CAT

Thủy sản Cà Mau ·UPCOM ·2026Q1

▲▲ Improving positively

Price

15,100

Latest close

03 Jun 2026

P/E —

P/B 0.87x

EPS —

BVPS 17,431

ROE 30.6%

ROA 12.1%

Profit Margin 6.5%

Asset Turnover 1.85x

Equity Mult. 2.54x

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

What Is Changing

On a Năm 2025 basis, CAT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 861bn
	                                
+25.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 56bn
	                                
+70.9%YoY

Metric	2025	2024	2023	2022
Revenue	860.8	684.3	569.5	689.3
Growth	+26%	+20%	-17%	—
Net Income	56.2	32.9	24.7	31.9
Net Margin	6.53%	4.80%	4.34%	4.63%

Metric	Q1'26
Revenue	155.7
Growth	—
Net Income	11.2
Net Margin	7.22%

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 6.53% +1.7pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.50x equity, net debt at 0.36x equity.

Inventory ended the period at 136.4bn, roughly 28.2% 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.

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 65.5% of debt, and total debt stands at 258.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.36x —

Interest Coverage — —

Cash / Debt 65.5% —

Short-term Debt / Total Debt 100.0% —

TTM YoY · Prior -> 2026Q1

Statement Data

Item	2025	2024	2023	2022
Revenue	860.8	684.3	570.6	692.7
Revenue Deductions	—	0.0	1.1	3.4
Net Revenue	860.8	684.3	569.5	689.3
Cost of Goods Sold	748.8	594.9	493.9	596.0
Gross Profit	112.0	89.4	75.6	93.3
Financial Income	13.7	12.3	9.2	12.1
Financial Expenses	10.0	13.7	13.0	11.7
Interest Expense	9.2	9.8	10.6	8.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	31.2	34.7	29.2	43.1
General and Administrative Expenses	25.7	18.1	16.3	16.4
Operating Profit	58.9	35.2	26.4	34.1
Other Income	1.3	1.1	1.1	0.6
Other Expenses	0.4	0.5	0.6	0.5
Other Profit	0.9	0.6	0.5	0.1
Profit Before Tax	59.7	35.8	26.9	34.2
Current Income Tax Expense	3.6	2.9	2.1	2.2
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	56.2	32.9	24.7	31.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	56.2	32.9	24.7	31.9
Earnings per Share	6,074.00	3,555.00	2,675.00	3,492.00
Diluted EPS	4,049.00	3,555.00	2,675.00	3,492.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	401.7	364.1	344.2	324.4
I. Cash and cash equivalents	130.9	20.4	23.5	13.3
1. Cash	120.9	20.4	23.5	13.3
2. Cash equivalents	10.0	0.0	0.0	0.0
II. Short-term financial investments	35.4	42.9	18.2	28.1
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	35.4	42.9	18.2	28.1
III. Short-term receivables	89.0	96.4	61.8	60.9
1. Short-term trade accounts receivable	76.1	90.3	56.8	57.4
2. Short-term prepayments to suppliers	10.2	2.7	1.4	3.4
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	3.4	3.6	1.0
7. Provision for short-term doubtful debts (*)	-0.1	0.0	-0.1	-0.8
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	136.4	198.8	237.3	218.9
1. Inventories	141.4	203.8	241.6	223.3
2. Provision for decline in value of inventories	-5.0	-5.0	-4.3	-4.3
V. Other short-term assets	9.9	5.6	3.4	3.1
1. Short-term prepayments	0.8	1.3	1.4	1.3
2. Value added tax to be reclaimed	9.1	4.3	2.1	1.8
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)	82.4	83.3	89.8	88.7
I. Long-term receivables	1.4	1.3	1.3	1.4
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	1.4	1.3	1.3	1.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	70.8	71.6	73.6	70.8
1. Tangible fixed assets	70.3	71.2	73.1	70.3
- Cost	199.3	195.9	192.2	184.1
- Accumulated depreciation	-129.1	-124.8	-119.1	-113.9
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	0.5	0.5	0.5	0.5
- Cost	0.9	0.8	0.8	0.8
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3
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	2.6	2.5	3.7	4.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	2.6	2.5	3.7	4.6
V. Long-term financial investments	5.5	5.5	8.5	8.5
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	5.5	5.5	8.5	8.5
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	2.1	2.4	2.7	3.4
1. Long-term prepayments	2.1	2.4	2.7	3.4
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)	484.1	447.4	434.1	413.1
A. LIABILITIES (300=210+330)	290.8	273.9	281.5	267.1
I. Short -term liabilities	290.8	273.9	281.5	267.1
1. Short-term trade accounts payable	22.5	31.1	35.1	32.7
2. Short-term advances from customers	1.2	1.1	1.0	1.3
3. Taxes and other payables to state authorities	3.5	1.4	1.4	1.5
4. Payable to employees	16.0	11.7	9.4	9.7
5. Short-term acrrued expenses	—	0.0	0.0	0.7
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	19.2	4.5	5.7	4.5
10. Short-term borrowings and financial leases	220.3	221.2	226.3	214.1
11. Provision for short-term liabilities	5.2	0.9	0.3	0.6
12.. Bonus and welfare fund	2.8	1.9	2.4	2.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	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	—	0.0	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)	193.3	173.5	152.5	146.0
I. Owner's equity	193.3	173.5	152.5	146.0
1. Owner's capital	97.5	97.5	97.5	97.5
- Common stock with voting right	97,485,790,000.00	97,485,790,000.00	97,485,790,000.00	97,485,790,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	3.8	3.8	3.8	4.6
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-15,471,908,920.00	-15,471,908,920.00	-15,471,908,920.00	-18,676,666,000.00
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	—	0.0	0.0	0.0
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	107.5	87.7	66.7	62.6
- Accumulated retained earning at the end of the previous period	65.1	54.8	51.2	30.7
- Undistributed earnings in this period	42.3	32.9	15.5	31.9
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)	484.1	447.4	434.1	413.1

Item	2025	2024	2023	2022
Profit Before Tax	59.7	35.8	26.9	34.2
Depreciation of Fixed Assets and Investment Property	7.8	7.5	7.3	6.8
Provision (Increase)/Reversal	4.4	1.3	-0.3	-1.5
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.3	-0.2	0.5
Gain/Loss from Investment Activities	-2.9	-1.9	-1.8	-2.0
Interest Expense	9.2	9.8	10.6	8.3
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	78.1	52.1	42.5	46.3
Increase/(Decrease) in Receivables	2.2	-36.5	-1.0	26.2
Increase/(Decrease) in Inventory	62.4	37.8	-18.4	-79.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2	-3.3	0.7	-0.1
Increase/(Decrease) in Prepaid Expenses	0.7	0.5	0.6	-0.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-9.2	-9.8	-10.6	-8.3
Corporate Income Tax Paid	-3.3	-2.8	-2.2	-1.9
Other Operating Receipts	0.1	0.0	0.1	0.2
Other Operating Payments	-3.2	-3.2	-1.9	-1.7
Net Cash Flow from Operating Activities	125.6	34.9	9.8	-19.4
Payments for Fixed Assets and Other Long-term Assets	-7.1	-3.4	-8.1	-12.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.5	0.0	0.0
Loans and Purchases of Debt Instruments	-50.5	-21.8	-18.2	-38.1
Receipts from Loan Repayments and Sale of Debt Instruments	58.0	0.0	28.1	27.3
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	2.6	1.7	1.7	2.0
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	3.3	-23.0	3.6	-20.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	2,425,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	694.2	710.5	715.0	684.2
Repayment of Borrowings	-695.1	-715.5	-703.0	-660.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-17.9	-10.1	-17.9	-18.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.8	-15.2	-3.4	5.3
Net Cash Flow During the Period	110.1	-3.3	9.9	-35.0
Cash and Cash Equivalents at Beginning of Period	20.4	23.5	13.3	48.7
FX Difference from Revaluation	0.4	0.2	0.3	-0.3
Cash and Cash Equivalents at End of Period	130.9	20.4	23.5	13.3

Item	Q1'26
Revenue	155.7
Net Revenue	155.7
Cost of Goods Sold	134.3
Gross Profit	21.4
Financial Income	2.7
Financial Expenses	2.7
Interest Expense	1.8
Selling Expenses	5.3
General and Administrative Expenses	4.9
Operating Profit	11.3
Other Income	0.6
Other Expenses	0.2
Other Profit	0.4
Profit Before Tax	11.7
Current Income Tax Expense	0.5
Net Income	11.2
Profit Attributable to Parent	11.2
Earnings per Share	782.65

Item	Q1'26
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	477.1
I. Cash and cash equivalents	169.1
1. Cash	169.1
II. Short-term financial investments	58.7
3. Held to maturity investments	58.7
III. Short-term receivables	82.3
1. Short-term trade accounts receivable	64.1
2. Short-term prepayments to suppliers	9.8
6. Other short-term receivables	8.6
7. Provision for short-term doubtful debts (*)	-0.1
IV. Inventories	164.5
1. Inventories	169.5
2. Provision for decline in value of inventories	-5.0
V. Other short-term assets	2.5
1. Short-term prepayments	1.2
2. Value added tax to be reclaimed	1.3
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	84.8
I. Long-term receivables	1.3
6. Other long-term receivables	1.3
II. Fixed assets	69.3
1. Tangible fixed assets	68.8
- Cost	199.5
- Accumulated depreciation	-130.7
3. Intangible fixed assets	0.5
- Cost	0.9
- Accumulated depreciation	-0.3
IV. Long-term assets in progress	6.8
2. Construction in progress	6.8
V. Long-term financial investments	5.5
5. Held to maturity investments	5.5
VI. Other long-term assets	1.9
1. Long-term prepayments	1.9
TOTAL ASSETS (280=100+200)	561.9
A. LIABILITIES (300=210+330)	311.3
I. Short -term liabilities	311.3
1. Short-term trade accounts payable	34.2
2. Short-term advances from customers	0.7
3. Dividends and profits payable	3.5
3. Taxes and other payables to state authorities	0.5
4. Payable to employees	7.2
9. Other short-term payables	2.5
10. Short-term borrowings and financial leases	258.1
11. Provision for short-term liabilities	1.5
12.. Bonus and welfare fund	3.1
B. OWNER'S EQUITY (400=410+430)	250.5
I. Owner's equity	250.5
1. Owner's capital	143.7
- Common stock with voting right	143,731,660,000.00
2. Share premium	3.6
5. Treasury shares	-15,471,908,920.00
11. Undistributed earnings after tax	118.7
- Accumulated retained earning at the end of the previous period	107.5
- Undistributed earnings in this period	11.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	561.9

Item	Q1'26	Q4'25
Profit Before Tax	—	59.7
Depreciation of Fixed Assets and Investment Property	—	7.8
Provision (Increase)/Reversal	—	4.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.2
Gain/Loss from Investment Activities	—	-2.9
Interest Expense	—	9.2
Operating Profit Before Changes in Working Capital	—	78.1
Increase/(Decrease) in Receivables	—	2.2
Increase/(Decrease) in Inventory	—	62.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-2.2
Increase/(Decrease) in Prepaid Expenses	—	0.7
Interest Paid	—	-9.2
Corporate Income Tax Paid	-1.0	-3.3
Other Operating Receipts	17.3	—
Other Operating Payments	-12.1	-3.2
Net Cash Flow from Operating Activities	-0.5	125.6
Payments for Fixed Assets and Other Long-term Assets	-4.3	-7.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3
Loans and Purchases of Debt Instruments	—	-50.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	58.0
Dividends and Interest Income Received	—	2.6
Net Cash Flow from Investing Activities	-32.5	3.3
Proceeds from Equity Issuance and Capital Contributions	46,245,870,000.00	—
Proceeds from Borrowings	171.0	694.2
Repayment of Borrowings	-133.2	-695.1
Dividends Paid	-12.9	-17.9
Net Cash Flow from Financing Activities	71.1	-18.8
Net Cash Flow During the Period	38.1	110.1
Cash and Cash Equivalents at Beginning of Period	130.9	20.4
FX Difference from Revaluation	—	0.4
Cash and Cash Equivalents at End of Period	169.1	130.9

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CAT

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 ▲

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity