Dong Son Holdings Joint Stock Company

VND 11,000As of Sun 8 Nov 2026, 12:00 UTC

HOSE:DSHIndustrials

Country Vietnam

PE (Fwd) •••

TSR 10Y CAGR —

Div yield —

ROE —

Engineering & Construction

Beta (5Y) —

PE TTM —

TSR TTM —

Mkt cap VND 431.2B

ROIC —

SE Grade™

Value

Quality

Moat

Consensus

Reference

VND 13,617

23.79%

(95.38%)

Hold 10|9|7|3|11

TTM

FYE 31 Dec VND

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

104.2

RevenueVND B

103.4

105.2

107.5

107.8

110.3

112.9

113.0

116.6

120.4

120.8

110.6

1.83%

1.69%

11.17

Revenue growth%

17.91

16.41

19.06

22.00

23.95

22.18

23.85

23.89

21.23

20.09

5.42

22.18

21.62

27.55

Gross margin%

30.63

27.69

27.21

24.65

24.98

23.19

21.33

19.42

17.55

20.49

9.49

20.49

23.92

23.41

Operating margin%

16.89

17.96

15.61

13.75

12.30

14.10

14.46

15.55

12.90

12.83

6.03

14.10

14.28

26.54

Net margin%

24.46

25.94

24.57

24.24

23.44

25.84

23.97

22.14

20.86

22.33

3.90

22.33

24.11

10.68

P/E ratio (avg)x

25.13

22.00

19.31

18.90

16.48

15.40

16.31

16.26

15.62

14.22

10.49

15.62

16.40

28.81

EV/EBITx

22.10

23.96

25.21

26.13

27.66

28.88

29.55

29.56

34.30

36.53

14.44

29.56

28.27

2.52

FCF yield (avg)%

25.08

26.52

24.98

27.92

24.99

24.04

24.63

24.79

22.98

20.97

24.04

24.89

16.72

FCF margin%

9.41

10.93

11.35

9.30

10.63

12.92

11.47

13.39

10.72

13.43

25.91

12.92

11.14

0.908

FCF / Net incomex

0.189

0.194

0.217

0.257

0.288

0.320

0.350

0.388

0.449

0.437

0.891

0.388

0.304

17.10

ROIC%

22.68

24.71

23.60

25.38

24.76

25.15

27.76

29.03

26.63

27.49

7.37

27.49

25.27

20.05

Return on equity%

16.50

18.84

18.61

21.07

19.01

18.85

20.92

23.04

20.60

18.61

18.45

20.60

18.93

4.72

Return on assets%

18.15

19.44

22.32

24.71

26.61

24.06

25.89

25.39

24.40

25.63

16.71

25.39

24.55

362.12

EPSVND

1,222

1,289

1,448

1,653

1,642

1,575

1,595

1,582

1,681

1,678

393.09

0.43%

3.30%

—

16.03

EPS growth%

15.63

14.83

14.99

15.19

15.31

16.46

17.96

16.43

17.98

18.29

23.76

17.96

16.03

1,157

Bookvalue per shVND

917.87

1,030

1,130

1,320

1,477

1,591

1,818

1,864

1,906

2,220

1,256

8.49%

10.53%

—

446.48

FCF per shareVND

364.17

351.50

386.10

372.67

379.59

405.71

420.55

457.03

491.00

480.07

382.57

4.81%

3.03%

—

1,314

Dividend per shVND

941.41

961.74

871.93

910.51

953.36

856.71

820.04

739.13

799.35

718.04

1,338

(5.51%)

(3.28%)

—

2.27

Div yield (avg)%

7.89

8.92

8.33

10.90

7.96

9.13

8.07

7.47

9.04

8.04

10.34

8.07

8.20

16.51

Payout ratio%

22.36

24.47

23.65

23.26

25.55

27.91

30.23

29.58

27.64

29.29

25.33

29.29

26.59

38.37

Shares (diluted)M

37.46

33.48

32.80

35.64

37.16

40.25

35.57

35.39

31.78

32.66

38.70

(2.55%)

(1.62%)

23.38

Buyback yield%

27.64

29.62

31.61

30.58

32.72

32.43

30.36

32.13

33.45

35.90

25.90

32.43

31.87

0.824

D/E ratiox

0.956

0.946

0.977

0.931

0.981

1.134

1.322

1.327

1.253

1.407

1.330

1.322

1.057

88.66

Enterprise valueVND B

9.283

9.040

8.988

8.964

8.497

8.670

8.640

9.573

10.20

10.58

31.59

4.47%

2.27%

55.55

LT debtVND B

115.3

131.4

123.9

122.4

122.3

125.6

131.2

139.5

159.3

148.8

40.94

4.01%

2.17%

Peers (US$17.17M)

Cap (US$)

Mien Dong JSC

20.46M

3.758x

IDICO Infrastructure…

17.88M

3.333x

Thua Thien Hue…

13.11M

4.742x

Aneka Jaringan…

17.12M

—

Capital

TTM

10Y

Leveragex

3.787

0.179

0.144

EBIT/Intx

1.204

0.503

0.372

Own earn%

(2.64)

(107.00)

(87.10)

Sh yield%

25.64

41.57

40.31

Owners

Insiders/Inst%

12.12

80.51

Short interest%

2.06

SBC / revenue%

3.23

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

12–18

$1 testx

0.0

Incr. ROIC%

Dong Son Holdings Joint Stock Company was formerly known as Dong Son Infrastructure Investment Joint Stock Company and changed its name Dong Son Holdings Joint Stock Company in May 2026. The company is headquartered in Vietnam.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

VND 120.8B

1.69%

1.00×

Cost of revenue

VND 61.74B

2.00%

1.03×

Operating expenses

VND 28.83B

1.15%

0.95×