New Risk • 7h
New major risk - Revenue and earnings growth Earnings have declined by 1.0% 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. This is currently the only risk that has been identified for the company. Duyuru • Jul 22
Traphaco Joint Stock Company Announces to Pay Second Cash Dividend for the Year 2025, Payable on August 7, 2026 Traphaco Joint Stock Company announced to pay the second cash dividend of VND 2,000 per share for the year 2025, payable on August 7, 2026. Ex-right date is July 21, 2026. Record date is July 22, 2026. Upcoming Dividend • Jul 14
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 21 July 2026. Payment date: 07 August 2026. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 5.0%. Lower than top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (3.8%). Duyuru • Feb 23
Traphaco Joint Stock Company, Annual General Meeting, Apr 17, 2026 Traphaco Joint Stock Company, Annual General Meeting, Apr 17, 2026. Location: great hall, traphaco jsc, alley 15, ngoc hoi street, yen so ward, Vietnam Declared Dividend • Dec 24
Dividend of ₫2,000 announced Dividend of ₫2,000 is the same as last year. Ex-date: 2nd January 2026 Payment date: 28th January 2026 Dividend yield will be 5.4%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by both earnings (37% earnings payout ratio) and cash flows (81% cash payout ratio). The dividend has increased by an average of 8.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 6.4% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Board Change • Dec 10
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Chairman Ji Kwang Chung was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 02
Second quarter 2025 earnings released Second quarter 2025 results: Revenue: ₫705.2b (up 14% from 2Q 2024). Net income: ₫69.2b (up 8.3% from 2Q 2024). Profit margin: 9.8% (in line with 2Q 2024). Declared Dividend • May 29
Dividend of ₫2,000 announced Dividend of ₫2,000 is the same as last year. Ex-date: 13th June 2025 Payment date: 4th July 2025 Dividend yield will be 5.5%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (43% earnings payout ratio) but not covered by cash flows (221% cash payout ratio). The dividend has increased by an average of 13% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 7.1% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2025 earnings released: EPS: ₫903 (vs ₫966 in 1Q 2024) First quarter 2025 results: EPS: ₫903. Revenue: ₫554.9b (up 1.4% from 1Q 2024). Net income: ₫41.7b (up 4.2% from 1Q 2024). Profit margin: 7.5% (up from 7.3% in 1Q 2024). The increase in margin was driven by higher revenue. Duyuru • Feb 28
Traphaco Joint Stock Company, Annual General Meeting, Apr 18, 2025 Traphaco Joint Stock Company, Annual General Meeting, Apr 18, 2025. Location: alley 15, ngoc hoi street, hoang mai district, ha noi Vietnam Duyuru • Dec 17
Traphaco Joint Stock Company Approves First Interim Dividend for 2024, Payable on January 24, 2025 Traphaco Joint Stock Company at its board meeting dated December 12, 2024, approved first interim dividend for 2024. Interim dividend rate: 20% of charter capital (equivalent to 2,000 VND/share); Total payment amount: VND 82,901,080,000; Record date: January 6, 2025; Payment date: January 24, 2025. Declared Dividend • Dec 16
Dividend of ₫2,000 announced Shareholders will receive a dividend of ₫2,000. Ex-date: 3rd January 2025 Payment date: 24th January 2025 Dividend yield will be 5.1%, which is higher than the industry average of 3.7%. Sustainability & Growth The dividend has increased by an average of 9.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Declared Dividend • May 31
Dividend increased to ₫2,000 Dividend of ₫2,000 is 100% higher than last year. Ex-date: 17th June 2024 Payment date: 4th July 2024 Dividend yield will be 4.9%, which is higher than the industry average of 3.7%. Sustainability & Growth Dividend is covered by earnings (55% earnings payout ratio) but not covered by cash flows (160% cash payout ratio). The dividend has increased by an average of 9.7% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share has grown by 8.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • May 30
Traphaco Joint Stock Company Approves Second Cash Dividend Payment in 2023, Payable on July 4, 2024 Traphaco Joint Stock Company at its board meeting held on May 21, 2024, approved second dividend payment in 2023 of 20% of charter capital (equivalent to VND 2,000 per share). Total payment value: VND 82,901,080,000. Payment method: by cash. Existing shareholders named on the list at the record date on June 18, 2024. Payable date: July 4, 2024. Duyuru • Apr 19
Traphaco Joint Stock Company Announces Board Changes Traphaco Joint Stock Company announced appointment of Junwoo Cha and Nguyn Th Giang as BoD member and BoS member respectively. Company announced resignation of Lee Tae Yo asBoD member and Kwon Ki Bum resigned as BKS/BoS member. Effective from 12 April, 2024. Duyuru • Mar 05
Traphaco Joint Stock Company, Annual General Meeting, Apr 12, 2024 Traphaco Joint Stock Company, Annual General Meeting, Apr 12, 2024. Location: Meeting hall Hoang Liet factory, 15 Ngoc Hoi street, Hoang Mai district Ha Noi City Vietnam Upcoming Dividend • Jan 09
Upcoming dividend of ₫2,000 per share at 3.6% yield Eligible shareholders must have bought the stock before 16 January 2024. Payment date: 02 February 2024. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 3.6%. Lower than top quartile of Vietnamese dividend payers (8.7%). In line with average of industry peers (3.6%). Duyuru • Dec 20
Traphaco Joint Stock Company Announces Dividend Advance for the Year 2023, Payable on February 2, 2024 Traphaco Joint Stock Company announced dividend advance for the year 2023 for existing shareholders, Advance rate: 20% of charter capital (equivalent to VND 2,000 /share), Total payment value: VND 82,901,080,000, Payment method: by cash, For: Existing shareholders named on the List at the record date on January 17, 2024 for dividend advance. Date: February 02, 2024. Reported Earnings • Jul 30
Second quarter 2023 earnings released: EPS: ₫1,386 (vs ₫1,687 in 2Q 2022) Second quarter 2023 results: EPS: ₫1,386. Revenue: ₫517.1b (down 12% from 2Q 2022). Net income: ₫72.2b (up 3.3% from 2Q 2022). Profit margin: 14% (up from 12% in 2Q 2022). The increase in margin was driven by lower expenses. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Pharmaceuticals industry in Asia. Upcoming Dividend • Jun 06
Upcoming dividend of ₫1,000 per share at 3.3% yield Eligible shareholders must have bought the stock before 13 June 2023. Payment date: 29 June 2023. Payout ratio is a comfortable 55% but the company is paying out more than the cash it is generating. Trailing yield: 3.3%. Lower than top quartile of Vietnamese dividend payers (8.6%). In line with average of industry peers (3.6%). Duyuru • May 24
Traphaco Joint Stock Company Approves the Second Dividend Payment for 2022, Payable on June 29, 2023 Traphaco Joint Stock Company announced second dividend of the year 2022 of 1,000 VND/share. Payment date is June 29, 2023. Record date is June 14, 2023. Reported Earnings • Feb 04
Full year 2022 earnings released: EPS: ₫5,772 (vs ₫5,177 in FY 2021) Full year 2022 results: EPS: ₫5,772 (up from ₫5,177 in FY 2021). Revenue: ₫2.40t (up 11% from FY 2021). Net income: ₫269.1b (up 25% from FY 2021). Profit margin: 11% (up from 9.9% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year whereas the company’s share price has increased by 18% per year. Price Target Changed • Nov 24
Price target decreased to ₫86,140 Down from ₫120,500, the current price target is provided by 1 analyst. New target price is 6.4% below last closing price of ₫92,000. Stock is up 1.7% over the past year. The company posted earnings per share of ₫5,177 last year. Board Change • Nov 16
Less than half of directors are independent There are 5 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: 1 independent director. 6 non-independent directors. Independent Chairman Ji Kwang Chung was the last independent 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. Lack of board continuity. Duyuru • Nov 10
Traphaco Joint Stock Company Announces First Dividend for 2022, Payable on November 30, 2022 Traphaco Joint Stock Company announced first dividend of VND 2,000 per share for 2022. Ex-right date is November 17, 2022, Record date is November 18, 2022 and Payment date November 30, 2022. Upcoming Dividend • Nov 10
Upcoming dividend of ₫2,000 per share Eligible shareholders must have bought the stock before 17 November 2022. Payment date: 30 November 2022. Payout ratio is a comfortable 48% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Vietnamese dividend payers (9.4%). Lower than average of industry peers (4.0%). Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: ₫1,271 (vs ₫1,407 in 3Q 2021) Third quarter 2022 results: EPS: ₫1,271. Revenue: ₫604.3b (up 6.4% from 3Q 2021). Net income: ₫71.8b (up 11% from 3Q 2021). Profit margin: 12% (in line with 3Q 2021). Revenue is forecast to grow 16% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Pharmaceuticals industry in Asia. Upcoming Dividend • Jun 02
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 09 June 2022. Payment date: 27 June 2022. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 3.2%. Lower than top quartile of Vietnamese dividend payers (7.2%). Lower than average of industry peers (3.6%). Duyuru • May 18
Traphaco Joint Stock Company Approves the Second Dividend Payment of the Year 2021, Payable on June 24, 2022 Traphaco Joint Stock Company approved the second dividend payment of the year 2021 of 10% charter capital (equivalent to VND 1,000 per share). Record date is June 10, 2022. Payment date is June 24, 2022. Buying Opportunity • May 05
Now 20% undervalued Over the last 90 days, the stock is up 7.2%. The fair value is estimated to be ₫121,807, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 9.8% over the last 3 years. Earnings per share has grown by 21%. Reported Earnings • May 02
First quarter 2022 earnings released: EPS: ₫1,798 (vs ₫1,107 in 1Q 2021) First quarter 2022 results: EPS: ₫1,798 (up from ₫1,107 in 1Q 2021). Revenue: ₫624.0b (up 32% from 1Q 2021). Net income: ₫83.4b (up 64% from 1Q 2021). Profit margin: 13% (up from 11% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 13%, compared to a 21% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 21% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Apr 27
Price target increased to ₫123,400 Up from ₫101,000, the current price target is an average from 2 analysts. New target price is 24% above last closing price of ₫99,700. Stock is up 44% over the past year. The company posted earnings per share of ₫5,177 last year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there is only 1 independent director on the board. The company's board is composed of: 1 independent director. 5 non-independent directors. Independent Chairman Ji Kwang Chung was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 29
Traphaco Joint Stock Company Receives Lai Tran Dong's Resignation as Board Member Traphaco Joint Stock Company announced that the company has received Mr. Lai Tran Dong's resignation as board member, subject to approval of AGM. Price Target Changed • Mar 21
Price target increased to ₫111,950 Up from ₫101,000, the current price target is provided by 1 analyst. New target price is 22% above last closing price of ₫92,100. Stock is up 32% over the past year. The company posted earnings per share of ₫5,177 last year. Reported Earnings • Mar 17
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₫5,177 (up from ₫4,164 in FY 2020). Revenue: ₫2.16t (up 13% from FY 2020). Net income: ₫214.6b (up 24% from FY 2020). Profit margin: 9.9% (in line with FY 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 17%, compared to a 19% growth forecast for the pharmaceuticals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 6% per year, which means it is significantly lagging earnings growth. Duyuru • Feb 12
Traphaco Joint Stock Company, Annual General Meeting, Mar 31, 2022 Traphaco Joint Stock Company, Annual General Meeting, Mar 31, 2022. Location: Great Hall, Hoang Liet Factory Alley 15, Ngoc Hoi Street, Hoang Mai District Hanoi Vietnam Agenda: To consider report on operation results of the company in 2021:business plan in 2022; to consider report on governance and activities of the board of directors in 2021; to consider report on the results of the company's business restructuring project; to consider report of the board of supervisors in 2021: proposal to select an independent auditor for financial statements in 2022; to consider audited consolidated financial statements for 2021; and to consider other matters. Reported Earnings • Jan 30
Full year 2021 earnings: EPS in line with expectations, revenues disappoint Full year 2021 results: EPS: ₫5,862 (up from ₫4,185 in FY 2020). Revenue: ₫2.18t (up 14% from FY 2020). Net income: ₫243.0b (up 40% from FY 2020). Profit margin: 11% (up from 9.1% in FY 2020). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 100%. Over the next year, revenue is forecast to grow 17%, compared to a 21% growth forecast for the pharmaceuticals industry in Vietnam. 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 9% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 26
Third quarter 2021 earnings: Revenues and EPS in line with analyst expectations Third quarter 2021 results: EPS: ₫1,408 (up from ₫1,170 in 3Q 2020). Revenue: ₫568.1b (up 24% from 3Q 2020). Net income: ₫64.8b (up 34% from 3Q 2020). Profit margin: 11% (in line with 3Q 2020). Revenue was in line with analyst estimates. Over the next year, revenue is forecast to grow 12%, compared to a 23% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 26
Investor sentiment improved over the past week After last week's 16% share price gain to ₫91,800, the stock trades at a trailing P/E ratio of 18.4x. Average forward P/E is 20x in the Pharmaceuticals industry in Vietnam. Total returns to shareholders of 56% over the past three years. Reported Earnings • Jul 21
Second quarter 2021 earnings released The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₫556.6b (up 22% from 2Q 2020). Net income: ₫62.9b (up 66% from 2Q 2020). Profit margin: 11% (up from 8.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • May 14
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 21 May 2021. Payment date: 31 May 2021. Trailing yield: 4.4%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (3.7%). Reported Earnings • Mar 11
Full year 2020 earnings released: EPS ₫4,185 (vs ₫3,253 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫1.91t (up 12% from FY 2019). Net income: ₫173.5b (up 29% from FY 2019). Profit margin: 9.1% (up from 7.9% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 9% per year whereas the company’s share price has fallen by 14% per year. Is New 90 Day High Low • Jan 28
New 90-day low: ₫62,400 The company is down 2.0% from its price of ₫63,500 on 30 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Pharmaceuticals industry, which is up 6.0% over the same period. Is New 90 Day High Low • Dec 30
New 90-day high: ₫71,500 The company is up 25% from its price of ₫57,400 on 01 October 2020. The Vietnamese market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 5.0% over the same period. Is New 90 Day High Low • Nov 10
New 90-day high: ₫66,500 The company is up 20% from its price of ₫55,600 on 12 August 2020. The Vietnamese market is up 13% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Pharmaceuticals industry, which is up 8.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫174.5b, up 23% from the prior year. Total revenue was ₫1.85t over the last 12 months, up 8.3% from the prior year. Is New 90 Day High Low • Oct 07
New 90-day high: ₫57,900 The company is up 7.0% from its price of ₫54,000 on 08 July 2020. The Vietnamese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Pharmaceuticals industry, which is up 8.0% over the same period.