ALC

Listed Company · UPCOM

Price

22,900

Latest close

03 Apr 2026

P/E 4.4x

EPS (TTM) 5,161

ROE (TTM) —

P/B 0.8x

BVPS (Latest) 28,722

ROA (TTM) —

What Is Changing

ALC 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 32.5% QoQ to VND 93.3bn in 2025Q4.

Metric	2025
Revenue	1,312.5
Growth	—
Net Income	284.1
Net Margin	21.65%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	355.5	342.5	321.9	292.6
Growth	+4%	+6%	+10%	—
Net Income	93.3	70.4	73.0	47.4
Net Margin	26.25%	20.56%	22.69%	16.19%

Financial Statements

Profitability

Net margin reached 21.65% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 73.3bn, liabilities at 636.2bn, and equity at 1,622.0bn.

Cash Flow

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

None

Item	2025
Revenue	1,312.5
Revenue Deductions	0.0
Net Revenue	1,312.5
Cost of Goods Sold	878.6
Gross Profit	433.9
Financial Income	40.5
Financial Expenses	47.2
Interest Expense	44.7
Share of Associates and Joint Ventures	0.0
Selling Expenses	17.4
General and Administrative Expenses	54.4
Operating Profit	355.4
Other Income	0.4
Other Expenses	0.0
Other Profit	0.4
Profit Before Tax	355.8
Current Income Tax Expense	71.6
Deferred Income Tax Expense	0.0
Net Income	284.1
Non-controlling Interest	0.0
Profit Attributable to Parent	284.1
Earnings per Share	5,161.00
Diluted EPS	5,161.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,042.9
I. Cash and cash equivalents	832.5
1. Cash	801.7
2. Cash equivalents	30.8
II. Short-term financial investments	8.3
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	8.3
III. Short-term receivables	108.5
1. Short-term trade accounts receivable	90.3
2. Short-term prepayments to suppliers	17.1
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	3.9
7. Provision for short-term doubtful debts (*)	-2.7
8. Assets awaiting resolution	0.0
IV. Inventories	73.3
1. Inventories	73.3
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	20.2
1. Short-term prepayments	2.8
2. Value added tax to be reclaimed	17.4
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)	1,215.3
I. Long-term receivables	159.7
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	159.7
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	743.7
1. Tangible fixed assets	743.7
- Cost	2,158.9
- Accumulated depreciation	-1,415.1
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.0
- Cost	0.6
- Accumulated depreciation	-0.6
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	245.8
1. Long-term production in progress	0.0
2. Construction in progress	245.8
V. Long-term financial investments	0.4
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	2.1
4. Provision for diminution in value of long-term investments	-1.7
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	65.7
1. Long-term prepayments	65.7
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)	2,258.2
A. LIABILITIES (300=210+330)	636.2
I. Short -term liabilities	295.9
1. Short-term trade accounts payable	20.9
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	73.7
4. Payable to employees	3.8
5. Short-term acrrued expenses	16.5
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	14.8
10. Short-term borrowings and financial leases	134.3
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	31.9
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	340.4
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	340.4
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)	1,622.0
I. Owner's equity	1,622.0
1. Owner's capital	564.7
- Common stock with voting right	564.7
- Preferred stock	0.0
2. Share premium	254.7
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	-64.3
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	154.2
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	712.6
- Accumulated retained earning at the end of the previous period	474.0
- Undistributed earnings in this period	238.6
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)	2,258.2

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	355.5	342.5	321.9	292.6
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	355.5	342.5	321.9	292.6
Cost of Goods Sold	218.7	225.3	221.8	212.8
Gross Profit	136.8	117.1	100.1	79.8
Financial Income	14.1	0.8	19.3	6.4
Financial Expenses	11.9	10.8	12.5	12.0
Interest Expense	10.7	10.7	11.6	11.8
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	3.8	4.5	4.9	4.3
General and Administrative Expenses	15.6	14.6	13.2	11.0
Operating Profit	119.6	88.0	88.8	58.9
Other Income	0.0	0.0	0.0	0.4
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.4
Profit Before Tax	119.7	88.0	88.9	59.2
Current Income Tax Expense	26.4	17.6	15.8	11.8
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	93.3	70.4	73.0	47.4
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	93.3	70.4	73.0	47.4
Earnings per Share	1,434.00	1,376.00	1,426.00	925.00
Diluted EPS	1,652.42	1,247.23	1,293.41	838.75

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,042.9	1,187.9	1,201.0	1,117.0
I. Cash and cash equivalents	832.5	883.3	697.7	727.5
1. Cash	801.7	863.4	654.3	703.8
2. Cash equivalents	30.8	19.9	43.3	23.6
II. Short-term financial investments	8.3	110.3	289.4	194.3
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	8.3	110.3	289.4	194.3
III. Short-term receivables	108.5	87.8	95.3	87.0
1. Short-term trade accounts receivable	90.3	72.0	84.1	76.7
2. Short-term prepayments to suppliers	17.1	13.2	10.1	9.3
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	3.9	4.9	3.4	3.3
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	-2.7	-2.3	-2.3	-2.3
IV. Inventories	73.3	85.5	98.3	87.9
1. Inventories	73.3	85.5	98.3	87.9
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	20.2	20.9	20.2	20.3
1. Short-term prepayments	2.8	3.2	3.3	3.6
2. Value added tax to be reclaimed	17.4	17.8	16.9	16.7
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	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,215.3	1,052.8	1,072.1	1,072.3
I. Long-term receivables	159.7	159.7	159.7	159.7
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	159.7	159.7	159.7	159.7
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	743.7	779.4	815.1	850.9
1. Tangible fixed assets	743.7	779.4	815.1	850.9
- Cost	2,158.9	2,158.7	2,158.7	2,158.7
- Accumulated depreciation	-1,415.1	-1,379.4	-1,343.6	-1,307.8
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	0.0	0.0	0.0	0.0
- Cost	0.6	0.6	0.6	0.6
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.6
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	245.8	51.7	39.2	8.8
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	245.8	51.7	39.2	8.8
V. Long-term financial investments	0.4	0.4	0.4	0.7
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	2.1	2.1	2.1	2.1
4. Provision for diminution in value of long-term investments	-1.7	-1.7	-1.7	-1.4
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	65.7	61.6	57.7	52.2
1. Long-term prepayments	65.7	61.6	57.7	52.2
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)	2,258.2	2,240.6	2,273.0	2,189.3
A. LIABILITIES (300=210+330)	636.2	691.4	793.4	741.2
I. Short -term liabilities	295.9	296.3	398.3	291.4
1. Short-term trade accounts payable	20.9	34.8	61.5	27.5
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	73.7	46.3	27.9	12.0
4. Payable to employees	3.8	0.0	0.0	0.0
5. Short-term acrrued expenses	16.5	26.5	28.2	18.0
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	14.8	48.3	62.7	17.8
10. Short-term borrowings and financial leases	134.3	121.7	196.9	193.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	31.9	18.8	21.1	22.5
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	340.4	395.1	395.1	449.8
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	340.4	395.1	395.1	449.8
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)	1,622.0	1,549.3	1,479.6	1,448.0
I. Owner's equity	1,622.0	1,549.3	1,479.6	1,448.0
1. Owner's capital	564.7	564.7	564.7	564.7
- Common stock with voting right	564.7	564.7	564.7	564.7
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	254.7	254.7	254.7	254.7
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	-64.3	-64.3	-64.3	-64.3
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	154.2	131.5	131.5	131.5
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	712.6	662.7	593.0	561.4
- Accumulated retained earning at the end of the previous period	474.0	474.0	473.8	514.5
- Undistributed earnings in this period	238.6	188.6	119.2	46.9
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)	2,258.2	2,240.6	2,273.0	2,189.3

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	119.7	88.0	88.9	59.2
Depreciation of Fixed Assets and Investment Property	35.8	35.8	35.8	35.8
Provision (Increase)/Reversal	0.5	0.0	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	11.2	0.0	-10.7	0.0
Gain/Loss from Investment Activities	-1.8	-0.1	-0.7	-1.0
Interest Expense	10.7	10.7	11.6	11.8
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	176.1	134.4	125.2	105.8
Increase/(Decrease) in Receivables	-21.3	6.6	-8.2	-28.7
Increase/(Decrease) in Inventory	12.2	12.8	-10.4	7.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-51.4	-12.1	47.1	19.8
Increase/(Decrease) in Prepaid Expenses	-3.8	-3.7	-5.5	10.5
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	-10.3	-11.1	-11.2	-12.8
Corporate Income Tax Paid	0.0	0.0	0.0	-64.6
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-7.5	-3.1	-2.1	-1.1
Net Cash Flow from Operating Activities	94.0	123.8	134.9	36.0
Payments for Fixed Assets and Other Long-term Assets	-194.1	-12.5	-30.3	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-4.3	0.0	-106.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	102.6	179.1	15.6	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	1.9	0.1	0.6	1.0
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	-93.9	166.7	-121.0	-0.8
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	24.8	28.8	114.5	101.4
Repayment of Borrowings	-66.9	-104.1	-165.9	-194.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	-29.5	-0.1	-0.1
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	-42.8	-104.8	-51.5	-93.2
Net Cash Flow During the Period	-42.6	185.6	-37.5	-58.1
Cash and Cash Equivalents at Beginning of Period	883.3	697.7	727.5	785.6
FX Difference from Revaluation	-0.4	7.8	7.8	0.0
Cash and Cash Equivalents at End of Period	832.5	883.3	697.7	727.5

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ALC

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