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  2. •

    Utilities

  3. •

    Electric utilities
Thac Ba Hydropower JSC

Thac Ba Hydropower JSC

HHOSE:TBC
31,300.00
VND
-200.00
(-0.63%)
4,432.85EPS
9.33P/E
2.10TMarket Cap
Thac Ba Hydropower JSC
HOSE:TBC
(Ho Chi Minh Stock Exchange)

Recent

price

31,300.00

P/E

ratio

9.33

div

yld

12.13%

ROIC.AI

2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
TTM
VND
2,307.67
2,766.89
4,012.56
4,712.85
4,910.42
3,954.13
3,796.54
5,399.08
6,237.41
4,675.79
8,393.87
7,799.06
11,434.33
6,786.51
8,482.97
8,863.42
9,375.06
Revenue per Share
846.69
1,193.51
2,011.14
2,368.42
2,178.59
1,815.6
1,734.97
2,621.52
3,236.96
1,995.85
2,849.58
2,655.17
5,100.9
1,979.62
2,803.58
3,026.63
3,536.1
Basic EPS, GAAP
-1,195.96
349.11
2,997.32
3,374.96
2,147.88
2,133.56
1,675.61
2,146.19
3,154.23
-7,658.34
5,056.92
4,560.95
6,687.36
1,677.86
3,852.78
3,313.85
3,130.29
Free Cash Flow per Basic Share
800.58
872.88
950
1,702.35
1,721.81
3,138
1,494.6
2,493.76
1,296.25
1,999.95
2,000.17
2,499.73
4,392.32
2,146.56
3,384.47
2,836.59
3,796.87
Dividend per Share
12,232.17
12,732.26
13,728.19
14,304.08
14,537.59
13,266.72
13,199.67
13,568.92
13,946.56
15,382.76
16,170.5
15,254.8
17,284.83
16,701.46
16,945.91
18,396.49
18,234.34
Book Value per Share
11,920.99
12,418.55
13,420.96
14,003.33
14,243.31
12,978.05
12,917.88
13,294.01
13,678.17
12,582.71
13,632.76
12,960.6
15,259.24
14,936.24
15,452.1
17,172.68
17,145.33
Tangible Book Value per Share
64
64
64
64
64
64
64
64
64
64
64
64
64
64
64
64
63
Basic Weighted Avg Shares
146,537
175,697
254,797
299,266
311,812
251,087
241,080
342,842
396,075
296,912
533,011
495,240
726,080
430,944
538,668
562,827
595,293
Sales/Revenue/Turnover
34.84
40.65
48.38
50.61
48.5
48.72
46.74
52.09
55.97
47.86
52.6
51.27
62.83
45.7
48.96
49.01
50.85
Operating Margin (%)
44,899
53,209
60,121
64,714
64,946
43,818
43,258
44,734
45,046
53,128
99,460
96,313
96,263
87,307
83,445
87,869
83,178
Depreciation Expense
53,765
75,788
127,707
150,395
138,341
115,291
110,170
166,467
205,547
126,737
180,948
168,603
323,907
125,706
178,028
192,191
224,533
Net Income, GAAP
12.67
8.58
8.23
11.65
20.24
20.11
19.99
19.84
19.64
19.24
16.18
15.15
16.43
14.4
15.32
14.13
15.38
Effective Tax Rate (%)
36.69
43.14
50.12
50.25
44.37
45.92
45.7
48.55
51.9
42.68
33.95
34.04
44.61
29.17
33.05
34.15
37.72
Profit Margin (%)
157,632
152,293
261,950
380,900
441,643
367,839
382,462
397,234
461,879
127,468
209,163
163,819
255,164
221,878
93,676
122,776
110,375
Working Capital
17,965
8,983
- -
- -
- -
- -
- -
- -
- -
374,187
286,000
211,829
105,000
45,000
9,679
74,892
74,326
LT Debt
776,743
808,498
871,740
908,309
923,137
842,437
838,179
861,626
885,606
1,145,512
1,232,735
1,215,454
1,374,309
1,339,109
1,364,838
1,475,129
1,463,241
Total Equity
6.55
9.21
14.45
16.63
14.87
12.71
12.85
19.17
23.45
10.45
13.65
13.69
24.94
11.19
15.87
16.71
17.78
Return on Invested Capital (%)
6.64
9.58
15.21
16.86
15.11
13.06
13.11
19.59
23.53
11.17
11.16
9.78
18.74
6.09
9.21
8.82
11.11
Return on Capital (%)
6.88
9.56
15.2
16.9
15.11
13.06
13.11
19.59
23.53
13.61
18.06
16.9
31.35
11.65
16.66
17.13
19.64
Return on Common Equity (%)

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
15,767
15,767
17,488
LT Borrowings
74,892
80,420
74,326
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
64
64
64
Market Capitalization
2,235,200
2,263,775
2,095,500

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
222,151
258,735
199,865
Cash, Cash Equivalents & STI
135,996
104,363
79,025
Accounts Receivable, Net
68,469
133,364
93,828
Inventories
5,080
5,099
5,382
Total Current Liabilities
99,375
223,897
89,489
Payables & Accruals
- -
- -
- -
ST Debt
15,767
15,767
17,488
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.11%
3.82%
8.08%
Free Cash Flow
-37.77%
15.51%
-13.99%
Net Income, GAAP
14.83%
14.74%
7.96%
Sales/Revenue/Turnover
13.66%
5.67%
4.48%
Total Cash Common Dividend
11.18%
18.21%
-16.19%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
110,826
98,768
192,732
136,343
538,668
2025
101,668
155,049
174,080
132,030
562,827
2026
150,682
138,502
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
617
233
1,332
623
2,803.58
2025
455
956
1,029
587
3,026.63
2026
1,119
801
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
1,000.25
149.51
2,231.85
3.97
3,384.47
2025
556.97
600.55
325.74
1,353.6
2,836.59
2026
117.75
1,999.73
- -
- -
- -
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Business
Thac Ba Hydropower Joint Stock Company is a Vietnam-based utility enterprise primarily engaged in the generation, transmission, and wholesale distribution of hydroelectric power, as well as the provision of specialized engineering and technical services for the energy sector. Originally established in 1971 following the commissioning of Vietnam's first major hydroelectric facility and converted into a joint stock company in 2006, the company is headquartered in Yen Binh District, Yen Bai Province, Vietnam, and operates as a key power generation subsidiary of Refrigeration Electrical Engineering Corporation (REE Corporation). The company's core operations and portfolio of products and services comprise: electricity generation and wholesale supply to the national power grid through the operation and management of the 120-megawatt (MW) Thac Ba Hydropower Plant located on the Chay River; operation, maintenance (O&M), and asset management services for third-party hydroelectric stations and electrical substations; overhaul, refurbishment, and mechanical-electrical repair services for turbines, generators, transformers, and switchgear; technical testing, diagnostic inspection, calibration, and commissioning of high-voltage electrical equipment and control instrumentation; power engineering consultancy, feasibility assessment, and project management services for small and medium renewable energy facilities; specialized vocational training and technical workforce development for plant operators and electrical engineers; and water resource regulation services, including reservoir management, flood mitigation, and agricultural irrigation support for downstream river basins. In recent developments, Thac Ba Hydropower Joint Stock Company has executed major strategic and operational initiatives to modernize its core assets and expand its energy footprint. The company has undertaken comprehensive equipment rehabilitation and technical upgrade programs across its power generation units to improve turbine efficiency, optimize automation systems, and extend the operational life of the Thac Ba facility while bolstering dam safety and flood prevention standards. To broaden its regional generation capacity, the company has advanced investments in downstream expansion projects, notably participating in the development and integration of the 18.9 MW Thac Ba 2 Hydropower Project. Additionally, the company has expanded its third-party technical service contracts across Northern Vietnam, delivering specialized maintenance and testing solutions to regional power producers, while actively evaluating potential complementary renewable energy opportunities, including floating and ground-mounted solar photovoltaic installations across its managed reservoirs and land holdings.