ALC

Âu Lạc ·UPCOM ·2026Q1

Price

23,300

Latest close

02 Jun 2026

P/E 4.32x

P/B 0.78x

EPS 5,388

BVPS 29,754

ROE 18.9%

ROA 13.2%

Profit Margin 22.1%

Asset Turnover 0.60x

Equity Mult. 1.43x

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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	316.3	355.5	342.5	321.9	292.6
Growth	-11%	+4%	+6%	+10%	—
Net Income	59.0	93.3	70.4	73.0	47.4
Net Margin	18.66%	26.25%	20.56%	22.69%	16.19%

Drivers of ALC's profit

TTM

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

Gross profit ↑ 19.9bn

Financial income ↓ 4.7bn

Tax ↑ 2.9bn

Administrative expenses ↑ 1.9bn

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 22.14% —

Gross Margin 33.96% —

SG&A / Revenue 5.44% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 24.99%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 24.99% —

NOPAT Margin 22.13% —

Capital Turnover 1.13x —

Average Invested Capital 1,183.2bn —

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.39x equity, with a net cash position equivalent to 0.14x equity.

Over the last 12 months, working capital released 34.9bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +6.0bn

Inventories increased → lower CFO: −4.4bn

Payables increased → higher CFO: +33.3bn

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 388.6bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.14x and interest coverage at 7.95x.

At present, short-term debt accounts for 27.6% of total debt, cash equals 148.5% of debt, and total debt stands at 470.4bn.

Leverage and liquidity trend

Net Debt / Equity -0.14x +0.23x

Interest Coverage 7.95x —

Cash / Debt 148.5% −227.3pp

Short-term Debt / Total Debt 27.6% −72.4pp

CFO / NI 1.47x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 388.6bn in 2025, against investing cash flow of -49.0bn.

Post-investment cash flow was positive +339.6bn. Financing cash flow was negative +292.2bn.

CFO / net income was 1.47x.

After spending +415.2bn on fixed-asset investment, the business generated trailing free cash flow of +19.5bn.

Cash Conversion

CFO TTM 434.7bn —

Cash Capex 415.2bn —

FCF TTM +19.5bn —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. The notable point is that improvement has expanded from margin to capital efficiency and cash generation.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.47x.

Statement Data

Item	2025
Revenue	1,312.5
Net Revenue	1,312.5
Cost of Goods Sold	878.6
Gross Profit	433.9
Financial Income	40.5
Financial Expenses	47.2
Interest Expense	44.7
Selling Expenses	17.4
General and Administrative Expenses	54.4
Operating Profit	355.4
Other Income	0.4
Other Expenses	0.0
Other Profit	0.4
Profit Before Tax	355.8
Current Income Tax Expense	71.6
Net Income	284.1
Profit Attributable to Parent	284.1
Earnings per Share	5,161.00
Diluted EPS	5,161.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,042.9
I. Cash and cash equivalents	832.5
1. Cash	801.7
2. Cash equivalents	30.8
II. Short-term financial investments	8.3
3. Held to maturity investments	8.3
III. Short-term receivables	108.5
1. Short-term trade accounts receivable	90.3
2. Short-term prepayments to suppliers	17.1
6. Other short-term receivables	3.9
7. Provision for short-term doubtful debts (*)	-2.7
IV. Inventories	73.3
1. Inventories	73.3
V. Other short-term assets	20.2
1. Short-term prepayments	2.8
2. Value added tax to be reclaimed	17.4
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,215.3
I. Long-term receivables	159.7
6. Other long-term receivables	159.7
II. Fixed assets	743.7
1. Tangible fixed assets	743.7
- Cost	2,158.9
- Accumulated depreciation	-1,415.1
- Cost	0.6
- Accumulated depreciation	-0.6
IV. Long-term assets in progress	245.8
2. Construction in progress	245.8
V. Long-term financial investments	0.4
3. Investments in other entities	2.1
4. Provision for diminution in value of long-term investments	-1.7
VI. Other long-term assets	65.7
1. Long-term prepayments	65.7
TOTAL ASSETS (280=100+200)	2,258.2
A. LIABILITIES (300=210+330)	636.2
I. Short -term liabilities	295.9
1. Short-term trade accounts payable	20.9
3. Taxes and other payables to state authorities	73.7
4. Payable to employees	3.8
5. Short-term acrrued expenses	16.5
9. Other short-term payables	14.8
10. Short-term borrowings and financial leases	134.3
12.. Bonus and welfare fund	31.9
II. Long-term liabilities	340.4
8. Long-term borrowings and financial leases	340.4
B. OWNER'S EQUITY (400=410+430)	1,622.0
I. Owner's equity	1,622.0
1. Owner's capital	564.7
- Common stock with voting right	564,706,200,000.00
2. Share premium	254.7
5. Treasury shares	-64,308,111,200.00
8. Investment and development fund	154.2
11. Undistributed earnings after tax	712.6
- Accumulated retained earning at the end of the previous period	474.0
- Undistributed earnings in this period	238.6
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,258.2

Item	2025
Profit Before Tax	355.8
Depreciation of Fixed Assets and Investment Property	143.1
Provision (Increase)/Reversal	0.8
FX Gain/Loss from Revaluation of Monetary Items	0.6
Gain/Loss from Investment Activities	-3.5
Interest Expense	44.7
Operating Profit Before Changes in Working Capital	541.4
Increase/(Decrease) in Receivables	-51.5
Increase/(Decrease) in Inventory	21.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.4
Increase/(Decrease) in Prepaid Expenses	-2.6
Interest Paid	-45.4
Corporate Income Tax Paid	-64.6
Other Operating Payments	-23.8
Net Cash Flow from Operating Activities	388.6
Payments for Fixed Assets and Other Long-term Assets	-239.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4
Loans and Purchases of Debt Instruments	-111.3
Receipts from Loan Repayments and Sale of Debt Instruments	297.3
Dividends and Interest Income Received	3.6
Net Cash Flow from Investing Activities	-49.0
Proceeds from Borrowings	269.6
Repayment of Borrowings	-531.4
Dividends Paid	-30.4
Net Cash Flow from Financing Activities	-292.2
Net Cash Flow During the Period	47.4
Cash and Cash Equivalents at Beginning of Period	785.6
FX Difference from Revaluation	-0.4
Cash and Cash Equivalents at End of Period	832.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	316.3	355.5	342.5	321.9	292.6
Net Revenue	316.3	355.5	342.5	321.9	292.6
Cost of Goods Sold	216.6	218.7	225.3	221.8	212.8
Gross Profit	99.7	136.8	117.1	100.1	79.8
Financial Income	1.6	14.1	0.8	19.3	6.4
Financial Expenses	11.4	11.9	10.8	12.5	12.0
Interest Expense	9.6	10.7	10.7	11.6	11.8
Selling Expenses	3.3	3.8	4.5	4.9	4.3
General and Administrative Expenses	12.9	15.6	14.6	13.2	11.0
Operating Profit	73.7	119.6	88.0	88.8	58.9
Other Income	0.0	0.0	0.0	0.0	0.4
Other Expenses	—	—	—	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0	0.4
Profit Before Tax	73.8	119.7	88.0	88.9	59.2
Current Income Tax Expense	14.8	26.4	17.6	15.8	11.8
Net Income	59.0	93.3	70.4	73.0	47.4
Profit Attributable to Parent	59.0	93.3	70.4	73.0	47.4
Earnings per Share	1,152.00	1,434.00	1,376.00	1,426.00	925.00
Diluted EPS	1,152.00	1,652.42	1,247.23	1,293.41	838.75

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	934.6	1,042.9	1,187.9	1,201.0	1,117.0
I. Cash and cash equivalents	698.4	832.5	883.3	697.7	727.5
1. Cash	625.7	801.7	863.4	654.3	703.8
2. Cash equivalents	72.6	30.8	19.9	43.3	23.6
II. Short-term financial investments	43.0	8.3	110.3	289.4	194.3
3. Held to maturity investments	43.0	8.3	110.3	289.4	194.3
III. Short-term receivables	79.5	108.5	87.8	95.3	87.0
1. Short-term trade accounts receivable	63.4	90.3	72.0	84.1	76.7
2. Short-term prepayments to suppliers	13.3	17.1	13.2	10.1	9.3
6. Other short-term receivables	5.5	3.9	4.9	3.4	3.3
7. Provision for short-term doubtful debts (*)	-2.7	—	—	—	—
8. Assets awaiting resolution	—	-2.7	-2.3	-2.3	-2.3
IV. Inventories	92.3	73.3	85.5	98.3	87.9
1. Inventories	92.3	73.3	85.5	98.3	87.9
V. Other short-term assets	21.4	20.2	20.9	20.2	20.3
1. Short-term prepayments	3.5	2.8	3.2	3.3	3.6
2. Value added tax to be reclaimed	17.8	17.4	17.8	16.9	16.7
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,359.3	1,215.3	1,052.8	1,072.1	1,072.3
I. Long-term receivables	159.7	159.7	159.7	159.7	159.7
5. Long-term loan receivables	—	159.7	159.7	159.7	159.7
6. Other long-term receivables	159.7	—	—	—	—
II. Fixed assets	708.0	743.7	779.4	815.1	850.9
1. Tangible fixed assets	708.0	743.7	779.4	815.1	850.9
- Cost	2,158.9	—	—	—	—
- Accumulated depreciation	-1,450.9	—	—	—	—
- Cost	0.6	—	—	—	—
- Accumulated depreciation	-0.6	—	—	—	—
IV. Long-term assets in progress	423.8	245.8	51.7	39.2	8.8
2. Construction in progress	423.8	245.8	51.7	39.2	8.8
V. Long-term financial investments	0.4	0.4	0.4	0.4	0.7
3. Investments in other entities	2.1	2.1	2.1	2.1	2.1
4. Provision for diminution in value of long-term investments	-1.7	-1.7	-1.7	-1.7	-1.4
VI. Other long-term assets	67.5	65.7	61.6	57.7	52.2
1. Long-term prepayments	67.5	65.7	61.6	57.7	52.2
TOTAL ASSETS (280=100+200)	2,293.9	2,258.2	2,240.6	2,273.0	2,189.3
A. LIABILITIES (300=210+330)	613.6	636.2	691.4	793.4	741.2
I. Short -term liabilities	273.3	295.9	296.3	398.3	291.4
1. Short-term trade accounts payable	48.3	20.9	34.8	61.5	27.5
3. Dividends and profits payable	2.8	—	—	—	—
3. Taxes and other payables to state authorities	14.9	73.7	46.3	27.9	12.0
4. Payable to employees	—	3.8	—	—	—
5. Short-term acrrued expenses	25.1	16.5	26.5	28.2	18.0
9. Other short-term payables	20.6	14.8	48.3	62.7	17.8
10. Short-term borrowings and financial leases	130.0	134.3	121.7	196.9	193.6
12.. Bonus and welfare fund	31.5	31.9	18.8	21.1	22.5
II. Long-term liabilities	340.4	340.4	395.1	395.1	449.8
7. Other long-term liabilities	—	340.4	395.1	395.1	449.8
8. Long-term borrowings and financial leases	340.4	—	—	—	—
B. OWNER'S EQUITY (400=410+430)	1,680.2	1,622.0	1,549.3	1,479.6	1,448.0
I. Owner's equity	1,680.2	1,622.0	1,549.3	1,479.6	1,448.0
1. Owner's capital	564.7	564.7	564.7	564.7	564.7
- Common stock with voting right	564,706,200,000.00	564,706,200,000.00	564,706,200,000.00	564,706,200,000.00	564,706,200,000.00
2. Share premium	254.7	254.7	254.7	254.7	254.7
5. Treasury shares	-64,308,111,200.00	-64,308,111,200.00	-64,308,111,200.00	-64,308,111,200.00	-64,308,111,200.00
8. Investment and development fund	154.2	154.2	131.5	131.5	131.5
11. Undistributed earnings after tax	770.9	712.6	662.7	593.0	561.4
- Accumulated retained earning at the end of the previous period	712.6	474.0	474.0	473.8	514.5
- Undistributed earnings in this period	58.3	238.6	188.6	119.2	46.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,293.9	2,258.2	2,240.6	2,273.0	2,189.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	73.8	119.7	88.0	88.9	59.2
Depreciation of Fixed Assets and Investment Property	35.8	35.8	35.8	35.8	35.8
Provision (Increase)/Reversal	—	0.5	0.0	0.3	—
FX Gain/Loss from Revaluation of Monetary Items	—	11.2	0.0	-10.7	—
Gain/Loss from Investment Activities	-1.5	-1.8	-0.1	-0.7	-1.0
Interest Expense	9.6	10.7	10.7	11.6	11.8
Operating Profit Before Changes in Working Capital	117.7	176.1	134.4	125.2	105.8
Increase/(Decrease) in Receivables	28.8	-21.3	6.6	-8.2	-28.7
Increase/(Decrease) in Inventory	-19.1	12.2	12.8	-10.4	7.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	39.7	-41.4	-12.1	47.1	19.8
Increase/(Decrease) in Prepaid Expenses	-2.5	-3.8	-3.7	-5.5	10.5
Interest Paid	-9.9	-10.3	-11.1	-11.2	-12.8
Corporate Income Tax Paid	-71.6	0.0	0.0	0.0	-64.6
Other Operating Payments	-1.1	-17.5	-3.1	-2.1	-1.1
Net Cash Flow from Operating Activities	82.0	94.0	123.8	134.9	36.0
Payments for Fixed Assets and Other Long-term Assets	-178.3	-194.1	-12.5	-30.3	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-34.7	-4.3	0.0	-106.9	—
Receipts from Loan Repayments and Sale of Debt Instruments	—	102.6	179.1	15.6	—
Dividends and Interest Income Received	1.6	1.9	0.1	0.6	1.0
Net Cash Flow from Investing Activities	-211.5	-93.9	166.7	-121.0	-0.8
Proceeds from Borrowings	47.9	24.8	28.8	114.5	101.4
Repayment of Borrowings	-52.2	-66.9	-104.1	-165.9	-194.5
Dividends Paid	-0.5	-0.6	-29.5	-0.1	-0.1
Net Cash Flow from Financing Activities	-4.7	-42.8	-104.8	-51.5	-93.2
Net Cash Flow During the Period	-134.2	-42.6	185.6	-37.5	-58.1
Cash and Cash Equivalents at Beginning of Period	832.5	883.3	697.7	727.5	785.6
FX Difference from Revaluation	—	-0.4	7.8	7.8	—
Cash and Cash Equivalents at End of Period	698.4	832.5	883.3	697.7	727.5

Explore Other Stocks In The Same Sector

PVT, PVP, VTO, GSP, VIP, PJT, DOP

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

ALC

Drivers of ALC'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