F88

Đầu tư F88 ·UPCOM ·2026Q1

Price

159,000

Latest close

04 Jun 2026

P/E —

P/B 6.51x

EPS —

BVPS 24,433

ROE —

ROA —

Profit Margin —

Asset Turnover —

Equity Mult. —

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

Metric	Q1'26	Q3'25
Revenue	1,027.4	829.8
Growth	+24%	—
Net Income	241.5	224.5
Net Margin	23.51%	27.05%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 23.17% —

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 1.79x equity, net debt at 1.35x equity.

Over the last 12 months, working capital absorbed 3,204.0bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −3,249.7bn

Inventories increased → lower CFO: −0.2bn

Payables increased → higher CFO: +45.9bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 1,726.3bn due to capex of 14.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, short-term debt accounts for 61.4% of total debt, cash equals 8.1% of debt, and total debt stands at 3,960.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.35x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 61.4% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 1.35x —

Interest Coverage — —

Cash / Debt 8.1% —

Short-term Debt / Total Debt 61.4% —

TTM YoY · Prior -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1,752.0bn in 2025, against investing cash flow of 740.4bn.

Post-investment cash flow was negative +1,011.6bn. Financing cash flow was positive +661.5bn.

After spending +14.8bn on fixed-asset investment, the business generated trailing free cash flow of −1,726.3bn.

Cash Conversion

CFO TTM 1,711.5bn —

Cash Capex 14.8bn —

FCF TTM −1,726.3bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The main risk still sits in leverage and liquidity, with interest coverage at 0.08x. Warning and risk signals are not yet decisive enough to shift the picture.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.08x.

Statement Data

Item	2025
Revenue	3,105.0
Net Revenue	3,105.0
Cost of Goods Sold	1,913.7
Gross Profit	1,191.3
Financial Income	771.1
Financial Expenses	474.6
Interest Expense	431.4
Selling Expenses	211.5
General and Administrative Expenses	877.9
Operating Profit	398.5
Other Income	515.5
Other Expenses	6.5
Other Profit	509.1
Profit Before Tax	907.5
Current Income Tax Expense	196.6
Deferred Income Tax Expense	-8.5
Net Income	719.4
Non-controlling Interest	0.1
Profit Attributable to Parent	719.3
Earnings per Share	6,686.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,454.8
I. Cash and cash equivalents	280.4
1. Cash	198.4
2. Cash equivalents	82.0
II. Short-term financial investments	76.2
3. Held to maturity investments	76.2
III. Short-term receivables	5,049.8
1. Short-term trade accounts receivable	191.1
2. Short-term prepayments to suppliers	28.9
5. Short-term loan receivables	4,683.6
6. Other short-term receivables	211.9
7. Provision for short-term doubtful debts (*)	-65.7
IV. Inventories	1.5
1. Inventories	1.5
V. Other short-term assets	47.0
1. Short-term prepayments	46.3
2. Value added tax to be reclaimed	0.3
3. Taxes and other receivables from state authorities	0.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,370.9
I. Long-term receivables	970.1
5. Long-term loan receivables	948.0
6. Other long-term receivables	27.8
7. Provision for long-term doubtful debts	-5.7
II. Fixed assets	48.4
1. Tangible fixed assets	7.0
- Cost	11.0
- Accumulated depreciation	-4.0
3. Intangible fixed assets	41.4
- Cost	71.6
- Accumulated depreciation	-30.2
IV. Long-term assets in progress	2.2
2. Construction in progress	2.2
V. Long-term financial investments	50.0
5. Held to maturity investments	50.0
VI. Other long-term assets	300.2
1. Long-term prepayments	46.2
2. Deferred income tax assets	254.0
TOTAL ASSETS (280=100+200)	6,825.7
A. LIABILITIES (300=210+330)	4,376.5
I. Short -term liabilities	2,455.4
1. Short-term trade accounts payable	5.8
2. Short-term advances from customers	49.8
3. Taxes and other payables to state authorities	229.0
4. Payable to employees	265.7
5. Short-term acrrued expenses	72.0
9. Other short-term payables	110.1
10. Short-term borrowings and financial leases	1,705.9
11. Provision for short-term liabilities	17.2
II. Long-term liabilities	1,921.1
8. Long-term borrowings and financial leases	1,878.9
13. Fund for technology development	42.2
B. OWNER'S EQUITY (400=410+430)	2,449.3
I. Owner's equity	2,449.3
1. Owner's capital	84.7
- Common stock with voting right	84,712,270,000.00
2. Share premium	1,640.7
11. Undistributed earnings after tax	723.6
- Accumulated retained earning at the end of the previous period	4.3
- Undistributed earnings in this period	719.3
13. Minority's interest	0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,825.7

Item	2025
Profit Before Tax	907.5
Depreciation of Fixed Assets and Investment Property	10.7
Provision (Increase)/Reversal	1,009.1
FX Gain/Loss from Revaluation of Monetary Items	-7.2
Gain/Loss from Investment Activities	-753.1
Interest Expense	451.8
Other Adjustments	42.2
Operating Profit Before Changes in Working Capital	1,661.0
Increase/(Decrease) in Receivables	-3,125.0
Increase/(Decrease) in Inventory	-0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	170.0
Increase/(Decrease) in Prepaid Expenses	-6.8
Interest Paid	-402.5
Corporate Income Tax Paid	-48.4
Net Cash Flow from Operating Activities	-1,752.0
Payments for Fixed Assets and Other Long-term Assets	-14.0
Loans and Purchases of Debt Instruments	-160.1
Receipts from Loan Repayments and Sale of Debt Instruments	106.6
Dividends and Interest Income Received	807.9
Net Cash Flow from Investing Activities	740.4
Proceeds from Equity Issuance and Capital Contributions	2,066,150,000.00
Proceeds from Borrowings	2,124.2
Repayment of Borrowings	-1,464.8
Net Cash Flow from Financing Activities	661.5
Net Cash Flow During the Period	-350.1
Cash and Cash Equivalents at Beginning of Period	630.5
Cash and Cash Equivalents at End of Period	280.4

Item	Q1'26	Q3'25
Revenue	1,027.4	829.8
Net Revenue	1,027.4	829.8
Cost of Goods Sold	620.8	476.3
Gross Profit	406.5	353.6
Financial Income	239.5	204.8
Financial Expenses	141.2	119.9
Interest Expense	120.6	110.9
Selling Expenses	50.6	49.9
General and Administrative Expenses	279.5	232.6
Operating Profit	174.8	156.0
Other Income	130.4	127.3
Other Expenses	1.7	1.3
Other Profit	128.7	126.0
Profit Before Tax	303.5	282.0
Current Income Tax Expense	81.1	67.0
Deferred Income Tax Expense	-19.2	-9.5
Net Income	241.5	224.5
Non-controlling Interest	0.0	0.0
Profit Attributable to Parent	241.5	224.5
Earnings per Share	2,193.00	27,162.33

Item	Q1'26	Q3'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,791.3	5,112.0
I. Cash and cash equivalents	319.6	310.4
1. Cash	162.1	208.4
2. Cash equivalents	157.5	102.0
II. Short-term financial investments	4,912.3	71.7
3. Held to maturity investments	4,989.5	71.7
4. Provision for short-term investments held to maturity (*)	-77.2	—
III. Short-term receivables	515.6	4,678.4
1. Short-term trade accounts receivable	249.4	198.4
2. Short-term prepayments to suppliers	19.7	20.1
5. Short-term loan receivables	—	4,334.9
6. Other short-term receivables	246.5	180.9
7. Provision for short-term doubtful debts (*)	-0.0	-55.9
IV. Inventories	1.4	2.1
1. Inventories	1.4	2.1
V. Other short-term assets	42.4	49.3
1. Short-term prepayments	41.7	48.5
2. Value added tax to be reclaimed	0.3	0.3
3. Taxes and other receivables from state authorities	0.4	0.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,443.1	1,167.8
I. Long-term receivables	27.6	819.6
5. Long-term loan receivables	—	798.0
6. Other long-term receivables	27.6	27.1
7. Provision for long-term doubtful debts	—	-5.5
II. Fixed assets	46.2	51.2
1. Tangible fixed assets	7.2	7.3
- Cost	11.7	—
- Accumulated depreciation	-4.5	—
3. Intangible fixed assets	38.9	43.9
- Cost	71.6	—
- Accumulated depreciation	-32.7	—
IV. Long-term assets in progress	2.3	1.9
2. Construction in progress	2.3	1.9
V. Long-term financial investments	1,047.3	—
5. Held to maturity investments	1,056.4	—
6. Provision for long-term investments held to maturity (*)	-9.2	—
VI. Other long-term assets	319.8	295.1
1. Long-term prepayments	46.6	44.2
2. Deferred income tax assets	273.2	250.9
TOTAL ASSETS (280=100+200)	7,234.5	6,279.7
A. LIABILITIES (300=210+330)	4,543.7	4,072.7
I. Short -term liabilities	2,973.5	2,784.4
1. Short-term trade accounts payable	7.3	10.8
2. Short-term advances from customers	54.0	40.9
3. Taxes and other payables to state authorities	123.3	152.9
4. Payable to employees	159.6	264.4
5. Short-term acrrued expenses	89.3	69.3
9. Other short-term payables	84.3	70.0
10. Short-term borrowings and financial leases	2,432.7	2,159.7
11. Provision for short-term liabilities	23.1	16.3
II. Long-term liabilities	1,570.2	1,288.3
8. Long-term borrowings and financial leases	1,528.0	1,288.3
13. Fund for technology development	42.2	—
B. OWNER'S EQUITY (400=410+430)	2,690.7	2,207.0
I. Owner's equity	2,690.7	2,207.0
1. Owner's capital	1,101.3	82.6
- Common stock with voting right	1,101,259,510,000.00	82,646,120,000.00
2. Share premium	624.1	1,640.7
11. Undistributed earnings after tax	965.1	483.5
- Accumulated retained earning at the end of the previous period	723.6	4.3
- Undistributed earnings in this period	241.5	479.2
13. Minority's interest	0.3	0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	7,234.5	6,279.7

Item	Q1'26	Q4'25	Q3'25	Q2'25
Profit Before Tax	303.5	304.1	282.0	321.4
Depreciation of Fixed Assets and Investment Property	3.0	2.9	2.9	4.9
Provision (Increase)/Reversal	381.6	328.9	246.8	433.4
FX Gain/Loss from Revaluation of Monetary Items	2.0	-0.2	-7.0	—
Gain/Loss from Investment Activities	-237.2	-226.8	-202.0	-324.3
Interest Expense	127.1	128.5	116.3	207.1
Operating Profit Before Changes in Working Capital	580.0	579.4	439.1	642.5
Increase/(Decrease) in Receivables	-124.7	-865.4	-1,055.2	-1,204.5
Increase/(Decrease) in Inventory	0.1	0.6	0.2	-1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-124.1	48.5	65.3	56.2
Increase/(Decrease) in Prepaid Expenses	4.2	0.2	-0.0	-6.9
Interest Paid	-108.4	-114.4	-101.4	-186.7
Corporate Income Tax Paid	-186.6	0.0	-10.0	-38.4
Net Cash Flow from Operating Activities	40.5	-351.1	-662.0	-738.9
Payments for Fixed Assets and Other Long-term Assets	-0.8	-0.4	-0.7	-12.9
Loans and Purchases of Debt Instruments	-3,689.0	-116.1	0.0	-44.0
Receipts from Loan Repayments and Sale of Debt Instruments	3,058.2	61.6	0.0	45.0
Dividends and Interest Income Received	260.1	242.4	244.6	321.0
Net Cash Flow from Investing Activities	-371.5	187.5	243.9	309.1
Proceeds from Borrowings	616.5	1,000.4	511.0	612.7
Repayment of Borrowings	-246.3	42.2	-182.7	-413.2
Net Cash Flow from Financing Activities	370.3	133.6	328.3	199.5
Net Cash Flow During the Period	39.2	-30.0	-89.8	-230.3
Cash and Cash Equivalents at Beginning of Period	280.4	310.4	400.2	630.5
Cash and Cash Equivalents at End of Period	319.6	280.4	310.4	400.2

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F88

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow