L35

Cơ khí Lắp máy Lilama ·UPCOM ·2025Q3

▲ Showing improvement

Operating efficiency is improving Net margin −1.70%, +9.64pp YoY
Price
1,700
Latest close
02 Jun 2026
P/E -5.90x
P/B 1.10x
EPS -288
BVPS 1,540
ROE -9.2%
ROA -0.5%
Profit Margin -1.7%
Asset Turnover 0.31x
Equity Mult. 17.40x

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

What Is Changing

On a TTM 2025Q3 basis, L35 posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

TTM REVENUE
VND 55bn
−38.5%YoY
NET MARGIN
−1.70%
+9.6ppYoY
TTM NET PROFIT
−VND 1bn
+90.8%YoY
Non-core income / PBT
38.5%
Metric Q3'25 Q2'25 Q1'25 Q4'24 Q1'23 Q4'22 Q3'22 Q2'22 Q1'22 Q4'21 Q3'21 Q2'21
Revenue 12.1 8.6 8.9 25.6 6.6 31.7 13.7 37.8 9.5 41.3 9.7 20.1
Growth +41% -3% -65% +288% -79% +131% -64% +297% -77% +324% -51% —
Net Income -0.3 -0.1 -0.5 0.1 -1.1 -2.6 -3.3 -3.2 -0.1 0.0 -0.0 -2.7
Net Margin -2.79% -1.55% -6.05% 0.28% -16.12% -8.20% -24.30% -8.42% -1.33% 0.01% -0.32% -13.28%

Drivers of L35's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by the main positive driver. Supporting and offsetting drivers:

Gross profit ↓ 3.7bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 0.1bn
Other profit ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins improved (+9.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -1.70%, rising 9.6pp. Core operating signals are improving as SG&A / Revenue fell 0.0pp are enough to offset pressure from Gross margin fell 1.6pp (in addition, Net financial result / Revenue rose 10.5pp added support while Other profit / Revenue fell 0.2pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin -1.70% +9.6pp
Gross Margin 6.67% −1.6pp
SG&A / Revenue 7.75% −0.0pp
Non-core / Revenue -0.62% +10.3pp

TTM YoY · 2023Q1 -> 2025Q3

Watchpoints

Other income is supporting margin

Other income accounts for 38.5% of PBT and lifted net margin by 10.3pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

TTM YoY · 2023Q1 -> 2025Q3

ROIC — —
NOPAT Margin — —
Capital Turnover 0.59x −0.20x
Average Invested Capital 92.9bn −20.5bn

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Leverage is well above the construction contractors norm — liquidity risk becomes material if project acceptance slips — liabilities at 36.03x equity, net debt at 15.72x equity.

Inventory ended the period at 73.0bn, roughly 39.1% of total assets.

Over the last 12 months, working capital absorbed 13.0bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

TTM YoY · 2023Q1 -> 2025Q3

Receivables increased → lower CFO: −6.0bn
Inventories increased → lower CFO: −3.0bn
Payables decreased → lower CFO: −4.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 300.9 days versus the same period last year. The main moves came from DIO rose 178.2 days, DSO rose 158.1 days, and DPO rose 35.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 863.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +158.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

TTM YoY · 2023Q1 -> 2025Q3

Receivables 556.0 days +158.1 days
Inventory 491.9 days +178.2 days
Payables 183.9 days +35.4 days
Cash Conversion Cycle 863.9 days +300.9 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

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

At present, short-term debt accounts for 100.0% of total debt, cash equals 3.7% of debt, and total debt stands at 82.0bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 15.72x, increasing balance-sheet pressure.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 15.72x +10.07x
Interest Coverage — —
Cash / Debt 3.7% +0.8pp
Short-term Debt / Total Debt 100.0% 0.0pp
CFO / NI 2.70x +3.53x

TTM YoY · 2023Q1 -> 2025Q3

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -2.5bn in 2025, against investing cash flow of -0.3bn.

Post-investment cash flow was negative +2.8bn. Financing cash flow was negative +0.1bn.

CFO / net income was 2.70x.

Track how much investment can be funded internally from operating cash flow.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

TTM Cash Conversion · 2023Q1 -> 2025Q3

CFO TTM 2.5bn −11.0bn
Cash Capex — —
FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 9.6 pp. The next item to monitor is the earnings mix, when non-core contribution is -2.0%. The main risk still sits in leverage and liquidity, with interest coverage at 0.04x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -1.70% after expanding 9.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.70x. Even so, net financial result still accounts for -2.0% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.04x.

Statement Data

Item 2025 2024 2023 2022 2021
Net Revenue
48.4 67.9 37.8 92.7 82.8
Cost of Goods Sold
44.8 64.2 40.2 85.2 0.0
Gross Profit
3.6 3.7 -2.3 7.4 13.1
Financial Expenses
— 0.0 0.0 9.6 -8.6
Selling Expenses
— 0.0 0.0 0.0 0.0
General and Administrative Expenses
4.2 4.5 5.5 6.0 -7.1
Operating Profit
-0.6 -0.7 -7.9 -8.0 -2.5
Profit Before Tax
-1.0 -1.5 -8.9 -12.6 -2.7
Net Income
-1.0 -1.5 -8.9 -12.9 -2.7
Profit Attributable to Parent
-1.0 -1.5 -8.9 -12.9 -2.7
Earnings per Share
-306.00 -457.00 -2,712.00 -3,946.00 -824.00

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