WTC

Vận tải Thủy - Vinacomin ·UPCOM ·2026Q1

▼ Slightly negative

Leverage and liquidity require close discipline Debt/equity 0.02x

Price

10,000

Latest close

04 Jun 2026

P/E —

P/B 0.58x

EPS —

BVPS 17,323

ROE 4.3%

ROA 1.5%

Profit Margin 0.8%

Asset Turnover 1.76x

Equity Mult. 2.97x

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

What Is Changing

On a Năm 2025 basis, WTC posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit is at an all-time high. What still needs to be determined is whether this is a temporary adjustment or an early sign of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,369bn
	                                
−13.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 11bn
	                                
−6.7%YoY

Metric	Q1'26	Q4'25
Revenue	356.6	424.1
Growth	-16%	—
Net Income	3.8	-3.0
Net Margin	1.05%	-0.72%

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 0.83% +0.1pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.58x equity, net debt at 2.96x 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, short-term debt accounts for 25.1% of total debt, cash equals 1.9% of debt, and total debt stands at 915.5bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.96x, increasing balance-sheet pressure.

Cash buffer is thin relative to debt

Cash / debt stands at 1.9%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 2.96x —

Interest Coverage — —

Cash / Debt 1.9% —

Short-term Debt / Total Debt 25.1% —

TTM YoY · Prior -> 2026Q1

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 0.02x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.02x.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,369.4	1,588.5	1,091.8	3,229.7
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	1,369.4	1,588.5	1,091.8	3,229.7
Cost of Goods Sold	1,278.7	1,535.9	1,066.2	3,128.2
Gross Profit	90.7	52.6	25.5	101.4
Financial Income	3.8	13.6	22.0	19.8
Financial Expenses	20.7	8.7	0.5	7.5
Interest Expense	19.9	7.0	0.1	5.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	41.8	25.2	12.3	47.6
General and Administrative Expenses	18.0	17.8	13.8	18.2
Operating Profit	13.9	14.6	20.9	48.0
Other Income	3.0	2.8	0.7	3.5
Other Expenses	2.2	1.9	0.9	1.1
Other Profit	0.9	1.0	-0.2	2.4
Profit Before Tax	14.8	15.5	20.7	50.5
Current Income Tax Expense	3.4	3.3	4.5	9.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	11.4	12.2	16.2	41.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	11.4	12.2	16.2	41.5
Earnings per Share	879.00	1,221.00	1,615.00	4,148.00
Diluted EPS	651.06	1,221.45	1,615.30	4,147.72

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	451.7	174.5	59.3	46.0
I. Cash and cash equivalents	6.1	2.2	6.7	3.0
1. Cash	6.1	2.2	6.7	3.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	14.8	15.0	0.8	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	14.8	15.0	0.8	0.0
III. Short-term receivables	400.0	143.1	41.4	30.0
1. Short-term trade accounts receivable	60.4	85.7	38.9	19.5
2. Short-term prepayments to suppliers	336.8	55.3	0.1	9.4
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	2.8	2.1	2.4	1.2
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	11.0	9.4	9.2	12.1
1. Inventories	11.0	9.4	9.2	12.1
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	19.9	4.9	1.3	0.9
1. Short-term prepayments	0.9	0.6	1.3	0.8
2. Value added tax to be reclaimed	19.0	4.3	0.0	0.0
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)	619.7	309.2	211.4	214.5
I. Long-term receivables	—	56.6	190.0	190.0
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	—	56.6	190.0	190.0
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	559.6	231.8	3.6	1.4
1. Tangible fixed assets	559.6	231.8	3.6	1.4
- Cost	603.0	245.8	4.6	2.9
- Accumulated depreciation	-43.4	-14.0	-0.9	-1.5
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	—	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2
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	43.7	2.4	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	43.7	2.4	0.0	0.0
V. Long-term financial investments	—	1.3	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	—	1.3	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	16.4	17.1	17.7	23.1
1. Long-term prepayments	16.4	17.1	17.7	23.1
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)	1,071.4	483.8	270.7	260.5
A. LIABILITIES (300=210+330)	772.0	258.9	44.7	34.2
I. Short -term liabilities	271.1	112.4	44.7	34.2
1. Short-term trade accounts payable	13.7	11.8	33.2	10.1
2. Short-term advances from customers	2.9	0.0	0.1	1.9
3. Taxes and other payables to state authorities	1.0	1.7	6.1	13.2
4. Payable to employees	3.2	3.0	2.6	3.2
5. Short-term acrrued expenses	0.3	0.1	0.1	0.3
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	2.7	2.5	1.7	2.0
10. Short-term borrowings and financial leases	246.9	92.4	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	3.0
12.. Bonus and welfare fund	0.4	0.9	0.9	0.5
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	501.0	146.6	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	501.0	146.6	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)	299.4	224.8	226.0	226.3
I. Owner's equity	299.4	224.8	226.0	226.3
1. Owner's capital	175.0	100.0	100.0	100.0
- Common stock with voting right	175,000,000,000.00	100,000,000,000.00	100,000,000,000.00	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	0.7	0.7	0.7	0.7
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	112.3	111.9	109.1	84.1
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	11.4	12.2	16.2	41.5
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	11.4	12.2	16.2	41.5
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)	1,071.4	483.8	270.7	260.5

Item	2025	2024	2023	2022
Profit Before Tax	14.8	15.5	20.7	50.5
Depreciation of Fixed Assets and Investment Property	29.6	13.1	0.4	0.5
Provision (Increase)/Reversal	—	0.0	-3.0	-2.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.8	-13.6	-22.0	-18.0
Interest Expense	19.9	7.0	0.1	5.0
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	60.4	22.0	-3.9	35.9
Increase/(Decrease) in Receivables	6.8	-50.7	-11.3	5.5
Increase/(Decrease) in Inventory	-1.6	-0.2	2.9	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.0	-22.4	17.3	-52.2
Increase/(Decrease) in Prepaid Expenses	0.5	1.3	4.9	-18.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-19.7	-7.0	-0.1	-5.0
Corporate Income Tax Paid	-4.2	-5.9	-8.8	-3.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-2.0	-1.4	-1.1	-1.5
Net Cash Flow from Operating Activities	45.2	-64.3	-0.1	-38.1
Payments for Fixed Assets and Other Long-term Assets	-677.5	-298.4	-3.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.8	0.0
Loans and Purchases of Debt Instruments	-25.8	-16.3	-0.8	-606.0
Receipts from Loan Repayments and Sale of Debt Instruments	83.9	134.2	0.0	654.0
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	4.4	13.1	21.9	18.0
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	-615.0	-167.5	18.7	66.0
Proceeds from Equity Issuance and Capital Contributions	75,000,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,049.2	484.4	39.0	711.9
Repayment of Borrowings	-540.3	-245.4	-39.0	-728.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-10.1	-11.7	-14.9	-9.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	573.8	227.2	-14.9	-26.8
Net Cash Flow During the Period	4.0	-4.5	3.7	1.1
Cash and Cash Equivalents at Beginning of Period	2.2	6.7	3.0	2.0
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.1	2.2	6.7	3.0

Item	Q1'26	Q4'25
Revenue	356.6	424.1
Net Revenue	356.6	424.1
Cost of Goods Sold	329.4	403.2
Gross Profit	27.2	20.9
Financial Income	0.3	0.0
Financial Expenses	10.9	8.0
Interest Expense	10.8	7.6
Selling Expenses	7.2	9.1
General and Administrative Expenses	5.3	4.8
Operating Profit	4.1	-0.9
Other Income	0.1	1.4
Other Expenses	0.3	0.5
Other Profit	-0.2	0.9
Profit Before Tax	3.9	-0.1
Current Income Tax Expense	0.1	2.9
Net Income	3.8	-3.0
Profit Attributable to Parent	3.8	-3.0
Earnings per Share	214.65	-173.28

Item	Q1'26	Q4'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	622.7	450.4
I. Cash and cash equivalents	17.3	6.1
1. Cash	4.8	6.1
2. Cash equivalents	12.5	—
II. Short-term financial investments	13.3	13.5
3. Held to maturity investments	13.3	13.5
III. Short-term receivables	559.9	400.0
1. Short-term trade accounts receivable	43.9	60.4
2. Short-term prepayments to suppliers	512.8	336.8
6. Other short-term receivables	3.2	2.8
7. Provision for short-term doubtful debts (*)	-0.0	-0.0
IV. Inventories	10.9	11.0
1. Inventories	10.9	11.0
V. Other short-term assets	21.2	19.9
1. Short-term prepayments	1.9	0.9
2. Value added tax to be reclaimed	19.3	19.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	666.0	618.6
I. Long-term receivables	—	0.0
6. Other long-term receivables	—	0.0
II. Fixed assets	590.9	557.2
1. Tangible fixed assets	590.9	557.2
- Cost	646.9	—
- Accumulated depreciation	-56.0	—
- Cost	0.2	—
- Accumulated depreciation	-0.2	—
IV. Long-term assets in progress	61.8	43.7
2. Construction in progress	61.8	43.7
V. Long-term financial investments	—	1.3
5. Held to maturity investments	—	1.3
VI. Other long-term assets	13.4	16.4
1. Long-term prepayments	13.4	16.4
TOTAL ASSETS (280=100+200)	1,288.8	1,069.0
A. LIABILITIES (300=210+330)	985.6	771.5
I. Short -term liabilities	299.7	270.6
1. Short-term trade accounts payable	22.9	13.7
2. Short-term advances from customers	34.2	2.9
3. Dividends and profits payable	2.1	—
3. Taxes and other payables to state authorities	0.0	0.5
4. Payable to employees	4.1	3.2
5. Short-term acrrued expenses	2.3	0.3
8. Short-term unearned revenue	2.3	—
9. Other short-term payables	1.7	2.7
10. Short-term borrowings and financial leases	229.6	246.9
12.. Bonus and welfare fund	0.3	0.4
II. Long-term liabilities	686.0	501.0
8. Long-term borrowings and financial leases	686.0	501.0
B. OWNER'S EQUITY (400=410+430)	303.1	297.5
I. Owner's equity	303.1	297.5
1. Owner's capital	175.0	175.0
- Common stock with voting right	175,000,000,000.00	175,000,000,000.00
4. Other capital of owners	0.7	0.7
8. Investment and development fund	112.3	112.3
11. Undistributed earnings after tax	15.1	9.5
- Accumulated retained earning at the end of the previous period	11.4	—
- Undistributed earnings in this period	3.8	9.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,288.8	1,069.0

Item	Q1'26	Q4'25
Profit Before Tax	3.9	14.8
Depreciation of Fixed Assets and Investment Property	12.6	29.6
Gain/Loss from Investment Activities	-0.3	-3.8
Interest Expense	10.8	19.9
Operating Profit Before Changes in Working Capital	26.9	60.4
Increase/(Decrease) in Receivables	-26.9	6.8
Increase/(Decrease) in Inventory	0.0	-1.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	44.9	5.0
Increase/(Decrease) in Prepaid Expenses	2.0	0.5
Interest Paid	-8.7	-19.7
Corporate Income Tax Paid	-1.0	-4.2
Other Operating Payments	-0.1	-2.0
Net Cash Flow from Operating Activities	37.1	45.2
Payments for Fixed Assets and Other Long-term Assets	-195.4	-677.5
Loans and Purchases of Debt Instruments	—	-25.8
Receipts from Loan Repayments and Sale of Debt Instruments	1.5	83.9
Dividends and Interest Income Received	0.3	4.4
Net Cash Flow from Investing Activities	-193.6	-615.0
Proceeds from Borrowings	433.9	1,049.2
Repayment of Borrowings	-266.2	-540.3
Dividends Paid	-0.0	-10.1
Net Cash Flow from Financing Activities	167.7	573.8
Net Cash Flow During the Period	11.2	4.0
Cash and Cash Equivalents at Beginning of Period	6.1	2.2
Cash and Cash Equivalents at End of Period	17.3	6.1

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WTC

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