Buy Or Sell Opportunity • Apr 06
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 10% to ₫56,500. The fair value is estimated to be ₫70,211, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₫56,500, the stock trades at a forward P/E ratio of 7x. Average forward P/E is 10x in the Chemicals industry in Vietnam. Total returns to shareholders of 21% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫70,211 per share. Buy Or Sell Opportunity • Mar 20
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to ₫55,500. The fair value is estimated to be ₫69,439, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.1% over the last 3 years. Earnings per share has declined by 19%. For the next 3 years, revenue is forecast to grow by 19% per annum. Earnings are also forecast to grow by 22% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 18
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫64,000, the stock trades at a forward P/E ratio of 8x. Average forward P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 43% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫69,437 per share. Major Estimate Revision • Mar 04
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2026 has been updated. 2026 EPS estimate fell from ₫10,131 to ₫7,864. Revenue forecast unchanged from ₫14t at last update. Net income forecast to grow 34% next year vs 19% growth forecast for Chemicals industry in Vietnam. Consensus price target down from ₫119,890 to ₫115,423. Share price fell 6.7% to ₫70,900 over the past week. Reported Earnings • Feb 03
Full year 2025 earnings released: EPS: ₫7,487 (vs ₫7,392 in FY 2024) Full year 2025 results: EPS: ₫7,487 (up from ₫7,392 in FY 2024). Revenue: ₫11t (up 14% from FY 2024). Net income: ₫3.02t (up 7.7% from FY 2024). Profit margin: 27% (down from 28% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 3.5% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. New Risk • Jan 26
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 7.7% 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 (7.7% average weekly change). High level of non-cash earnings (42% accrual ratio). Minor Risk Dividend is not well covered by cash flows (97% cash payout ratio). New Risk • Dec 24
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 High level of non-cash earnings (42% accrual ratio). Minor Risks Dividend is not well covered by cash flows (97% cash payout ratio). Share price has been volatile over the past 3 months (6.2% average weekly change). Upcoming Dividend • Dec 17
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 24 December 2025. Payment date: 15 January 2026. Payout ratio is a comfortable 38% and the cash payout ratio is 97%. Trailing yield: 3.7%. Lower than top quartile of Vietnamese dividend payers (7.6%). Higher than average of industry peers (2.7%). Reported Earnings • Oct 28
Third quarter 2025 earnings released: EPS: ₫1,860 (vs ₫1,747 in 3Q 2024) Third quarter 2025 results: EPS: ₫1,860 (up from ₫1,747 in 3Q 2024). Revenue: ₫2.82t (up 10% from 3Q 2024). Net income: ₫751.6b (up 6.5% from 3Q 2024). Profit margin: 27% (in line with 3Q 2024). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has increased by 8% per year, which means it is well ahead of earnings. Reported Earnings • Jul 24
Second quarter 2025 earnings released: EPS: ₫2,113 (vs ₫2,085 in 2Q 2024) Second quarter 2025 results: EPS: ₫2,113 (up from ₫2,085 in 2Q 2024). Revenue: ₫2.89t (up 16% from 2Q 2024). Net income: ₫853.5b (up 1.3% from 2Q 2024). Profit margin: 30% (down from 34% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 25% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Reported Earnings • Apr 22
First quarter 2025 earnings released: EPS: ₫2,003 (vs ₫1,636 in 1Q 2024) First quarter 2025 results: EPS: ₫2,003 (up from ₫1,636 in 1Q 2024). Revenue: ₫2.81t (up 18% from 1Q 2024). Net income: ₫809.3b (up 39% from 1Q 2024). Profit margin: 29% (up from 24% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 7.6% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has only fallen by 5% per year, which means it has not declined as severely as earnings. Announcement • Apr 18
Duc Giang Chemicals Group Joint Stock Company Announces Board Changes Duc Giang Chemicals Group Joint Stock Company announced the changes in Certificate of Business Registration. Information before change: Mr. Dao Huu Huyen, Chairman of Board of directors and Mr. Luu Bach Dat as General Director. Information after change: Mr. Dao Huu Huyen, Chairman of Board of directors, Mr. Dao Huu Duy Anh as Vice Chairman of The Board of Directors and Mr. Luu Bach Dat as General Director. Valuation Update With 7 Day Price Move • Apr 04
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to ₫84,500, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 19x in the Chemicals industry in Vietnam. Total loss to shareholders of 3.9% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫146,422 per share. Reported Earnings • Mar 02
Full year 2024 earnings: EPS and revenues miss analyst expectations Full year 2024 results: EPS: ₫7,392. Revenue: ₫9.86t (up 1.2% from FY 2023). Net income: ₫2.99t (up 2.5% from FY 2023). Profit margin: 30% (in line with FY 2023). Revenue missed analyst estimates by 4.0%. Earnings per share (EPS) also missed analyst estimates by 11%. Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 7.2% growth forecast for the Chemicals industry in Vietnam. Reported Earnings • Jan 28
Full year 2024 earnings released: EPS: ₫7.40 (vs ₫7,673 in FY 2023) Full year 2024 results: EPS: ₫7.40. Revenue: ₫9.87t (up 1.2% from FY 2023). Net income: ₫2.99t (up 2.6% from FY 2023). Profit margin: 30% (in line with FY 2023). Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 9.1% growth forecast for the Chemicals industry in Vietnam. Announcement • Jan 21
Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2025 Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2025. Upcoming Dividend • Nov 12
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 19 November 2024. Payment date: 20 December 2024. Payout ratio is a comfortable 41% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Vietnamese dividend payers (8.2%). Higher than average of industry peers (3.7%). Announcement • Oct 25
Duc Giang Chemicals Group Joint Stock Company Approves Cash Dividend for the Year 2023, Payable on December 20, 2024 On October 23, 2024, the BOD of Duc Giang Chemicals Group Joint Stock Company approved the record date for the cash dividend payment in 2023 as follows: Record date November 20, 2024. Payment time is December 20, 2024. Exercise ratio: 30%/share (VND 3,000/share). Reported Earnings • Oct 23
Third quarter 2024 earnings released: EPS: ₫1,747 (vs ₫1,884 in 3Q 2023) Third quarter 2024 results: EPS: ₫1,747 (down from ₫1,884 in 3Q 2023). Revenue: ₫2.56t (up 3.8% from 3Q 2023). Net income: ₫706.0b (down 7.3% from 3Q 2023). Profit margin: 28% (down from 31% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 16% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 22
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₫111,100. The fair value is estimated to be ₫139,631, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 3.9% over the last 3 years. Earnings per share has grown by 12%. Revenue is forecast to grow by 39% in 2 years. Earnings are forecast to grow by 59% in the next 2 years. Reported Earnings • Jul 23
Second quarter 2024 earnings released: EPS: ₫2,085 (vs ₫2,052 in 2Q 2023) Second quarter 2024 results: EPS: ₫2,085 (up from ₫2,052 in 2Q 2023). Revenue: ₫2.50t (up 3.8% from 2Q 2023). Net income: ₫842.4b (up 5.9% from 2Q 2023). Profit margin: 34% (in line with 2Q 2023). Revenue is forecast to grow 18% p.a. on average during the next 3 years, compared to a 8.9% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 12% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 01
Now 26% undervalued The stock has been flat over the last 90 days, currently trading at ₫122,000. The fair value is estimated to be ₫164,999, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 72% in the next 2 years. Buy Or Sell Opportunity • Jun 27
Now 20% undervalued The stock has been flat over the last 90 days, currently trading at ₫123,800. The fair value is estimated to be ₫154,824, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 72% in the next 2 years. Buy Or Sell Opportunity • Jun 05
Now 20% undervalued Over the last 90 days, the stock has risen 1.7% to ₫123,000. The fair value is estimated to be ₫153,751, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 48% in 2 years. Earnings are forecast to grow by 72% in the next 2 years. Reported Earnings • Apr 25
First quarter 2024 earnings released: EPS: ₫1,665 (vs ₫1,983 in 1Q 2023) First quarter 2024 results: EPS: ₫1,665 (down from ₫1,983 in 1Q 2023). Revenue: ₫2.38t (down 4.0% from 1Q 2023). Net income: ₫672.6b (down 2.4% from 1Q 2023). Profit margin: 28% (in line with 1Q 2023). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 8.0% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 61% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Apr 23
Price target increased by 14% to ₫136,775 Up from ₫119,675, the current price target is an average from 5 analysts. New target price is 24% above last closing price of ₫110,000. Stock is up 114% over the past year. The company is forecast to post earnings per share of ₫9,851 for next year compared to ₫7,673 last year. Price Target Changed • Mar 19
Price target increased by 15% to ₫110,150 Up from ₫95,650, the current price target is an average from 4 analysts. New target price is 7.4% below last closing price of ₫119,000. Stock is up 133% over the past year. The company is forecast to post earnings per share of ₫10,111 for next year compared to ₫7,673 last year. Buy Or Sell Opportunity • Mar 18
Now 25% undervalued Over the last 90 days, the stock has risen 28% to ₫118,200. The fair value is estimated to be ₫156,806, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has grown by 38%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 21% per annum over the same time period. Announcement • Mar 13
An unknown buyer acquired 3.22% stake in Duc Giang Chemicals Group Joint Stock Company (HOSE:DGC) from Wall Street Securities Joint Stock Company (HNX:WSS). An unknown buyer acquired 3.22% stake in Duc Giang Chemicals Group Joint Stock Company (HOSE:DGC) from Wall Street Securities Joint Stock Company (HNX:WSS) on March 6, 2024. Post the transaction, Wall Street Securities holds 1.3 million shares in Duc Giang Chemicals equating to 14.82% stake.An unknown buyer completed the acquisition of 3.22% stake in Duc Giang Chemicals Group Joint Stock Company (HOSE:DGC) from Wall Street Securities Joint Stock Company (HNX:WSS) on March 6, 2024. Announcement • Feb 01
Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2024 Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2024. Reported Earnings • Jan 24
Full year 2023 earnings released: EPS: ₫7,695 (vs ₫13,774 in FY 2022) Full year 2023 results: EPS: ₫7,695 (down from ₫13,774 in FY 2022). Revenue: ₫9.75t (down 33% from FY 2022). Net income: ₫3.11t (down 41% from FY 2022). Profit margin: 32% (down from 36% in FY 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 23% p.a. on average during the next 2 years, compared to a 4.7% growth forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Dec 12
Upcoming dividend of ₫3,000 per share at 4.1% yield Eligible shareholders must have bought the stock before 19 December 2023. Payment date: 18 January 2024. Payout ratio is a comfortable 40% and this is well supported by cash flows. Trailing yield: 4.1%. Lower than top quartile of Vietnamese dividend payers (9.1%). Lower than average of industry peers (5.7%). Buying Opportunity • Nov 17
Now 20% undervalued Over the last 90 days, the stock is up 32%. The fair value is estimated to be ₫117,207, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 64%. Revenue is forecast to grow by 20% in 2 years. Earnings is forecast to grow by 32% in the next 2 years. Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ₫93,000, the stock trades at a forward P/E ratio of 9x. Average forward P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 454% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫117,701 per share. Buying Opportunity • Sep 25
Now 22% undervalued Over the last 90 days, the stock is up 39%. The fair value is estimated to be ₫117,030, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 32% over the last 3 years. Earnings per share has grown by 64%. Revenue is forecast to grow by 24% in 2 years. Earnings is forecast to grow by 42% in the next 2 years. Price Target Changed • Sep 21
Price target increased by 12% to ₫92,850 Up from ₫82,600, the current price target is an average from 4 analysts. New target price is approximately in line with last closing price of ₫94,000. Stock is down 2.1% over the past year. The company is forecast to post earnings per share of ₫9,346 for next year compared to ₫13,774 last year. New Risk • Jul 25
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 14% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 14% per year for the foreseeable future. Minor Risk Shareholders have been diluted in the past year (2.3% increase in shares outstanding). Reported Earnings • Jul 22
Second quarter 2023 earnings released: EPS: ₫2,136 (vs ₫4,385 in 2Q 2022) Second quarter 2023 results: EPS: ₫2,136 (down from ₫4,385 in 2Q 2022). Revenue: ₫2.41t (down 40% from 2Q 2022). Net income: ₫843.4b (down 50% from 2Q 2022). Profit margin: 35% (down from 43% in 2Q 2022). The decrease in margin was driven by lower revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, while revenues in the Chemicals industry in Vietnam are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 64% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Jul 11
Price target decreased by 8.5% to ₫68,250 Down from ₫74,625, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of ₫66,600. Stock is down 33% over the past year. The company is forecast to post earnings per share of ₫9,133 for next year compared to ₫13,774 last year. Reported Earnings • Apr 23
First quarter 2023 earnings released: EPS: ₫1,948 (vs ₫3,305 in 1Q 2022) First quarter 2023 results: EPS: ₫1,948 (down from ₫3,305 in 1Q 2022). Revenue: ₫2.48t (down 32% from 1Q 2022). Net income: ₫787.1b (down 32% from 1Q 2022). Profit margin: 32% (in line with 1Q 2022). Revenue is expected to fall by 11% p.a. on average during the next 2 years compared to a 5.7% decline forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 73% per year whereas the company’s share price has increased by 77% per year. Upcoming Dividend • Apr 06
Upcoming dividend of ₫1,000 per share at 5.5% yield Eligible shareholders must have bought the stock before 13 April 2023. Payment date: 27 April 2023. Payout ratio is a comfortable 22% and this is well supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Vietnamese dividend payers (9.1%). Lower than average of industry peers (7.5%). Price Target Changed • Mar 07
Price target decreased by 7.4% to ₫86,260 Down from ₫93,200, the current price target is an average from 5 analysts. New target price is 70% above last closing price of ₫50,600. Stock is down 40% over the past year. The company is forecast to post earnings per share of ₫9,300 for next year compared to ₫13,781 last year. Major Estimate Revision • Feb 21
Consensus revenue estimates fall by 30% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from ₫14t to ₫9.53t. EPS estimate fell from ₫12,508 to ₫8,320 per share. Net income forecast to shrink 37% next year vs 37% decline forecast for Chemicals industry in Vietnam. Consensus price target down from ₫93,200 to ₫86,800. Share price rose 3.2% to ₫54,700 over the past week. Announcement • Feb 04
Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2023 Duc Giang Chemicals Group Joint Stock Company, Annual General Meeting, Mar 29, 2023, at 01:30 Coordinated Universal Time. Location: The Independence Palace, 135 Nam Ky Khoi Nghia Ben Thanh ward, district 1, Ho Chi Minh city Hi Chi Minh City Vietnam Agenda: To approve the business result in 2022; to approve the business plan in 2023; and to consider Other issues. Reported Earnings • Jan 19
Full year 2022 earnings released: EPS: ₫13,781 (vs ₫6,047 in FY 2021) Full year 2022 results: EPS: ₫13,781 (up from ₫6,047 in FY 2021). Revenue: ₫14t (up 51% from FY 2021). Net income: ₫5.57t (up 148% from FY 2021). Profit margin: 39% (up from 24% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 3.8% p.a. on average during the next 2 years, compared to a 1.4% decline forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 81% per year but the company’s share price has increased by 90% per year, which means it is tracking significantly ahead of earnings growth. Price Target Changed • Dec 13
Price target decreased to ₫102,600 Down from ₫114,425, the current price target is an average from 5 analysts. New target price is 57% above last closing price of ₫65,400. Stock is down 19% over the past year. The company is forecast to post earnings per share of ₫15,968 for next year compared to ₫6,047 last year. Upcoming Dividend • Dec 12
Upcoming dividend of ₫3,000 per share Eligible shareholders must have bought the stock before 19 December 2022. Payment date: 10 January 2023. Payout ratio is a comfortable 3.2% and this is well supported by cash flows. Trailing yield: 4.7%. Lower than top quartile of Vietnamese dividend payers (9.2%). Lower than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • Nov 30
Investor sentiment improved over the past week After last week's 17% share price gain to ₫60,900, the stock trades at a forward P/E ratio of 4x. Average forward P/E is 5x in the Chemicals industry in Vietnam. Total returns to shareholders of 607% over the past three years. Announcement • Nov 18
Duc Giang Chemicals Group Joint Stock Company Approves to Pay Cash Dividend for 2022 Duc Giang Chemicals Group Joint Stock Company approved to pay cash dividend for 2022 of 30% par value (3,000 dongs/share). Payment date is January 10, 2022. Record date expected in December 20, 2022. 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. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Quang Nguyen was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Oct 21
Third quarter 2022 earnings released: EPS: ₫3,500 (vs ₫1,212 in 3Q 2021) Third quarter 2022 results: EPS: ₫3,500 (up from ₫1,212 in 3Q 2021). Revenue: ₫3.70t (up 76% from 3Q 2021). Net income: ₫1.41t (up 196% from 3Q 2021). Profit margin: 38% (up from 23% in 3Q 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 1.4% decline forecast for the Chemicals industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 78% per year but the company’s share price has increased by 101% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 19% share price gain to ₫79,800, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 5x in the Chemicals industry in Vietnam. Total returns to shareholders of 855% over the past three years. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment deteriorated over the past week After last week's 18% share price decline to ₫78,000, the stock trades at a forward P/E ratio of 5x. Average forward P/E is 7x in the Chemicals industry in Vietnam. Total returns to shareholders of 823% over the past three years. Price Target Changed • Aug 18
Price target increased to ₫117,065 Up from ₫95,545, the current price target is an average from 2 analysts. New target price is 25% above last closing price of ₫93,300. Stock is up 86% over the past year. The company is forecast to post earnings per share of ₫12,573 for next year compared to ₫6,047 last year. Reported Earnings • Jul 22
Second quarter 2022 earnings released: EPS: ₫4,516 (vs ₫789 in 2Q 2021) Second quarter 2022 results: EPS: ₫4,516 (up from ₫789 in 2Q 2021). Revenue: ₫4.00t (up 96% from 2Q 2021). Net income: ₫1.78t (up ₫1.49t from 2Q 2021). Profit margin: 45% (up from 14% in 2Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is expected to shrink by 8.0% compared to a 7.7% growth forecast for the industry in Vietnam. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has increased by 107% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jul 05
Investor sentiment deteriorated over the past week After last week's 17% share price decline to ₫98,900, the stock trades at a forward P/E ratio of 11x. Average forward P/E is 9x in the Chemicals industry in Vietnam. Total returns to shareholders of 903% over the past three years. Valuation Update With 7 Day Price Move • Jun 04
Investor sentiment improved over the past week After last week's 17% share price gain to ₫115,100, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 10x in the Chemicals industry in Vietnam. Total returns to shareholders of 1,103% over the past three years. Valuation Update With 7 Day Price Move • May 20
Investor sentiment improved over the past week After last week's 17% share price gain to ₫215,000, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Chemicals industry in Asia. Total returns to shareholders of 892% over the past three years. Price Target Changed • Apr 27
Price target increased to ₫197,000 Up from ₫167,900, the current price target is an average from 3 analysts. New target price is 12% below last closing price of ₫223,000. Stock is up 266% over the past year. The company is forecast to post earnings per share of ₫19,329 for next year compared to ₫13,122 last year. 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. 9 experienced directors. No highly experienced directors. No independent directors (5 non-independent directors). Director Quang Nguyen was the last director to join the board, commencing their role in 2015. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Apr 19
Investor sentiment improved over the past week After last week's 18% share price gain to ₫254,800, the stock trades at a forward P/E ratio of 13x. Average forward P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 1,035% over the past three years. Valuation Update With 7 Day Price Move • Mar 23
Investor sentiment improved over the past week After last week's 20% share price gain to ₫227,100, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 13x in the Chemicals industry in Vietnam. Total returns to shareholders of 797% over the past three years. Price Target Changed • Mar 10
Price target increased to ₫184,333 Up from ₫167,900, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of ₫187,000. Stock is up 199% over the past year. The company is forecast to post earnings per share of ₫18,173 for next year compared to ₫13,122 last year. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improved over the past week After last week's 16% share price gain to ₫189,900, the stock trades at a forward P/E ratio of 22x. Average forward P/E is 17x in the Chemicals industry in Vietnam. Total returns to shareholders of 623% over the past three years. Major Estimate Revision • Mar 01
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast increased from ₫8.18t to ₫11t. EPS estimate reaffirmed at ₫8,530. Net income forecast to grow 115% next year vs 36% growth forecast for Chemicals industry in Vietnam. Consensus price target up from ₫167,900 to ₫176,333. Share price rose 6.7% to ₫163,200 over the past week. Price Target Changed • Jan 20
Price target decreased to ₫167,900 Down from ₫182,350, the current price target is an average from 3 analysts. New target price is 14% above last closing price of ₫147,800. Stock is up 221% over the past year. The company is forecast to post earnings per share of ₫10,907 for next year compared to ₫4,985 last year. Upcoming Dividend • Dec 23
Upcoming dividend of ₫1,000 per share Eligible shareholders must have bought the stock before 29 December 2021. Payment date: 11 January 2022. The company is not currently making a profit but it is cash flow positive. Trailing yield: 0.6%. Lower than top quartile of Vietnamese dividend payers (6.2%). Lower than average of industry peers (1.9%). Valuation Update With 7 Day Price Move • Dec 13
Investor sentiment improved over the past week After last week's 15% share price gain to ₫179,000, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 12x in the Chemicals industry in Vietnam. Total returns to shareholders of 534% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫231,079 per share. Major Estimate Revision • Nov 30
Consensus EPS estimates increase to ₫12,154 The consensus outlook for earnings per share (EPS) in 2021 has improved. 2021 revenue forecast increased from ₫9.45t to ₫10t. EPS estimate increased from ₫10,412 to ₫12,154 per share. Net income forecast to grow 122% next year vs 51% growth forecast for Chemicals industry in Vietnam. Consensus price target up from ₫182,350 to ₫194,350. Share price was steady at ₫163,400 over the past week. Price Target Changed • Nov 29
Price target increased to ₫194,350 Up from ₫175,850, the current price target is an average from 2 analysts. New target price is 22% above last closing price of ₫159,800. Stock is up 291% over the past year. The company is forecast to post earnings per share of ₫10,412 for next year compared to ₫4,985 last year. Reported Earnings • Oct 21
Third quarter 2021 earnings released: EPS ₫2,629 (vs ₫1,239 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ₫2.11t (up 35% from 3Q 2020). Net income: ₫478.4b (up 112% from 3Q 2020). Profit margin: 23% (up from 14% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 3% per year but the company’s share price has increased by 78% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Sep 14
Investor sentiment improved over the past week After last week's 15% share price gain to ₫127,800, the stock trades at a forward P/E ratio of 14x. Average forward P/E is 14x in the Chemicals industry in Vietnam. Total returns to shareholders of 409% over the past three years. Valuation Update With 7 Day Price Move • Jul 26
Investor sentiment improved over the past week After last week's 21% share price gain to ₫96,200, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 16x in the Chemicals industry in Asia. Total returns to shareholders of 381% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at ₫116,421 per share. Reported Earnings • Apr 24
First quarter 2021 earnings released: EPS ₫1,794 (vs ₫1,169 in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: ₫1.95t (up 28% from 1Q 2020). Net income: ₫284.0b (up 74% from 1Q 2020). Profit margin: 15% (up from 11% in 1Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 41% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Mar 23
Full year 2020 earnings released: EPS ₫5,733 (vs ₫3,690 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫6.24t (up 23% from FY 2019). Net income: ₫852.9b (up 60% from FY 2019). Profit margin: 14% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 43% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Feb 17
New 90-day high: ₫58,500 The company is up 24% from its price of ₫47,000 on 19 November 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫23,170 per share. Analyst Estimate Surprise Post Earnings • Jan 23
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 0.02%. Earnings per share (EPS) also surpassed analyst estimates by 1.3%. Over the next year, revenue is forecast to grow 12%, compared to a 10% growth forecast for the Household Products industry in Vietnam. Reported Earnings • Jan 22
Full year 2020 earnings released: EPS ₫5,728 The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₫6.24t (up 23% from FY 2019). Net income: ₫852.2b (up 59% from FY 2019). Profit margin: 14% (up from 11% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Is New 90 Day High Low • Jan 18
New 90-day high: ₫53,800 The company is up 30% from its price of ₫41,250 on 20 October 2020. The Vietnamese market is up 26% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 4.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is ₫23,170 per share. Is New 90 Day High Low • Dec 29
New 90-day high: ₫51,400 The company is up 21% from its price of ₫42,600 on 30 September 2020. The Vietnamese market is up 18% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 2.0% over the same period. Is New 90 Day High Low • Dec 08
New 90-day high: ₫49,450 The company is up 20% from its price of ₫41,200 on 09 September 2020. The Vietnamese market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 2.0% over the same period. Upcoming Dividend • Dec 07
Upcoming Dividend of ₫1,500 Per Share Will be paid on the 11th of January to those who are registered shareholders by the 14th of December. The trailing yield of 1.8% is below the top quartile of Vietnamese dividend payers (8.6%), and is lower than industry peers (2.6%). Is New 90 Day High Low • Nov 09
New 90-day high: ₫45,350 The company is up 38% from its price of ₫32,750 on 11 August 2020. The Vietnamese market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is up 3.0% over the same period. Reported Earnings • Oct 22
Third quarter earnings released Over the last 12 months the company has reported total profits of ₫790.7b, up 29% from the prior year. Total revenue was ₫6.10t over the last 12 months, up 13% from the prior year. Is New 90 Day High Low • Oct 09
New 90-day high: ₫43,400 The company is up 25% from its price of ₫34,696 on 10 July 2020. The Vietnamese market is up 6.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Household Products industry, which is down 3.0% over the same period. 
