TRV

Vận tải Đường sắt ·UPCOM ·2026Q1

Price

13,000

Latest close

05 Jun 2026

P/E 22.33x

P/B 2.14x

EPS 582

BVPS 6,067

ROE 10.1%

ROA 3.3%

Profit Margin 1.4%

Asset Turnover 2.32x

Equity Mult. 3.02x

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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,387.6	932.8	1,515.3	1,428.9	1,286.8
Growth	+49%	-38%	+6%	+11%	—
Net Income	44.1	-122.3	88.9	65.1	29.7
Net Margin	3.18%	-13.11%	5.87%	4.56%	2.31%

Drivers of TRV's profit

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 17.2bn

Administrative expenses ↓ 3.4bn

Selling expenses ↑ 8.3bn

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 1.44% —

Gross Margin 8.94% —

SG&A / Revenue 7.49% —

Non-core / Revenue -0.01% —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Margin support from non-core sources remains high (54.9% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 4.26x —

Average Invested Capital 1,235.8bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 2.10x equity, net debt at 0.63x equity.

Over the last 12 months, working capital absorbed 157.2bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −31.1bn

Inventories decreased → higher CFO: +1.9bn

Payables decreased → lower CFO: −128.1bn

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

Leverage warrants monitoring, with net debt / equity at 0.63x and interest coverage only at 0.64x.

At present, short-term debt accounts for 14.6% of total debt, cash equals 23.5% of debt, and total debt stands at 654.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.64x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 23.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.63x −0.02x

Interest Coverage 0.64x —

Cash / Debt 23.5% −13.9pp

Short-term Debt / Total Debt 14.6% +1.7pp

CFO / NI 0.58x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 228.3bn in 2025, against investing cash flow of -97.6bn.

Post-investment cash flow was positive +130.7bn. Financing cash flow was negative +95.7bn.

CFO / net income was 0.58x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 44.3bn —

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is -55.7%. The main risk still sits in leverage and liquidity, with interest coverage at 0.64x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -55.7% of PBT and CFO / net income currently at 0.58x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.64x.

Statement Data

Item	2025
Revenue	5,163.8
Net Revenue	5,163.8
Cost of Goods Sold	4,710.3
Gross Profit	453.4
Financial Income	11.0
Financial Expenses	55.0
Interest Expense	54.9
Selling Expenses	302.3
General and Administrative Expenses	86.9
Operating Profit	20.2
Other Income	45.5
Other Expenses	4.3
Other Profit	41.3
Profit Before Tax	61.4
Net Income	61.4
Profit Attributable to Parent	61.4
Earnings per Share	471.00
Diluted EPS	471.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	722.6
I. Cash and cash equivalents	259.9
1. Cash	219.9
2. Cash equivalents	40.0
II. Short-term financial investments	110.0
3. Held to maturity investments	110.0
III. Short-term receivables	184.8
1. Short-term trade accounts receivable	183.2
2. Short-term prepayments to suppliers	9.7
6. Other short-term receivables	43.9
7. Provision for short-term doubtful debts (*)	-52.0
IV. Inventories	150.7
1. Inventories	152.4
2. Provision for decline in value of inventories	-1.7
V. Other short-term assets	17.2
1. Short-term prepayments	13.2
2. Value added tax to be reclaimed	0.2
3. Taxes and other receivables from state authorities	3.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,591.7
I. Long-term receivables	0.1
6. Other long-term receivables	0.1
II. Fixed assets	1,329.9
1. Tangible fixed assets	1,323.3
- Cost	6,233.0
- Accumulated depreciation	-4,909.8
3. Intangible fixed assets	6.6
- Cost	9.8
- Accumulated depreciation	-3.1
III. Investment properties	0.5
- Cost	6.7
- Accumulated depreciation	-6.2
IV. Long-term assets in progress	2.8
2. Construction in progress	2.8
V. Long-term financial investments	0.8
3. Investments in other entities	0.8
VI. Other long-term assets	257.7
1. Long-term prepayments	257.7
TOTAL ASSETS (280=100+200)	2,314.3
A. LIABILITIES (300=210+330)	1,567.4
I. Short -term liabilities	991.8
1. Short-term trade accounts payable	140.5
2. Short-term advances from customers	6.2
3. Taxes and other payables to state authorities	76.3
4. Payable to employees	283.6
5. Short-term acrrued expenses	46.9
8. Short-term unearned revenue	299.7
9. Other short-term payables	42.6
10. Short-term borrowings and financial leases	95.8
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.1
II. Long-term liabilities	575.6
7. Other long-term liabilities	0.6
8. Long-term borrowings and financial leases	575.0
B. OWNER'S EQUITY (400=410+430)	746.9
I. Owner's equity	746.9
1. Owner's capital	1,303.7
- Common stock with voting right	1,303,689,700,000.00
8. Investment and development fund	4.6
11. Undistributed earnings after tax	-561.4
- Accumulated retained earning at the end of the previous period	-622.8
- Undistributed earnings in this period	61.4
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,314.3

Item	2025
Profit Before Tax	61.4
Depreciation of Fixed Assets and Investment Property	227.5
Provision (Increase)/Reversal	-8.7
FX Gain/Loss from Revaluation of Monetary Items	0.1
Gain/Loss from Investment Activities	-11.0
Interest Expense	54.9
Operating Profit Before Changes in Working Capital	324.3
Increase/(Decrease) in Receivables	-6.8
Increase/(Decrease) in Inventory	30.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.7
Increase/(Decrease) in Prepaid Expenses	-111.9
Interest Paid	-51.9
Net Cash Flow from Operating Activities	228.3
Payments for Fixed Assets and Other Long-term Assets	-94.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Loans and Purchases of Debt Instruments	-180.0
Receipts from Loan Repayments and Sale of Debt Instruments	165.0
Dividends and Interest Income Received	12.0
Net Cash Flow from Investing Activities	-97.6
Proceeds from Borrowings	0.1
Repayment of Borrowings	-95.8
Net Cash Flow from Financing Activities	-95.7
Net Cash Flow During the Period	35.0
Cash and Cash Equivalents at Beginning of Period	224.9
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	259.9

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	1,387.6	932.8	1,515.3	1,428.9	1,286.8
Net Revenue	1,387.6	932.8	1,515.3	1,428.9	1,286.8
Cost of Goods Sold	1,249.4	957.6	1,324.4	1,262.5	1,165.8
Gross Profit	138.2	-24.8	190.9	166.4	121.0
Financial Income	2.5	3.2	3.5	2.3	2.0
Financial Expenses	13.1	13.2	13.6	13.9	14.4
Interest Expense	13.1	13.1	13.6	13.9	14.4
Selling Expenses	77.5	76.0	80.6	76.5	69.2
General and Administrative Expenses	19.4	19.3	21.1	23.7	22.8
Operating Profit	30.6	-130.1	79.0	54.6	16.6
Other Income	13.5	10.9	10.4	10.5	13.8
Other Expenses	0.0	3.1	0.4	0.1	0.7
Other Profit	13.5	7.8	9.9	10.4	13.1
Profit Before Tax	44.1	-122.3	88.9	65.1	29.7
Net Income	44.1	-122.3	88.9	65.1	29.7
Profit Attributable to Parent	44.1	-122.3	88.9	65.1	29.7
Earnings per Share	338.40	-937.83	682.24	499.26	227.52

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	721.5	722.6	771.4	873.8	696.2
I. Cash and cash equivalents	153.8	259.9	328.0	406.6	278.0
1. Cash	133.8	219.9	168.0	256.6	128.0
2. Cash equivalents	20.0	40.0	160.0	150.0	150.0
II. Short-term financial investments	140.0	110.0	110.0	100.0	40.0
3. Held to maturity investments	140.0	110.0	110.0	100.0	40.0
III. Short-term receivables	217.9	184.8	170.1	162.1	171.0
1. Short-term trade accounts receivable	192.7	183.2	172.5	160.6	173.9
2. Short-term prepayments to suppliers	21.8	9.7	4.8	5.1	6.0
6. Other short-term receivables	54.2	43.9	48.5	52.2	48.3
7. Provision for short-term doubtful debts (*)	-50.9	-52.0	-55.6	-55.9	-57.1
IV. Inventories	192.8	150.7	150.4	186.6	190.2
1. Inventories	194.6	152.4	152.2	188.4	196.5
2. Provision for decline in value of inventories	-1.7	-1.7	-1.7	-1.7	-6.3
V. Other short-term assets	17.0	17.2	12.8	18.4	17.0
1. Short-term prepayments	10.5	13.2	8.4	12.8	12.1
2. Value added tax to be reclaimed	0.1	0.2	—	0.0	—
3. Taxes and other receivables from state authorities	6.3	3.7	4.4	5.6	4.9
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,531.4	1,591.7	1,613.4	1,636.8	1,596.6
I. Long-term receivables	0.1	0.1	0.0	0.0	0.1
6. Other long-term receivables	0.1	0.1	0.0	0.0	0.1
II. Fixed assets	1,275.1	1,329.9	1,382.7	1,423.7	1,433.6
1. Tangible fixed assets	1,268.6	1,323.3	1,376.0	1,416.9	1,426.7
- Cost	6,234.8	—	—	—	—
- Accumulated depreciation	-4,966.2	—	—	—	—
3. Intangible fixed assets	6.6	6.6	6.7	6.8	6.8
- Cost	9.8	—	—	—	—
- Accumulated depreciation	-3.2	—	—	—	—
III. Investment properties	0.4	0.5	0.5	0.5	0.6
- Cost	6.7	—	—	—	—
- Accumulated depreciation	-6.2	—	—	—	—
IV. Long-term assets in progress	2.8	2.8	3.0	3.2	2.9
2. Construction in progress	2.8	2.8	3.0	3.2	2.9
V. Long-term financial investments	0.8	0.8	0.8	0.8	0.8
3. Investments in other entities	0.8	0.8	0.8	0.8	0.8
VI. Other long-term assets	252.2	257.7	226.4	208.6	158.7
1. Long-term prepayments	252.2	257.7	226.4	208.6	158.7
TOTAL ASSETS (280=100+200)	2,252.9	2,314.3	2,384.9	2,510.6	2,292.8
A. LIABILITIES (300=210+330)	1,461.9	1,567.4	1,515.7	1,730.3	1,577.6
I. Short -term liabilities	902.5	991.8	916.2	1,107.0	930.3
1. Short-term trade accounts payable	96.0	140.5	98.7	161.3	315.5
2. Short-term advances from customers	5.3	6.2	8.1	9.6	7.4
3. Taxes and other payables to state authorities	89.0	76.3	83.4	155.2	94.6
4. Payable to employees	179.4	283.6	354.5	284.9	188.7
5. Short-term acrrued expenses	250.4	46.9	82.9	124.7	62.4
8. Short-term unearned revenue	138.3	299.7	149.3	234.3	121.3
9. Other short-term payables	48.1	42.6	43.1	41.0	44.6
10. Short-term borrowings and financial leases	95.8	95.8	95.8	95.8	95.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.2	0.1	0.1
II. Long-term liabilities	559.4	575.6	599.5	623.4	647.3
7. Other long-term liabilities	0.5	0.6	0.5	0.6	0.6
8. Long-term borrowings and financial leases	558.9	575.0	599.0	622.8	646.8
B. OWNER'S EQUITY (400=410+430)	791.0	746.9	869.2	780.2	715.1
I. Owner's equity	791.0	746.9	869.2	780.2	715.1
1. Owner's capital	1,303.7	1,303.7	1,303.7	1,303.7	1,303.7
- Common stock with voting right	1,303,689,700,000.00	1,303,689,700,000.00	1,303,689,700,000.00	1,303,689,700,000.00	1,303,689,700,000.00
7. Foreign exchange differences	-0.0	—	—	—	—
8. Investment and development fund	4.6	4.6	4.6	4.6	4.6
11. Undistributed earnings after tax	-517.3	-561.4	-439.1	-528.1	-593.2
- Accumulated retained earning at the end of the previous period	-561.4	-622.8	-622.8	-622.8	-622.8
- Undistributed earnings in this period	44.1	61.4	183.7	94.7	29.7
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,252.9	2,314.3	2,384.9	2,510.6	2,292.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	44.1	-122.3	88.9	65.1	29.7
Depreciation of Fixed Assets and Investment Property	56.5	58.7	59.0	56.0	53.8
Provision (Increase)/Reversal	1.1	-13.9	10.1	-4.0	-0.9
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.7	23.1	-29.7	8.0	-12.4
Interest Expense	13.1	13.1	13.6	13.9	14.4
Operating Profit Before Changes in Working Capital	104.2	-41.2	141.8	139.1	84.5
Increase/(Decrease) in Receivables	-22.8	-10.7	-10.2	12.6	1.5
Increase/(Decrease) in Inventory	-42.1	-0.3	36.2	8.1	-13.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-107.1	39.6	-106.8	46.2	64.7
Increase/(Decrease) in Prepaid Expenses	8.2	-36.1	-13.4	-50.7	-11.8
Interest Paid	-13.1	-9.7	-6.7	-21.0	-14.5
Net Cash Flow from Operating Activities	-72.7	-58.3	41.0	134.3	111.4
Payments for Fixed Assets and Other Long-term Assets	—	-94.4	12.7	-12.7	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-100.0	430.0	-705.0	285.0	-190.0
Receipts from Loan Repayments and Sale of Debt Instruments	90.0	-330.0	595.0	-255.0	155.0
Dividends and Interest Income Received	0.5	8.6	1.7	0.9	0.9
Net Cash Flow from Investing Activities	-9.5	14.1	-95.7	18.2	-34.3
Proceeds from Borrowings	—	0.1	—	—	—
Repayment of Borrowings	-24.0	-24.0	-24.0	-24.0	-24.0
Net Cash Flow from Financing Activities	-24.0	-23.9	-24.0	-24.0	-24.0
Net Cash Flow During the Period	-106.1	-68.1	-78.6	128.6	53.1
Cash and Cash Equivalents at Beginning of Period	259.9	328.0	406.6	278.0	224.9
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	153.8	259.9	328.0	406.6	278.0

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TRV

Drivers of TRV's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow