1. Vietnam Stocks

  2. •

    Process industries

  3. •

    Pulp & paper
Dong Hai JSC of Ben Tre

Dong Hai JSC of Ben Tre

HHOSE:DHC
38,750.00
VND
-50.00
(-0.13%)
3.61TMarket Cap
Dec 02Next Earn
Dong Hai JSC of Ben Tre
HOSE:DHC
(Ho Chi Minh Stock Exchange)

Recent

price

38,750.00

P/E

ratio

- -

div

yld

2.39%

ROIC.AI

2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
VND
9,522.52
8,647.91
10,196.94
9,841.58
14,018.01
27,176.74
39,193.4
37,032.44
30,671.84
33,849.22
34,174.38
- -
Revenue per Share
1,186.97
1,109.71
1,010.38
1,424.39
1,788.21
3,688.64
4,530.23
3,571.35
2,911.4
2,278.26
3,699.44
- -
Basic EPS, GAAP
1,044.91
-582.61
-5,068.98
-6,113.36
1,640.91
3,888.72
1,518.72
2,134.79
1,441.45
5,510.7
2,655.69
- -
Free Cash Flow per Basic Share
487.74
302.93
0.3
- -
- -
1,032.95
1,581.05
2,964.45
1,893.94
757.58
1,666.67
926.08
Dividend per Share
4,793.41
6,119.74
7,266.76
8,254.24
10,533
13,128.64
15,972.43
16,454.87
17,401.09
18,832.33
20,811.63
23,663.29
Book Value per Share
4,790.41
6,118.23
7,213
8,254.08
10,530.34
13,126.04
15,969.34
16,421.21
17,370.56
18,795.5
20,775.18
23,628.16
Tangible Book Value per Share
67
77
79
94
102
106
106
106
106
106
106
104
Basic Weighted Avg Shares
640,023
668,055
809,942
926,654
1,429,886
2,887,571
4,164,331
3,934,727
3,258,909
3,596,507
3,631,039
- -
Sales/Revenue/Turnover
14.53
14.15
11.65
17.69
16.41
15.12
12.26
11.52
10.97
7.61
11.67
- -
Operating Margin (%)
31,790
36,734
37,835
37,978
58,612
105,222
102,515
101,042
102,294
105,032
111,114
- -
Depreciation Expense
79,778
85,726
80,254
134,116
182,403
391,924
481,340
379,459
309,338
242,067
393,066
- -
Net Income, GAAP
9.45
11.58
13.97
13.45
17.52
4.42
5.91
13.2
13.62
13.26
14.05
- -
Effective Tax Rate (%)
12.46
12.83
9.91
14.47
12.76
13.57
11.56
9.64
9.49
6.73
10.83
- -
Profit Margin (%)
70,968
318,180
233,651
152,590
320,352
360,276
466,302
531,629
722,838
950,143
1,184,352
1,402,297
Working Capital
- -
- -
248,766
558,323
440,000
145,000
- -
- -
- -
5,500
- -
- -
LT Debt
302,913
521,170
711,124
841,965
1,119,152
1,394,944
1,697,096
1,751,356
1,851,904
2,003,079
2,211,242
2,514,232
Total Equity
- -
18.47
9.82
9.56
9.77
21.13
24.54
17.29
12.54
8.83
13.07
- -
Return on Invested Capital (%)
- -
19.08
10.28
10.46
11.82
23.52
25.46
18.26
14.02
9.83
14.3
- -
Return on Capital (%)
- -
20.81
13.03
17.27
18.6
31.18
31.13
22.03
17.2
12.58
18.66
- -
Return on Common Equity (%)

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
917,581
1,063,965
1,084,951
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
106
106
106
Market Capitalization
3,221,317
3,390,351
3,612,511

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
2,552,208
2,792,218
2,950,375
Cash, Cash Equivalents & STI
1,171,284
1,359,686
1,423,771
Accounts Receivable, Net
673,682
667,540
707,299
Inventories
491,752
501,443
538,715
Total Current Liabilities
1,367,856
1,480,243
1,548,078
Payables & Accruals
- -
- -
- -
ST Debt
917,581
1,063,965
1,084,951
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
23.36%
9.83%
10.39%
Free Cash Flow
86.89%
35.52%
-51.81%
Net Income, GAAP
24.29%
4.76%
62.38%
Sales/Revenue/Turnover
22.91%
6.57%
0.96%
Total Cash Common Dividend
- -
32.89%
120%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
810,791
1,016,069
896,405
873,243
3,596,507
2025
826,058
880,696
- -
992,000
3,631,039
2026
967,107
1,046,364
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
523.32
568.43
724.95
461.58
2,278.26
2025
712.46
831
- -
1,268.61
3,699.44
2026
1,292.53
1,804
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
0.41
735.95
44.47
-23.24
757.58
2025
- -
- -
- -
909.25
1,666.67
2026
- -
- -
- -
- -
- -
Similar Companies
International Paper Company (NYSE:IP)
JK Paper Limited (NSE:JKPAPER)
Avery Dennison Corporation (NYSE:AVY)
Alkim Kagit Sanayi ve Ticaret A.S. (BIST:ALKA)
Alkim Alkali Kimya A.S. (BIST:ALKIM)
Suzano S.A. (B3:SUZB3)
Business
Dong Hai Joint Stock Company of Ben Tre (HOSE: DHC), commercially known as Dohaco, is a Vietnam-based company primarily engaged in the manufacturing and distribution of industrial paper and corrugated carton packaging solutions. Founded in 1994 and headquartered in Ben Tre Province, Vietnam, the company operates across two core business segments: Industrial Paper Manufacturing and Packaging Conversion. Its primary product and service portfolio includes industrial packaging paper, such as kraft linerboard, testliner, corrugated medium paper, and recycled paperboard; corrugated packaging products, such as 3-ply, 5-ply, and 7-ply corrugated carton boxes, die-cut folding cartons, heavy-duty shipping containers, offset and flexographic printed packaging, and moisture-resistant cartons engineered specifically for seafood processing, agricultural produce, food and beverage, apparel, footwear, and electronics industries; and value-added manufacturing services, including secondary fiber recycling, custom structural package engineering, and supply chain logistics. The company operates major manufacturing assets situated in the Giao Long Industrial Park, including the Giao Long Paper Factory No. 1, Giao Long Paper Factory No. 2, and dedicated carton packaging facilities, distributing its products throughout the Mekong Delta, Southern Vietnam, and key export destinations across Southeast Asia. In recent operational developments, Dong Hai JSC of Ben Tre has progressed with the planning and capital deployment for its Giao Long 3 Paper Factory expansion project to substantially scale its annual manufacturing capacity of high-grade containerboard; modernized its packaging conversion lines with high-speed automated corrugating and precision multi-color flexographic printing machinery; implemented green manufacturing transitions through investments in biomass energy generation, rooftop industrial solar installations, and closed-loop wastewater treatment facilities to enhance ESG compliance; and diversified its global and domestic recovered paper raw material procurement networks to optimize cost structures and ensure supply chain stability.