AIC

Listed Company · UPCOM

Price

9,200

Latest close

02 Apr 2026

P/E 30.1x

EPS (TTM) 306

ROE (TTM) —

P/B 0.8x

BVPS (Latest) 11,390

ROA (TTM) —

What Is Changing

AIC 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 decreased 244.5% QoQ to VND 18.1bn in 2025Q4.

Metric	2025
Revenue	3,094.9
Growth	—
Net Income	30.9
Net Margin	1.00%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,185.3	668.8	615.5	614.1
Growth	+77%	+9%	+0%	—
Net Income	18.1	-12.6	16.1	8.8
Net Margin	1.53%	-1.88%	2.62%	1.44%

Financial Statements

Profitability

Net margin reached 1.00% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 4,713.8bn, and equity at 1,139.0bn.

Cash Flow

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

None

Item	2025
Revenue	3,570.1
Revenue Deductions	0.0
Net Revenue	3,094.9
Cost of Goods Sold	0.0
Gross Profit	334.6
Financial Income	169.8
Financial Expenses	16.5
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	444.9
Operating Profit	42.9
Other Income	1.1
Other Expenses	5.2
Other Profit	-4.1
Profit Before Tax	38.9
Current Income Tax Expense	8.0
Deferred Income Tax Expense	0.0
Net Income	30.9
Non-controlling Interest	0.0
Profit Attributable to Parent	30.9
Earnings per Share	308.78
Diluted EPS	308.78

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,528.6
I. Cash and cash equivalents	439.7
1. Cash	439.7
2. Cash equivalents	0.0
II. Short-term financial investments	1,895.0
1. Available for sale securities	1,895.7
2. Provision for diminution in value of available for sale securities (*)	-0.7
3. Held to maturity investments	0.0
III. Short-term receivables	634.3
1. Short-term trade accounts receivable	538.5
2. Short-term prepayments to suppliers	31.9
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	106.3
7. Provision for short-term doubtful debts (*)	-42.5
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	161.1
1. Short-term prepayments	155.8
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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,324.1
I. Long-term receivables	25.4
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	25.4
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	5.3
1. Tangible fixed assets	4.2
- Cost	14.4
- Accumulated depreciation	-10.2
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	1.1
- Cost	7.2
- Accumulated depreciation	-6.1
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	2.9
V. Long-term financial investments	1,214.5
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	0.0
6. Other long-term investments	1,214.5
VI. Other long-term assets	76.0
1. Long-term prepayments	76.0
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)	5,852.7
A. LIABILITIES (300=210+330)	4,713.8
I. Short -term liabilities	4,713.8
1. Short-term trade accounts payable	566.8
2. Short-term advances from customers	145.3
3. Taxes and other payables to state authorities	78.0
4. Payable to employees	98.4
5. Short-term acrrued expenses	2.2
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	38.6
10. Short-term borrowings and financial leases	289.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.6
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	-0.1
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	-0.1
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	0.0
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)	1,139.0
I. Owner's equity	1,139.0
1. Owner's capital	1,000.0
- Common stock with voting right	1,000.0
- 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	121.5
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	0.0
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
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)	5,852.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,259.1	810.1	771.6	717.9
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	1,185.3	668.8	615.5	614.1
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	118.7	85.2	84.5	45.8
Financial Income	42.6	43.1	38.5	42.2
Financial Expenses	-3.7	2.3	11.3	3.1
Interest Expense	0.0	0.0	0.0	0.0
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	138.6	140.9	91.5	73.9
Operating Profit	26.3	-15.0	20.2	11.1
Other Income	0.3	0.1	0.5	0.2
Other Expenses	3.6	0.9	0.7	0.1
Other Profit	-3.3	-0.7	-0.2	0.1
Profit Before Tax	23.0	-15.7	20.0	11.2
Current Income Tax Expense	4.9	-3.2	3.8	2.4
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	18.1	-12.6	16.1	8.8
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	18.1	-12.6	16.1	8.8
Earnings per Share	181.43	-125.52	161.45	88.37
Diluted EPS	181.43	-125.52	161.45	88.37

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,528.6	4,951.4	5,006.8	4,770.2
I. Cash and cash equivalents	439.7	715.5	186.6	84.8
1. Cash	439.7	715.5	186.6	84.8
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,895.0	2,222.0	2,729.0	2,679.0
1. Available for sale securities	1,895.7	2,222.0	2,729.0	2,679.0
2. Provision for diminution in value of available for sale securities (*)	-0.7	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0
III. Short-term receivables	634.3	640.9	689.0	624.6
1. Short-term trade accounts receivable	538.5	433.2	492.0	432.0
2. Short-term prepayments to suppliers	31.9	66.3	63.9	84.7
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	0.0	0.0	0.0	0.0
6. Other short-term receivables	106.3	184.6	175.5	149.9
7. Provision for short-term doubtful debts (*)	-42.5	-43.3	-42.4	-42.0
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	161.1	147.4	137.0	128.8
1. Short-term prepayments	155.8	133.7	124.0	114.1
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	0.5	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,324.1	195.3	100.2	97.3
I. Long-term receivables	25.4	22.3	21.8	15.2
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	25.4	22.3	21.8	15.2
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	5.3	5.8	5.9	6.3
1. Tangible fixed assets	4.2	4.4	4.1	4.3
- Cost	14.4	14.4	14.6	15.4
- Accumulated depreciation	-10.2	-10.0	-10.5	-11.0
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	1.1	1.4	1.7	2.0
- Cost	7.2	7.2	7.2	7.2
- Accumulated depreciation	-6.1	-5.8	-5.5	-5.1
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	2.9	0.0	0.0	0.0
V. Long-term financial investments	1,214.5	92.0	2.0	2.0
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	0.0	0.0	0.0	0.0
6. Other long-term investments	1,214.5	92.0	2.0	2.0
VI. Other long-term assets	76.0	75.2	70.6	73.8
1. Long-term prepayments	76.0	75.2	70.6	73.8
2. Deferred income tax assets	0.0	0.0	0.0	0.0
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)	5,852.7	5,146.6	5,107.0	4,867.5
A. LIABILITIES (300=210+330)	4,713.8	4,025.8	3,974.0	3,750.6
I. Short -term liabilities	4,713.8	4,002.1	3,950.4	3,720.9
1. Short-term trade accounts payable	566.8	661.7	666.7	525.9
2. Short-term advances from customers	145.3	83.8	84.2	86.4
3. Taxes and other payables to state authorities	78.0	35.0	28.7	21.7
4. Payable to employees	98.4	91.0	80.5	70.6
5. Short-term acrrued expenses	2.2	1.2	0.0	0.0
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	0.0	0.0	0.0	0.0
9. Other short-term payables	38.6	38.7	44.4	25.9
10. Short-term borrowings and financial leases	289.0	150.0	200.0	200.0
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.6	0.8	0.8
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	-0.1	23.7	23.6	29.7
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	23.6	29.7
7. Other long-term liabilities	-0.1	23.7	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	0.0	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)	1,139.0	1,120.8	1,133.1	1,116.9
I. Owner's equity	1,139.0	1,120.8	1,133.1	1,116.9
1. Owner's capital	1,000.0	1,000.0	1,000.0	1,000.0
- Common stock with voting right	1,000.0	1,000.0	1,000.0	1,000.0
- 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	0.0	0.0	0.0
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	121.5	104.3	115.9	100.6
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
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)	5,852.7	5,146.6	5,107.0	4,867.5

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)	0.0	0.0	0.0	0.0
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	0.0	-3.2
Other Operating Receipts	208.3	33.6	15.4	10.7
Other Operating Payments	-218.3	-88.7	-82.8	-62.9
Net Cash Flow from Operating Activities	278.7	99.5	141.2	-238.5
Payments for Fixed Assets and Other Long-term Assets	-3.5	-0.5	-2.3	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-0.3	0.0	0.3	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	56.0	724.0	198.0	586.0
Investments in Other Entities	-670.6	-317.0	-248.0	-556.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-3.5	71.9	11.6	34.8
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	-621.9	478.4	-40.4	64.8
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	89.0	0.0	200.0	0.0
Repayment of Borrowings	50.0	-50.0	-200.0	0.0
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	139.0	-50.0	-0.0	-0.0
Net Cash Flow During the Period	-204.2	527.9	100.8	-173.6
Cash and Cash Equivalents at Beginning of Period	715.5	186.6	84.8	258.2
FX Difference from Revaluation	2.3	2.2	1.2	0.2
Cash and Cash Equivalents at End of Period	439.7	715.5	186.6	84.8

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AIC

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