Vinh Son-Song Hinh Hydropower Joint Stock Company

Vinh Son-Song Hinh Hydropower Joint Stock Company

HHOSE:VSH
41,300.00
VND
0.00
(0.00%)
3,761.38EPS
11.27P/E
10.02TMarket Cap
Dec 02Next Earn
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1,351.69
2,528.69
2,131.68
2,043.89
2,402
2,570.19
1,825.49
1,651.55
6,904.65
13,057.15
10,887.36
7,725.74
9,753.11
9,795.25
Basic EPS, GAAP
940.56
1,638.46
1,120.01
1,146.44
1,294.96
1,396.45
725.2
912.99
1,659.52
5,354.04
4,207.52
1,897.76
3,651.39
3,761.38
Free Cash Flow per Basic Share
-1,664.58
-1,384.79
-1,367.35
-4,779.21
-3,989.71
-5,191.24
-3,896.54
-2,846
1,824.7
5,704.88
4,366.03
6,595.45
5,925.47
6,535.76
Dividend per Share
359.86
205.25
1,881.12
940.55
940.55
940.55
- -
- -
- -
1,000
3,000
4,000.06
3,000
1,497.76
Book Value per Share
11,901.27
13,510.93
12,729.92
12,918.42
13,246.97
13,656.87
14,361.75
15,187.59
16,976.08
21,276.43
19,449.88
19,824.23
20,952.21
21,576.56
Tangible Book Value per Share
11,901.27
13,510.93
12,729.92
12,918.42
13,246.97
13,656.87
14,361.75
15,187.59
16,976.08
21,276.43
19,449.88
19,824.23
20,952.21
21,576.56
Basic Weighted Avg Shares
210
219
219
219
219
219
219
206
233
236
236
236
236
237
Sales/Revenue/Turnover
283,680
554,477
467,424
448,174
526,698
563,578
400,284
340,618
1,611,301
3,084,637
2,572,042
1,825,139
2,304,087
2,317,786
Operating Margin (%)
48.27
68.01
60.2
54.66
54.44
57.43
43.56
33.37
47.54
63.04
58.26
45.25
50.34
51.66
Depreciation Expense
75,242
76,590
78,679
80,713
80,398
81,202
82,192
83,433
470,061
591,738
587,267
589,960
590,273
589,263
Net Income, GAAP
197,396
359,272
251,622
258,122
283,952
306,207
159,018
188,297
387,273
1,264,845
993,990
448,329
862,610
890,031
Effective Tax Rate (%)
12.71
10.46
11.1
8.09
11.54
10.6
10.71
20.11
14.14
8.33
9.01
14.1
9.9
10.73
Profit Margin (%)
69.58
64.79
53.83
57.59
53.91
54.33
39.73
55.28
24.03
41
38.65
24.56
37.44
38.4
Working Capital
355,873
436,135
1,511,108
1,667,259
834,187
375,813
-502,630
-987,157
-186,354
506,226
267,955
614,492
840,895
872,606
LT Debt
153,503
137,064
1,774,545
2,788,951
3,570,398
4,529,108
4,957,246
4,996,146
4,927,017
3,914,549
3,542,604
3,237,603
2,592,985
2,212,466
Total Equity
2,610,492
2,962,608
2,791,351
2,832,686
2,904,728
2,994,609
3,149,171
3,330,257
4,010,451
5,026,370
4,594,865
4,683,300
4,949,775
5,097,274
Return on Invested Capital (%)
5.76
10.43
6.28
4.8
4.58
4.33
1.96
2.12
4.25
15.08
11.24
5.42
11.33
11.66
Return on Capital (%)
6
10.67
6.35
4.92
4.61
4.35
1.98
2.15
7.32
18.05
15.52
8.39
13.3
13.61
Return on Common Equity (%)
7.8
12.9
8.54
8.94
9.9
10.38
5.18
5.81
10.55
27.99
20.66
9.66
17.91
17.93

Capital Structure

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
ST Debt
111,911
85,699
273,238
LT Borrowings
2,592,985
2,535,933
2,212,466
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
236
236
236
Market Capitalization
10,512,735
10,229,246
10,016,629

Working Capital

VND

•

in mil. unless spec.
Dec'25
Mar'26
Jun'26
Total Current Assets
1,267,737
1,526,228
1,414,608
Cash, Cash Equivalents & STI
465,557
698,022
893,589
Accounts Receivable, Net
672,397
675,872
390,188
Inventories
102,170
129,798
124,745
Total Current Liabilities
426,842
686,787
542,002
Payables & Accruals
- -
- -
- -
ST Debt
111,911
85,699
273,238
Deferred Revenue
- -
- -
- -

Growth Rates

VND

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
6.28%
8.96%
5.69%
Free Cash Flow
26.83%
12.28%
-10.16%
Net Income, GAAP
33.91%
69.67%
92.41%
Sales/Revenue/Turnover
42.16%
89.01%
26.24%
Total Cash Common Dividend
- -
- -
-25%

Quarterly Revenue

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
349,518
412,543
396,329
666,749
1,825,139
2025
624,620
501,571
- -
621,890
2,304,087
2026
618,279
576,045
- -
- -
- -

Quarterly Earnings Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
7
281
330
1,260
1,897.76
2025
1,130
699
- -
916
3,651.39
2026
1,137
1,011
- -
- -
- -

Quarterly Dividends Per Share

VND

•

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2024
- -
- -
1,999.49
987.53
4,000.06
2025
496.76
496.54
- -
1,000.34
3,000
2026
- -
- -
- -
- -
- -

Company Description

CEO
Thanh Van Nguyen
Full Time Employees
218
Sector
Utilities
Industry
Electric utilities
Address
Quy Nhon Vietnam
IPO Date
Jul 18, 2006
Business
Vinh Son - Song Hinh Hydropower Joint Stock Company is a Vietnam-based power generation company primarily engaged in the production, transmission, and wholesale distribution of hydroelectric energy. Established in 1994, equitized as a joint stock enterprise in 2005, and headquartered in Quy Nhon City, Binh Dinh Province, the company operates as an electric utility subsidiary of Refrigeration Electrical Engineering Corporation (REE Corporation), with substantial shareholding from Power Generation Corporation 3 (EVNGENCO3). The company directs its operations across the Central Coastal and Central Highlands regions of Vietnam, delivering electricity to the national grid operator, Vietnam Electricity (EVN), and participating in the Vietnam Wholesale Electricity Market (VWEM). The company's core products and operational services encompass the generation and wholesale supply of hydroelectricity through a diversified portfolio of utility-scale facilities; including the 66-megawatt Vinh Son Hydropower Plant situated across Binh Dinh and Gia Lai provinces; the 70-megawatt Song Hinh Hydropower Plant in Phu Yen province; and the 220-megawatt Thuong Kon Tum Hydropower Plant located across Kon Tum and Quang Ngai provinces; the provision of specialized plant operation, maintenance, overhaul, and testing services for hydroelectric turbines, generators, step-up transformers, substations, and transmission networks; technical consulting, survey design, project management, and construction supervision services for hydro-energy and water conservancy projects; the construction and installation of hydraulic, civil, industrial, and electrical infrastructure; and the auxiliary commercial management of water reservoir resources, irrigation control, aquaculture, and reservoir-based eco-tourism activities. In recent developments, Vinh Son - Song Hinh Hydropower Joint Stock Company has consolidated its operational scale and expanded its overall generating capacity to 356 megawatts following the full commercial ramp-up and output optimization of the Thuong Kon Tum Hydropower Project. Over the past two years, the company has executed aggressive financial restructuring programs, prepaying substantial portions of long-term project debt to mitigate interest rate exposure, lower financial expenses, and strengthen its balance sheet. Operationally, the company has integrated advanced digital supervisory control and data acquisition (SCADA) systems, automated dam safety monitoring technologies, and enhanced hydrological forecasting platforms across its reservoir network to optimize dispatch schedules, maximize water utilization efficiency, and increase revenue capture in the competitive power market. Additionally, the company continues to evaluate strategic expansion initiatives within its parent group's renewable energy ecosystem, including potential hybrid floating solar photovoltaic systems and capacity enhancements at existing reservoir sites.