MQN

Listed Company · UPCOM

Price

18,000

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 20.1%

P/B —

BVPS (Latest) —

ROA (TTM) 10.7%

What Is Changing

MQN no longer looks like a business simply rebounding from a weak base. Revenue posted +22.7% YoY, while net margin reached 7.99% with an additional +1.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 136bps to 7.99% in 2025.
Revenue growth accelerated to 22.7% in 2025, up 18.8pp versus the prior year.
Net Income reached a multi-period high at VND 58.5bn in 2025.

Metric	2025	2024	2023	2022
Revenue	732.1	596.6	573.9	375.4
Growth	+23%	+4%	+53%	—
Net Income	58.5	38.4	38.1	17.6
Net Margin	7.99%	6.43%	6.63%	4.68%

Financial Statements

Profitability

Net margin reached 7.99% while Revenue posted +22.7% YoY.

Balance Sheet

Inventory stood at 13.2bn, liabilities at 251.6bn, and equity at 313.1bn.

Cash Flow

Operating cash flow was 254.1bn in 2025, while investing cash flow was -177.1bn.

Financing cash flow: -64.2bn.

Item	2025	2024	2023	2022
Revenue	732.1	596.6	574.1	375.4
Revenue Deductions	—	0.0	0.2	0.0
Net Revenue	732.1	596.6	573.9	375.4
Cost of Goods Sold	607.0	487.8	483.9	312.1
Gross Profit	125.1	108.8	90.0	63.3
Financial Income	2.2	0.9	0.9	2.3
Financial Expenses	3.7	4.0	2.8	2.2
Interest Expense	3.0	3.9	2.7	2.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	47.5	54.5	38.1	39.4
Operating Profit	76.1	51.2	50.0	24.0
Other Income	0.4	0.2	0.0	0.3
Other Expenses	1.5	1.1	0.5	2.0
Other Profit	-1.1	-0.9	-0.5	-1.7
Profit Before Tax	74.9	50.3	49.6	22.2
Current Income Tax Expense	16.7	12.4	12.3	5.2
Deferred Income Tax Expense	-0.3	-0.4	-0.8	-0.5
Net Income	58.5	38.4	38.1	17.6
Non-controlling Interest	2.5	0.1	0.2	0.1
Profit Attributable to Parent	56.0	38.3	37.9	17.4
Earnings per Share	5,920.00	4,318.00	5,187.00	2,678.00
Diluted EPS	5,920.00	4,318.00	5,187.00	2,678.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	299.9	377.7	302.6	211.6
I. Cash and cash equivalents	71.7	59.0	10.7	21.9
1. Cash	57.4	21.0	10.7	21.9
2. Cash equivalents	14.3	38.0	0.0	0.0
II. Short-term financial investments	3.4	3.4	9.3	0.8
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	3.4	3.4	9.3	0.8
III. Short-term receivables	201.5	160.1	178.6	124.8
1. Short-term trade accounts receivable	97.8	118.0	151.3	100.9
2. Short-term prepayments to suppliers	17.9	14.1	8.4	8.7
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	86.0	5.2	5.2	0.0
6. Other short-term receivables	9.9	37.3	21.5	22.8
7. Provision for short-term doubtful debts (*)	-10.1	-14.4	-7.9	-7.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	13.2	143.0	94.7	58.2
1. Inventories	13.2	143.0	94.7	58.2
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	10.1	12.3	9.2	5.9
1. Short-term prepayments	4.1	2.6	4.1	1.9
2. Value added tax to be reclaimed	5.9	9.7	5.2	4.0
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)	264.9	149.5	156.9	125.5
I. Long-term receivables	—	0.0	2.6	2.7
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	—	0.0	2.6	2.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	187.5	117.7	132.2	96.6
1. Tangible fixed assets	187.5	117.7	132.2	96.6
- Cost	322.3	236.1	233.2	183.3
- Accumulated depreciation	-134.8	-118.4	-101.1	-86.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	10.0	0.0	0.0	0.0
- Cost	10.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	50.6	18.9	5.5	3.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	50.6	18.9	5.5	3.5
V. Long-term financial investments	—	0.0	0.0	0.0
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	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	16.7	13.0	16.7	22.8
1. Long-term prepayments	7.1	1.4	3.2	7.2
2. Deferred income tax assets	—	0.0	0.0	0.1
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	9.7	11.6	13.5	15.5
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	564.7	527.3	459.5	337.1
A. LIABILITIES (300=210+330)	251.6	258.4	223.8	138.1
I. Short -term liabilities	175.0	207.2	138.6	118.8
1. Short-term trade accounts payable	65.4	30.7	57.6	66.6
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	21.1	24.0	19.4	4.6
4. Payable to employees	22.4	23.6	22.5	16.8
5. Short-term acrrued expenses	0.8	8.7	2.5	2.0
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	—	0.0	0.0	0.0
9. Other short-term payables	27.0	6.9	3.0	1.4
10. Short-term borrowings and financial leases	31.5	111.2	30.9	26.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	6.6	2.0	2.7	1.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	76.6	51.1	85.2	19.3
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	76.6	50.8	84.5	17.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.3	0.7	1.6
12. Provision for long-term liabilities	—	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)	313.1	268.9	235.7	199.0
I. Owner's equity	282.4	238.2	205.0	168.3
1. Owner's capital	82.1	70.2	58.0	51.3
- Common stock with voting right	82.1	70.2	58.0	51.3
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	20.0	20.0	20.0	20.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	45.0	45.0	45.0	24.8
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	71.7	51.8	31.4	44.2
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	60.6	43.7	43.2	25.9
- Accumulated retained earning at the end of the previous period	3.9	5.4	8.3	8.4
- Undistributed earnings in this period	56.7	38.3	34.9	17.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.0	7.5	7.4	2.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	30.7	30.7	30.7	30.7
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	30.7	30.7	30.7	30.7
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	564.7	527.3	459.5	337.1

Item	2025	2024	2023	2022
Profit Before Tax	74.9	50.3	49.6	22.2
Depreciation of Fixed Assets and Investment Property	18.7	19.5	17.1	10.5
Provision (Increase)/Reversal	-4.3	6.5	0.2	7.5
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-0.9	-0.9	-0.4
Interest Expense	3.0	3.9	2.7	2.2
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	0.0
Operating Profit Before Changes in Working Capital	90.6	79.4	68.7	42.0
Increase/(Decrease) in Receivables	37.3	19.6	-41.4	-26.1
Increase/(Decrease) in Inventory	116.7	-48.3	-36.5	-46.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	34.1	-12.3	28.4	18.4
Increase/(Decrease) in Prepaid Expenses	-7.3	3.3	1.9	-0.1
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.4	-4.2	-3.0	-2.2
Corporate Income Tax Paid	-13.6	-11.0	-4.3	-0.0
Other Operating Receipts	0.0	0.1	0.0	0.0
Other Operating Payments	-3.4	-5.8	-4.9	-3.5
Net Cash Flow from Operating Activities	254.1	20.7	8.9	-18.2
Payments for Fixed Assets and Other Long-term Assets	-103.5	-26.0	-83.0	-18.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3	0.0	0.0	1.0
Loans and Purchases of Debt Instruments	-84.9	-3.0	-14.2	-5.1
Receipts from Loan Repayments and Sale of Debt Instruments	5.2	9.0	0.5	36.1
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	2.9	0.0	0.0	0.0
Dividends and Interest Income Received	1.9	0.9	0.3	2.7
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	-177.1	-19.2	-96.4	16.1
Proceeds from Equity Issuance and Capital Contributions	0.1	0.0	5.2	0.0
Share Repurchases	-5.2	0.0	0.0	0.0
Proceeds from Borrowings	75.1	114.2	116.2	55.2
Repayment of Borrowings	-133.0	-67.4	-45.0	-46.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-1.3	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	-64.2	46.7	76.4	9.1
Net Cash Flow During the Period	12.8	48.3	-11.2	6.9
Cash and Cash Equivalents at Beginning of Period	59.0	10.7	21.9	14.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	71.7	59.0	10.7	21.9

Item	Q4'25
Profit Before Tax	74.9
Depreciation of Fixed Assets and Investment Property	18.7
Provision (Increase)/Reversal	-4.3
Gain/Loss from Investment Activities	-1.7
Interest Expense	3.0
Operating Profit Before Changes in Working Capital	90.6
Increase/(Decrease) in Receivables	37.3
Increase/(Decrease) in Inventory	116.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	34.1
Increase/(Decrease) in Prepaid Expenses	-7.3
Interest Paid	-0.4
Corporate Income Tax Paid	-13.6
Other Operating Payments	-3.4
Net Cash Flow from Operating Activities	254.1
Payments for Fixed Assets and Other Long-term Assets	-103.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.3
Loans and Purchases of Debt Instruments	-84.9
Receipts from Loan Repayments and Sale of Debt Instruments	5.2
Proceeds from Investments in Other Entities	2.9
Dividends and Interest Income Received	1.9
Net Cash Flow from Investing Activities	-177.1
Proceeds from Borrowings	75.1
Repayment of Borrowings	-0.0
Dividends Paid	-1.3
Net Cash Flow from Financing Activities	-64.2
Net Cash Flow During the Period	12.8
Cash and Cash Equivalents at Beginning of Period	59.0
Cash and Cash Equivalents at End of Period	71.7

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MQN

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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