PEQ

Listed Company · UPCOM

Price

46,000

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 19.3%

P/B 2.2x

BVPS (Latest) 20,879

ROA (TTM) 7.4%

What Is Changing

PEQ has not yet shown a broad-based top-line recovery. Revenue posted -6.2% YoY, but net margin reached 1.61% with an additional +0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 19.9bn in 2025.
Revenue decreased 6.2% YoY to VND 1,238.6bn in 2025.

Metric	2025	2024	2023	2022
Revenue	1,238.6	1,320.3	1,093.5	1,161.6
Growth	-6%	+21%	-6%	—
Net Income	19.9	19.9	15.1	17.0
Net Margin	1.61%	1.51%	1.38%	1.46%

Financial Statements

Profitability

Net margin reached 1.61% while Revenue posted -6.2% YoY.

Balance Sheet

Inventory stood at 65.6bn, liabilities at 167.1bn, and equity at 104.8bn.

Cash Flow

Operating cash flow was 56.4bn in 2025, while investing cash flow was -5.7bn.

Financing cash flow: -29.3bn.

Item	2025	2024	2023	2022
Revenue	1,238.6	1,320.3	1,093.5	1,161.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,238.6	1,320.3	1,093.5	1,161.6
Cost of Goods Sold	1,071.6	1,158.4	968.2	1,050.3
Gross Profit	167.1	162.0	125.4	111.3
Financial Income	2.8	4.0	1.8	4.2
Financial Expenses	5.0	3.0	5.9	3.5
Interest Expense	1.2	1.8	2.7	2.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	140.1	140.5	100.7	89.5
General and Administrative Expenses	—	0.0	0.0	0.0
Operating Profit	24.8	22.5	20.6	22.4
Other Income	0.3	2.7	0.1	0.3
Other Expenses	0.1	0.3	1.7	1.2
Other Profit	0.2	2.4	-1.6	-0.9
Profit Before Tax	25.0	24.9	19.0	21.5
Current Income Tax Expense	5.0	5.0	3.9	4.5
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	19.9	19.9	15.1	17.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	19.9	19.9	15.1	17.0
Earnings per Share	3,961.00	4,006.00	3,050.00	3,419.00
Diluted EPS	4,013.69	4,006.16	3,049.97	3,418.94

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	200.8	190.1	148.5	113.8
I. Cash and cash equivalents	39.2	17.8	22.1	17.5
1. Cash	39.2	17.8	22.1	17.5
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	94.4	112.1	58.9	32.4
1. Short-term trade accounts receivable	67.0	88.7	40.0	24.1
2. Short-term prepayments to suppliers	23.5	21.4	15.3	5.6
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	4.5	2.4	4.0	3.3
7. Provision for short-term doubtful debts (*)	-0.6	-0.4	-0.4	-0.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	65.6	59.9	67.3	63.5
1. Inventories	69.5	63.3	70.7	66.9
2. Provision for decline in value of inventories	-3.9	-3.4	-3.4	-3.3
V. Other short-term assets	1.6	0.3	0.2	0.4
1. Short-term prepayments	1.5	0.3	0.2	0.3
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.1
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)	71.0	73.2	66.9	66.6
I. Long-term receivables	—	0.0	0.0	0.0
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	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	68.9	70.8	62.0	62.3
1. Tangible fixed assets	67.0	68.9	60.1	60.3
- Cost	117.6	111.9	97.4	94.4
- Accumulated depreciation	-50.6	-43.0	-37.3	-34.1
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	1.9	1.9	1.9	2.0
- Cost	3.1	3.1	3.1	3.3
- Accumulated depreciation	-1.2	-1.2	-1.2	-1.3
III. Investment properties	1.8	2.2	2.0	1.8
- Cost	8.3	8.3	8.1	7.6
- Accumulated depreciation	-6.5	-6.1	-6.1	-5.7
IV. Long-term assets in progress	—	0.1	2.4	0.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.1	2.4	0.9
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	0.3	0.1	0.5	1.5
1. Long-term prepayments	0.3	0.1	0.5	1.5
2. Deferred income tax assets	—	0.0	0.0	0.0
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)	271.9	263.3	215.4	180.4
A. LIABILITIES (300=210+330)	167.1	162.0	121.8	88.2
I. Short -term liabilities	166.7	161.5	121.4	87.8
1. Short-term trade accounts payable	103.0	106.5	74.7	41.3
2. Short-term advances from customers	24.5	7.4	12.4	7.6
3. Taxes and other payables to state authorities	5.7	7.4	5.0	1.7
4. Payable to employees	7.4	8.9	4.4	5.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0
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	—	1.4	1.0	0.0
9. Other short-term payables	16.8	4.2	3.6	4.1
10. Short-term borrowings and financial leases	—	17.0	16.0	26.4
11. Provision for short-term liabilities	7.0	6.7	1.2	0.0
12.. Bonus and welfare fund	2.3	2.0	3.1	1.7
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.4	0.4	0.4	0.4
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	0.4	0.4	0.4	0.4
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
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	—	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)	104.8	101.3	93.6	92.2
I. Owner's equity	104.8	101.3	93.6	92.2
1. Owner's capital	49.7	49.7	49.7	49.7
- Common stock with voting right	49.7	49.7	49.7	49.7
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	2.9	2.9	2.9	2.9
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	2.5	2.5	2.5	2.5
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	30.1	26.6	23.6	20.4
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	19.7	19.7	15.0	16.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	19.7	19.7	15.0	16.8
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	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	271.9	263.3	215.4	180.4

Item	2025	2024	2023	2022
Profit Before Tax	25.0	24.9	19.0	21.5
Depreciation of Fixed Assets and Investment Property	8.1	7.3	7.3	6.6
Provision (Increase)/Reversal	0.7	-0.1	-0.1	-1.2
FX Gain/Loss from Revaluation of Monetary Items	-2.2	-1.2	2.9	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0
Interest Expense	1.2	1.8	2.7	2.0
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	32.8	32.7	32.0	28.9
Increase/(Decrease) in Receivables	17.3	-53.4	-26.4	10.2
Increase/(Decrease) in Inventory	-6.2	7.4	-3.8	-5.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	23.6	41.9	38.9	-22.6
Increase/(Decrease) in Prepaid Expenses	-1.5	0.4	1.1	-1.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.2	-1.8	-2.7	-2.0
Corporate Income Tax Paid	-5.0	-5.7	-3.5	-5.3
Other Operating Receipts	—	0.1	0.0	0.7
Other Operating Payments	-3.4	-3.1	-2.2	-1.8
Net Cash Flow from Operating Activities	56.4	18.4	33.2	0.8
Payments for Fixed Assets and Other Long-term Assets	-5.7	-14.0	-8.6	-7.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	0.1	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
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	-5.7	-13.7	-8.5	-6.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	117.2	153.2	107.4	115.1
Repayment of Borrowings	-134.2	-152.2	-117.8	-109.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-12.3	-10.0	-9.8	-9.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-29.3	-9.0	-20.2	-4.5
Net Cash Flow During the Period	21.4	-4.3	4.6	-10.6
Cash and Cash Equivalents at Beginning of Period	17.8	22.1	17.5	28.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.2	17.8	22.1	17.5

Item	Q1'25
Revenue	216.7
Net Revenue	216.7
Cost of Goods Sold	197.7
Gross Profit	19.0
Financial Income	0.0
Financial Expenses	0.3
Interest Expense	0.3
Selling Expenses	15.7
Operating Profit	3.0
Other Income	0.0
Other Expenses	0.0
Other Profit	0.0
Profit Before Tax	3.0
Current Income Tax Expense	0.6
Net Income	2.4
Profit Attributable to Parent	2.4
Earnings per Share	484.96

Item	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	142.6
I. Cash and cash equivalents	17.9
1. Cash	17.9
III. Short-term receivables	41.7
1. Short-term trade accounts receivable	26.9
2. Short-term prepayments to suppliers	10.6
6. Other short-term receivables	4.5
7. Provision for short-term doubtful debts (*)	-0.3
IV. Inventories	79.4
1. Inventories	82.8
2. Provision for decline in value of inventories	-3.4
V. Other short-term assets	3.5
1. Short-term prepayments	0.8
2. Value added tax to be reclaimed	2.2
3. Taxes and other receivables from state authorities	0.5
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	71.1
II. Fixed assets	68.9
1. Tangible fixed assets	67.1
3. Intangible fixed assets	1.9
III. Investment properties	2.1
VI. Other long-term assets	0.1
1. Long-term prepayments	0.1
TOTAL ASSETS (280=100+200)	213.7
A. LIABILITIES (300=210+330)	110.1
I. Short -term liabilities	109.6
1. Short-term trade accounts payable	63.1
2. Short-term advances from customers	14.0
3. Taxes and other payables to state authorities	0.6
4. Payable to employees	3.0
8. Short-term unearned revenue	1.3
9. Other short-term payables	4.5
10. Short-term borrowings and financial leases	16.0
11. Provision for short-term liabilities	6.7
12.. Bonus and welfare fund	0.4
II. Long-term liabilities	0.4
7. Other long-term liabilities	0.4
B. OWNER'S EQUITY (400=410+430)	103.7
I. Owner's equity	103.7
1. Owner's capital	49.7
- Common stock with voting right	49.7
2. Share premium	2.9
4. Other capital of owners	2.5
8. Investment and development fund	26.6
11. Undistributed earnings after tax	22.1
- Accumulated retained earning at the end of the previous period	19.7
- Undistributed earnings in this period	2.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	213.7

Item	Q4'25	Q1'25
Profit Before Tax	22.0	3.0
Depreciation of Fixed Assets and Investment Property	6.1	2.1
Provision (Increase)/Reversal	0.8	-0.1
FX Gain/Loss from Revaluation of Monetary Items	-2.2	—
Gain/Loss from Investment Activities	-0.0	-0.0
Interest Expense	0.9	0.3
Operating Profit Before Changes in Working Capital	27.6	5.2
Increase/(Decrease) in Receivables	-50.4	67.8
Increase/(Decrease) in Inventory	13.3	-19.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.5	-48.8
Increase/(Decrease) in Prepaid Expenses	-0.9	-0.6
Interest Paid	-0.9	-0.3
Corporate Income Tax Paid	-4.0	-1.0
Other Operating Payments	-1.8	-1.6
Net Cash Flow from Operating Activities	55.3	1.1
Payments for Fixed Assets and Other Long-term Assets	-5.7	—
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	—
Dividends and Interest Income Received	0.0	0.0
Net Cash Flow from Investing Activities	-5.7	0.0
Proceeds from Borrowings	87.2	30.0
Repayment of Borrowings	-103.2	-31.0
Dividends Paid	-12.3	—
Net Cash Flow from Financing Activities	-28.3	-1.0
Net Cash Flow During the Period	21.3	0.1
Cash and Cash Equivalents at Beginning of Period	17.8	17.8
Cash and Cash Equivalents at End of Period	39.2	17.9

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PEQ

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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