Valuation Update With 7 Day Price Move • Apr 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫10,350, the stock trades at a trailing P/E ratio of 38.6x. Average trailing P/E is 15x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 171% over the past three years. New Risk • Mar 23
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 8.5% 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 Share price has been highly volatile over the past 3 months (8.5% average weekly change). High level of non-cash earnings (41% accrual ratio). Minor Risk Market cap is less than US$100m (₫448.8b market cap, or US$17.1m). Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: ₫268 (vs ₫7.13 in FY 2024) Full year 2025 results: EPS: ₫268 (up from ₫7.13 in FY 2024). Revenue: ₫1.02t (up 11% from FY 2024). Net income: ₫13.7b (up ₫13.3b from FY 2024). Profit margin: 1.3% (up from 0% in FY 2024). Valuation Update With 7 Day Price Move • Mar 11
Investor sentiment deteriorates as stock falls 25% After last week's 25% share price decline to ₫8,070, the stock trades at a trailing P/E ratio of 30.1x. Average trailing P/E is 15x in the Metals and Mining industry in Vietnam. Total returns to shareholders of 107% over the past three years. Board Change • Feb 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. 6 experienced directors. 1 highly experienced director. No independent directors (5 non-independent directors). Chairman Long Nguyen was the last director to join the board, commencing their role in 2011. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. New Risk • Nov 04
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% 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 Revenue has declined by 26% over the past year. High level of non-cash earnings (38% accrual ratio). Minor Risks Share price has been volatile over the past 3 months (7.4% average weekly change). Market cap is less than US$100m (₫422.3b market cap, or US$16.0m). 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 6.0% 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 Revenue has declined by 17% over the past year. Minor Risks Share price has been volatile over the past 3 months (6.0% average weekly change). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (0.5% net profit margin). Market cap is less than US$100m (₫474.3b market cap, or US$18.0m). Reported Earnings • Aug 02
Second quarter 2025 earnings released: EPS: ₫1.30 (vs ₫227 in 2Q 2024) Second quarter 2025 results: EPS: ₫1.30 (down from ₫227 in 2Q 2024). Revenue: ₫131.7b (down 50% from 2Q 2024). Net income: ₫651.4m (down 94% from 2Q 2024). Profit margin: 0.5% (down from 4.4% in 2Q 2024). Duyuru • Mar 12
Tai Nguyen Corporation, Annual General Meeting, Mar 31, 2025 Tai Nguyen Corporation, Annual General Meeting, Mar 31, 2025, at 07:30 SE Asia Standard Time. Location: 1a floor, star city building, no. 23 le van luong, nham chinh ward, thanh xuan district, Vietnam New Risk • Jan 29
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 5.1% 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 September 2015 fiscal period end). Market cap is less than US$10m (₫221.3b market cap, or US$8.85m). Minor Risk Share price has been volatile over the past 3 months (5.1% average weekly change). Duyuru • Apr 03
Tai Nguyen Corporation, Annual General Meeting, Apr 23, 2024 Tai Nguyen Corporation, Annual General Meeting, Apr 23, 2024. Location: No.23 Le Van Luong street, Nhan Chinh ward Hanoi Vietnam New Risk • Feb 23
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 4.9% 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 Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (4.9% average weekly change). Market cap is less than US$100m (₫259.1b market cap, or US$10.6m). New Risk • Oct 19
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫233.6b (US$9.51m) This is considered a major 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 Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Market cap is less than US$10m (₫233.6b market cap, or US$9.51m). Minor Risk Share price has been volatile over the past 3 months (8.1% average weekly change). Duyuru • Aug 13
TNT Group JSC Appoints Nguyen Si Hoan as Deputy Chief Executive Officer On July 05, 2023, TNT Group JSC issued the Board resolution to approve the appointment of Mr. Nguyen Si Hoan as Deputy Chief Executive Officer from July 05, 2023. New Risk • Jun 30
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 Latest financial reports are more than 1 year old (reported September 2015 fiscal period end). Minor Risks Share price has been volatile over the past 3 months (6.4% average weekly change). Market cap is less than US$100m (₫243.8b market cap, or US$10.3m). Duyuru • Feb 13
Tai Nguyen Corporation Provides Consolidated Earnings Guidance for the Year 2023 Tai Nguyen Corporation provides consolidated earnings guidance for the year 2023. For the period, the company expects revenue of VND 1,050 billion. Profit after tax of VND 60 billion. 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. 11 experienced directors. 1 highly experienced director. No independent directors (8 non-independent directors). Deputy General Director and Director Doan Tuan was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Duyuru • Aug 06
Tai Nguyen Corporation Announces Resignation of Le Quoc Toan as Deputy CEO Tai Nguyen Corporation announced the resignation of Mr. Le Quoc Toan as Deputy CEO, due to personal reason. Effective from August 03, 2022. Duyuru • Jul 21
Tai Nguyen Corporation Approves Change in Legal Representative of TNT Fund Management and Finance Investment Co. Ltd The Board of Directors of Tai Nguyen Corporation approved the change in the Legal Representative of TNT Fund Management and Finance Investment Co. Ltd. from Director Nguyen Gia Hai to Director Nguyen Ba Huan. Duyuru • Jun 03
Tai Nguyen Corporation, Annual General Meeting, Jun 20, 2022 Tai Nguyen Corporation, Annual General Meeting, Jun 20, 2022. Location: Star City Building, 23 Le Van Luong, Nhan Chinh ward, Thanh Xuan district Ha Noi Vietnam 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. 11 experienced directors. 1 highly experienced director. No independent directors (8 non-independent directors). Deputy General Director and Director Doan Tuan was the last director to join the board, commencing their role in 2016. 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
Tai Nguyen Corporation Appoints Le Quoc Toan as Deputy CEO The Board of Directors of Tai Nguyen Corporation appointed Mr. Le Quoc Toan as Deputy CEO for 05 years as of February 08, 2022. Is New 90 Day High Low • Feb 18
New 90-day high: ₫3,290 The company is up 85% from its price of ₫1,780 on 20 November 2020. The Vietnamese market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Metals and Mining industry, which is up 25% over the same period. Is New 90 Day High Low • Jan 13
New 90-day high: ₫2,170 The company is up 42% from its price of ₫1,530 on 15 October 2020. The Vietnamese market is up 25% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 60% over the same period. Is New 90 Day High Low • Oct 27
New 90-day high: ₫1,720 The company is up 31% from its price of ₫1,310 on 29 July 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Metals and Mining industry, which is up 34% over the same period. 