PTM

Listed Company · UPCOM

Price

16,000

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) —

P/B 1.1x

BVPS (Latest) 14,701

ROA (TTM) —

What Is Changing

PTM is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income increased 483.0% QoQ to VND 2.1bn in 2025Q4.

Metric	2025
Revenue	1,304.0
Growth	—
Net Income	35.9
Net Margin	2.75%

Financial Statements

Profitability

Net margin reached 2.75% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 297.8bn, liabilities at 198.5bn, and equity at 470.4bn.

Cash Flow

Operating cash flow was -152.1bn in 2025, while investing cash flow was -66.3bn.

Financing cash flow: 84.2bn.

Item	2025
Revenue	1,304.0
Net Revenue	1,304.0
Cost of Goods Sold	1,137.3
Gross Profit	166.7
Financial Income	0.6
Financial Expenses	8.7
Interest Expense	8.7
Selling Expenses	94.2
General and Administrative Expenses	65.8
Operating Profit	-1.4
Other Income	47.1
Other Expenses	0.4
Other Profit	46.7
Profit Before Tax	45.3
Current Income Tax Expense	9.4
Net Income	35.9
Non-controlling Interest	0.0
Profit Attributable to Parent	35.9
Earnings per Share	1,122.00
Diluted EPS	1,122.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	425.8
I. Cash and cash equivalents	23.2
1. Cash	23.2
II. Short-term financial investments	2.5
3. Held to maturity investments	2.5
III. Short-term receivables	83.0
1. Short-term trade accounts receivable	63.2
2. Short-term prepayments to suppliers	5.8
6. Other short-term receivables	14.4
7. Provision for short-term doubtful debts (*)	-0.3
IV. Inventories	297.8
1. Inventories	299.2
2. Provision for decline in value of inventories	-1.4
V. Other short-term assets	19.3
1. Short-term prepayments	4.1
2. Value added tax to be reclaimed	15.2
3. Taxes and other receivables from state authorities	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	243.1
I. Long-term receivables	2.5
6. Other long-term receivables	2.5
II. Fixed assets	137.1
1. Tangible fixed assets	110.6
- Cost	159.6
- Accumulated depreciation	-48.9
3. Intangible fixed assets	26.5
- Cost	26.5
- Accumulated depreciation	-0.1
IV. Long-term assets in progress	30.4
2. Construction in progress	30.4
VI. Other long-term assets	73.0
1. Long-term prepayments	14.7
5. Goodwill	58.4
TOTAL ASSETS (280=100+200)	668.9
A. LIABILITIES (300=210+330)	198.5
I. Short -term liabilities	198.5
1. Short-term trade accounts payable	31.1
2. Short-term advances from customers	6.8
3. Taxes and other payables to state authorities	10.7
4. Payable to employees	5.8
5. Short-term acrrued expenses	1.0
9. Other short-term payables	0.9
10. Short-term borrowings and financial leases	142.2
B. OWNER'S EQUITY (400=410+430)	470.4
I. Owner's equity	470.4
1. Owner's capital	320.0
- Common stock with voting right	320.0
2. Share premium	0.0
8. Investment and development fund	0.1
11. Undistributed earnings after tax	150.2
- Accumulated retained earning at the end of the previous period	114.3
- Undistributed earnings in this period	35.9
13. Minority's interest	0.1
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	668.9

Item	2025
Profit Before Tax	45.3
Depreciation of Fixed Assets and Investment Property	23.7
Gain/Loss from Investment Activities	-5.0
Interest Expense	8.7
Operating Profit Before Changes in Working Capital	72.8
Increase/(Decrease) in Receivables	42.9
Increase/(Decrease) in Inventory	-169.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.2
Increase/(Decrease) in Prepaid Expenses	-54.0
Interest Paid	-8.7
Corporate Income Tax Paid	-32.3
Net Cash Flow from Operating Activities	-152.1
Payments for Fixed Assets and Other Long-term Assets	-136.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	72.1
Loans and Purchases of Debt Instruments	-2.5
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-66.3
Proceeds from Borrowings	755.7
Repayment of Borrowings	-639.5
Dividends Paid	-32.0
Net Cash Flow from Financing Activities	84.2
Net Cash Flow During the Period	-134.2
Cash and Cash Equivalents at Beginning of Period	157.4
Cash and Cash Equivalents at End of Period	23.2

Item	Q4'25	Q3'25	Q2'25
Revenue	315.9	300.3	391.1
Net Revenue	315.9	300.3	391.1
Cost of Goods Sold	291.6	265.2	332.5
Gross Profit	24.3	35.1	58.6
Financial Income	0.0	0.0	0.0
Financial Expenses	2.4	2.8	3.0
Interest Expense	2.4	2.8	3.0
Selling Expenses	21.2	26.1	24.7
General and Administrative Expenses	16.6	17.7	16.8
Operating Profit	-15.8	-11.4	14.1
Other Income	18.8	12.0	9.6
Other Expenses	0.3	0.0	0.0
Other Profit	18.5	12.0	9.6
Profit Before Tax	2.7	0.5	23.7
Current Income Tax Expense	0.6	0.2	4.8
Net Income	2.1	0.4	18.9
Non-controlling Interest	0.0	—	—
Profit Attributable to Parent	2.1	0.4	18.9
Earnings per Share	66.00	11.00	591.00
Diluted EPS	66.00	11.00	591.00

Item	Q4'25	Q3'25	Q2'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	425.8	599.8	641.5
I. Cash and cash equivalents	23.2	56.7	46.1
1. Cash	23.2	54.7	46.1
2. Cash equivalents	—	2.0	—
II. Short-term financial investments	2.5	—	—
3. Held to maturity investments	2.5	—	—
III. Short-term receivables	83.0	158.7	164.7
1. Short-term trade accounts receivable	63.2	69.2	73.3
2. Short-term prepayments to suppliers	5.8	68.1	63.5
6. Other short-term receivables	14.4	21.8	28.2
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3
IV. Inventories	297.8	354.0	393.9
1. Inventories	299.2	355.4	395.3
2. Provision for decline in value of inventories	-1.4	-1.4	-1.4
V. Other short-term assets	19.3	30.4	36.7
1. Short-term prepayments	4.1	6.0	7.1
2. Value added tax to be reclaimed	15.2	24.4	29.6
3. Taxes and other receivables from state authorities	0.0	—	—
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	243.1	155.0	153.6
I. Long-term receivables	2.5	2.6	2.5
6. Other long-term receivables	2.5	2.6	2.5
II. Fixed assets	137.1	136.0	134.1
1. Tangible fixed assets	110.6	136.0	134.1
3. Intangible fixed assets	26.5	0.0	0.0
IV. Long-term assets in progress	30.4	—	—
2. Construction in progress	30.4	—	—
VI. Other long-term assets	73.0	16.5	17.0
1. Long-term prepayments	14.7	16.5	17.0
5. Goodwill	58.4	—	—
TOTAL ASSETS (280=100+200)	668.9	754.8	795.1
A. LIABILITIES (300=210+330)	198.5	286.6	327.2
I. Short -term liabilities	198.5	286.6	327.2
1. Short-term trade accounts payable	31.1	77.0	39.9
2. Short-term advances from customers	6.8	6.8	7.6
3. Taxes and other payables to state authorities	10.7	9.7	9.8
4. Payable to employees	5.8	9.2	8.6
5. Short-term acrrued expenses	1.0	1.2	0.8
9. Other short-term payables	0.9	2.3	1.2
10. Short-term borrowings and financial leases	142.2	180.5	259.4
B. OWNER'S EQUITY (400=410+430)	470.4	468.2	467.9
I. Owner's equity	470.4	468.2	467.9
1. Owner's capital	320.0	320.0	320.0
- Common stock with voting right	320.0	320.0	320.0
2. Share premium	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1
11. Undistributed earnings after tax	150.2	148.1	147.7
- Accumulated retained earning at the end of the previous period	114.3	114.3	114.3
- Undistributed earnings in this period	35.9	33.8	33.4
13. Minority's interest	0.1	—	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	668.9	754.8	795.1

Item	Q4'25	Q3'25	Q2'25
Profit Before Tax	2.7	0.5	42.0
Depreciation of Fixed Assets and Investment Property	6.6	6.2	10.9
Gain/Loss from Investment Activities	-2.2	-0.3	-2.5
Interest Expense	2.4	2.8	3.6
Operating Profit Before Changes in Working Capital	9.4	9.3	54.1
Increase/(Decrease) in Receivables	84.5	11.2	-52.8
Increase/(Decrease) in Inventory	56.3	39.9	-265.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.3	38.0	8.1
Increase/(Decrease) in Prepaid Expenses	-54.9	1.6	-0.6
Interest Paid	-2.4	-2.8	-3.6
Corporate Income Tax Paid	0.0	0.0	-32.3
Net Cash Flow from Operating Activities	43.7	97.1	-292.9
Payments for Fixed Assets and Other Long-term Assets	-68.9	-13.7	-53.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	32.7	5.9	33.5
Loans and Purchases of Debt Instruments	-2.5	—	—
Dividends and Interest Income Received	0.0	0.0	0.5
Net Cash Flow from Investing Activities	-38.7	-7.8	-19.8
Proceeds from Borrowings	182.9	139.5	433.3
Repayment of Borrowings	-221.2	-218.3	-200.0
Dividends Paid	0.0	0.0	-32.0
Net Cash Flow from Financing Activities	-38.4	-78.8	201.4
Net Cash Flow During the Period	-33.4	10.5	-111.3
Cash and Cash Equivalents at Beginning of Period	56.7	46.1	157.4
Cash and Cash Equivalents at End of Period	23.2	56.7	46.1

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PTM

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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