Buy Or Sell Opportunity • Jun 26
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 9.4% to ₫48,450. The fair value is estimated to be ₫38,699, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 7.8%. New Risk • Jun 11
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 5.7% 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 High level of non-cash earnings (45% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (5.7% average weekly change). Market cap is less than US$100m (₫416.5b market cap, or US$15.8m). Buy Or Sell Opportunity • Jun 04
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 12% to ₫48,500. The fair value is estimated to be ₫38,699, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 7.8%. Declared Dividend • May 13
Final dividend of ₫1,600 announced Shareholders will receive a dividend of ₫1,600. Ex-date: 28th May 2026 Payment date: 11th June 2026 Dividend yield will be 5.5%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (41% 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 dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 11% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Buy Or Sell Opportunity • Mar 31
Now 23% overvalued Over the last 90 days, the stock has fallen 2.9% to ₫47,600. The fair value is estimated to be ₫38,699, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has been flat over the last year. Earnings per share has grown by 7.8%. Duyuru • Feb 06
Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 22, 2026 Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 22, 2026. Location: minh thuy convention center, no. 01-02a alexandre de rhodes street, thu duc ward, ho chi minh Vietnam New Risk • Oct 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 6.9% 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 High level of non-cash earnings (36% accrual ratio). 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 (6.9% average weekly change). Market cap is less than US$100m (₫408.0b market cap, or US$15.5m). Reported Earnings • Oct 22
Third quarter 2025 earnings released Third quarter 2025 results: EPS: ₫1,246. Net income: ₫10.6b (up ₫10.6b from 3Q 2024). Upcoming Dividend • Sep 23
Upcoming dividend of ₫1,117 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 23% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (2.7%). Declared Dividend • Sep 09
First half dividend of ₫1,117 announced Shareholders will receive a dividend of ₫1,117. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 4.7%, which is higher than the industry average of 3.3%. Sustainability & Growth Dividend is covered by earnings (23% earnings payout ratio) but not covered by cash flows (dividend approximately 8x free cash flows). The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Earnings per share has grown by 8.0% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. New Risk • Jul 25
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 24% 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 Risk High level of non-cash earnings (24% accrual ratio). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 8x cash flows per share). Market cap is less than US$100m (₫466.7b market cap, or US$17.7m). Declared Dividend • Jun 12
First quarter dividend of ₫1,117 announced Shareholders will receive a dividend of ₫1,117. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 4.4%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Declared Dividend • May 15
Dividend of ₫1,400 announced Dividend of ₫1,400 is the same as last year. Ex-date: 28th May 2025 Payment date: 11th June 2025 Dividend yield will be 5.7%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has decreased over the past 96 years, indicating a lack of growth and stability in payments. Reported Earnings • Apr 22
First quarter 2025 earnings released First quarter 2025 results: EPS: ₫1,349. Net income: ₫11.5b (up ₫11.5b from 1Q 2024). Buy Or Sell Opportunity • Apr 14
Now 24% undervalued Over the last 90 days, the stock has risen 6.0% to ₫55,100. The fair value is estimated to be ₫72,046, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 2.8% over the last year. Earnings per share has grown by 56%. Buy Or Sell Opportunity • Mar 04
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 30% to ₫64,200. The fair value is estimated to be ₫50,898, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Board Change • Feb 24
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 6 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Feb 21
Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 17, 2025 Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 17, 2025. Location: no. 01-02a, alexandre de rhodes street, binh tho ward, hcmc, thu duc Vietnam Board Change • Feb 06
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 6 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 12
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 6 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Declared Dividend • Jul 17
Dividend of ₫1,000 announced Shareholders will receive a dividend of ₫1,000. Ex-date: 27th September 2024 Payment date: 14th October 2024 Dividend yield will be 6.9%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 11% per year over the past 10 years. However, payments have been volatile during that time. Duyuru • Jul 12
Thu Duc Water Supply Joint Stock Company Announces Second Cash Dividend for the Year 2023, Payable on July 29, 2024 Thu Duc Water Supply Joint Stock Company announced on July 09, 2024, second cash dividend of 10% per par value (VND 1,000 per share) in 2023. Payment time is July 29, 2024. Record date is July 17, 2024. Ex-right date is July 16, 2024. Upcoming Dividend • Jul 09
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 16 July 2024. Payment date: 29 July 2024. Trailing yield: 5.7%. Lower than top quartile of Vietnamese dividend payers (8.3%). Higher than average of industry peers (3.0%). Declared Dividend • Jun 06
Dividend of ₫1,000 announced Shareholders will receive a dividend of ₫1,000. Ex-date: 16th July 2024 Payment date: 29th July 2024 Dividend yield will be 7.1%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Declared Dividend • May 24
Dividend of ₫1,400 announced Shareholders will receive a dividend of ₫1,400. Ex-date: 5th June 2024 Payment date: 21st June 2024 Dividend yield will be 7.0%, which is higher than the industry average of 3.3%. Sustainability & Growth The dividend has increased by an average of 5.2% per year over the past 10 years. However, payments have been volatile during that time. Board Change • Mar 20
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 6 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Feb 19
Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 18, 2024 Thu Duc Water Supply Joint Stock Company, Annual General Meeting, Apr 18, 2024. Location: Minh Thuy Conference center, 01/02A Alexandre De Rhodes street Binh Tho ward, Thu Duc city HCM City Vietnam Upcoming Dividend • Sep 21
Upcoming dividend of ₫1,000 per share at 4.3% yield Eligible shareholders must have bought the stock before 28 September 2023. Payment date: 12 October 2023. Trailing yield: 4.3%. Lower than top quartile of Vietnamese dividend payers (8.5%). In line with average of industry peers (4.5%). Duyuru • Sep 16
Thu Duc Water Supply Joint Stock Company Announces 3Rd Cash Dividend for 2022, Payable on October 12, 2023 On September 14, 2023, Thu Duc Water Supply Joint Stock Company announces the record date to pay for the 3rd cash dividend in 2022 as follows: Record date: September 29, 2023. Exercise ratio: 10%/share (VND 1,000/share). Payment date: October 12, 2023. Upcoming Dividend • Jul 07
Upcoming dividend of ₫1,000 per share at 3.4% yield Eligible shareholders must have bought the stock before 14 July 2023. Payment date: 28 July 2023. Trailing yield: 3.4%. Lower than top quartile of Vietnamese dividend payers (8.5%). In line with average of industry peers (3.2%). Duyuru • Jul 06
Thu Duc Water Supply Joint Stock Company Announces Second Cash Dividend Payment in 2022, Payable on July 28, 2023 Thu Duc Water Supply Joint Stock Company announced dividend of 1,000 dongs/share. Reason & purpose is to pay the 2nd cash dividend for 2022. Record date is July 17, 2023. Payment date is July 28, 2023. New Risk • Jun 12
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: 3.4% 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 Latest financial reports are more than 1 year old (reported June 2015 fiscal period end). Shares are highly illiquid. High level of non-cash earnings (27% 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 (₫349.4b market cap, or US$14.9m). Duyuru • Jun 09
Thu Duc Water Supply Joint Stock Company Announces Executive Changes Thu Duc Water Supply Joint Stock Company announced appointment of Mr. Nguyen Cong Thanh as Deputy Director. Term: 05 years, Effective date: June 1, 2023. The company also announced resignation of Mrs. Nguyen Thi Thuy Linh as Deputy Director with effect from June 1, 2023. Board Change • Jun 02
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 6 non-independent directors. Deputy Chief Executive Officer, Member of Executive Board & Director Nguyen Minh was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • May 25
Thu Duc Water Supply Joint Stock Company Announces Cash Dividend of 2022, Payable on June 12, 2023 Thu Duc Water Supply Joint Stock Company announced a record date for cash dividend payment for 2022 as: announced dividend of 14%/par value (1,400 dongs/share), Record date is June 1, 2023 and Payment date is June 12, 2023. Upcoming Dividend • May 24
Upcoming dividend of ₫1,400 per share at 2.7% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 12 June 2023. Trailing yield: 2.7%. Lower than top quartile of Vietnamese dividend payers (8.8%). Lower than average of industry peers (4.3%). Duyuru • May 23
Thu Duc Water Supply Joint Stock Company Approves Plan to Pay Dividend, Payable on June 12, 2023, July 28, 2023 and October 12, 2023,Respectively The Board resolution dated May 18, 2023, the Board of Directors of Thu Duc Water Supply Joint Stock Company approved the plan to pay dividends from the business profit in 2022 and the undistributed profit of previous years as follows: Phase 1 (profit in 2022): Exercise ration:14%. Total amount: VND 11,900,000,000. Record date is June 01, 2023. Payment date is June 12, 2023. Phase 2 (profit in 2021): Exercise ration:10%. Total amount: VND 8,500,000,000. Record date is July 17, 2023. Payment date is July 28, 2023. Phase 3 (profit in 2021): Exercise ration:10%. Total amount: VND 8,500,000,000. Record date is September 29, 2023. Payment date is October 12, 2023. Board Change • May 08
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Jan 31
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Dec 20
No independent directors There are 5 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 5 new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Oct 25
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Board Change • Sep 26
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Sep 13
Thu Duc Water Supply Joint Stock Company Announces Management Changes Thu Duc Water Supply Joint Stock Company announced appointment of Mr. Pham Huynh Ba Dat as Deputy CEO in 05 years as from September 08, 2022 and resignation of Mr. Nguyen Tuan Ngoc as Deputy CEO as from September 08, 2022. Board Change • Aug 01
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 4 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Duyuru • Jun 23
Thu Duc Water Supply Joint Stock Company Announces Resignation of Lam Tu Duy as Deputy Director Thu Duc Water Supply Joint Stock Company announced resignation of Mr. Lam Tu Duy as Deputy Director, effective from June 07, 2022. Board Change • Jun 13
No independent directors There are 6 new directors who have joined the board in the last 3 years. Of these new board members, none were independent directors. The company's board is composed of: 6 new directors. 5 experienced directors. 1 highly experienced director. No independent directors (6 non-independent directors). Supervisory Le Van Dien is the most experienced director on the board, commencing their role in 2014. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Lack of board continuity. Lack of experienced directors. Upcoming Dividend • May 04
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 11 May 2022. Payment date: 26 May 2022. Trailing yield: 2.7%. Lower than top quartile of Vietnamese dividend payers (6.6%). In line with average of industry peers (2.5%). Duyuru • May 02
Thu Duc Water Supply Joint Stock Company Announces Executive Changes The BOD of Thu Duc Water Supply Joint Stock Company approved the appointment of Dang Duc Hien as member of BOD, Truong Khac Hoanh as member of BOD and Nguyen Anh Tuan as member of BOD. Approved the resignation of Mr. Nguyen Ngoc Hung as Director cum Legal Representative and Authorized Person in charge to disclose information from April 26, 2022. Approved the appointment of Mr. Nguyen Cong Minh as Director cum Legal Representative and Authorized Person in charge to disclose information of the Company from April 26, 2022. Board Change • Apr 29
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Head of the Board of Supervisors Hanh Thi Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Feb 07
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 7 non-independent directors. Head of the Board of Supervisors Hanh Thi Nguyen was the last director to join the board, commencing their role in 2020. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Upcoming Dividend • May 05
Upcoming dividend of ₫1,200 per share Eligible shareholders must have bought the stock before 12 May 2021. Payment date: 28 May 2021. Trailing yield: 3.7%. Lower than top quartile of Vietnamese dividend payers (7.4%). Higher than average of industry peers (3.3%). Is New 90 Day High Low • Feb 18
New 90-day high: ₫34,200 The company is up 27% from its price of ₫26,850 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 Water Utilities industry, which is up 9.0% over the same period. Is New 90 Day High Low • Feb 02
New 90-day high: ₫32,000 The company is up 29% from its price of ₫24,800 on 04 November 2020. The Vietnamese market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is up 8.0% over the same period. Is New 90 Day High Low • Dec 31
New 90-day high: ₫30,400 The company is up 27% from its price of ₫24,000 on 29 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is up 19% over the same period. Is New 90 Day High Low • Dec 10
New 90-day high: ₫27,000 The company is up 26% from its price of ₫21,500 on 11 September 2020. The Vietnamese market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is up 15% over the same period. Is New 90 Day High Low • Nov 20
New 90-day high: ₫26,850 The company is up 19% from its price of ₫22,650 on 21 August 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Water Utilities industry, which is up 3.0% over the same period. 
