TGP

Trường Phú ·UPCOM ·2026Q1

▲▲ Improving positively

The balance sheet remains flexible Debt/equity −0.01x

Price

5,900

Latest close

03 Jun 2026

P/E —

P/B 0.49x

EPS —

BVPS 12,126

ROE 9.6%

ROA 5.5%

Profit Margin 4.6%

Asset Turnover 1.21x

Equity Mult. 1.73x

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

What Is Changing

On a Năm 2024 basis, TGP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 310bn
	                                
−33.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
+767.9%YoY

Metric	2024	2023	2022
Revenue	310.3	466.4	516.2
Growth	-33%	-10%	—
Net Income	14.2	1.6	13.8
Net Margin	4.57%	0.35%	2.67%

Metric	Q1'26
Revenue	95.5
Growth	—
Net Income	1.3
Net Margin	1.37%

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 4.57% +4.2pp

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 0.36x equity, with a net cash position equivalent to 0.01x equity.

Inventory ended the period at 104.3bn, roughly 49.6% 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?

Financial risk is low — the company has net cash and CFO reached 98.3bn.

Leverage & Liquidity

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

At present, short-term debt accounts for 63.5% of total debt, cash equals 169.1% of debt, and total debt stands at 3.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 63.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.01x —

Interest Coverage — —

Cash / Debt 169.1% —

Short-term Debt / Total Debt 63.5% —

TTM YoY · Prior -> 2026Q1

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.01x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.01x of equity.

Statement Data

Item	2024	2023	2022
Revenue	310.3	466.5	516.2
Revenue Deductions	0.0	0.1	0.0
Net Revenue	310.3	466.4	516.2
Cost of Goods Sold	280.0	428.8	460.7
Gross Profit	30.3	37.6	55.5
Financial Income	3.8	0.1	0.8
Financial Expenses	5.7	17.7	21.2
Interest Expense	4.5	16.0	17.0
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	5.1	5.8	11.3
General and Administrative Expenses	6.2	9.7	6.1
Operating Profit	17.1	4.4	17.8
Other Income	0.0	0.0	0.0
Other Expenses	0.2	0.1	0.1
Other Profit	-0.2	-0.1	-0.1
Profit Before Tax	16.9	4.4	17.7
Current Income Tax Expense	2.8	2.7	4.0
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	14.2	1.6	13.8
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	14.2	1.6	13.8
Earnings per Share	1,383.00	159.00	1,378.00
Diluted EPS	1,212.67	139.73	1,376.82

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	153.0	242.4	352.2
I. Cash and cash equivalents	24.2	18.6	43.2
1. Cash	7.2	18.6	43.2
2. Cash equivalents	17.0	0.0	0.0
II. Short-term financial investments	16.0	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	16.0	0.0	0.0
III. Short-term receivables	7.3	86.3	72.9
1. Short-term trade accounts receivable	9.0	88.9	71.9
2. Short-term prepayments to suppliers	1.4	0.2	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	0.0	0.0
6. Other short-term receivables	0.3	0.5	0.3
7. Provision for short-term doubtful debts (*)	-3.4	-3.4	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	104.3	137.5	229.4
1. Inventories	104.3	137.5	229.4
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	1.3	0.0	6.7
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.3	0.0	6.7
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)	57.0	59.3	68.8
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	55.5	58.8	64.0
1. Tangible fixed assets	52.2	55.3	60.1
- Cost	239.0	237.7	236.4
- Accumulated depreciation	-186.8	-182.3	-176.3
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	3.3	3.5	3.9
- Cost	7.7	7.6	7.5
- Accumulated depreciation	-4.3	-4.2	-3.6
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	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	1.5	0.5	4.8
1. Long-term prepayments	1.5	0.5	4.8
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)	210.0	301.6	421.0
A. LIABILITIES (300=210+330)	55.3	161.1	282.1
I. Short -term liabilities	52.3	156.7	276.2
1. Short-term trade accounts payable	1.3	21.0	0.5
2. Short-term advances from customers	0.0	0.0	1.4
3. Taxes and other payables to state authorities	1.5	9.5	1.6
4. Payable to employees	3.1	2.9	2.2
5. Short-term acrrued expenses	0.1	2.7	6.6
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	6.9	4.3	4.5
10. Short-term borrowings and financial leases	38.1	114.1	257.3
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	2.2	2.2
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	3.0	4.4	5.9
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	3.0	4.4	5.9
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)	154.7	140.5	138.9
I. Owner's equity	154.7	140.5	138.9
1. Owner's capital	117.0	117.0	100.0
- Common stock with voting right	116,985,750,000.00	116,985,750,000.00	100,000,000,000.00
- 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	-75,000,000.00	-75,000,000.00	-75,000,000.00
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	17.3	17.3	17.3
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	3.6	3.6	3.6
11. Undistributed earnings after tax	16.9	2.7	18.1
- Accumulated retained earning at the end of the previous period	2.7	1.1	4.3
- Undistributed earnings in this period	14.2	1.6	13.8
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)	210.0	301.6	421.0

Item	2024	2023	2022
Profit Before Tax	16.9	4.4	17.7
Depreciation of Fixed Assets and Investment Property	6.1	7.3	10.0
Provision (Increase)/Reversal	0.0	3.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0
Gain/Loss from Investment Activities	-3.8	-0.1	-0.7
Interest Expense	4.5	16.0	17.0
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	23.7	30.9	43.9
Increase/(Decrease) in Receivables	76.5	-10.7	-1.3
Increase/(Decrease) in Inventory	33.2	91.9	25.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-22.6	27.0	-48.6
Increase/(Decrease) in Prepaid Expenses	-1.1	4.3	-1.8
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-7.1	-19.9	-11.2
Corporate Income Tax Paid	-3.6	-1.9	-2.7
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-0.7	-0.0	-0.0
Net Cash Flow from Operating Activities	98.3	121.5	4.3
Payments for Fixed Assets and Other Long-term Assets	-2.8	-1.4	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-16.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	17.2
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	3.5	0.1	0.7
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	-15.3	-1.3	16.8
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	197.2	249.8	392.0
Repayment of Borrowings	-274.6	-394.5	-376.7
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-0.1	-0.2	-4.5
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-77.5	-144.9	10.9
Net Cash Flow During the Period	5.6	-24.6	32.0
Cash and Cash Equivalents at Beginning of Period	18.6	43.2	11.2
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	24.2	18.6	43.2

Item	Q1'26
Revenue	95.5
Net Revenue	95.5
Cost of Goods Sold	89.0
Gross Profit	6.5
Financial Income	0.0
Financial Expenses	0.6
Interest Expense	0.6
Selling Expenses	3.2
General and Administrative Expenses	1.0
Operating Profit	1.7
Other Expenses	0.2
Other Profit	-0.2
Profit Before Tax	1.6
Current Income Tax Expense	0.3
Net Income	1.3
Profit Attributable to Parent	1.3
Earnings per Share	100.00

Item	Q1'26
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	136.0
I. Cash and cash equivalents	5.6
1. Cash	5.6
II. Short-term financial investments	5.0
3. Held to maturity investments	5.0
III. Short-term receivables	28.4
1. Short-term trade accounts receivable	30.3
2. Short-term prepayments to suppliers	1.1
6. Other short-term receivables	0.3
7. Provision for short-term doubtful debts (*)	-3.4
IV. Inventories	96.9
1. Inventories	96.9
V. Other short-term assets	0.1
3. Taxes and other receivables from state authorities	0.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	51.6
II. Fixed assets	49.4
1. Tangible fixed assets	46.3
- Cost	239.5
- Accumulated depreciation	-193.2
3. Intangible fixed assets	3.1
- Cost	7.7
- Accumulated depreciation	-4.6
VI. Other long-term assets	2.3
1. Long-term prepayments	2.3
TOTAL ASSETS (280=100+200)	187.6
A. LIABILITIES (300=210+330)	28.8
I. Short -term liabilities	27.6
1. Short-term trade accounts payable	17.3
2. Short-term advances from customers	0.2
3. Dividends and profits payable	3.7
3. Taxes and other payables to state authorities	0.5
4. Payable to employees	1.2
5. Short-term acrrued expenses	1.1
9. Other short-term payables	0.0
10. Short-term borrowings and financial leases	2.1
12.. Bonus and welfare fund	1.4
II. Long-term liabilities	1.2
8. Long-term borrowings and financial leases	1.2
B. OWNER'S EQUITY (400=410+430)	158.9
I. Owner's equity	158.9
1. Owner's capital	131.0
- Common stock with voting right	131,013,250,000.00
5. Treasury shares	-75,000,000.00
8. Investment and development fund	17.3
10. Other funds from owner's equity	3.6
11. Undistributed earnings after tax	7.0
- Accumulated retained earning at the end of the previous period	5.7
- Undistributed earnings in this period	1.3
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	187.6

Item	Q1'26
Profit Before Tax	1.6
Depreciation of Fixed Assets and Investment Property	1.4
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-0.0
Interest Expense	0.6
Operating Profit Before Changes in Working Capital	3.5
Increase/(Decrease) in Receivables	13.2
Increase/(Decrease) in Inventory	44.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.3
Increase/(Decrease) in Prepaid Expenses	0.3
Interest Paid	-0.6
Corporate Income Tax Paid	-0.3
Net Cash Flow from Operating Activities	71.5
Loans and Purchases of Debt Instruments	-5.0
Proceeds from Investments in Other Entities	10.0
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	5.0
Proceeds from Borrowings	16.6
Repayment of Borrowings	-100.6
Net Cash Flow from Financing Activities	-84.0
Net Cash Flow During the Period	-7.5
Cash and Cash Equivalents at Beginning of Period	13.1
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	5.6

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TGP

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