New Risk • Aug 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 65% 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 Interest payments are not well covered by earnings (0.5x net interest cover). Revenue has declined by 95% over the past year. High level of non-cash earnings (65% accrual ratio). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫324.2b market cap, or US$12.3m). Buy Or Sell Opportunity • Jun 05
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 31% to ₫13,050. The fair value is estimated to be ₫10,831, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 69% over the last year. Earnings per share has grown by 140%. New Risk • Jun 04
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 7.8% 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 (1.6x net interest cover). Share price has been highly volatile over the past 3 months (7.8% average weekly change). Revenue has declined by 69% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₫416.6b market cap, or US$15.8m). New Risk • May 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended September 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Revenue has declined by 69% over the past year. Minor Risks Latest financial reports are more than 6 months old (reported September 2025 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (7.2% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (₫56b sold). Market cap is less than US$100m (₫485.5b market cap, or US$18.4m). Valuation Update With 7 Day Price Move • Apr 07
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₫11,700, the stock trades at a trailing P/E ratio of 8.4x. Average trailing P/E is 9x in the Logistics industry in Vietnam. Total returns to shareholders of 153% over the past three years. Buy Or Sell Opportunity • Mar 24
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 41% to ₫12,900. The fair value is estimated to be ₫10,680, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 69% over the last year. Earnings per share has grown by 140%. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫12,150, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 9x in the Logistics industry in Vietnam. Total returns to shareholders of 163% over the past three years. New Risk • Mar 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 Risks Interest payments are not well covered by earnings (1.6x net interest cover). Revenue has declined by 69% over the past year. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Significant insider selling over the past 3 months (₫56b sold). Market cap is less than US$100m (₫294.4b market cap, or US$11.2m). Duyuru • Mar 06
TCO Holdings Joint Stock Company, Annual General Meeting, Mar 27, 2026 TCO Holdings Joint Stock Company, Annual General Meeting, Mar 27, 2026, at 08:30 SE Asia Standard Time. Location: me linh 1&2 ballroom - 1st floor, renaissance, riverside hotel saigon, 8-15 ton due, thang street, ben nghe ward, district 1, ho chi minh Vietnam Valuation Update With 7 Day Price Move • Jan 20
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫10,100, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 11x in the Logistics industry in Vietnam. Total returns to shareholders of 100% over the past three years. New Risk • Jan 18
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 11% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Revenue has declined by 69% over the past year. Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (₫277.2b market cap, or US$10.5m). New Risk • Jan 12
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫262.5b (US$9.97m) 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 Interest payments are not well covered by earnings (1.6x net interest cover). Revenue has declined by 69% over the past year. Market cap is less than US$10m (₫262.5b market cap, or US$9.97m). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 01
Third quarter 2025 earnings released: EPS: ₫121 (vs ₫219 in 3Q 2024) Third quarter 2025 results: EPS: ₫121 (down from ₫219 in 3Q 2024). Revenue: ₫239.3b (down 87% from 3Q 2024). Net income: ₫3.79b (down 12% from 3Q 2024). Profit margin: 1.6% (up from 0.2% in 3Q 2024). The increase in margin was driven by lower expenses. Valuation Update With 7 Day Price Move • Aug 22
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫11,300, the stock trades at a trailing P/E ratio of 7.2x. Average trailing P/E is 14x in the Logistics industry in Vietnam. Total returns to shareholders of 79% over the past three years. Reported Earnings • Jul 30
Second quarter 2025 earnings released Second quarter 2025 results: EPS: ₫171. Net income: ₫5.36b (up ₫5.36b from 2Q 2024). Valuation Update With 7 Day Price Move • Jul 28
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to ₫11,950, the stock trades at a trailing P/E ratio of 8.2x. Average trailing P/E is 17x in the Logistics industry in Vietnam. Total returns to shareholders of 97% over the past three years. Board Change • Jun 03
Less than half of directors are independent There are 3 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: 3 new directors. No experienced directors. No highly experienced directors. 1 independent director (2 non-independent directors). Independent Director Dung Anh Tran 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 experienced directors. Duyuru • May 15
TCO Holdings Joint Stock Company, Annual General Meeting, Jun 20, 2025 TCO Holdings Joint Stock Company, Annual General Meeting, Jun 20, 2025, at 08:30 SE Asia Standard Time. Location: me linh 1&2 ballroom, 1st floor, renaissance riverside hotel saigon, 8-15 ton duc thang street, ben nghe ward, district 1, hochiminh Vietnam New Risk • Nov 25
New major risk - Market cap size The company's market capitalization is less than US$10m. Market cap: ₫229.1b (US$8.94m) 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 March 2015 fiscal period end). Share price has been highly volatile over the past 3 months (6.9% average weekly change). Market cap is less than US$10m (₫229.1b market cap, or US$8.94m). Minor Risk Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. New Risk • Nov 09
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 6.4% 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 Latest financial reports are more than 1 year old (reported March 2015 fiscal period end). Share price has been highly volatile over the past 3 months (6.4% average weekly change). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Market cap is less than US$100m (₫389.2b market cap, or US$15.6m). New Risk • Sep 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 6.2% 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 March 2015 fiscal period end). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Share price has been volatile over the past 3 months (6.2% average weekly change). Market cap is less than US$100m (₫291.9b market cap, or US$12.0m). Buy Or Sell Opportunity • Sep 09
Now 27% overvalued after recent price rise Over the last 90 days, the stock has risen 19% to ₫15,600. The fair value is estimated to be ₫12,239, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jul 10
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 24% to ₫12,700. The fair value is estimated to be ₫10,546, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Buy Or Sell Opportunity • Jun 11
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 22% to ₫13,150. The fair value is estimated to be ₫10,536, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Duyuru • Mar 30
TCO Holdings Joint Stock Company, Annual General Meeting, May 24, 2024 TCO Holdings Joint Stock Company, Annual General Meeting, May 24, 2024, at 01:30 Coordinated Universal Time. Location: No.360D Ben Van Don street, ward 1, district 4, Ho Chi Minh City Vietnam Duyuru • Nov 23
Duyen Hai Multi Modal Transport Joint Stock Company Announces Executive Change Duyen Hai Multi Modal Transport Joint Stock Company announced the appointment of: Mr. Pham Anh Tuan as Chairman of the BOD, member of the Audit Committee; Mr. Tran Anh Dung as independent member of the BOD, Chairman of the Audit Committee; Mr. Bui Le Quoc Bao as member of the BOD, Legal Representative of the Company. The resignation of: Mr. Pham Duy as member of the BOD, Legal Representative of the Company, member ofthe Audit Committee; Mr. Pham Tran Ai Trung as independent member of the BOD, Chairman of the Audit Committee; Mr. Nguyen Nam Hung as member of the BOD. Effective date: November 18, 2023. Duyuru • Sep 16
Duyen Hai Multi Modal Transport Joint Stock Company Announces Chief Executive Officer Changes Duyen Hai Multi Modal Transport Joint Stock Company announced the appointment of Mr. Bui Le Quoc Bao as CEO, Term: 03 years. Effective date: September 14, 2023. Also announced the resignation of Mr. Nguyen Nam Hung as CEO, Effective date: September 14, 2023. Duyuru • Jul 04
Duyen Hai Multi Modal Transport Joint Stock Company Announces Change in Personnel Duyen Hai Multi Modal Transport Joint Stock Company announces the change in personnel as follows: Appointment: Mr. Nguyen Nam Hung: Former position in the organization; Newly appointed position: Chairman of the BOD, a member of the audit board cum the legal representative. Term: 2023-2028. Effective date: June 24, 2023. Mr. Pham Tran Ai Trung: Former position in the organization: Newly appointed position: Chairman of the audit board cum a independent member of the BOD. Term: 2023-2028. Effective date: June 24, 2023. Mr. Pham Duy: Former position in the organization: Newly appointed position: a member of the BOD. Term: 2023-2028. Effective date: June 24, 2023. Resignation: Mr. Dam Manh Cuong:Resigned position: a member of the BOD cum Chairman of the BOD. Effective date: June 24, 2023. Mr. Phan Thanh Binh and Mr. Tran Hoang Anh Tuan. Resigned position: a member of the BOD cum Deputy Chairman of the BOD. Effective date: June 24, 2023. Mrs. Nguyen Thi Minh Hanh: Resigned position: a independent member of the BOD cum Chairman of the audit board. Effective date: June 24, 2023. Mr. Dao Viet Anh: Resigned position: a member of the BOD cum a member of the audit board. Effective date: June 24, 2023. Duyuru • May 30
Duyen Hai Multi Modal Transport Joint Stock Company, Annual General Meeting, Jun 24, 2023 Duyen Hai Multi Modal Transport Joint Stock Company, Annual General Meeting, Jun 24, 2023, at 08:30 SE Asia Standard Time. Location: Duyen Hai Multi Modal Transport Joint Stock Company, 189 Dinh Vu, Dong Hai 2 ward, Hai An district Hai Phong City Vietnam Duyuru • Dec 29
Duyen Hai Multi Modal Transport Joint Stock Company Announces Change of the Time for the Second Cash Dividend Payment in 2021 Duyen Hai Multi Modal Transport Joint Stock Company announced change of the time to pay second cash dividend for 2021 of Company from December 23, 2022 to March 31, 2023. Buying Opportunity • Dec 16
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be ₫9,598, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • Nov 16
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. 10 non-independent directors. Deputy Chairman of Board & CEO Binh Phan was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 11
Upcoming dividend of ₫400 per share Eligible shareholders must have bought the stock before 18 November 2022. Payment date: 28 November 2022. Trailing yield: 12%. Within top quartile of Vietnamese dividend payers (10.0%). Higher than average of industry peers (3.9%). Duyuru • Nov 09
Duyen Hai Multi Modal Transport Joint Stock Company Approves to Pay for the Second Phase of 2021 Dividend, Payment Date: November 28, 2022 Duyen Hai Multi Modal Transport Joint Stock Company approved to pay for the second phase of 2021 dividend in cash: Record date: November 21, 2022- Payment date: November 28, 2022- Dividend pay-out ratio: 4%/par value (VND400/share). Buying Opportunity • Oct 24
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 15%. The fair value is estimated to be ₫11,459, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Sep 16
Now 21% undervalued Over the last 90 days, the stock is up 4.5%. The fair value is estimated to be ₫13,263, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jul 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 21%. The fair value is estimated to be ₫12,939, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Buying Opportunity • Jun 20
Now 24% undervalued after recent price drop Over the last 90 days, the stock is down 55%. The fair value is estimated to be ₫12,282, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Duyuru • Jun 11
Duyen Hai Multi Modal Transport Joint Stock Company Appoints Cao Thu Hang as Head of Internal Audit Department Duyen Hai Multi Modal Transport Joint Stock Company Approved the appointment of Mrs. Cao Thu Hang as Head of Internal Audit Department of the Company from June 8, 2022. 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. 10 non-independent directors. Deputy Chairman of Board & CEO Binh Phan was the last director to join the board, commencing their role in 2021. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Oct 15
Upcoming dividend of ₫600 per share Eligible shareholders must have bought the stock before 22 October 2021. Payment date: 08 November 2021. Trailing yield: 3.0%. Lower than top quartile of Vietnamese dividend payers (6.3%). Lower than average of industry peers (3.4%). Executive Departure • Sep 13
Director Tran Hung has left the company On the 1st of September, Tran Hung's tenure as Director ended after 3.4 years in the role. We don't have any record of a personal shareholding under Tran's name. Tran is the only executive to leave the company over the last 12 months. The current median tenure of the management team is 6.67 years. Is New 90 Day High Low • Mar 15
New 90-day high: ₫12,450 The company is up 19% from a price of ₫10,500 on 15 December 2020. Outperformed the Vietnamese market which is up 12% over the last 90 days. Exceeded the Logistics industry, which is up 13% over the same period. Is New 90 Day High Low • Oct 13
New 90-day high: ₫12,750 The company is up 12% from its price of ₫11,350 on 15 July 2020. The Vietnamese market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Logistics industry, which is up 2.0% over the same period. 
