Gia Lai Hydropower Joint Stock Company

VND 22,900As of Sun 8 Nov 2026, 12:00 UTC

HOSE:GHCUtilities

Country Vietnam

PE (Fwd) •••

TSR 10Y CAGR —

Div yield 8.73%

ROE —

Utilities (Renewable)

Beta (5Y) —

PE TTM —

TSR TTM —

Mkt cap VND 1.091T

ROIC —

SE Grade™

—

Value

Quality

Moat

Consensus

Reference

VND 28,621

24.98%

(57.08%)

Hold 11|5|6|11|11

TTM

FYE 31 Dec VND

FY2016

FY2017

FY2018

FY2019

FY2020

FY2021

FY2022

FY2023

FY2024

FY2025

FY2026E

Trend

10Y

Peers

184.1

RevenueVND B

407.1

419.7

428.6

433.5

434.2

442.5

450.4

447.8

450.0

448.0

200.7

0.63%

1.17%

26.33

Revenue growth%

26.63

27.46

29.53

30.02

28.45

28.54

28.57

26.37

27.22

25.24

21.91

27.22

27.95

29.78

Gross margin%

27.17

24.35

21.57

21.66

21.74

19.93

20.65

18.33

16.89

17.02

13.99

18.33

21.11

3.61

Operating margin%

20.98

22.05

24.22

26.95

27.71

26.67

27.69

28.93

28.76

26.67

23.16

27.69

26.81

18.42

Net margin%

22.73

25.01

22.26

19.27

20.99

19.83

17.01

15.63

16.70

16.57

22.99

16.70

19.55

19.82

P/E ratio (avg)x

8.861

8.453

8.317

8.215

8.159

8.495

8.745

10.31

11.24

12.49

13.67

10.31

8.620

18.25

EV/EBITx

18.73

20.23

19.98

20.22

19.49

17.78

17.79

16.08

16.63

14.53

32.85

16.63

18.26

3.76

FCF yield (avg)%

11.26

12.38

11.12

13.86

16.50

14.79

15.70

15.65

13.27

11.58

9.03

14.79

13.56

22.78

FCF margin%

7.43

10.20

9.90

8.58

10.79

12.62

10.43

11.68

8.96

6.10

15.59

10.43

10.05

1.277

FCF / Net incomex

0.199

0.188

0.193

0.213

0.218

0.228

0.227

0.262

0.300

0.278

0.716

0.262

0.222

2.38

ROIC%

8.27

5.32

4.84

4.80

5.54

7.00

7.94

10.16

8.75

6.57

27.82

7.94

6.78

7.89

Return on equity%

15.16

14.46

15.14

12.82

13.68

11.92

13.47

15.92

14.34

15.61

22.23

14.34

14.40

18.33

Return on assets%

11.75

14.67

13.98

12.80

13.32

12.20

11.55

13.37

11.91

12.62

15.82

12.20

12.71

2,531

EPSVND

1,134

1,187

1,273

1,131

1,190

1,093

1,182

1,273

1,177

1,029

2,786

(2.85%)

(2.37%)

—

24.56

EPS growth%

26.07

28.97

29.44

30.10

30.44

33.09

34.17

31.76

32.80

35.33

18.14

33.09

31.10

3,099

Bookvalue per shVND

3,257

3,317

3,963

3,936

4,280

4,393

5,073

5,326

6,085

6,253

2,910

7.88%

8.45%

—

1,953

FCF per shareVND

1,080

1,095

1,173

1,276

1,358

1,580

1,805

1,776

1,816

2,023

449.81

8.29%

6.55%

—

3,109

Dividend per shVND

1,556

1,418

1,491

1,541

1,561

1,575

1,629

1,625

1,673

1,580

2,431

0.24%

0.15%

—

8.08

Div yield (avg)%

26.15

28.76

29.90

27.09

24.85

26.48

26.26

23.32

24.27

25.82

17.68

25.82

26.20

6.05

Payout ratio%

28.44

26.18

23.66

21.52

18.84

17.45

16.55

14.68

13.60

12.37

3.21

14.68

18.14

48.92

Shares (diluted)M

51.07

55.47

53.20

56.79

63.95

59.67

61.79

60.51

66.89

68.42

48.80

1.36%

3.69%

15.39

Buyback yield%

30.20

30.03

27.96

27.90

27.17

28.67

27.88

28.99

27.99

26.73

18.19

27.99

27.97

0.748

D/E ratiox

1.167

1.144

1.316

1.360

1.384

1.549

1.576

1.543

1.634

1.678

0.950

1.576

1.463

105.3

Enterprise valueVND B

346.8

405.2

432.3

482.0

571.7

629.3

699.0

742.2

884.4

897.3

268.0

9.44%

11.88%

50.14

LT debtVND B

335.3

375.6

407.6

389.1

364.5

371.7

395.1

403.2

395.2

413.1

130.3

2.54%

2.61%

Peers (US$41.76M)

Cap (US$)

Sesan4A Hydropower JSC

50.12M

7.322x

Truong Thinh Energy…

37.67M

10.47x

Can Don Hydro Power JSC

37.62M

6.980x

TEINCO Technology Co.…

40.37M

—

Capital

TTM

10Y

Leveragex

0.913

0.300

0.232

EBIT/Intx

0.266

0.536

0.527

Own earn%

(30.50)

(33.63)

(26.63)

Sh yield%

23.48

52.55

54.56

Owners

Insiders/Inst%

4.79

26.24

Short interest%

4.06

SBC / revenue%

4.52

Record

10Y

Profitable years

10/10

Revenue growth years

10/10

EPS growth years

10/10

Dividend streakyrs

Op margin range%

21–29

$1 testx

—

Incr. ROIC%

Gia Lai Hydropower Joint Stock Company constructs and develops solar and hydropower plant projects in Vietnam. The company operates 28.2 MW of hydropower and 51.6 MWp of solar power projects. It also produces, transmits, and distributes electricity and provides related architectural and engineering activities. The company is based in Pleiku, Vietnam.

Growth vs revenue

Latest

Trend

10Y CAGR

Rel growth

Revenue

VND 448.0B

1.17%

1.00×

Cost of revenue

VND 294.0B

1.10%

0.99×

Operating expenses

VND 69.68B

0.84%

0.97×