APG

Listed Company · HOSE

Price

5,640

Latest close

03 Apr 2026

P/E 243.3x

EPS (TTM) 23

ROE (TTM) —

P/B 0.5x

BVPS (Latest) 10,653

ROA (TTM) —

What Is Changing

APG 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 182.0% QoQ to VND -15.8bn in 2025Q4.

Metric	2025
Revenue	346.4
Growth	—
Net Income	5.5
Net Margin	1.58%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	73.1	87.2	161.3	24.8
Growth	-16%	-46%	+551%	—
Net Income	-15.8	19.3	-6.8	8.8
Net Margin	-21.66%	22.13%	-4.24%	35.61%

Financial Statements

Profitability

Net margin reached 1.58% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 3,304.2bn, and equity at 2,382.3bn.

Cash Flow

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

None

Item	2025
Revenue	346.4
Revenue Deductions	0.0
Net Revenue	346.4
Cost of Goods Sold	0.0
Gross Profit	191.5
Financial Income	0.3
Financial Expenses	131.3
Interest Expense	97.2
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	40.4
Operating Profit	20.0
Other Income	18.6
Other Expenses	2.2
Other Profit	16.4
Profit Before Tax	36.4
Current Income Tax Expense	0.0
Deferred Income Tax Expense	31.0
Net Income	5.5
Non-controlling Interest	0.0
Profit Attributable to Parent	5.5
Earnings per Share	24.42
Diluted EPS	24.42

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,171.6
I. Cash and cash equivalents	406.5
1. Cash	406.5
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	2,852.2
III. Short-term receivables	303.7
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	257.3
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	791.0
6. Other short-term receivables	325.6
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	4.9
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.3
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	515.0
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	43.4
1. Tangible fixed assets	24.7
- Cost	35.6
- Accumulated depreciation	-10.9
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	18.7
- Cost	29.1
- Accumulated depreciation	-10.4
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	7.6
V. Long-term financial investments	440.4
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	440.4
VI. Other long-term assets	23.7
1. Long-term prepayments	12.4
2. Deferred income tax assets	1.3
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)	5,686.6
A. LIABILITIES (300=210+330)	3,304.2
I. Short -term liabilities	3,004.2
1. Short-term trade accounts payable	7.5
2. Short-term advances from customers	3.0
3. Taxes and other payables to state authorities	0.5
4. Payable to employees	3.9
5. Short-term acrrued expenses	20.6
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	2,968.5
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	300.0
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	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)	2,382.3
I. Owner's equity	2,382.3
1. Owner's capital	2,236.2
- Common stock with voting right	2,236.2
- Preferred stock	0.0
2. Share premium	69.9
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	75.5
- Accumulated retained earning at the end of the previous period	116.4
- Undistributed earnings in this period	-40.9
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.4
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)	5,686.6

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	73.1	87.2	161.3	24.8
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	73.1	87.2	161.3	24.8
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	65.5	72.7	31.9	21.3
Financial Income	0.1	0.1	0.1	0.0
Financial Expenses	73.9	32.8	24.6	0.0
Interest Expense	39.7	32.8	24.6	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	10.7	11.0	9.5	9.3
Operating Profit	-18.9	29.0	-2.2	12.1
Other Income	17.8	0.0	0.0	0.9
Other Expenses	-9.1	9.2	0.2	1.9
Other Profit	26.9	-9.2	-0.1	-1.1
Profit Before Tax	8.0	19.8	-2.3	11.0
Current Income Tax Expense	-5.1	5.1	0.0	0.0
Deferred Income Tax Expense	28.9	-4.7	4.5	2.2
Net Income	-15.8	19.3	-6.8	8.8
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-15.8	19.3	-6.8	8.8
Earnings per Share	-70.82	86.00	-31.00	39.00
Diluted EPS	-70.82	86.36	-30.56	39.44

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,171.6	5,328.9	3,525.6	3,574.4
I. Cash and cash equivalents	406.5	30.8	33.0	4.3
1. Cash	406.5	30.8	33.0	4.3
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	2,852.2	2,814.2	1,100.0	895.2
III. Short-term receivables	303.7	270.1	246.5	1,118.8
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	257.3	761.5	785.1	796.5
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	791.0	892.9	776.4	495.8
6. Other short-term receivables	325.6	319.6	299.6	0.0
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	7.9	11.7	3.5
1. Short-term prepayments	4.9	4.4	7.2	2.4
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.3	0.0	0.9	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)	515.0	402.6	749.1	510.2
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	43.4	42.8	37.9	6.5
1. Tangible fixed assets	24.7	26.3	28.0	2.9
- Cost	35.6	35.6	35.6	9.0
- Accumulated depreciation	-10.9	-9.3	-7.7	-6.1
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	18.7	16.4	10.0	3.5
- Cost	29.1	25.9	18.5	11.5
- Accumulated depreciation	-10.4	-9.4	-8.5	-7.9
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	7.6	4.7	7.4	0.0
V. Long-term financial investments	440.4	307.9	667.8	464.2
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	190.4	241.6	38.0
6. Other long-term investments	440.4	117.5	426.2	426.2
VI. Other long-term assets	23.7	47.3	36.0	39.5
1. Long-term prepayments	12.4	7.6	1.0	0.0
2. Deferred income tax assets	1.3	30.3	25.6	30.1
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)	5,686.6	5,731.5	4,274.7	4,084.5
A. LIABILITIES (300=210+330)	3,304.2	3,324.2	1,870.4	1,673.4
I. Short -term liabilities	3,004.2	3,324.2	1,870.4	1,673.4
1. Short-term trade accounts payable	7.5	52.1	6.1	0.1
2. Short-term advances from customers	3.0	3.2	3.2	3.0
3. Taxes and other payables to state authorities	0.5	6.7	1.8	3.7
4. Payable to employees	3.9	3.0	2.3	1.4
5. Short-term acrrued expenses	20.6	25.8	20.5	11.5
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	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	2,968.5	3,233.1	1,836.5	1,653.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
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	300.0	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	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)	2,382.3	2,407.3	2,404.3	2,411.2
I. Owner's equity	2,382.3	2,407.3	2,404.3	2,411.2
1. Owner's capital	2,236.2	2,236.2	2,236.2	2,236.2
- Common stock with voting right	2,236.2	2,236.2	2,236.2	2,236.2
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	69.9	69.9	69.9	69.9
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	75.5	100.4	97.5	104.3
- Accumulated retained earning at the end of the previous period	116.4	102.4	114.8	235.9
- Undistributed earnings in this period	-40.9	-2.0	-17.3	-131.6
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	0.4	0.4	0.4	0.4
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)	5,686.6	5,731.5	4,274.7	4,084.5

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)	-25.5	25.8	-11.5	-1.5
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	-0.5	-2.0	-0.4
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	700.8	-1,742.9	-118.9	-1,416.8
Payments for Fixed Assets and Other Long-term Assets	-51.8	0.0	-35.4	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	308.7	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
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	-360.5	344.1	-35.4	0.0
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	2,495.6	2,943.8	1,667.6	1,403.6
Repayment of Borrowings	-2,460.2	-1,547.2	-1,484.7	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	35.4	1,396.6	182.9	1,403.6
Net Cash Flow During the Period	375.7	-2.2	28.7	-13.2
Cash and Cash Equivalents at Beginning of Period	30.8	33.0	4.3	17.6
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	406.5	30.8	33.0	4.3

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