TLT

Viglacera Thăng Long ·UPCOM ·2025Q4

▲▲ Improving positively

Price

—

Latest close

P/E —

P/B —

EPS —

BVPS —

ROE 21.7%

ROA 6.0%

Profit Margin 3.2%

Asset Turnover 1.87x

Equity Mult. 3.63x

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

What Is Changing

On a Năm 2025 basis, TLT is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 664bn
	                                
+5.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+69.5%YoY

Metric	2025	2024	2023	2022
Revenue	663.9	630.3	576.5	637.7
Growth	+5%	+9%	-10%	—
Net Income	21.2	12.5	4.4	9.7
Net Margin	3.20%	1.99%	0.77%	1.52%

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 3.20% +1.2pp

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 136.2bn, roughly 36.6% 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?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2025	2024	2023	2022
Revenue	669.7	635.5	578.7	641.2
Revenue Deductions	5.8	5.3	2.3	3.5
Net Revenue	663.9	630.3	576.5	637.7
Cost of Goods Sold	604.0	581.6	537.3	584.5
Gross Profit	59.9	48.6	39.2	53.3
Financial Income	0.3	0.1	3.8	0.4
Financial Expenses	6.4	8.2	14.7	10.7
Interest Expense	7.0	7.8	13.9	9.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	6.2	5.9	5.8	7.1
General and Administrative Expenses	23.7	21.9	20.1	26.8
Operating Profit	24.0	12.8	2.4	9.1
Other Income	3.6	3.7	3.6	5.2
Other Expenses	1.0	1.2	0.8	1.8
Other Profit	2.6	2.4	2.8	3.4
Profit Before Tax	26.5	15.3	5.1	12.6
Current Income Tax Expense	5.3	2.7	0.7	2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	21.2	12.5	4.4	9.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	21.2	12.5	4.4	9.7
Earnings per Share	3,036.00	1,791.00	633.00	1,383.00
Diluted EPS	3,035.74	1,791.14	632.54	1,382.87

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	284.0	244.8	243.4	267.9
I. Cash and cash equivalents	75.3	73.6	43.1	53.0
1. Cash	75.3	73.6	43.1	53.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	5.7	5.5	2.4	2.3
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	5.7	5.5	2.4	2.3
III. Short-term receivables	65.8	18.5	12.5	7.6
1. Short-term trade accounts receivable	79.0	30.0	28.0	23.2
2. Short-term prepayments to suppliers	6.6	7.2	5.1	4.7
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	3.8	4.6	2.9	3.5
7. Provision for short-term doubtful debts (*)	-23.6	-23.3	-23.5	-23.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	136.2	146.3	185.2	199.3
1. Inventories	149.9	156.1	193.9	207.4
2. Provision for decline in value of inventories	-13.6	-9.8	-8.7	-8.1
V. Other short-term assets	0.9	1.0	0.2	5.7
1. Short-term prepayments	0.9	0.6	0.2	1.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.4	0.0	4.7
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)	88.0	92.9	88.5	109.1
I. Long-term receivables	1.1	0.9	1.0	1.0
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	1.1	0.9	1.0	1.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	77.8	82.5	78.2	99.0
1. Tangible fixed assets	45.9	57.8	62.8	77.2
- Cost	407.8	382.9	365.2	364.1
- Accumulated depreciation	-361.8	-325.1	-302.4	-286.9
2. Financial leased fixed assets	31.9	24.8	15.4	21.8
- Cost	37.7	49.0	40.7	45.8
- Accumulated depreciation	-5.8	-24.2	-25.3	-24.0
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	—	0.3	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.3	0.0	0.0
V. Long-term financial investments	9.0	9.1	9.1	9.1
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.0	9.0	9.0	9.0
3. Investments in other entities	—	1.0	1.0	1.0
4. Provision for diminution in value of long-term investments	—	-0.9	-0.9	-0.9
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	—	0.1	0.2	0.0
1. Long-term prepayments	—	0.1	0.2	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)	371.9	337.7	331.9	377.0
A. LIABILITIES (300=210+330)	269.5	244.9	247.7	285.6
I. Short -term liabilities	254.6	232.2	242.8	275.5
1. Short-term trade accounts payable	71.9	59.5	43.4	72.9
2. Short-term advances from customers	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	5.9	2.6	2.3	2.6
4. Payable to employees	12.1	17.8	8.6	11.7
5. Short-term acrrued expenses	3.0	4.8	3.0	3.1
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	0.6	1.3	1.3
9. Other short-term payables	8.4	4.3	4.1	4.0
10. Short-term borrowings and financial leases	153.3	141.0	178.4	178.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	1.7	1.5	1.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	14.9	12.6	4.9	10.1
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	0.6	1.9
7. Other long-term liabilities	1.0	1.0	1.0	1.0
8. Long-term borrowings and financial leases	13.9	11.6	3.3	7.1
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)	102.4	92.8	84.2	91.4
I. Owner's equity	102.4	92.8	84.2	91.4
1. Owner's capital	69.9	69.9	69.9	69.9
- Common stock with voting right	69,898,000,000.00	69,898,000,000.00	69,898,000,000.00	69,898,000,000.00
- 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	—	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	11.3	10.4	9.9	9.0
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	21.2	12.5	4.4	12.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	2.9
- Undistributed earnings in this period	21.2	12.5	4.4	9.7
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)	371.9	337.7	331.9	377.0

Item	2025	2024	2023	2022
Profit Before Tax	26.5	15.3	5.1	12.6
Depreciation of Fixed Assets and Investment Property	18.3	21.7	22.7	26.3
Provision (Increase)/Reversal	3.2	0.9	0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.1	-0.2
Gain/Loss from Investment Activities	-0.3	-0.1	-3.8	-0.2
Interest Expense	7.0	7.8	13.9	9.1
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	54.6	45.6	38.4	47.5
Increase/(Decrease) in Receivables	-47.5	-1.3	3.8	1.6
Increase/(Decrease) in Inventory	6.2	37.9	13.5	-70.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.7	23.9	-32.3	12.9
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.3	0.6	0.4
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-7.2	-8.6	-12.7	-8.9
Corporate Income Tax Paid	-2.7	-0.3	-3.2	-0.9
Other Operating Receipts	0.2	0.0	0.2	0.0
Other Operating Payments	-3.1	-0.3	-1.4	-0.3
Net Cash Flow from Operating Activities	10.1	96.6	6.7	-18.4
Payments for Fixed Assets and Other Long-term Assets	-3.6	-14.8	-3.9	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.5
Loans and Purchases of Debt Instruments	—	-5.5	0.0	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	2.5	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.1	3.6	0.1
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	-2.5	-17.8	-0.1	-1.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	606.5	516.3	526.4	599.3
Repayment of Borrowings	-594.8	-553.9	-526.2	-559.4
Repayment of Finance Leases	-7.2	-7.3	-6.3	-7.0
Dividends Paid	-10.4	-3.5	-10.4	-6.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.9	-48.4	-16.4	26.0
Net Cash Flow During the Period	1.7	30.5	-9.9	5.7
Cash and Cash Equivalents at Beginning of Period	73.6	43.1	53.0	47.2
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	75.3	73.6	43.1	53.0

Item	Q4'25
Profit Before Tax	26.5
Depreciation of Fixed Assets and Investment Property	18.3
Provision (Increase)/Reversal	3.2
FX Gain/Loss from Revaluation of Monetary Items	0.0
Gain/Loss from Investment Activities	-0.3
Interest Expense	7.0
Operating Profit Before Changes in Working Capital	54.6
Increase/(Decrease) in Receivables	-47.5
Increase/(Decrease) in Inventory	6.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	9.7
Increase/(Decrease) in Prepaid Expenses	-0.2
Interest Paid	-7.2
Corporate Income Tax Paid	-2.7
Other Operating Payments	-3.1
Net Cash Flow from Operating Activities	10.1
Payments for Fixed Assets and Other Long-term Assets	-3.6
Proceeds from Investments in Other Entities	1.0
Dividends and Interest Income Received	0.1
Net Cash Flow from Investing Activities	-2.5
Proceeds from Borrowings	606.5
Repayment of Borrowings	-594.8
Repayment of Finance Leases	-7.2
Dividends Paid	-10.4
Net Cash Flow from Financing Activities	-5.9
Net Cash Flow During the Period	1.7
Cash and Cash Equivalents at Beginning of Period	73.6
Cash and Cash Equivalents at End of Period	75.3

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TLT

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