PTM

Sản xuất Thương mại và Dịch vụ Ô tô PTM ·UPCOM ·2026Q1

Price

10,000

Latest close

27 May 2026

P/E 14.77x

P/B 0.68x

EPS 677

BVPS 14,712

ROE —

ROA —

Profit Margin —

Asset Turnover —

Equity Mult. —

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

Metric	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	184.9	315.9	300.3	391.1
Growth	-41%	+5%	-23%	—
Net Income	0.4	2.1	0.4	18.9
Net Margin	0.20%	0.67%	0.12%	4.83%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 2.75% —

Gross Margin 11.72% —

SG&A / Revenue 12.77% —

Watchpoints

Other income is supporting margin

Margin support from other income remains high (180.9% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin -1.48% —

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.42x equity, net debt at 0.16x equity.

Inventory ended the period at 297.8bn, roughly 44.5% of total assets.

Over the last 12 months, working capital absorbed 94.3bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +6.7bn

Inventories increased → lower CFO: −146.6bn

Payables increased → higher CFO: +45.5bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 253.8bn due to capex of 138.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.16x and interest coverage only at -2.25x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 19.2% of debt, and total debt stands at 95.4bn.

Watchpoints

Interest coverage is thin

Interest coverage is -2.25x, leaving limited room to absorb financing costs.

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 0.16x —

Interest Coverage -2.25x —

Cash / Debt 19.2% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -5.32x —

TTM YoY · Prior -> 2026Q1

Cash Flow

Operating cash flow reached -152.1bn in 2025, against investing cash flow of -66.3bn.

Post-investment cash flow was negative +218.4bn. Financing cash flow was positive +84.2bn.

CFO / net income was -5.32x.

After spending +138.0bn on fixed-asset investment, the business generated trailing free cash flow of −253.8bn.

Cash Conversion

CFO TTM 115.8bn —

Cash Capex 138.0bn —

FCF TTM −253.8bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is -35.9%. The main risk still sits in leverage and liquidity, with interest coverage at -2.25x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -35.9% of PBT and CFO / net income currently at -5.32x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -2.25x.

Statement Data

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	320,000,000,000.00
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	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	184.9	315.9	300.3	391.1
Net Revenue	184.9	315.9	300.3	391.1
Cost of Goods Sold	163.2	291.6	265.2	332.5
Gross Profit	21.7	24.3	35.1	58.6
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	1.9	2.4	2.8	3.0
Interest Expense	1.9	2.4	2.8	3.0
Selling Expenses	15.9	21.2	26.1	24.7
General and Administrative Expenses	13.3	16.6	17.7	16.8
Operating Profit	-9.5	-15.8	-11.4	14.1
Other Income	10.4	18.8	12.0	9.6
Other Expenses	0.0	0.3	0.0	0.0
Other Profit	10.4	18.5	12.0	9.6
Profit Before Tax	0.9	2.7	0.5	23.7
Current Income Tax Expense	0.6	0.6	0.2	4.8
Net Income	0.4	2.1	0.4	18.9
Non-controlling Interest	0.0	0.0	—	—
Profit Attributable to Parent	0.4	2.1	0.4	18.9
Earnings per Share	9.00	66.00	11.00	591.00
Diluted EPS	9.00	66.00	11.00	591.00

Item	Q1'26	Q4'25	Q3'25	Q2'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	433.9	425.8	599.8	641.5
I. Cash and cash equivalents	18.3	23.2	56.7	46.1
1. Cash	18.3	23.2	54.7	46.1
2. Cash equivalents	—	—	2.0	—
II. Short-term financial investments	3.3	2.5	—	—
3. Held to maturity investments	3.3	2.5	—	—
III. Short-term receivables	119.3	83.0	158.7	164.7
1. Short-term trade accounts receivable	47.7	63.2	69.2	73.3
2. Short-term prepayments to suppliers	6.1	5.8	68.1	63.5
6. Other short-term receivables	65.8	14.4	21.8	28.2
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.3	-0.3
IV. Inventories	274.8	297.8	354.0	393.9
1. Inventories	276.2	299.2	355.4	395.3
2. Provision for decline in value of inventories	-1.4	-1.4	-1.4	-1.4
V. Other short-term assets	18.1	19.3	30.4	36.7
1. Short-term prepayments	3.5	4.1	6.0	7.1
2. Value added tax to be reclaimed	14.6	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)	227.7	243.1	155.0	153.6
I. Long-term receivables	2.6	2.5	2.6	2.5
6. Other long-term receivables	2.6	2.5	2.6	2.5
II. Fixed assets	121.1	137.1	136.0	134.1
1. Tangible fixed assets	94.6	110.6	136.0	134.1
- Cost	145.4	—	—	—
- Accumulated depreciation	-50.8	—	—	—
3. Intangible fixed assets	26.5	26.5	0.0	0.0
- Cost	26.5	—	—	—
- Accumulated depreciation	-0.1	—	—	—
IV. Long-term assets in progress	30.4	30.4	—	—
2. Construction in progress	30.4	30.4	—	—
VI. Other long-term assets	73.6	73.0	16.5	17.0
1. Long-term prepayments	16.7	14.7	16.5	17.0
5. Goodwill	56.9	58.4	—	—
TOTAL ASSETS (280=100+200)	661.5	668.9	754.8	795.1
A. LIABILITIES (300=210+330)	190.7	198.5	286.6	327.2
I. Short -term liabilities	190.7	198.5	286.6	327.2
1. Short-term trade accounts payable	82.0	31.1	77.0	39.9
2. Short-term advances from customers	5.9	6.8	6.8	7.6
3. Dividends and profits payable	0.0	—	—	—
3. Taxes and other payables to state authorities	2.1	10.7	9.7	9.8
4. Payable to employees	2.5	5.8	9.2	8.6
5. Short-term acrrued expenses	1.7	1.0	1.2	0.8
9. Other short-term payables	1.1	0.9	2.3	1.2
10. Short-term borrowings and financial leases	95.4	142.2	180.5	259.4
B. OWNER'S EQUITY (400=410+430)	470.8	470.4	468.2	467.9
I. Owner's equity	470.8	470.4	468.2	467.9
1. Owner's capital	320.0	320.0	320.0	320.0
- Common stock with voting right	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00	320,000,000,000.00
2. Share premium	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1
11. Undistributed earnings after tax	150.6	150.2	148.1	147.7
- Accumulated retained earning at the end of the previous period	150.2	114.3	114.3	114.3
- Undistributed earnings in this period	0.4	35.9	33.8	33.4
13. Minority's interest	0.1	0.1	—	—
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	661.5	668.9	754.8	795.1

Item	Q1'26	Q4'25	Q3'25	Q2'25
Profit Before Tax	0.9	2.7	0.5	42.0
Depreciation of Fixed Assets and Investment Property	4.6	6.6	6.2	10.9
Gain/Loss from Investment Activities	-0.5	-2.2	-0.3	-2.5
Interest Expense	1.9	2.4	2.8	3.6
Operating Profit Before Changes in Working Capital	6.9	9.4	9.3	54.1
Increase/(Decrease) in Receivables	-36.2	84.5	11.2	-52.8
Increase/(Decrease) in Inventory	23.0	56.3	39.9	-265.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	48.7	-49.3	38.0	8.1
Increase/(Decrease) in Prepaid Expenses	5.0	-54.9	1.6	-0.6
Interest Paid	-1.9	-2.4	-2.8	-3.6
Corporate Income Tax Paid	-9.3	0.0	0.0	-32.3
Net Cash Flow from Operating Activities	36.2	43.7	97.1	-292.9
Payments for Fixed Assets and Other Long-term Assets	-1.5	-68.9	-13.7	-53.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	7.9	32.7	5.9	33.5
Loans and Purchases of Debt Instruments	-0.8	-2.5	—	—
Dividends and Interest Income Received	0.0	0.0	0.0	0.5
Net Cash Flow from Investing Activities	5.6	-38.7	-7.8	-19.8
Proceeds from Borrowings	58.9	182.9	139.5	433.3
Repayment of Borrowings	-105.7	-221.2	-218.3	-200.0
Dividends Paid	—	0.0	0.0	-32.0
Net Cash Flow from Financing Activities	-46.8	-38.4	-78.8	201.4
Net Cash Flow During the Period	-4.9	-33.4	10.5	-111.3
Cash and Cash Equivalents at Beginning of Period	23.2	56.7	46.1	157.4
Cash and Cash Equivalents at End of Period	18.3	23.2	56.7	46.1

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PTM

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow