GEX.VN Gelex Group JSC
- Market cap
- VND 29.8T
- P/E
- 29.3x
- P/B
- 1.51x
- ROE
- 6.9%
- Dividend yield
- 7.90%
- Fundamental score
- 2.3/5
Ratios use the latest price and the current fiscal year annualized from 3 quarters up to Sep 2026.
Is GEX.VN undervalued?
Graham numberGEX.VN trades 40.0% above its Graham number.
Graham number = √(22.5 × EPS × book value per share): the most a defensive investor should pay according to Benjamin Graham. An estimate, not a recommendation to buy or sell. How is it calculated?
Gelex Group JSC fundamental analysis
11 of 22 checks passedROE 0/2
Low return on equity (6.9%), below 10%.
ROA 0/1
Return on assets (1.6%) is below the industry median (4.2%).
Profit Consistency 2/2
Profitable for 7 consecutive years.
Earnings Growth 5Y 1/1
Earnings per share grew over the past 5 years.
Earnings Acceleration 0/1
Last year's EPS growth (-13.7%) is not above the 5-year average (6.1% a year).
Earnings Growth vs Industry 0/1
Last year's EPS growth (-13.7%) is below the industry median (4.9%).
Revenue Growth 1/2
Revenue grew 7.2% a year over the past 3 years.
Short-term Liquidity 1/1
Current assets cover short-term liabilities.
Long-term Liabilities 1/1
Current assets cover long-term liabilities.
Debt to Equity 1/2
Moderate debt to equity (85.0%), up to 100%.
Debt Trend 1/1
Debt to equity has not risen over the past 5 years.
Debt Coverage 1/1
Operating cash flow covers 20% of total debt.
Interest Coverage 0/1
EBIT is 3.3x against interest expense, below 5x.
PE vs Market 0/1
PE (29.3x) is above the market median (11.2x).
PE vs Industry 0/1
PE (29.3x) is above the industry median (20.1x).
PBV 1/1
Price to book (1.5x) is below the industry median (2.5x).
Graham Number 0/1
The price is above the Graham number (PE x PB = 44.1, limit 22.5).
PEG 0/1
PEG on 5-year earnings growth is 4.78, above 1.
Dividend Yield 2/2
Dividend yield (7.9%) is in the top 25% of dividend payers in the market.
Dividend Stability 0/2
Dividends were not paid steadily for the past 5 years.
Dividend Growth 1/1
Dividends paid grew over the past 5 years.
Payout Ratio 0/1
Payout ratio is 159.5%, above 90% of earnings.
Each check is worth 1 or 2 points by how much it says about the quality of the company. The score is the share of points earned, out of 5. Ask AI to explain this score
Gelex Group JSC stock price
Prices on the chart can differ slightly from the closing prices StockSummer uses for its ratios.
About Gelex Group JSC
GELEX Group Joint Stock Company primarily engages in the production and sale of electrical equipment principally in Vietnam. The company operates through Industrial Production, Real Estate, and Infrastructure segments. It also offers power cables, transformers, and electrical measuring equipment. In addition, the company invests and develops in sectors, such as energy, industrial real estate, affordable housing, worker housing, mid-range residential projects, and social hous…
Full company profileGelex Group JSC financial statements
2026 annualized: Fiscal year 2026 is not finished. Income statement and cash flow are annualized from 3 quarters up to Sep 30, 2026, the balance sheet is the latest quarter. Figures change when the annual report is published.
Gelex Group JSC annual financial statements (VND; K = thousand, M = million, B = billion, T = trillion)
| Item | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 Anlz |
|---|---|---|---|---|---|---|---|---|
| Income Statement | ||||||||
| Revenue | 15.3T | 17.9T | 28.6T | 32.1T | 30.0T | 33.8T | 39.5T | 52.2T |
| Gross Profit | 2.74T | 2.63T | 4.37T | 6.46T | 5.51T | 6.76T | 8.42T | 10.3T |
| Operating Income | 1.49T | 1.52T | 2.18T | 3.50T | 2.79T | 3.94T | 5.15T | 6.73T |
| EBITDA | 2.49T | 2.75T | 5.74T | 7.32T | 7.21T | 7.91T | 9.22T | 9.59T |
| Net Income | 635B | 802B | 1.04T | 369B | 330B | 1.63T | 1.48T | 1.37T |
| EPS | 951 | 1,217 | 1,220 | 433 | 388 | 1,898 | 1,638 | 1,050 |
| Balance Sheet | ||||||||
| Total Assets | 21.3T | 27.2T | 61.2T | 52.4T | 55.1T | 53.8T | 73.6T | 83.4T |
| Total Liabilities | 12.6T | 18.9T | 40.7T | 31.3T | 33.9T | 30.5T | 43.4T | 48.3T |
| Shareholders' Equity | 6.38T | 6.85T | 12.0T | 12.1T | 12.4T | 14.0T | 17.8T | 20.0T |
| Cash & Short-term Investments | 921B | 1.56T | 4.91T | 3.16T | 3.31T | 4.07T | 8.66T | 3.77T |
| Cash Flow | ||||||||
| Operating Cash Flow | 1.17T | 373B | -2.51T | 7.92T | 5.90T | 2.51T | 546B | 4.62T |
| Capital Expenditure | 1.53T | 1.92T | 7.98T | 4.09T | 5.95T | 3.84T | 5.84T | 2.61T |
| Free Cash Flow | -359B | -1.54T | -10.5T | 3.83T | -48.1B | -1.33T | -5.29T | 2.00T |
| Ratios | ||||||||
| ROE | 9.9% | 11.7% | 8.6% | 3.1% | 2.7% | 11.7% | 8.3% | 6.9% |
| ROA | 3.0% | 3.0% | 1.7% | 0.7% | 0.6% | 3.0% | 2.0% | 1.6% |
| Net Profit Margin | 4.1% | 4.5% | 3.6% | 1.1% | 1.1% | 4.8% | 3.7% | 2.6% |
What these items mean
- Revenue
- Total sales of goods and services in the period.
- Gross Profit
- Revenue minus the direct cost of producing what was sold.
- Operating Income
- Profit from the core business after operating expenses.
- EBITDA
- Earnings before interest, taxes, depreciation and amortization.
- Net Income
- Profit left for shareholders after all expenses, interest and taxes.
- EPS
- Net income divided by shares outstanding.
- Total Assets
- Everything the company owns.
- Total Liabilities
- Everything the company owes.
- Shareholders' Equity
- Assets minus liabilities: the book value that belongs to shareholders.
- Cash & Short-term Investments
- Cash and investments that can be turned into cash quickly.
- Operating Cash Flow
- Cash generated by the core business.
- Capital Expenditure
- Cash spent on property, plant and equipment.
- Free Cash Flow
- Operating cash flow minus capital expenditure: cash left for dividends, buybacks or debt repayment.
- ROE
- Return on equity: net income divided by shareholders' equity.
- ROA
- Return on assets: net income divided by total assets.
- Net Profit Margin
- Net income as a share of revenue.
Gelex Group JSC dividends
- Dividend yield
- 7.90%
- Forward dividend
- -
- Payout ratio
- 159.5%
- Ex-dividend date
- Sep 10, 2025
| Fiscal year | Dividends paid | Per share | Payout ratio |
|---|---|---|---|
| 2025 | VND 2.36T | 2,612 | 159.5% |
| 2024 | VND 522B | 607 | 32.0% |
| 2023 | VND 732B | 860 | 221.6% |
| 2022 | VND 1.40T | 1,644 | 379.5% |
| 2021 | VND 347B | 408 | 33.4% |
| 2020 | VND 47.6B | 72 | 5.9% |
| 2019 | VND 138M | 0.21 | 0.0% |
From the cash flow statement: dividends paid in the fiscal year, divided by that year's shares outstanding. Payout ratio = dividends paid / net income.
Last stock split: 30:20 on May 5, 2026.
Who owns Gelex Group JSC
- Insiders 29.05%
- Institutions 3.57%
- Public & others 67.38%
- Shares outstanding 1.31B
- Free float 988M
Gelex Group JSC company profile
- Company name
- Gelex Group JSC
- Ticker
- GEX.VN
- ISIN
- VN000000GEX5
- Exchange
- Vietnam Stocks
- Sector
- Industrials
- Industry
- Electrical Equipment & Parts
- Employees
- 9,208
- Fiscal year end
- December
- Address
- 52 Le Dai Hanh Street, Hanoi, Vietnam
- Phone
- 84 24 3972 6245
- Website
- gelex.vn
About Gelex Group JSC
GELEX Group Joint Stock Company primarily engages in the production and sale of electrical equipment principally in Vietnam. The company operates through Industrial Production, Real Estate, and Infrastructure segments. It also offers power cables, transformers, and electrical measuring equipment. In addition, the company invests and develops in sectors, such as energy, industrial real estate, affordable housing, worker housing, mid-range residential projects, and social housing; and invests and operates hydropower, solar power, rooftop solar power, and wind power energy projects. Further, it offers building materials, such as sanitary ceramics, shower faucet, autoclaved aerated concrete, sintered stone, ceramic tiles, energy-saving glass, and clear glass, as well as produces and supplies water. Additionally, the company is involved in the development of various infrastructure projects, including transportation, urban infrastructure, energy, and telecommunication. It operates under the CADIVI, EMIC, THIBIDI, HEM, CFT, MEE, Viglacera, and Song Da Clean Water brands. The company was formerly known as Vietnam Electrical Equipment Joint Stock Corporation. GELEX Group Joint Stock Company was founded in 1990 and is headquartered in Hanoi, Vietnam.
Gelex Group JSC management
5- Mr. Long Hoang NguyenDeputy CEO & Member of the Board of Management · born 1977
- Mr. Trung Trong NguyenDeputy CEO & Member of the Board of Management · born 1982
- Mr. Anh Tuan LeDeputy CEO & Member of the Board of Management · born 1994
- Mr. Khoa Dang BuiCFO & Member of the Board of Management · born 1984
- Mr. Hung HoangChief Accountant & Member of the Board of Management