L63

Listed Company · UPCOM

Price

8,500

Latest close

05 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 1.1%

P/B —

BVPS (Latest) —

ROA (TTM) 0.2%

What Is Changing

L63 no longer looks like a business simply rebounding from a weak base. Revenue posted +12.8% YoY, while net margin reached 0.15% with an additional -3.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -95.4% in 2025 from 440.7% in the prior period, at VND 0.9bn.
Revenue growth accelerated to 12.8% in 2025, up 19.2pp versus the prior year.
Net margin declined from 3.70% in the prior period to 0.15% in 2025.

Metric	2025	2024	2023	2022
Revenue	633.6	561.6	600.2	893.8
Growth	+13%	-6%	-33%	—
Net Income	0.9	20.8	3.8	-45.5
Net Margin	0.15%	3.70%	0.64%	-5.09%

Financial Statements

Profitability

Net margin reached 0.15% while Revenue posted +12.8% YoY.

Balance Sheet

Inventory stood at 137.8bn, liabilities at 507.0bn, and equity at 84.1bn.

Cash Flow

Operating cash flow was 68.7bn in 2025, while investing cash flow was -14.4bn.

Financing cash flow: -20.1bn.

Item	2025	2024	2023	2022
Revenue	633.6	561.6	600.2	893.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	633.6	561.6	600.2	893.8
Cost of Goods Sold	573.0	496.3	553.5	891.7
Gross Profit	60.6	65.3	46.7	2.0
Financial Income	5.2	2.2	1.4	1.5
Financial Expenses	14.5	16.3	25.3	27.9
Interest Expense	13.5	13.8	23.2	26.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	44.9	23.2	21.1	21.1
Operating Profit	6.4	28.1	1.7	-45.4
Other Income	2.6	3.1	5.5	0.0
Other Expenses	3.3	2.0	0.2	0.1
Other Profit	-0.6	1.1	5.3	-0.1
Profit Before Tax	5.8	29.2	7.0	-45.5
Current Income Tax Expense	1.2	4.3	0.2	0.0
Deferred Income Tax Expense	3.6	4.1	2.9	0.0
Net Income	0.9	20.8	3.8	-45.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	0.9	20.8	3.8	-45.5
Earnings per Share	114.00	2,509.00	464.00	-5,492.00
Diluted EPS	114.41	2,509.06	464.01	-5,492.38

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	355.5	358.8	307.9	553.8
I. Cash and cash equivalents	49.4	15.0	13.4	7.5
1. Cash	49.4	15.0	13.0	7.5
2. Cash equivalents	—	0.0	0.3	0.0
II. Short-term financial investments	1.6	3.0	9.7	6.3
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	1.6	3.0	9.7	6.3
III. Short-term receivables	151.4	205.1	187.9	281.2
1. Short-term trade accounts receivable	134.5	212.3	195.1	277.0
2. Short-term prepayments to suppliers	5.4	3.8	1.9	6.9
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	18.3	17.2	16.0	20.5
7. Provision for short-term doubtful debts (*)	-6.8	-28.1	-25.1	-23.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	137.8	126.6	95.7	257.2
1. Inventories	137.8	126.6	95.7	257.3
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0
V. Other short-term assets	15.4	9.1	1.2	1.5
1. Short-term prepayments	1.7	2.2	1.2	1.5
2. Value added tax to be reclaimed	13.6	6.9	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	235.6	256.4	138.4	140.5
I. Long-term receivables	3.8	3.7	1.0	0.6
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	3.8	3.7	1.0	0.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	223.7	150.1	122.0	125.6
1. Tangible fixed assets	181.8	105.1	104.6	115.7
- Cost	435.0	339.9	332.7	330.5
- Accumulated depreciation	-253.2	-234.8	-228.1	-214.8
2. Financial leased fixed assets	41.4	44.5	16.9	9.4
- Cost	49.5	49.0	18.6	9.9
- Accumulated depreciation	-8.0	-4.5	-1.7	-0.5
3. Intangible fixed assets	0.4	0.5	0.5	0.5
- Cost	0.8	0.8	0.8	0.8
- Accumulated depreciation	-0.4	-0.3	-0.3	-0.2
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	6.6	96.4	6.9	1.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	6.6	96.4	6.9	1.2
V. Long-term financial investments	—	0.0	0.0	1.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	1.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.6	6.3	8.5	12.0
1. Long-term prepayments	1.6	2.7	0.7	1.3
2. Deferred income tax assets	—	3.6	7.8	10.7
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	591.2	615.3	446.3	694.2
A. LIABILITIES (300=210+330)	507.0	532.0	383.8	632.1
I. Short -term liabilities	348.3	354.8	307.1	549.8
1. Short-term trade accounts payable	66.4	59.3	49.5	140.4
2. Short-term advances from customers	67.9	57.2	5.9	14.8
3. Taxes and other payables to state authorities	1.3	4.4	2.5	9.7
4. Payable to employees	31.9	29.0	22.1	37.4
5. Short-term acrrued expenses	6.2	21.9	7.7	12.9
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	8.7	8.7	0.0	0.0
9. Other short-term payables	4.9	4.8	4.8	8.9
10. Short-term borrowings and financial leases	160.4	169.3	214.6	325.7
11. Provision for short-term liabilities	0.5	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
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	158.8	177.3	76.7	82.3
1. Long-term trade payables	50.2	43.2	51.7	52.7
2. Long-term advances from customers	3.7	19.5	15.9	24.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	67.4	76.1	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	29.8	38.4	9.2	5.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	7.6	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	84.1	83.2	62.5	62.1
I. Owner's equity	83.8	82.9	62.1	61.5
1. Owner's capital	82.8	82.8	82.8	82.8
- Common stock with voting right	82.8	82.8	82.8	82.8
- Preferred stock	—	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
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	17.1
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	5.0
11. Undistributed earnings after tax	1.0	0.0	-20.7	-43.4
- Accumulated retained earning at the end of the previous period	0.0	-20.7	-24.6	2.0
- Undistributed earnings in this period	0.9	20.8	3.8	-45.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	0.3	0.4	0.4	0.6
1. Subsidized not-for-profit funds	—	0.0	0.0	0.1
2. Funds invested in fixed assets	0.3	0.4	0.4	0.4
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	591.2	615.3	446.3	694.2

Item	2025	2024	2023	2022
Profit Before Tax	5.8	29.2	7.0	-45.5
Depreciation of Fixed Assets and Investment Property	23.9	18.1	16.5	16.5
Provision (Increase)/Reversal	14.9	3.0	2.0	2.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.2	1.7	-1.0
Gain/Loss from Investment Activities	-0.2	1.0	-0.4	-0.4
Interest Expense	13.5	13.8	23.2	26.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	58.0	64.9	50.0	-2.4
Increase/(Decrease) in Receivables	40.4	-27.5	91.5	-28.7
Increase/(Decrease) in Inventory	-11.3	-30.8	161.5	120.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.6	147.1	-143.4	-5.0
Increase/(Decrease) in Prepaid Expenses	1.5	-2.9	0.8	5.1
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-14.0	-13.7	-23.7	-26.1
Corporate Income Tax Paid	-4.3	0.0	-0.2	-10.3
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	-0.0	-0.1	-0.0
Net Cash Flow from Operating Activities	68.7	137.1	136.4	52.9
Payments for Fixed Assets and Other Long-term Assets	-17.8	-102.2	-15.0	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8	1.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-11.3	-5.1
Receipts from Loan Repayments and Sale of Debt Instruments	1.4	6.7	8.8	20.6
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.3	0.3	0.4
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-14.4	-94.1	-17.1	12.6
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	510.6	472.2	468.1	607.0
Repayment of Borrowings	-521.8	-508.6	-581.2	-672.2
Repayment of Finance Leases	-8.9	-5.0	-0.4	-1.1
Dividends Paid	—	-0.0	-0.0	-0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-20.1	-41.4	-113.5	-66.3
Net Cash Flow During the Period	34.2	1.5	5.7	-0.8
Cash and Cash Equivalents at Beginning of Period	15.0	13.4	7.5	8.3
FX Difference from Revaluation	0.2	0.1	0.1	0.0
Cash and Cash Equivalents at End of Period	49.4	15.0	13.4	7.5

Item	Q4'25
Profit Before Tax	5.8
Depreciation of Fixed Assets and Investment Property	23.9
Provision (Increase)/Reversal	14.9
FX Gain/Loss from Revaluation of Monetary Items	0.1
Gain/Loss from Investment Activities	-0.2
Interest Expense	13.5
Operating Profit Before Changes in Working Capital	58.0
Increase/(Decrease) in Receivables	40.4
Increase/(Decrease) in Inventory	-11.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.6
Increase/(Decrease) in Prepaid Expenses	1.5
Interest Paid	-14.0
Corporate Income Tax Paid	-4.3
Net Cash Flow from Operating Activities	68.7
Payments for Fixed Assets and Other Long-term Assets	-17.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8
Receipts from Loan Repayments and Sale of Debt Instruments	1.4
Dividends and Interest Income Received	0.1
Net Cash Flow from Investing Activities	-14.4
Proceeds from Borrowings	510.6
Repayment of Borrowings	-521.8
Repayment of Finance Leases	-8.9
Net Cash Flow from Financing Activities	-20.1
Net Cash Flow During the Period	34.2
Cash and Cash Equivalents at Beginning of Period	15.0
FX Difference from Revaluation	0.2
Cash and Cash Equivalents at End of Period	49.4

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L63

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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