RGG

Listed Company · UPCOM

Price

38,000

Latest close

03 Apr 2026

P/E 46.5x

EPS (TTM) 818

ROE (TTM) —

P/B 3.0x

BVPS (Latest) 12,591

ROA (TTM) —

What Is Changing

RGG 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 2038.1% QoQ to VND 61.5bn in 2025Q4.

Metric	2025
Revenue	712.3
Growth	—
Net Income	69.9
Net Margin	9.82%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	268.2	87.7	361.6	102.2
Growth	+206%	-76%	+254%	—
Net Income	61.5	2.9	75.4	10.5
Net Margin	22.94%	3.28%	20.85%	10.23%

Financial Statements

Profitability

Net margin reached 9.82% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 3,685.4bn, liabilities at 2,700.3bn, and equity at 2,441.0bn.

Cash Flow

Operating cash flow was 82.5bn in 2025, while investing cash flow was -3.4bn.

Financing cash flow: 28.3bn.

Item	2025
Revenue	712.3
Net Revenue	712.3
Cost of Goods Sold	349.5
Gross Profit	362.8
Financial Income	3.0
Financial Expenses	22.6
Interest Expense	21.8
Selling Expenses	137.0
General and Administrative Expenses	117.6
Operating Profit	88.6
Other Income	26.7
Other Expenses	7.0
Other Profit	19.7
Profit Before Tax	108.3
Current Income Tax Expense	37.8
Deferred Income Tax Expense	0.6
Net Income	69.9
Profit Attributable to Parent	69.9
Earnings per Share	368.00
Diluted EPS	368.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,062.2
I. Cash and cash equivalents	175.5
1. Cash	175.5
III. Short-term receivables	1,154.8
1. Short-term trade accounts receivable	102.5
2. Short-term prepayments to suppliers	299.1
5. Short-term loan receivables	5.0
6. Other short-term receivables	810.9
7. Provision for short-term doubtful debts (*)	-62.6
IV. Inventories	3,685.4
1. Inventories	3,685.4
V. Other short-term assets	46.5
1. Short-term prepayments	42.5
2. Value added tax to be reclaimed	4.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	79.2
II. Fixed assets	67.3
1. Tangible fixed assets	52.0
- Cost	104.7
- Accumulated depreciation	-52.7
3. Intangible fixed assets	15.2
- Cost	17.5
- Accumulated depreciation	-2.3
IV. Long-term assets in progress	1.2
2. Construction in progress	1.2
VI. Other long-term assets	10.7
1. Long-term prepayments	5.7
2. Deferred income tax assets	5.0
TOTAL ASSETS (280=100+200)	5,141.4
A. LIABILITIES (300=210+330)	2,700.3
I. Short -term liabilities	1,881.8
1. Short-term trade accounts payable	238.3
2. Short-term advances from customers	349.6
3. Taxes and other payables to state authorities	107.1
4. Payable to employees	7.8
5. Short-term acrrued expenses	178.1
8. Short-term unearned revenue	0.4
9. Other short-term payables	379.7
10. Short-term borrowings and financial leases	579.6
12.. Bonus and welfare fund	41.1
II. Long-term liabilities	818.6
8. Long-term borrowings and financial leases	816.8
11. Deferred income tax liabilities	1.8
B. OWNER'S EQUITY (400=410+430)	2,441.0
I. Owner's equity	2,441.0
1. Owner's capital	2,000.0
- Common stock with voting right	2,000.0
2. Share premium	-0.4
8. Investment and development fund	2.2
11. Undistributed earnings after tax	439.2
- Accumulated retained earning at the end of the previous period	369.3
- Undistributed earnings in this period	69.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,141.4

Item	2025
Profit Before Tax	108.3
Depreciation of Fixed Assets and Investment Property	5.6
Provision (Increase)/Reversal	62.2
Gain/Loss from Investment Activities	-3.0
Interest Expense	21.8
Operating Profit Before Changes in Working Capital	194.9
Increase/(Decrease) in Receivables	-142.1
Increase/(Decrease) in Inventory	-188.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	306.0
Increase/(Decrease) in Prepaid Expenses	-17.0
Interest Paid	-30.7
Corporate Income Tax Paid	-40.5
Other Operating Payments	-0.0
Net Cash Flow from Operating Activities	82.5
Payments for Fixed Assets and Other Long-term Assets	-1.0
Loans and Purchases of Debt Instruments	-93.9
Receipts from Loan Repayments and Sale of Debt Instruments	90.9
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-3.4
Proceeds from Equity Issuance and Capital Contributions	199.6
Proceeds from Borrowings	2,005.9
Repayment of Borrowings	-1,966.6
Dividends Paid	-210.6
Net Cash Flow from Financing Activities	28.3
Net Cash Flow During the Period	107.4
Cash and Cash Equivalents at Beginning of Period	68.1
Cash and Cash Equivalents at End of Period	175.5

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	268.2	87.7	361.6	102.2
Net Revenue	268.2	87.7	361.6	102.2
Cost of Goods Sold	138.8	45.3	207.8	54.9
Gross Profit	129.4	42.5	153.8	47.3
Financial Income	0.3	1.1	1.8	0.0
Financial Expenses	5.7	5.9	6.1	5.0
Interest Expense	5.7	5.7	5.8	4.8
Selling Expenses	43.9	15.0	39.1	19.1
General and Administrative Expenses	20.1	18.4	15.1	7.9
Operating Profit	60.0	4.2	95.3	15.2
Other Income	22.7	1.3	2.2	0.6
Other Expenses	1.0	1.5	2.2	2.2
Other Profit	21.6	-0.3	0.0	-1.6
Profit Before Tax	81.6	4.0	95.3	13.7
Current Income Tax Expense	21.1	1.1	18.2	3.2
Deferred Income Tax Expense	-1.0	—	1.6	—
Net Income	61.5	2.9	75.4	10.5
Profit Attributable to Parent	61.5	2.9	75.4	10.5
Earnings per Share	325.00	16.00	419.00	58.00
Diluted EPS	325.00	16.00	419.00	58.00

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,188.8	5,171.1	4,703.3	4,943.6
I. Cash and cash equivalents	176.0	32.8	5.9	2.4
1. Cash	176.0	32.8	5.9	2.4
III. Short-term receivables	1,280.9	1,458.6	1,184.3	1,333.2
1. Short-term trade accounts receivable	103.1	136.5	118.0	193.0
2. Short-term prepayments to suppliers	299.4	311.8	270.8	332.0
5. Short-term loan receivables	5.0	5.0	91.7	91.0
6. Other short-term receivables	879.0	1,010.7	709.3	717.6
7. Provision for short-term doubtful debts (*)	-5.6	-5.4	-5.4	-0.4
IV. Inventories	3,685.4	3,629.0	3,480.7	3,575.3
1. Inventories	3,685.4	3,629.0	3,480.7	3,575.3
V. Other short-term assets	46.5	50.8	32.4	32.8
1. Short-term prepayments	42.5	44.3	28.5	27.5
2. Value added tax to be reclaimed	4.0	6.4	3.9	5.3
3. Taxes and other receivables from state authorities	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	104.4	79.0	80.4	82.2
II. Fixed assets	67.4	64.3	65.5	66.8
1. Tangible fixed assets	52.1	49.0	50.3	51.5
3. Intangible fixed assets	15.2	15.3	15.3	15.3
III. Investment properties	—	4.0	4.1	4.2
IV. Long-term assets in progress	1.2	1.0	0.8	0.8
2. Construction in progress	1.2	1.0	0.8	0.8
VI. Other long-term assets	35.8	9.6	10.0	10.5
1. Long-term prepayments	30.8	5.8	6.2	6.7
2. Deferred income tax assets	5.0	3.8	3.8	3.8
TOTAL ASSETS (280=100+200)	5,293.2	5,250.1	4,783.7	5,025.8
A. LIABILITIES (300=210+330)	2,774.9	2,984.4	2,302.4	2,620.1
I. Short -term liabilities	2,127.0	2,285.6	1,659.6	2,398.8
1. Short-term trade accounts payable	239.0	189.7	195.3	188.9
2. Short-term advances from customers	349.9	375.4	162.6	592.1
3. Taxes and other payables to state authorities	112.2	100.1	105.4	98.4
4. Payable to employees	7.8	4.6	4.9	4.7
5. Short-term acrrued expenses	177.9	202.1	213.2	238.6
8. Short-term unearned revenue	0.4	0.4	0.4	0.7
9. Other short-term payables	448.5	533.2	370.8	357.7
10. Short-term borrowings and financial leases	750.2	847.7	579.1	889.8
12.. Bonus and welfare fund	41.1	32.5	27.7	27.7
II. Long-term liabilities	647.9	698.7	642.8	221.3
8. Long-term borrowings and financial leases	646.1	697.1	641.2	221.3
11. Deferred income tax liabilities	1.8	1.6	1.6	—
B. OWNER'S EQUITY (400=410+430)	2,518.3	2,265.7	2,481.3	2,405.7
I. Owner's equity	2,518.3	2,265.7	2,481.3	2,405.7
1. Owner's capital	2,000.0	1,800.0	1,800.0	1,800.0
- Common stock with voting right	2,000.0	1,800.0	1,800.0	1,800.0
2. Share premium	-0.4	—	—	—
8. Investment and development fund	2.2	2.2	2.2	2.2
11. Undistributed earnings after tax	516.5	463.5	679.1	603.5
- Accumulated retained earning at the end of the previous period	369.3	378.8	594.1	593.1
- Undistributed earnings in this period	147.2	84.7	85.0	10.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,293.2	5,250.1	4,783.7	5,025.8

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	-0.7	4.0	91.4	13.7
Depreciation of Fixed Assets and Investment Property	1.4	1.2	1.5	1.4
Provision (Increase)/Reversal	57.2	0.0	5.0	—
Gain/Loss from Investment Activities	-0.1	-1.1	-1.8	-0.0
Interest Expense	5.5	5.7	5.8	4.8
Operating Profit Before Changes in Working Capital	63.3	9.8	101.9	19.9
Increase/(Decrease) in Receivables	249.1	-413.9	198.6	-175.8
Increase/(Decrease) in Inventory	-56.3	-51.4	-2.3	-77.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-151.7	321.8	-375.8	511.6
Increase/(Decrease) in Prepaid Expenses	2.0	-14.2	-1.7	-3.1
Interest Paid	-5.4	-15.0	-15.2	4.9
Corporate Income Tax Paid	-8.8	-11.2	-10.3	-10.3
Other Operating Payments	0.0	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	92.1	-174.0	-104.9	269.3
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.3	-0.1	—
Loans and Purchases of Debt Instruments	0.0	-4.2	-0.7	-89.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	90.9	—	—
Dividends and Interest Income Received	-0.0	0.6	-0.0	0.0
Net Cash Flow from Investing Activities	-0.6	87.0	-0.8	-89.0
Proceeds from Borrowings	387.3	430.7	1,097.6	90.2
Repayment of Borrowings	-535.7	-106.2	-988.5	-336.2
Dividends Paid	0.0	-210.6	—	—
Net Cash Flow from Financing Activities	51.2	113.9	109.2	-246.0
Net Cash Flow During the Period	142.7	26.9	3.4	-65.7
Cash and Cash Equivalents at Beginning of Period	32.8	5.9	2.4	68.1
Cash and Cash Equivalents at End of Period	175.5	32.8	5.9	2.4

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RGG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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