ABW

Listed Company · UPCOM

Price

10,100

Latest close

03 Apr 2026

P/E 5.8x

EPS (TTM) 1,728

ROE (TTM) —

P/B 0.6x

BVPS (Latest) 15,811

ROA (TTM) —

What Is Changing

ABW is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income increased 52.3% QoQ to VND 70.8bn in 2025Q4.

Metric	2025
Revenue	537.0
Growth	—
Net Income	173.2
Net Margin	32.25%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	199.3	140.4	109.3	90.8
Growth	+42%	+28%	+20%	—
Net Income	70.8	46.5	31.7	25.9
Net Margin	35.49%	33.11%	28.98%	28.53%

Financial Statements

Profitability

Net margin reached 32.25% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 3,117.8bn, and equity at 1,596.3bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	537.0
Revenue Deductions	0.0
Net Revenue	537.0
Cost of Goods Sold	0.0
Gross Profit	425.9
Financial Income	2.1
Financial Expenses	114.4
Interest Expense	114.4
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	94.1
Operating Profit	219.6
Other Income	0.0
Other Expenses	0.1
Other Profit	-0.0
Profit Before Tax	219.5
Current Income Tax Expense	34.8
Deferred Income Tax Expense	11.5
Net Income	173.2
Non-controlling Interest	0.0
Profit Attributable to Parent	173.2
Earnings per Share	1,712.00
Diluted EPS	1,712.03

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,032.9
I. Cash and cash equivalents	122.8
1. Cash	122.8
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	1,788.6
III. Short-term receivables	59.7
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.2
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	1,565.2
6. Other short-term receivables	3.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	5.6
1. Short-term prepayments	2.9
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	1.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	681.2
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	79.7
1. Tangible fixed assets	11.6
- Cost	32.6
- Accumulated depreciation	-21.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	68.1
- Cost	105.4
- Accumulated depreciation	-37.3
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	580.0
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	580.0
6. Other long-term investments	0.0
VI. Other long-term assets	21.5
1. Long-term prepayments	0.4
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	0.0
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	4,714.0
A. LIABILITIES (300=210+330)	3,117.8
I. Short -term liabilities	3,107.3
1. Short-term trade accounts payable	2.3
2. Short-term advances from customers	0.4
3. Taxes and other payables to state authorities	36.7
4. Payable to employees	15.2
5. Short-term acrrued expenses	13.6
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.2
9. Other short-term payables	0.2
10. Short-term borrowings and financial leases	3,024.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	6.4
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	10.5
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	10.5
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	1,596.3
I. Owner's equity	1,596.3
1. Owner's capital	1,011.5
- Common stock with voting right	1,011.5
- Preferred stock	0.0
2. Share premium	0.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	558.4
- Accumulated retained earning at the end of the previous period	516.5
- Undistributed earnings in this period	41.9
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	13.2
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,714.0

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	199.3	140.4	109.3	90.8
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	199.3	140.4	109.3	90.8
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	163.4	107.4	85.0	73.0
Financial Income	1.2	0.5	0.3	0.2
Financial Expenses	38.4	29.2	24.3	22.4
Interest Expense	38.4	29.2	24.3	22.4
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	35.5	21.0	21.0	17.8
Operating Profit	90.7	57.7	39.9	33.0
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.0
Other Profit	0.0	0.0	-0.0	-0.0
Profit Before Tax	90.7	57.8	39.9	33.0
Current Income Tax Expense	6.5	11.3	8.2	7.1
Deferred Income Tax Expense	13.5	0.0	0.0	0.0
Net Income	70.8	46.5	31.7	25.9
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	70.8	46.5	31.7	25.9
Earnings per Share	700.00	459.00	313.00	256.00
Diluted EPS	699.53	459.43	313.31	256.27

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,035.8	3,290.9	2,763.2	2,717.3
I. Cash and cash equivalents	122.8	69.1	130.3	75.0
1. Cash	122.8	69.1	130.3	75.0
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,788.6	1,449.1	1,197.6	1,048.3
III. Short-term receivables	59.7	54.3	40.3	46.7
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	3.1	1.4	3.5	0.1
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	1,565.2	1,561.4	1,127.3	1,329.9
6. Other short-term receivables	3.0	2.1	3.2	3.2
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	5.6	6.9	8.9	10.7
1. Short-term prepayments	2.9	0.8	2.2	3.6
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	1.4	4.5	4.5	4.8
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	681.2	960.5	961.0	793.7
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	79.7	80.4	73.8	74.9
1. Tangible fixed assets	11.6	11.9	5.0	5.6
- Cost	32.6	32.1	24.3	24.3
- Accumulated depreciation	-21.0	-20.2	-19.4	-18.8
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	68.1	68.5	68.9	69.3
- Cost	105.4	105.4	105.3	105.3
- Accumulated depreciation	-37.3	-36.9	-36.4	-36.0
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0
V. Long-term financial investments	580.0	854.6	856.8	687.8
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
5. Held to maturity investments	580.0	780.4	809.2	641.2
6. Other long-term investments	0.0	74.1	47.6	46.6
VI. Other long-term assets	21.5	25.5	30.4	31.0
1. Long-term prepayments	0.4	2.0	0.0	0.0
2. Deferred income tax assets	0.0	2.4	1.1	1.1
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,717.0	4,251.4	3,724.2	3,511.0
A. LIABILITIES (300=210+330)	3,117.7	2,681.2	2,228.3	2,045.8
I. Short -term liabilities	3,106.6	2,681.2	2,228.3	2,045.8
1. Short-term trade accounts payable	2.3	1.5	1.1	1.3
2. Short-term advances from customers	0.4	4.9	2.7	3.7
3. Taxes and other payables to state authorities	34.9	30.4	17.7	11.2
4. Payable to employees	16.3	3.4	0.6	0.0
5. Short-term acrrued expenses	13.6	11.4	10.3	7.7
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.2	0.2	0.2	0.2
9. Other short-term payables	0.2	0.6	0.4	0.2
10. Short-term borrowings and financial leases	3,024.0	2,618.6	2,186.3	2,014.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	6.4	6.5	6.5	4.6
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	11.0	0.0	0.0	0.0
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	11.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,599.3	1,570.2	1,495.9	1,465.3
I. Owner's equity	1,599.3	1,570.2	1,495.9	1,465.3
1. Owner's capital	1,011.5	1,011.5	1,011.5	1,011.5
- Common stock with voting right	1,011.5	1,011.5	1,011.5	1,011.5
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	41.7	15.2	14.2
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	561.4	490.6	442.8	413.2
- Accumulated retained earning at the end of the previous period	517.2	493.4	448.4	418.7
- Undistributed earnings in this period	44.2	-2.8	-5.6	-5.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
14. Financial reserves	13.2	13.2	13.2	13.2
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	4,717.0	4,251.4	3,724.2	3,511.0

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.3	-0.6	2.0	-4.8
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	-2.0	-24.8
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	9.4	-0.1	0.1
Net Cash Flow from Operating Activities	-427.9	-481.3	-158.1	-165.9
Payments for Fixed Assets and Other Long-term Assets	-0.5	-7.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	76.6	-4.3	41.3	16.2
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	76.1	-12.1	41.3	16.2
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	15,697.8	14,410.0	10,745.4	7,293.5
Repayment of Borrowings	-15,292.3	-13,977.8	-10,573.3	-7,173.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	405.4	432.2	172.1	120.5
Net Cash Flow During the Period	53.7	-61.1	55.3	-29.2
Cash and Cash Equivalents at Beginning of Period	69.1	130.3	75.0	104.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	122.8	69.1	130.3	75.0

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