S74

Listed Company · UPCOM

Price

16,300

Latest close

17 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 14.4%

P/B 0.9x

BVPS (Latest) 17,932

ROA (TTM) 11.9%

What Is Changing

S74 no longer looks like a business simply rebounding from a weak base. Revenue posted +505.6% YoY, while net margin reached 71.01% with an additional +120.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 30.2bn in 2025.
Net Margin broke above its recent high, rising 1802bps to 71.01% in 2025.
Revenue growth accelerated to 505.6% in 2025, up 605.6pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	42.5	7.0	0.0	10.6	0.0
Growth	+506%	—	-100%	+35488%	—
Net Income	30.2	-3.5	49.1	5.6	-0.4
Net Margin	71.01%	-49.19%	—	52.99%	-1199.93%

Metric	Q1'21
Revenue	0.0
Growth	—
Net Income	-0.4
Net Margin	-1199.93%

Financial Statements

Profitability

Net margin reached 71.01% while Revenue posted +505.6% YoY.

Balance Sheet

Inventory stood at 5.9bn, liabilities at 77.4bn, and equity at 224.1bn.

Cash Flow

Operating cash flow was -3.4bn in 2025, while investing cash flow was -19.0bn.

Financing cash flow: 63.0bn.

Item	2025	2024	2023	2022	2021
Revenue	42.5	7.2	0.0	10.7	0.3
Revenue Deductions	—	0.2	0.0	0.1	0.0
Net Revenue	42.5	7.0	0.0	10.6	0.0
Cost of Goods Sold	42.2	8.2	0.0	10.8	0.0
Gross Profit	0.3	-1.1	0.0	-0.2	0.0
Financial Income	33.9	1.2	54.1	2.4	0.0
Financial Expenses	1.0	0.0	0.0	-5.5	0.0
Interest Expense	1.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.8	3.3	4.3	2.0	-0.4
Operating Profit	30.2	-3.3	49.7	5.6	-0.4
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	—	0.1	0.7	0.0	0.0
Other Profit	—	-0.1	-0.7	0.0	0.0
Profit Before Tax	30.2	-3.3	49.1	5.6	-0.4
Current Income Tax Expense	0.1	0.1	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	30.2	-3.5	49.1	5.6	-0.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.2	-3.5	49.1	5.6	-0.4
Earnings per Share	4,657.00	-533.00	7,572.00	866.00	-55.00
Diluted EPS	4,657.36	-532.67	7,571.53	865.72	0.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.8	19.7	87.4	57.8
I. Cash and cash equivalents	45.3	4.6	0.2	0.2
1. Cash	40.3	4.6	0.2	0.2
2. Cash equivalents	5.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0
III. Short-term receivables	16.5	8.8	79.3	49.8
1. Short-term trade accounts receivable	18.0	18.5	19.5	19.0
2. Short-term prepayments to suppliers	0.8	0.7	0.7	0.7
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	23.6	21.2
6. Other short-term receivables	9.8	1.7	47.5	19.5
7. Provision for short-term doubtful debts (*)	-12.0	-12.0	-12.0	-10.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	5.9	5.9	7.6	7.6
1. Inventories	8.7	8.7	8.7	8.7
2. Provision for decline in value of inventories	-2.8	-2.8	-1.1	-1.1
V. Other short-term assets	0.1	0.3	0.4	0.2
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.2	0.2	0.1
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)	233.6	188.1	124.2	105.1
I. Long-term receivables	—	1.5	0.0	10.7
1. Long-term trade receivables	—	0.0	0.0	10.7
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	—	1.5	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	7.7	8.9	10.1	1.9
1. Tangible fixed assets	7.7	8.9	10.1	1.9
- Cost	42.4	42.4	42.4	32.9
- Accumulated depreciation	-34.7	-33.5	-32.2	-31.1
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	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	63.3	15.0	21.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	63.3	15.0	21.5	0.0
V. Long-term financial investments	162.7	162.7	92.6	92.6
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	162.7	162.7	92.6	92.6
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	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	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)	301.5	207.7	211.6	162.8
A. LIABILITIES (300=210+330)	77.4	13.8	14.2	14.5
I. Short -term liabilities	77.4	13.8	14.2	14.5
1. Short-term trade accounts payable	5.7	5.7	5.8	5.8
2. Short-term advances from customers	6.1	6.1	6.1	6.1
3. Taxes and other payables to state authorities	0.0	0.0	0.3	0.4
4. Payable to employees	0.1	0.1	0.1	0.1
5. Short-term acrrued expenses	0.6	0.4	0.4	0.4
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	1.8	1.4	1.4	1.5
10. Short-term borrowings and financial leases	63.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	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	—	0.0	0.0	0.0
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	0.0	0.0
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)	224.1	193.9	197.4	148.3
I. Owner's equity	224.1	193.9	197.4	148.3
1. Owner's capital	64.8	64.8	64.8	64.8
- Common stock with voting right	64.8	64.8	64.8	64.8
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	16.0	16.0	16.0	16.0
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	54.5	54.5	54.5	54.5
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	88.8	58.7	62.1	13.0
- Accumulated retained earning at the end of the previous period	58.7	62.1	13.0	7.4
- Undistributed earnings in this period	30.2	-3.5	49.1	5.6
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)	301.5	207.7	211.6	162.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.2	-3.3	49.1	5.6	-0.4
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.2	0.1	0.0
Provision (Increase)/Reversal	—	1.7	1.4	-5.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-33.9	-1.9	-54.0	-2.4	0.0
Interest Expense	1.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.4	-2.3	-2.3	-1.7	-0.4
Increase/(Decrease) in Receivables	-1.5	4.9	1.1	3.7	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	-0.4	-0.3	-1.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.1	0.0	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.4	0.0
Net Cash Flow from Operating Activities	-3.4	2.1	-1.5	0.5	-0.1
Payments for Fixed Assets and Other Long-term Assets	-90.5	0.0	-31.1	-1.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.2	7.2	0.1	10.7	0.0
Loans and Purchases of Debt Instruments	-40.0	-9.7	0.0	-24.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	41.5	31.9	8.2	0.1	0.0
Investments in Other Entities	—	-70.2	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	27.8	43.1	24.3	13.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-19.0	2.3	1.5	-1.4	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	82.7	0.0	0.0	0.0	0.0
Repayment of Borrowings	-19.7	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	63.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	40.6	4.5	-0.0	-0.8	0.0
Cash and Cash Equivalents at Beginning of Period	4.6	0.2	0.2	1.0	0.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.3	4.6	0.2	0.2	0.0

Item	Q1'21
Revenue	0.3
Revenue Deductions	0.0
Net Revenue	0.0
Cost of Goods Sold	0.0
Gross Profit	0.0
Financial Income	0.0
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	-0.4
Operating Profit	-0.4
Other Income	0.0
Other Expenses	0.0
Other Profit	0.0
Profit Before Tax	-0.4
Current Income Tax Expense	0.0
Deferred Income Tax Expense	0.0
Net Income	-0.4
Non-controlling Interest	0.0
Profit Attributable to Parent	-0.4
Earnings per Share	-55.00
Diluted EPS	-55.09

Item	Q1'21
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	39.5
I. Cash and cash equivalents	0.1
1. Cash	0.0
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	0.0
III. Short-term receivables	31.6
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	7.6
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	0.2
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	92.7
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	0.2
1. Tangible fixed assets	0.2
- Cost	0.0
- Accumulated depreciation	0.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.0
V. Long-term financial investments	92.6
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	0.0
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	0.0
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	132.2
A. LIABILITIES (300=210+330)	16.0
I. Short -term liabilities	16.0
1. Short-term trade accounts payable	5.9
2. Short-term advances from customers	6.1
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	0.0
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.0
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	0.0
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	116.2
I. Owner's equity	0.0
1. Owner's capital	116.2
- Common stock with voting right	64.8
- Preferred stock	0.0
2. Share premium	16.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	-19.1
- Accumulated retained earning at the end of the previous period	-18.7
- Undistributed earnings in this period	-0.4
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	132.2

Item	Q4'25	Q1'21
Profit Before Tax	30.2	-0.4
Depreciation of Fixed Assets and Investment Property	1.2	0.0
Provision (Increase)/Reversal	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0
Gain/Loss from Investment Activities	-33.9	0.0
Interest Expense	1.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0
Interest Income and Dividends	—	0.0
Amortization of Goodwill	—	0.0
Other Adjustments	—	0.0
Operating Profit Before Changes in Working Capital	-1.4	-0.4
Increase/(Decrease) in Receivables	-1.5	0.0
Increase/(Decrease) in Inventory	—	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0
Changes in Trading Securities	—	0.0
Interest Paid	-0.4	0.0
Corporate Income Tax Paid	—	0.0
Other Operating Receipts	—	0.0
Other Operating Payments	—	0.0
Net Cash Flow from Operating Activities	-3.4	-0.1
Payments for Fixed Assets and Other Long-term Assets	-90.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	42.2	0.0
Loans and Purchases of Debt Instruments	-40.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	41.5	0.0
Investments in Other Entities	—	0.0
Proceeds from Investments in Other Entities	—	0.0
Dividends and Interest Income Received	27.8	0.0
Increase/(Decrease) in Term Deposits	—	0.0
Acquisition of Non-controlling Interests	—	0.0
Other Investing Receipts	—	0.0
Other Investing Payments	—	0.0
Net Cash Flow from Investing Activities	-19.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0
Share Repurchases	—	0.0
Proceeds from Borrowings	82.7	0.0
Repayment of Borrowings	-19.7	0.0
Repayment of Finance Leases	—	0.0
Dividends Paid	—	0.0
Other Financing Receipts	—	0.0
Other Financing Payments	—	0.0
Net Cash Flow from Financing Activities	63.0	0.0
Net Cash Flow During the Period	40.6	-0.1
Cash and Cash Equivalents at Beginning of Period	4.6	0.2
FX Difference from Revaluation	—	0.0
Cash and Cash Equivalents at End of Period	45.3	0.1

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S74

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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