Valuation Update With 7 Day Price Move • Aug 11
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₫46,000, the stock trades at a trailing P/E ratio of 8x. Average trailing P/E is 11x in the Water Utilities industry in Vietnam. Total returns to shareholders of 85% over the past three years. New Risk • Jul 31
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 23% 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 Shares are highly illiquid. Revenue has declined by 0.3% over the past year. High level of non-cash earnings (23% accrual ratio). Minor Risk Market cap is less than US$100m (₫494.0b market cap, or US$18.8m). Buy Or Sell Opportunity • Jul 13
Now 21% undervalued The stock has been flat over the last 90 days, currently trading at ₫44,500. The fair value is estimated to be ₫56,262, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 82%. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ₫47,750, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 11x in the Water Utilities industry in Vietnam. Total returns to shareholders of 78% over the past three years. Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫51,500, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 11x in the Water Utilities industry in Vietnam. Total returns to shareholders of 86% over the past three years. Board Change • Jun 03
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. 6 non-independent directors. Chairman of the Board Quang Le was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Apr 26
Dividend of ₫1,600 announced Dividend of ₫1,600 is the same as last year. Ex-date: 5th June 2026 Payment date: 31st August 2026 Dividend yield will be 4.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by both earnings (54% earnings payout ratio) and cash flows (51% cash payout ratio). The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 6.7% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Apr 24
Now 21% undervalued Over the last 90 days, the stock has risen 9.8% to ₫44,750. The fair value is estimated to be ₫56,345, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 82%. Reported Earnings • Apr 22
First quarter 2026 earnings released: EPS: ₫1,065 (vs ₫921 in 1Q 2025) First quarter 2026 results: EPS: ₫1,065 (up from ₫921 in 1Q 2025). Revenue: ₫305.3b (flat on 1Q 2025). Net income: ₫13.8b (up 16% from 1Q 2025). Profit margin: 4.5% (up from 3.9% in 1Q 2025). Board Change • Apr 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. 6 non-independent directors. Chairman of the Board Quang Le was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Mar 24
Full year 2025 earnings released: EPS: ₫4,372 (vs ₫4,149 in FY 2024) Full year 2025 results: EPS: ₫4,372 (up from ₫4,149 in FY 2024). Revenue: ₫1.28t (down 2.1% from FY 2024). Net income: ₫56.8b (up 5.4% from FY 2024). Profit margin: 4.5% (up from 4.1% in FY 2024). The increase in margin was driven by lower expenses. Duyuru • Mar 23
Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2026 Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2026, at 08:00 SE Asia Standard Time. Location: cho lon water supply jsc, 97 pham huu chi street, cho lon ward, ho chi minh Vietnam Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫48,800, the stock trades at a trailing P/E ratio of 10.3x. Average trailing P/E is 12x in the Water Utilities industry in Vietnam. Total returns to shareholders of 170% over the past three years. New Risk • Feb 03
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 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 Revenue has declined by 1.6% over the past year. High level of non-cash earnings (47% accrual ratio). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Paying a dividend despite having no free cash flows. Market cap is less than US$100m (₫520.0b market cap, or US$19.8m). Board Change • Nov 24
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. 6 non-independent directors. Chairman of the Board Quang Le was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Declared Dividend • Aug 06
First half dividend of ₫400 announced Shareholders will receive a dividend of ₫400. Ex-date: 31st October 2025 Payment date: 1st December 2025 Dividend yield will be 3.6%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (42% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The company is yet to establish a track record of dividend growth or stability as it hasn't paid a regular dividend for at least 2 years. Earnings per share has grown by 7.8% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to ₫49,300, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Water Utilities industry in Vietnam. Total returns to shareholders of 53% over the past three years. Board Change • Jul 21
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. 6 non-independent directors. Chairman of the Board Quang Le was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jun 05
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.1% to ₫40,650. The fair value is estimated to be ₫52,211, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Board Change • May 26
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. 6 non-independent directors. Chairman of the Board Quang Le was the last director to join the board, commencing their role in 2025. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 07
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 18
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Apr 04
Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 28, 2025 Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 28, 2025, at 08:00 SE Asia Standard Time. Location: 97 phan huu chi, ward 12, district 5, Vietnam Board Change • Mar 20
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 03
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 03
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • May 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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Mar 27
Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2024 Cholon Water Supply Joint Stock Company, Annual General Meeting, Apr 24, 2024, at 01:30 Coordinated Universal Time. Location: No. 97 Pham Huu Chi street, ward 12, district 5, HCMC Ho Chi Minh City Vietnam Board Change • Mar 04
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Oct 05
Cholon Water Supply Joint Stock Company Announces Second Phase of 2022 Dividend, Payable on November 17, 2023 Cholon Water Supply Joint Stock Company announced the record date for the second phase of 2022 dividend payment. Record date is November 01, 2023. Dividend pay-out ratio: 4.2%/par value (VND 420/share). Payment date is November 17, 2023. Board Change • Sep 12
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 26
Cholon Water Supply Joint Stock Company Announces Cash Dividend for the Year 2022, Payable on July 17, 2023 On April 21, 2023, Cho Lon Water Supply Joint Stock Company announced the record dated to pay the cash dividend in 2022 as follows: Record date: June 06, 2023; Exercise ratio: 12% (VND 1,200 per share); Payment date: July 17, 2023. Board Change • Mar 31
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 21
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 06
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 12
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 21
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 14
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jun 24
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. 6 non-independent directors. Member of Supervisory Board Luong Nguyen was the last director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Tran Van Chau was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Tran Van Chau was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Tran Van Chau was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Aug 11
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 8 non-independent directors. Independent Director Tran Van Chau was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 27
Inaugural dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 02 June 2021. Payment date: 19 July 2021. This is the first dividend for Cholon Water Supply since going public. The average dividend yield among industry peers is 3.4%. 
