PTO

Listed Company · UPCOM

Price

19,100

Latest close

19 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 4.4%

P/B —

BVPS (Latest) —

ROA (TTM) 2.3%

What Is Changing

PTO no longer looks like a business simply rebounding from a weak base. Revenue posted +29.7% YoY, while net margin reached 1.52% with an additional -2.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -45.9% in 2025 from 1533.2% in the prior period, at VND 0.8bn.
Revenue increased 29.7% YoY to VND 53.4bn in 2025.
Net margin declined from 3.64% in the prior period to 1.52% in 2025.

Metric	2025	2024	2023	2022
Revenue	53.4	41.2	28.4	38.2
Growth	+30%	+45%	-26%	—
Net Income	0.8	1.5	0.1	1.1
Net Margin	1.52%	3.64%	0.32%	2.87%

Financial Statements

Profitability

Net margin reached 1.52% while Revenue posted +29.7% YoY.

Balance Sheet

Inventory stood at 2.4bn, liabilities at 18.9bn, and equity at 18.4bn.

Cash Flow

Operating cash flow was -0.6bn in 2025, while investing cash flow was 0.6bn.

Financing cash flow: -0.6bn.

Item	2025	2024	2023	2022
Revenue	53.4	41.2	28.4	38.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	53.4	41.2	28.4	38.2
Cost of Goods Sold	47.0	33.4	22.6	31.3
Gross Profit	6.4	7.8	5.7	6.9
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	5.3	5.9	5.4	5.2
Operating Profit	1.1	2.0	0.3	1.8
Other Income	—	0.0	0.0	0.2
Other Expenses	0.0	0.0	0.2	0.4
Other Profit	-0.0	-0.0	-0.2	-0.2
Profit Before Tax	1.1	2.0	0.2	1.5
Current Income Tax Expense	0.3	0.4	0.1	0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	0.8	1.5	0.1	1.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	0.8	1.5	0.1	1.1
Earnings per Share	676.00	1,250.00	77.00	915.00
Diluted EPS	676.00	1,250.00	77.00	915.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	36.6	32.1	24.7	31.0
I. Cash and cash equivalents	2.1	2.6	3.8	3.4
1. Cash	2.1	2.6	2.3	3.4
2. Cash equivalents	—	0.0	1.5	0.0
II. Short-term financial investments	—	0.6	0.8	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	—	0.6	0.8	0.0
III. Short-term receivables	32.1	26.1	17.1	24.7
1. Short-term trade accounts receivable	25.5	19.7	12.0	21.4
2. Short-term prepayments to suppliers	1.7	0.9	0.0	0.1
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	5.2	6.0	5.4	3.6
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	2.4	2.6	2.6	2.7
1. Inventories	3.3	3.3	3.3	3.1
2. Provision for decline in value of inventories	-0.8	-0.7	-0.7	-0.5
V. Other short-term assets	0.0	0.1	0.5	0.2
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.5	0.2
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)	0.6	0.7	0.9	1.0
I. Long-term receivables	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.3	0.4	0.6	0.7
1. Tangible fixed assets	0.3	0.4	0.6	0.7
- Cost	10.5	10.5	10.5	10.5
- Accumulated depreciation	-10.3	-10.1	-10.0	-9.8
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	0.3	0.3	0.3	0.3
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3
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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
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	0.2	0.2	0.2
1. Long-term prepayments	0.3	0.2	0.2	0.2
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)	37.3	32.8	25.6	32.0
A. LIABILITIES (300=210+330)	18.9	14.2	8.4	13.7
I. Short -term liabilities	17.7	13.0	7.2	12.7
1. Short-term trade accounts payable	12.9	8.7	4.7	8.7
2. Short-term advances from customers	0.9	0.3	0.2	0.0
3. Taxes and other payables to state authorities	0.8	0.8	0.4	1.5
4. Payable to employees	1.7	2.1	0.6	1.0
5. Short-term acrrued expenses	0.2	0.1	0.1	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	—	0.0	0.0	0.0
9. Other short-term payables	0.9	0.8	0.9	0.9
10. Short-term borrowings and financial leases	—	0.0	0.0	0.5
11. Provision for short-term liabilities	—	0.1	0.0	0.0
12.. Bonus and welfare fund	0.3	0.1	0.2	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	1.2	1.2	1.2	1.1
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	1.2	1.2	1.2	1.1
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)	18.4	18.6	17.2	18.2
I. Owner's equity	18.4	18.6	17.2	18.2
1. Owner's capital	12.0	12.0	12.0	12.0
- Common stock with voting right	12.0	12.0	12.0	12.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	3.2	3.2	3.2	3.2
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	2.0	2.0	2.0	1.9
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	0.0
11. Undistributed earnings after tax	1.1	1.4	-0.0	1.1
- Accumulated retained earning at the end of the previous period	0.3	-0.1	-0.1	-0.0
- Undistributed earnings in this period	0.8	1.5	0.1	1.1
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)	37.3	32.8	25.6	32.0

Item	2025	2024	2023	2022
Profit Before Tax	1.1	2.0	0.2	1.5
Depreciation of Fixed Assets and Investment Property	0.1	0.2	0.2	0.2
Provision (Increase)/Reversal	0.1	0.1	0.3	-0.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	-0.0
Interest Expense	—	0.0	0.0	0.0
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	1.3	2.2	0.6	0.9
Increase/(Decrease) in Receivables	-5.9	-8.7	7.3	-0.7
Increase/(Decrease) in Inventory	0.1	-0.0	-0.2	1.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7	5.6	-4.8	-0.3
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.0	-0.1	-0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	-0.0	0.0
Corporate Income Tax Paid	-0.4	-0.1	-0.4	-0.3
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.2	-0.2
Net Cash Flow from Operating Activities	-0.6	-1.3	2.3	0.8
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1.5	-1.3	-2.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.1	1.5	1.3	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	0.6	0.3	-0.8	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.5
Repayment of Borrowings	—	0.0	-0.5	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.6	-0.1	-0.6	-0.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.6	-0.1	-1.1	-0.1
Net Cash Flow During the Period	-0.5	-1.1	0.4	0.7
Cash and Cash Equivalents at Beginning of Period	2.6	3.8	3.4	2.7
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.1	2.6	3.8	3.4

Item	Q4'25
Profit Before Tax	1.1
Depreciation of Fixed Assets and Investment Property	0.1
Provision (Increase)/Reversal	0.1
Gain/Loss from Investment Activities	-0.0
Operating Profit Before Changes in Working Capital	1.3
Increase/(Decrease) in Receivables	-5.9
Increase/(Decrease) in Inventory	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.7
Increase/(Decrease) in Prepaid Expenses	-0.1
Corporate Income Tax Paid	-0.4
Other Operating Payments	-0.2
Net Cash Flow from Operating Activities	-0.6
Loans and Purchases of Debt Instruments	-1.5
Receipts from Loan Repayments and Sale of Debt Instruments	2.1
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	0.6
Dividends Paid	-0.6
Net Cash Flow from Financing Activities	-0.6
Net Cash Flow During the Period	-0.5
Cash and Cash Equivalents at Beginning of Period	2.6
Cash and Cash Equivalents at End of Period	2.1

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PTO

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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