S12
Listed Company · UPCOM
Price
1,600
Latest close
03 Apr 2026
P/E
—
EPS
(TTM)
—
ROE
(TTM)
0.2%
P/B
—
BVPS
(Latest)
—
ROA
(TTM)
-0.2%
What Is Changing
S12 no longer looks like a business simply rebounding from a weak base. Revenue posted +71.5% YoY, while net margin reached -8.20% with an additional +178.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.
- Net Margin expanded consistently from -3314.24% in 2022 to -8.20% in 2024.
- Revenue increased 71.5% YoY to VND 3.2bn in 2024.
- Net Income reached a multi-period high at VND -0.3bn in 2024.
| Metric | 2024 | 2023 | 2022 |
|---|---|---|---|
| Revenue | 3.2 | 1.9 | 0.4 |
| Growth | +71% | +335% | — |
| Net Income | -0.3 | -3.5 | -14.1 |
| Net Margin | -8.20% | -186.98% | -3314.24% |
Quarterly snapshot data is not available yet.
Financial Statements
Profitability
Net margin reached -8.20% while Revenue posted +71.5% YoY.
Balance Sheet
Inventory stood at 14.7bn, liabilities at 278.5bn, and equity at -167.4bn.
Cash Flow
Operating cash flow was 0.4bn in 2024, while investing cash flow was 0.0bn.
Financing cash flow: 0.2bn.
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
Revenue
|
3.2 | 1.9 | 0.4 |
|
Revenue Deductions
|
0.0 | 0.0 | 0.0 |
|
Net Revenue
|
3.2 | 1.9 | 0.4 |
|
Cost of Goods Sold
|
6.0 | 1.7 | 0.2 |
|
Gross Profit
|
-2.9 | 0.1 | 0.2 |
|
Financial Income
|
0.0 | 0.0 | 0.0 |
|
Financial Expenses
|
1.2 | 1.3 | 2.7 |
|
Interest Expense
|
1.1 | 1.2 | 1.2 |
|
Share of Associates and Joint Ventures
|
0.0 | 0.0 | 0.0 |
|
Selling Expenses
|
0.0 | 0.0 | 0.0 |
|
General and Administrative Expenses
|
-4.3 | 1.6 | 8.4 |
|
Operating Profit
|
0.3 | -2.8 | -11.0 |
|
Other Income
|
2.0 | 1.0 | 0.2 |
|
Other Expenses
|
2.5 | 1.7 | 3.3 |
|
Other Profit
|
-0.5 | -0.7 | -3.1 |
|
Profit Before Tax
|
-0.3 | -3.5 | -14.1 |
|
Current Income Tax Expense
|
0.0 | 0.0 | 0.0 |
|
Deferred Income Tax Expense
|
0.0 | 0.0 | 0.0 |
|
Net Income
|
-0.3 | -3.5 | -14.1 |
|
Non-controlling Interest
|
0.0 | 0.0 | 0.0 |
|
Profit Attributable to Parent
|
-0.3 | -3.5 | -14.1 |
|
Earnings per Share
|
-52.00 | -692.00 | -2,819.00 |
|
Diluted EPS
|
-52.00 | -692.41 | -2,818.51 |
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
A. SHORT-TERM ASSETS (100=110+120+130+140+150)
|
25.6 | 29.2 | 29.6 |
|
I. Cash and cash equivalents
|
1.0 | 0.4 | 0.2 |
|
1. Cash
|
1.0 | 0.4 | 0.2 |
|
2. Cash equivalents
|
0.0 | 0.0 | 0.0 |
|
II. Short-term financial investments
|
3.1 | 3.1 | 3.2 |
|
1. Available for sale securities
|
4.3 | 4.3 | 4.3 |
|
2. Provision for diminution in value of available for sale securities (*)
|
-1.2 | -1.2 | -1.1 |
|
3. Held to maturity investments
|
0.0 | 0.0 | 0.0 |
|
III. Short-term receivables
|
2.6 | 1.2 | 1.7 |
|
1. Short-term trade accounts receivable
|
25.4 | 32.1 | 35.3 |
|
2. Short-term prepayments to suppliers
|
6.0 | 5.1 | 5.1 |
|
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
|
66.4 | 66.5 | 64.8 |
|
7. Provision for short-term doubtful debts (*)
|
-95.8 | -103.3 | -104.3 |
|
8. Assets awaiting resolution
|
0.6 | 0.6 | 0.6 |
|
IV. Inventories
|
14.7 | 20.4 | 20.4 |
|
1. Inventories
|
16.4 | 22.0 | 22.0 |
|
2. Provision for decline in value of inventories
|
-1.6 | -1.6 | -1.6 |
|
V. Other short-term assets
|
4.1 | 4.1 | 4.1 |
|
1. Short-term prepayments
|
0.0 | 0.1 | 0.1 |
|
2. Value added tax to be reclaimed
|
4.1 | 4.1 | 4.0 |
|
3. Taxes and other receivables from state authorities
|
0.0 | 0.0 | 0.0 |
|
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)
|
85.5 | 85.1 | 85.3 |
|
I. Long-term receivables
|
79.2 | 79.2 | 79.2 |
|
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
|
79.2 | 79.2 | 79.2 |
|
7. Provision for long-term doubtful debts
|
0.0 | 0.0 | 0.0 |
|
II. Fixed assets
|
0.8 | 1.0 | 1.2 |
|
1. Tangible fixed assets
|
0.5 | 0.6 | 0.8 |
|
- Cost
|
17.6 | 17.8 | 20.2 |
|
- Accumulated depreciation
|
-17.1 | -17.2 | -19.4 |
|
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
|
0.3 | 0.3 | 0.4 |
|
- Cost
|
1.0 | 1.0 | 1.0 |
|
- Accumulated depreciation
|
-0.7 | -0.7 | -0.6 |
|
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
|
5.0 | 5.0 | 5.0 |
|
1. Investments in subsidiaries
|
0.0 | 0.0 | 0.0 |
|
2. Investments in associates, joint-ventures
|
7.1 | 7.1 | 7.1 |
|
3. Investments in other entities
|
3.2 | 3.2 | 3.2 |
|
4. Provision for diminution in value of long-term investments
|
-5.3 | -5.3 | -5.3 |
|
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
|
0.6 | 0.0 | 0.0 |
|
1. Long-term prepayments
|
0.6 | 0.0 | 0.0 |
|
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)
|
111.1 | 114.3 | 114.9 |
|
A. LIABILITIES (300=210+330)
|
278.5 | 281.5 | 278.6 |
|
I. Short -term liabilities
|
193.8 | 196.8 | 193.9 |
|
1. Short-term trade accounts payable
|
56.6 | 55.4 | 57.5 |
|
2. Short-term advances from customers
|
1.7 | 5.6 | 4.6 |
|
3. Taxes and other payables to state authorities
|
49.6 | 47.0 | 46.1 |
|
4. Payable to employees
|
5.1 | 6.1 | 5.9 |
|
5. Short-term acrrued expenses
|
11.6 | 13.7 | 13.6 |
|
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
|
61.8 | 61.7 | 58.9 |
|
10. Short-term borrowings and financial leases
|
7.4 | 7.3 | 7.3 |
|
11. Provision for short-term liabilities
|
0.0 | 0.0 | 0.0 |
|
12.. Bonus and welfare fund
|
0.0 | 0.0 | 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
|
84.7 | 84.7 | 84.7 |
|
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
|
84.7 | 84.7 | 84.7 |
|
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)
|
-167.4 | -167.2 | -163.7 |
|
I. Owner's equity
|
-167.4 | -167.2 | -163.7 |
|
1. Owner's capital
|
50.0 | 50.0 | 50.0 |
|
- Common stock with voting right
|
50.0 | 50.0 | 50.0 |
|
- 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
|
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
|
15.8 | 15.8 | 15.8 |
|
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
|
-233.2 | -232.9 | -229.5 |
|
- Accumulated retained earning at the end of the previous period
|
-232.9 | -229.5 | -215.4 |
|
- Undistributed earnings in this period
|
-0.3 | -3.5 | -14.1 |
|
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)
|
111.1 | 114.3 | 114.9 |
| Item | 2024 | 2023 | 2022 |
|---|---|---|---|
|
Profit Before Tax
|
-0.3 | -3.5 | -14.1 |
|
Depreciation of Fixed Assets and Investment Property
|
0.2 | 0.2 | 0.2 |
|
Provision (Increase)/Reversal
|
-7.5 | -0.9 | 7.3 |
|
FX Gain/Loss from Revaluation of Monetary Items
|
0.0 | 0.0 | 0.0 |
|
Gain/Loss from Investment Activities
|
-0.0 | -0.6 | -0.0 |
|
Interest Expense
|
1.1 | 1.2 | 1.2 |
|
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
|
-6.4 | -3.5 | -5.3 |
|
Increase/(Decrease) in Receivables
|
6.0 | 1.5 | 1.9 |
|
Increase/(Decrease) in Inventory
|
5.7 | 0.0 | 0.1 |
|
Increase/(Decrease) in Payables (Excl. Interest and CIT)
|
-3.6 | 1.7 | 3.3 |
|
Increase/(Decrease) in Prepaid Expenses
|
-0.6 | 0.0 | -0.0 |
|
Changes in Trading Securities
|
0.0 | -0.0 | -0.0 |
|
Interest Paid
|
-0.7 | 0.0 | 0.0 |
|
Corporate Income Tax Paid
|
0.0 | 0.0 | 0.0 |
|
Other Operating Receipts
|
0.0 | 0.0 | 0.0 |
|
Other Operating Payments
|
0.0 | 0.0 | 0.0 |
|
Net Cash Flow from Operating Activities
|
0.4 | -0.4 | -0.1 |
|
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 | 0.6 | 0.0 |
|
Loans and Purchases of Debt Instruments
|
0.0 | 0.0 | 0.0 |
|
Receipts from Loan Repayments and Sale of Debt Instruments
|
0.0 | 0.0 | 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 |
|
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
|
0.0 | 0.6 | 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
|
0.6 | 0.0 | 0.0 |
|
Repayment of Borrowings
|
-0.4 | -0.0 | -0.0 |
|
Repayment of Finance Leases
|
0.0 | 0.0 | 0.0 |
|
Dividends Paid
|
0.0 | 0.0 | 0.0 |
|
Other Financing Receipts
|
0.0 | 0.0 | 0.0 |
|
Other Financing Payments
|
0.0 | 0.0 | 0.0 |
|
Net Cash Flow from Financing Activities
|
0.2 | -0.0 | -0.0 |
|
Net Cash Flow During the Period
|
0.6 | 0.2 | -0.1 |
|
Cash and Cash Equivalents at Beginning of Period
|
0.4 | 0.2 | 0.3 |
|
FX Difference from Revaluation
|
0.0 | 0.0 | 0.0 |
|
Cash and Cash Equivalents at End of Period
|
1.0 | 0.4 | 0.2 |
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