RAT

Listed Company · UPCOM

Price

20,400

Latest close

01 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 9.9%

P/B —

BVPS (Latest) —

ROA (TTM) 1.7%

What Is Changing

RAT no longer looks like a business simply rebounding from a weak base. Revenue posted +23.4% YoY, while net margin reached 0.81% 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 Margin expanded consistently from -1.44% in 2023 to 0.81% in 2025.
Net Income recovered 42.0% to VND 7.9bn in 2025.
Revenue increased 23.3% YoY to VND 971.4bn in 2025.

Metric	2025	2024	2023	2022
Revenue	971.4	787.6	562.1	727.2
Growth	+23%	+40%	-23%	—
Net Income	7.9	5.5	-8.1	11.8
Net Margin	0.81%	0.70%	-1.44%	1.62%

Financial Statements

Profitability

Net margin reached 0.81% while Revenue posted +23.4% YoY.

Balance Sheet

Inventory stood at 7.7bn, liabilities at 386.7bn, and equity at 80.9bn.

Cash Flow

Operating cash flow was 56.1bn in 2025, while investing cash flow was -31.0bn.

Financing cash flow: -15.9bn.

Item	2025	2024	2023	2022
Revenue	971.4	787.6	562.1	727.2
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	971.4	787.6	562.1	727.2
Cost of Goods Sold	891.2	718.3	520.3	670.0
Gross Profit	80.3	69.3	41.8	57.3
Financial Income	7.0	2.9	3.8	1.4
Financial Expenses	21.7	19.1	18.4	14.1
Interest Expense	19.9	17.0	17.3	12.1
Share of Associates and Joint Ventures	0.3	-2.3	-2.3	1.4
Selling Expenses	15.9	11.8	11.6	9.1
General and Administrative Expenses	38.2	29.2	26.2	23.1
Operating Profit	11.9	9.8	-12.9	13.7
Other Income	1.7	0.7	6.7	1.7
Other Expenses	2.3	1.5	1.1	0.9
Other Profit	-0.5	-0.7	5.6	0.9
Profit Before Tax	11.3	9.1	-7.3	14.6
Current Income Tax Expense	3.5	3.1	0.8	2.8
Deferred Income Tax Expense	-0.0	0.5	0.0	0.0
Net Income	7.9	5.5	-8.1	11.8
Non-controlling Interest	1.7	1.1	1.0	0.7
Profit Attributable to Parent	6.2	4.4	-9.1	11.1
Earnings per Share	1,043.00	740.00	-1,541.00	1,521.00
Diluted EPS	1,043.00	740.00	-1,541.00	1,521.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.5	217.9	156.0	190.0
I. Cash and cash equivalents	37.0	27.4	9.7	43.6
1. Cash	37.0	27.4	9.7	43.6
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	11.8	10.4	9.5	3.2
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	11.8	10.4	9.5	3.2
III. Short-term receivables	161.2	161.2	115.1	126.1
1. Short-term trade accounts receivable	142.5	151.2	104.3	97.3
2. Short-term prepayments to suppliers	11.2	3.0	4.7	18.1
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	9.8	8.9	7.8	11.8
7. Provision for short-term doubtful debts (*)	-2.3	-2.0	-1.7	-1.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	7.7	5.8	5.5	2.0
1. Inventories	7.7	5.8	5.5	2.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	16.9	13.1	16.2	15.2
1. Short-term prepayments	1.1	0.9	1.1	0.5
2. Value added tax to be reclaimed	15.8	12.1	15.0	14.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	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)	233.1	225.0	230.2	180.4
I. Long-term receivables	10.5	8.8	6.1	3.4
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	10.5	8.8	6.1	3.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	175.7	179.2	155.5	131.7
1. Tangible fixed assets	106.4	123.9	119.8	111.0
- Cost	211.7	210.9	189.0	191.4
- Accumulated depreciation	-105.2	-87.0	-69.3	-80.4
2. Financial leased fixed assets	67.1	52.9	35.2	20.0
- Cost	76.9	58.0	37.5	20.0
- Accumulated depreciation	-9.8	-5.2	-2.3	-0.0
3. Intangible fixed assets	2.2	2.5	0.6	0.7
- Cost	4.5	4.2	2.1	2.0
- Accumulated depreciation	-2.3	-1.7	-1.5	-1.2
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	13.8	1.3	20.1	11.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	13.8	1.3	20.1	11.6
V. Long-term financial investments	11.1	10.8	7.3	14.3
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	11.1	10.8	7.3	14.3
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	21.9	24.8	41.1	19.4
1. Long-term prepayments	21.9	24.8	41.1	19.4
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)	467.5	442.9	386.2	370.4
A. LIABILITIES (300=210+330)	386.7	364.9	313.7	281.0
I. Short -term liabilities	287.7	278.6	203.9	203.1
1. Short-term trade accounts payable	82.2	66.5	87.9	92.2
2. Short-term advances from customers	0.7	1.5	0.9	0.9
3. Taxes and other payables to state authorities	5.8	9.1	7.7	9.4
4. Payable to employees	6.4	6.3	4.8	4.4
5. Short-term acrrued expenses	16.7	14.4	13.1	14.3
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	6.1	5.5	4.9	4.6
10. Short-term borrowings and financial leases	169.8	175.4	84.6	77.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	99.0	86.2	109.8	77.9
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	0.2	0.0
8. Long-term borrowings and financial leases	98.3	85.6	109.3	77.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	0.6	0.7	0.2	0.2
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)	80.9	78.0	72.5	89.3
I. Owner's equity	80.9	78.0	72.5	89.3
1. Owner's capital	59.2	59.2	59.2	59.2
- Common stock with voting right	59.2	59.2	59.2	59.2
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
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	9.7	9.7	9.7	9.7
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	6.2	3.9	-0.5	15.3
- Accumulated retained earning at the end of the previous period	0.0	-0.5	8.6	4.1
- Undistributed earnings in this period	6.2	4.4	-9.1	11.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	5.5	5.0	3.8	4.9
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)	467.5	442.9	386.2	370.4

Item	2025	2024	2023	2022
Profit Before Tax	11.3	9.1	-7.3	14.6
Depreciation of Fixed Assets and Investment Property	24.4	21.0	20.5	17.0
Provision (Increase)/Reversal	0.3	0.3	0.5	0.2
FX Gain/Loss from Revaluation of Monetary Items	-0.6	-1.2	-1.0	-0.3
Gain/Loss from Investment Activities	-1.0	1.4	-5.2	-1.2
Interest Expense	19.9	17.9	17.3	12.1
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	54.3	48.5	24.7	42.4
Increase/(Decrease) in Receivables	-1.8	-48.8	19.2	7.7
Increase/(Decrease) in Inventory	-1.9	-0.3	-3.5	-0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.1	-11.2	-17.0	4.1
Increase/(Decrease) in Prepaid Expenses	2.8	16.4	-22.3	-10.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-22.7	-17.9	-16.4	-8.4
Corporate Income Tax Paid	-3.4	-0.6	-2.7	-1.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.3	0.0	-0.5	-1.3
Net Cash Flow from Operating Activities	56.1	-14.0	-18.5	32.2
Payments for Fixed Assets and Other Long-term Assets	-41.6	-21.2	-33.7	-31.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3	11.9	9.6	1.5
Loans and Purchases of Debt Instruments	-1.4	-7.1	-6.4	-14.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	6.3	0.0	14.0
Investments in Other Entities	—	-5.8	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.5	0.0
Dividends and Interest Income Received	0.6	0.6	0.3	0.2
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	-31.0	-15.3	-29.7	-29.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	312.6	307.0	208.7	151.4
Repayment of Borrowings	-308.4	-249.9	-180.0	-138.1
Repayment of Finance Leases	-16.6	-11.4	-8.2	-2.2
Dividends Paid	-3.6	0.0	-7.1	-5.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-15.9	45.7	13.3	5.2
Net Cash Flow During the Period	9.2	16.4	-34.9	7.6
Cash and Cash Equivalents at Beginning of Period	27.4	9.7	43.6	35.7
FX Difference from Revaluation	0.4	1.3	1.0	0.3
Cash and Cash Equivalents at End of Period	37.0	27.4	9.7	43.6

Item	Q4'25
Profit Before Tax	11.3
Depreciation of Fixed Assets and Investment Property	24.4
Provision (Increase)/Reversal	0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.6
Gain/Loss from Investment Activities	-1.0
Interest Expense	19.9
Operating Profit Before Changes in Working Capital	54.3
Increase/(Decrease) in Receivables	-1.8
Increase/(Decrease) in Inventory	-1.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	29.1
Increase/(Decrease) in Prepaid Expenses	2.8
Interest Paid	-22.7
Corporate Income Tax Paid	-3.4
Other Operating Payments	-0.3
Net Cash Flow from Operating Activities	56.1
Payments for Fixed Assets and Other Long-term Assets	-41.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	11.3
Loans and Purchases of Debt Instruments	-1.4
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-31.0
Proceeds from Borrowings	312.6
Repayment of Borrowings	-308.4
Repayment of Finance Leases	-16.6
Dividends Paid	-3.6
Net Cash Flow from Financing Activities	-15.9
Net Cash Flow During the Period	9.2
Cash and Cash Equivalents at Beginning of Period	27.4
FX Difference from Revaluation	0.4
Cash and Cash Equivalents at End of Period	37.0

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RAT

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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