified for the company: Major Risks Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (6.1% average weekly change). Shareholders have been diluted in the past year (6.2% increase in shares outstanding). Duyuru • Mar 21
Thuan Duc Joint Stock Company, Annual General Meeting, Apr 14, 2024 Thuan Duc Joint Stock Company, Annual General Meeting, Apr 14, 2024, at 01:00 Coordinated Universal Time. Location: Luong Hoi commune, Luong Bang town Kim Dong district, Hung Yen province, Hung Yen Vietnam New Risk • Jan 27
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 Risks Latest financial reports are more than 1 year old (reported December 2019 fiscal period end). High level of non-cash earnings (30% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Market cap is less than US$100m (₫1.92t market cap, or US$78.7m). Duyuru • Jan 16
Thuan Duc Joint Stock Company has filed a Follow-on Equity Offering in the amount of VND 113.291985 billion. Thuan Duc Joint Stock Company has filed a Follow-on Equity Offering in the amount of VND 113.291985 billion.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 7,552,799
Price\Range: VND 15000
Transaction Features: Rights Offering New Risk • Aug 15
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 6.5% 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 No financial data reported. Minor Risk Share price has been volatile over the past 3 months (6.5% average weekly change). New Risk • Jun 27
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 12% 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. Currently, the following risks have been identified for the company: Major Risk No financial data reported. Minor Risk Shareholders have been diluted in the past year (12% increase in shares outstanding). Duyuru • May 26
Thuan Duc Joint Stock Company Approves Resignation of Nguyen Kim Anh as Vice General Director Thuan Duc Joint Stock Company approved the resignation of Ms. Nguyen Kim Anh as Vice General Director. Duyuru • May 06
Thuan Duc Joint Stock Company Announces Board Changes On April 29, 2023, Thuan Duc Joint Stock Company announced the personnel changes from April 28, 2023 as follows: Appointment: Mr. Tran Dang Duy, Member of the BOD for the term 2020 – 2025; Resignation: Ms. Nguyen Thi Hong Van, Member of the Supervisory Board. Duyuru • Apr 22
Thuan Duc Joint Stock Company Announces Change of Person in Charge of Corporate Governance The Board resolution dated April 18, 2022, the BOD of Thuan Duc Joint Stock Company approved the resignation of Mr. Le Van Quang as Person in charge of Corporate Governance from April 18, 2022 and the appointment of Mrs. Nguyen Kim Anh as Person in charge of Corporate Governance from April 18, 2022. Duyuru • Apr 21
Thuan Duc Joint Stock Company Announces Resignation from Le Van Quang as Member of the Board of Directors On April 15, 2022, Thuan Duc Joint Stock Company received the resignation letter from Mr. Le Van Quang as Member of the Board of Directors. The resignation of Mr. Le Van Quang will be submitted and approved in the General Meeting of Shareholders. Is New 90 Day High Low • Jan 20
New 90-day low: ₫26,100 The company is down 2.0% from its price of ₫26,696 on 22 October 2020. The Vietnamese market is up 20% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Packaging industry, which is up 6.0% over the same period.