SPV

Thủy Đặc sản ·UPCOM ·2025Q4

▲▲ Improving positively

Price

20,300

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 20.0%

ROA 9.1%

Profit Margin 5.6%

Asset Turnover 1.62x

Equity Mult. 2.20x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a Năm 2025 basis, SPV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 691bn
	                                
+22.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 39bn
	                                
+81.4%YoY

Metric	2025	2024	2023	2022
Revenue	691.4	564.5	443.2	403.3
Growth	+22%	+27%	+10%	—
Net Income	38.7	21.3	18.0	10.8
Net Margin	5.60%	3.78%	4.07%	2.68%

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 5.60% +1.8pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 114.1bn, roughly 25.4% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2025	2024	2023	2022
Revenue	708.3	580.4	448.0	422.1
Revenue Deductions	17.0	15.9	4.7	18.8
Net Revenue	691.4	564.5	443.2	403.3
Cost of Goods Sold	547.3	445.1	356.3	328.4
Gross Profit	144.0	119.4	87.0	74.9
Financial Income	6.3	6.5	3.5	4.5
Financial Expenses	9.9	12.9	8.6	10.1
Interest Expense	5.7	6.4	5.3	4.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	50.9	43.4	29.1	31.8
General and Administrative Expenses	42.4	39.5	28.2	23.6
Operating Profit	47.2	30.3	24.5	13.9
Other Income	0.1	0.0	0.9	2.2
Other Expenses	0.9	2.6	2.1	1.3
Other Profit	-0.8	-2.5	-1.2	0.9
Profit Before Tax	46.3	27.8	23.4	14.8
Current Income Tax Expense	7.7	6.5	5.3	4.0
Deferred Income Tax Expense	-0.1	-0.1	0.0	0.0
Net Income	38.7	21.3	18.0	10.8
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	38.7	21.3	18.0	10.8
Earnings per Share	2,981.00	1,679.00	1,642.00	1,000.00
Diluted EPS	2,981.00	1,679.00	1,642.00	1,000.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	283.8	232.8	174.3	136.4
I. Cash and cash equivalents	58.2	22.9	10.1	36.3
1. Cash	45.5	22.9	10.1	33.3
2. Cash equivalents	12.7	0.0	0.0	3.0
II. Short-term financial investments	—	0.2	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	—	0.2	0.0	0.0
III. Short-term receivables	105.4	55.7	76.5	32.8
1. Short-term trade accounts receivable	67.1	55.3	91.1	48.8
2. Short-term prepayments to suppliers	3.1	2.6	1.5	0.3
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	37.6	0.2	5.4	5.2
7. Provision for short-term doubtful debts (*)	-2.4	-2.4	-21.5	-21.5
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	114.1	148.1	82.5	60.4
1. Inventories	120.7	149.7	82.5	60.4
2. Provision for decline in value of inventories	-6.5	-1.6	0.0	0.0
V. Other short-term assets	6.0	5.9	5.2	6.9
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	6.0	5.9	5.2	6.8
3. Taxes and other receivables from state authorities	0.0	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)	166.0	169.4	165.9	174.3
I. Long-term receivables	0.3	0.3	0.3	0.3
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	0.3	0.3	0.3	0.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	99.2	101.9	108.0	115.1
1. Tangible fixed assets	82.2	84.2	89.6	96.0
- Cost	248.2	247.5	246.4	248.4
- Accumulated depreciation	-165.9	-163.3	-156.7	-152.4
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	17.0	17.7	18.4	19.1
- Cost	26.5	26.5	26.5	26.5
- Accumulated depreciation	-9.5	-8.8	-8.1	-7.4
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	1.1	1.1	1.1	1.1
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	1.1	1.1	1.1	1.1
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	65.4	66.1	56.5	57.8
1. Long-term prepayments	65.2	65.5	56.5	57.8
2. Deferred income tax assets	0.1	0.6	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)	449.8	402.2	340.3	310.7
A. LIABILITIES (300=210+330)	241.1	223.1	174.1	162.5
I. Short -term liabilities	227.7	198.4	159.5	143.8
1. Short-term trade accounts payable	36.6	47.8	40.8	20.6
2. Short-term advances from customers	4.3	2.5	2.5	2.1
3. Taxes and other payables to state authorities	2.1	2.8	2.5	4.1
4. Payable to employees	29.3	19.5	16.0	11.3
5. Short-term acrrued expenses	5.0	5.8	2.1	3.5
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	9.2	7.1	6.3	4.8
10. Short-term borrowings and financial leases	136.9	110.7	88.5	95.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	4.3	2.3	0.7	2.3
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	13.5	24.6	14.5	18.7
1. Long-term trade payables	2.2	7.1	14.4	17.5
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	—	1.3	0.1	1.2
8. Long-term borrowings and financial leases	11.2	15.8	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.5	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)	208.6	179.1	166.2	148.2
I. Owner's equity	208.6	179.1	166.2	148.2
1. Owner's capital	108.0	108.0	108.0	108.0
- Common stock with voting right	108,000,000,000.00	108,000,000,000.00	108,000,000,000.00	108,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	10.8	10.8	10.8	10.8
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	8.4	8.4	8.4	8.4
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	81.4	51.9	39.0	20.9
- Accumulated retained earning at the end of the previous period	42.7	30.5	20.9	10.7
- Undistributed earnings in this period	38.7	21.3	18.0	10.2
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)	449.8	402.2	340.3	310.7

Item	2025	2024	2023	2022
Profit Before Tax	46.3	27.8	23.4	14.8
Depreciation of Fixed Assets and Investment Property	6.2	9.5	10.0	9.7
Provision (Increase)/Reversal	5.0	-17.5	0.0	2.4
FX Gain/Loss from Revaluation of Monetary Items	1.8	-0.3	-0.7	-1.2
Gain/Loss from Investment Activities	-0.9	-0.1	-1.3	-0.2
Interest Expense	5.7	6.4	5.3	4.7
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	64.0	25.7	36.7	30.2
Increase/(Decrease) in Receivables	-49.9	39.4	-42.3	31.1
Increase/(Decrease) in Inventory	29.0	-67.2	-22.1	47.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.6	8.1	22.1	-25.5
Increase/(Decrease) in Prepaid Expenses	0.3	-9.0	1.3	1.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-5.7	-6.4	-5.3	-4.7
Corporate Income Tax Paid	-8.5	-6.1	-7.1	-5.5
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.7	-1.5	-1.6	-1.3
Net Cash Flow from Operating Activities	20.9	-17.1	-18.4	72.7
Payments for Fixed Assets and Other Long-term Assets	-3.4	-3.3	-2.9	-41.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.7	0.0
Loans and Purchases of Debt Instruments	0.2	-0.2	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	1.0	0.1	0.6	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	-2.2	-3.4	-1.6	-40.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	318.9	383.8	209.0	286.2
Repayment of Borrowings	-297.1	-346.9	-215.5	-307.3
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-5.0	-4.9	-0.4	-4.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	16.7	32.0	-7.0	-25.9
Net Cash Flow During the Period	35.4	11.5	-26.9	6.1
Cash and Cash Equivalents at Beginning of Period	22.9	10.1	36.3	30.1
FX Difference from Revaluation	-0.1	1.3	0.7	0.1
Cash and Cash Equivalents at End of Period	58.2	22.9	10.1	36.3

Item	Q4'25
Profit Before Tax	46.3
Depreciation of Fixed Assets and Investment Property	6.2
Provision (Increase)/Reversal	5.0
FX Gain/Loss from Revaluation of Monetary Items	1.8
Gain/Loss from Investment Activities	-0.9
Interest Expense	5.7
Operating Profit Before Changes in Working Capital	64.0
Increase/(Decrease) in Receivables	-49.9
Increase/(Decrease) in Inventory	29.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.6
Increase/(Decrease) in Prepaid Expenses	0.3
Interest Paid	-5.7
Corporate Income Tax Paid	-8.5
Other Operating Payments	-1.7
Net Cash Flow from Operating Activities	20.9
Payments for Fixed Assets and Other Long-term Assets	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Loans and Purchases of Debt Instruments	0.2
Dividends and Interest Income Received	1.0
Net Cash Flow from Investing Activities	-2.2
Proceeds from Borrowings	318.9
Repayment of Borrowings	-297.1
Dividends Paid	-5.0
Net Cash Flow from Financing Activities	16.7
Net Cash Flow During the Period	35.4
Cash and Cash Equivalents at Beginning of Period	22.9
FX Difference from Revaluation	-0.1
Cash and Cash Equivalents at End of Period	58.2

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SPV

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency