SSG

Vận tải biển Hải Âu ·UPCOM ·2023Q3

● Maintaining

Capital structure should be read with cycle risk in mind Debt/equity −0.14x

Price

8,000

Latest close

03 Jun 2026

P/E —

P/B 0.72x

EPS —

BVPS 11,177

ROE 1.5%

ROA 1.4%

Profit Margin 771.7%

Asset Turnover 0.00x

Equity Mult. 1.09x

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

What Is Changing

On a Năm 2025 basis, SSG is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
−99.3%YoY

	                            
	                                NET MARGIN
	                            
	                                    771.66%
	                                
+517.3ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−97.9%YoY

Metric	Q3'23
Revenue	6.0
Growth	—
Net Income	0.5
Net Margin	9.16%

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 771.66% +517.3pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.07x equity, with a net cash position equivalent to 0.14x equity.

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.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, total debt stands at 0.0bn.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.14x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

TTM YoY · Prior -> 2023Q3

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.14x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.14x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022
Revenue	0.2	23.9	31.7	93.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	0.2	23.9	31.7	93.8
Cost of Goods Sold	0.0	22.3	23.6	25.2
Gross Profit	0.1	1.6	8.1	68.6
Financial Income	3.3	2.3	4.0	1.5
Financial Expenses	0.2	0.2	2.2	0.4
Interest Expense	—	0.0	1.8	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.3	0.4	1.2
General and Administrative Expenses	1.6	3.0	2.9	2.9
Operating Profit	1.7	0.5	6.6	65.6
Other Income	0.0	81.6	0.0	5.3
Other Expenses	0.0	5.9	0.0	0.0
Other Profit	0.0	75.7	-0.0	5.3
Profit Before Tax	1.7	76.1	6.6	70.8
Current Income Tax Expense	0.4	15.3	1.8	12.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	1.3	60.8	4.8	58.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	1.3	60.8	4.8	58.4
Earnings per Share	253.00	12,215.00	931.00	11,721.00
Diluted EPS	253.00	12,215.00	931.00	11,721.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.4	110.9	49.3	65.4
I. Cash and cash equivalents	44.4	110.2	5.7	57.6
1. Cash	44.4	10.3	5.7	36.3
2. Cash equivalents	—	100.0	0.0	21.3
II. Short-term financial investments	—	0.0	33.5	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	33.5	0.0
III. Short-term receivables	0.0	0.6	4.3	2.3
1. Short-term trade accounts receivable	—	0.0	0.0	1.2
2. Short-term prepayments to suppliers	—	0.0	1.3	0.0
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	0.2	0.8	3.0	1.1
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	1.0	0.5
1. Inventories	—	0.0	1.0	0.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	4.8	5.0
1. Short-term prepayments	—	0.0	1.5	2.2
2. Value added tax to be reclaimed	0.0	0.0	3.4	2.8
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)	11.6	11.6	15.1	21.0
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	10.0	11.6	11.7	11.8
1. Tangible fixed assets	—	1.6	1.7	1.8
- Cost	—	2.2	179.6	179.6
- Accumulated depreciation	—	-0.6	-177.8	-177.7
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	10.0	10.0	10.0	10.0
- Cost	10.0	10.0	10.0	10.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	1.6	0.0	0.0	0.0
- Cost	2.2	0.0	0.0	0.0
- Accumulated depreciation	-0.6	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	—	0.0	0.0	0.0
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	—	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	3.4	9.2
1. Long-term prepayments	—	0.0	3.4	9.2
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)	56.0	122.5	64.4	86.4
A. LIABILITIES (300=210+330)	3.6	11.6	9.4	17.6
I. Short -term liabilities	3.6	11.6	9.4	17.6
1. Short-term trade accounts payable	0.1	0.1	0.4	0.6
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.4	9.8	0.9	8.9
4. Payable to employees	0.1	0.0	0.0	0.1
5. Short-term acrrued expenses	0.0	0.0	6.6	7.0
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	2.8	1.5	1.4	1.0
10. Short-term borrowings and financial leases	—	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	0.2	0.2	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	—	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)	—	0.00	0.00	0.00
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)	52.4	110.9	55.0	68.8
I. Owner's equity	52.4	110.9	55.0	68.8
1. Owner's capital	50.0	50.0	50.0	50.0
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00	50,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
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	-188,100,000.00	-188,100,000.00	-188,100,000.00	-188,100,000.00
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	—	0.0	0.0	0.0
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	2.6	61.1	5.2	19.0
- Accumulated retained earning at the end of the previous period	1.3	0.2	0.4	-39.4
- Undistributed earnings in this period	1.3	60.8	4.8	58.4
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)	56.0	122.5	64.4	86.4

Item	2025	2024	2023	2022
Profit Before Tax	1.7	76.1	6.6	70.8
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2	-0.0	0.4
Gain/Loss from Investment Activities	-4.0	-83.8	-3.7	-0.5
Interest Expense	—	0.0	1.8	0.0
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	-2.2	-7.6	4.8	70.7
Increase/(Decrease) in Receivables	1.1	7.5	-0.4	1.9
Increase/(Decrease) in Inventory	—	1.0	-0.6	-0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	-0.3	-0.2	-5.8
Increase/(Decrease) in Prepaid Expenses	—	4.8	6.6	-8.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-6.5	-2.3	-2.3
Corporate Income Tax Paid	-9.8	-6.4	-9.8	-3.5
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-10.8	-7.4	-1.9	52.1
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	—	79.1	0.0	0.0
Loans and Purchases of Debt Instruments	-42.5	-79.5	-61.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	42.5	113.0	27.5	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	3.4	4.1	1.4	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	3.4	116.7	-32.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-58.5	-4.9	-18.0	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	-58.5	-4.9	-18.0	0.0
Net Cash Flow During the Period	-65.8	104.4	-52.0	52.1
Cash and Cash Equivalents at Beginning of Period	110.2	5.7	57.6	5.9
FX Difference from Revaluation	—	0.2	0.0	-0.4
Cash and Cash Equivalents at End of Period	44.4	110.2	5.7	57.6

Item	Q3'23
Revenue	6.0
Revenue Deductions	0.0
Net Revenue	6.0
Cost of Goods Sold	5.7
Gross Profit	0.3
Financial Income	1.1
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.1
General and Administrative Expenses	0.7
Operating Profit	0.7
Other Income	0.0
Other Expenses	0.0
Other Profit	0.0
Profit Before Tax	0.7
Current Income Tax Expense	0.2
Deferred Income Tax Expense	0.0
Net Income	0.5
Non-controlling Interest	0.0
Profit Attributable to Parent	0.5
Earnings per Share	110.00
Diluted EPS	109.92

Item	Q3'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	49.3
I. Cash and cash equivalents	7.9
1. Cash	7.9
2. Cash equivalents	0.0
II. Short-term financial investments	33.5
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	33.5
III. Short-term receivables	2.5
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	0.2
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	2.3
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.6
1. Inventories	0.6
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	4.8
1. Short-term prepayments	1.6
2. Value added tax to be reclaimed	3.2
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)	16.7
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	11.7
1. Tangible fixed assets	1.7
- Cost	179.6
- Accumulated depreciation	-177.8
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	10.0
- 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	0.0
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	4.9
1. Long-term prepayments	4.9
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)	66.0
A. LIABILITIES (300=210+330)	10.1
I. Short -term liabilities	10.1
1. Short-term trade accounts payable	0.2
2. Short-term advances from customers	0.4
3. Taxes and other payables to state authorities	1.2
4. Payable to employees	0.0
5. Short-term acrrued expenses	6.8
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	1.2
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.2
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)	0.00
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)	55.9
I. Owner's equity	55.9
1. Owner's capital	50.0
- Common stock with voting right	50,000,000,000.00
- Preferred stock	0.00
2. Share premium	0.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	-188,100,000.00
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	6.1
- Accumulated retained earning at the end of the previous period	0.4
- Undistributed earnings in this period	5.7
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)	66.0

Item	Q4'25	Q3'23
Profit Before Tax	1.7	0.0
Depreciation of Fixed Assets and Investment Property	0.1	0.0
Provision (Increase)/Reversal	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0
Gain/Loss from Investment Activities	-4.0	0.0
Interest Expense	—	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	-2.2	0.0
Increase/(Decrease) in Receivables	1.1	0.0
Increase/(Decrease) in Inventory	—	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0
Changes in Trading Securities	—	0.0
Interest Paid	—	0.0
Corporate Income Tax Paid	-9.8	-9.2
Other Operating Receipts	—	19.1
Other Operating Payments	-0.1	-19.7
Net Cash Flow from Operating Activities	-10.8	0.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0
Loans and Purchases of Debt Instruments	-42.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	42.5	0.0
Investments in Other Entities	—	0.0
Proceeds from Investments in Other Entities	—	0.0
Dividends and Interest Income Received	3.4	1.4
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	3.4	-32.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00
Share Repurchases	—	0.00
Proceeds from Borrowings	—	0.0
Repayment of Borrowings	—	0.0
Repayment of Finance Leases	—	0.0
Dividends Paid	-58.5	-18.0
Other Financing Receipts	—	0.0
Other Financing Payments	—	0.0
Net Cash Flow from Financing Activities	-58.5	-18.0
Net Cash Flow During the Period	-65.8	-50.0
Cash and Cash Equivalents at Beginning of Period	110.2	57.6
FX Difference from Revaluation	—	0.2
Cash and Cash Equivalents at End of Period	44.4	7.9

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SSG

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?

Leverage & Liquidity ▲

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity