BQP

Nhựa Chất lượng cao Bình Thuận ·UPCOM ·2025Q3

Price

16,000

Latest close

03 Jun 2026

P/E —

P/B 1.38x

EPS —

BVPS 11,582

ROE —

ROA —

Profit Margin —

Asset Turnover —

Equity Mult. —

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

Metric	Q3'25	Q2'25	Q1'25
Revenue	269.1	345.2	277.7
Growth	-22%	+24%	—
Net Income	7.0	8.8	8.5
Net Margin	2.60%	2.54%	3.05%

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 — —

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.

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 100.0% of total debt, cash equals 10.1% of debt, and total debt stands at 139.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 10.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.72x —

Interest Coverage — —

Cash / Debt 10.1% —

Short-term Debt / Total Debt 100.0% —

TTM YoY · Prior -> 2025Q3

Statement Data

Item	Q3'25	Q2'25	Q1'25
Revenue	269.1	345.2	277.7
Net Revenue	269.1	345.2	277.7
Cost of Goods Sold	255.7	328.2	263.8
Gross Profit	13.4	17.0	14.0
Financial Income	0.1	0.7	1.1
Financial Expenses	2.2	2.5	1.9
Interest Expense	2.2	2.4	1.9
Selling Expenses	1.0	1.3	1.3
General and Administrative Expenses	2.4	4.1	2.4
Operating Profit	7.9	9.7	9.5
Other Income	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.2
Other Profit	-0.1	-0.0	-0.1
Profit Before Tax	7.8	9.7	9.4
Current Income Tax Expense	0.8	1.0	1.0
Net Income	7.0	8.8	8.5
Profit Attributable to Parent	7.0	8.8	8.5
Earnings per Share	467.00	584.60	564.08

Item	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	348.1	403.2	428.8
I. Cash and cash equivalents	14.2	14.1	13.6
1. Cash	1.0	0.9	0.6
2. Cash equivalents	13.2	13.1	13.0
II. Short-term financial investments	39.6	39.6	23.6
3. Held to maturity investments	39.6	39.6	23.6
III. Short-term receivables	107.7	178.2	225.3
1. Short-term trade accounts receivable	112.4	182.7	223.2
2. Short-term prepayments to suppliers	0.1	0.2	1.1
6. Other short-term receivables	0.9	1.0	5.1
7. Provision for short-term doubtful debts (*)	-5.7	-5.7	-4.1
IV. Inventories	184.6	169.4	163.0
1. Inventories	184.6	169.4	163.0
V. Other short-term assets	1.9	1.8	3.2
1. Short-term prepayments	0.5	0.3	0.1
2. Value added tax to be reclaimed	1.4	1.5	3.1
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	122.4	129.1	134.2
I. Long-term receivables	0.2	0.2	0.2
6. Other long-term receivables	0.2	0.2	0.2
II. Fixed assets	104.4	110.4	116.3
1. Tangible fixed assets	103.3	107.9	113.4
2. Financial leased fixed assets	1.2	2.5	2.8
V. Long-term financial investments	—	0.0	0.0
5. Held to maturity investments	—	0.0	0.0
VI. Other long-term assets	17.8	18.5	17.8
1. Long-term prepayments	17.8	18.5	17.8
TOTAL ASSETS (280=100+200)	470.4	532.3	562.9
A. LIABILITIES (300=210+330)	296.7	365.2	403.7
I. Short -term liabilities	296.6	365.1	403.4
1. Short-term trade accounts payable	151.2	211.9	248.3
2. Short-term advances from customers	0.5	0.0	1.4
3. Taxes and other payables to state authorities	2.6	2.4	3.7
4. Payable to employees	1.3	1.4	1.6
5. Short-term acrrued expenses	0.9	1.2	0.3
9. Other short-term payables	0.5	0.7	17.2
10. Short-term borrowings and financial leases	139.6	147.5	130.8
II. Long-term liabilities	0.0	0.1	0.3
8. Long-term borrowings and financial leases	0.0	0.1	0.3
B. OWNER'S EQUITY (400=410+430)	173.7	167.1	159.3
I. Owner's equity	173.7	167.1	159.3
1. Owner's capital	150.0	150.0	150.0
- Common stock with voting right	150,000,000,000.00	150,000,000,000.00	150,000,000,000.00
11. Undistributed earnings after tax	23.7	17.1	9.3
- Accumulated retained earning at the end of the previous period	0.8	0.8	0.8
- Undistributed earnings in this period	22.9	16.3	8.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	470.4	532.3	562.9

Item	Q3'25	Q2'25	Q1'25
Profit Before Tax	7.8	8.3	9.4
Depreciation of Fixed Assets and Investment Property	6.0	6.0	6.0
Provision (Increase)/Reversal	0.0	1.6	—
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.2	—
Gain/Loss from Investment Activities	-0.1	0.4	-1.2
Interest Expense	2.2	2.4	1.9
Operating Profit Before Changes in Working Capital	15.9	18.9	16.1
Increase/(Decrease) in Receivables	70.6	46.5	-55.4
Increase/(Decrease) in Inventory	-15.3	-6.4	-15.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-57.2	-29.8	18.4
Increase/(Decrease) in Prepaid Expenses	0.2	-0.6	-0.2
Interest Paid	-2.3	-2.2	-2.0
Corporate Income Tax Paid	0.0	-2.8	—
Net Cash Flow from Operating Activities	11.9	23.6	-38.0
Payments for Fixed Assets and Other Long-term Assets	-3.9	-7.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	2.0
Loans and Purchases of Debt Instruments	0.0	-16.0	-0.3
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	2.7
Dividends and Interest Income Received	0.1	0.1	1.3
Net Cash Flow from Investing Activities	-3.8	-23.0	5.7
Proceeds from Borrowings	44.9	103.5	44.6
Repayment of Borrowings	-52.7	-86.7	-38.8
Repayment of Finance Leases	-0.2	-0.3	-0.4
Dividends Paid	0.0	-16.7	—
Net Cash Flow from Financing Activities	-8.0	-0.1	5.5
Net Cash Flow During the Period	0.1	0.5	-26.9
Cash and Cash Equivalents at Beginning of Period	14.1	13.6	40.5
FX Difference from Revaluation	-0.0	-0.0	—
Cash and Cash Equivalents at End of Period	14.2	14.1	13.6

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BQP

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 ●

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity