CTS

Listed Company · HOSE

Price

27,200

Latest close

03 Apr 2026

P/E 8.6x

EPS (TTM) 3,163

ROE (TTM) —

P/B 2.0x

BVPS (Latest) 13,425

ROA (TTM) —

What Is Changing

CTS is entering a phase where earnings quality matters more than pure top-line recovery. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 90.7% QoQ to VND 25.1bn in 2025Q4.

Metric	2025
Revenue	2,095.8
Growth	—
Net Income	577.4
Net Margin	27.55%

Metric	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	399.9	652.9	578.3	464.7
Growth	-39%	+13%	+24%	—
Net Income	25.1	270.5	175.7	106.0
Net Margin	6.29%	41.43%	30.39%	22.80%

Financial Statements

Profitability

Net margin reached 27.55% and still needs validation through the next few periods.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 9,555.3bn, and equity at 2,855.4bn.

Cash Flow

Compare operating cash flow against investment needs to judge growth quality.

None

Item	2025
Revenue	2,095.8
Revenue Deductions	0.0
Net Revenue	2,095.8
Cost of Goods Sold	0.0
Gross Profit	1,246.6
Financial Income	2.6
Financial Expenses	374.5
Interest Expense	374.2
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	160.5
Operating Profit	714.2
Other Income	0.7
Other Expenses	0.2
Other Profit	0.5
Profit Before Tax	714.7
Current Income Tax Expense	151.8
Deferred Income Tax Expense	-14.5
Net Income	577.4
Non-controlling Interest	0.0
Profit Attributable to Parent	577.4
Earnings per Share	2,715.00
Diluted EPS	2,714.57

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	12,312.4
I. Cash and cash equivalents	733.4
1. Cash	733.4
2. Cash equivalents	0.0
II. Short-term financial investments	0.0
1. Available for sale securities	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0
3. Held to maturity investments	3,562.6
III. Short-term receivables	152.4
1. Short-term trade accounts receivable	0.0
2. Short-term prepayments to suppliers	1.3
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	4,964.3
6. Other short-term receivables	1.1
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	0.0
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	9.4
1. Short-term prepayments	9.2
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	98.3
I. Long-term receivables	0.0
1. Long-term trade receivables	0.0
2. Long-term prepayments to suppliers	0.0
3. Capital at inter-company	0.0
4. Long-term inter-company receivables	0.0
5. Long-term loan receivables	0.0
6. Other long-term receivables	0.0
7. Provision for long-term doubtful debts	0.0
II. Fixed assets	62.8
1. Tangible fixed assets	19.6
- Cost	88.6
- Accumulated depreciation	-69.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	43.2
- Cost	88.7
- Accumulated depreciation	-45.5
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.0
1. Long-term production in progress	0.0
2. Construction in progress	0.1
V. Long-term financial investments	0.0
1. Investments in subsidiaries	0.0
2. Investments in associates, joint-ventures	0.0
3. Investments in other entities	0.0
4. Provision for diminution in value of long-term investments	0.0
5. Held to maturity investments	0.0
6. Other long-term investments	0.0
VI. Other long-term assets	35.4
1. Long-term prepayments	4.1
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	0.0
5. Goodwill	10.1
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	12,410.7
A. LIABILITIES (300=210+330)	9,555.3
I. Short -term liabilities	9,534.2
1. Short-term trade accounts payable	937.2
2. Short-term advances from customers	0.5
3. Taxes and other payables to state authorities	71.5
4. Payable to employees	44.9
5. Short-term acrrued expenses	28.5
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	2.6
9. Other short-term payables	2.1
10. Short-term borrowings and financial leases	8,423.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	4.9
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	21.1
1. Long-term trade payables	0.0
2. Long-term advances from customers	0.0
3. Long-term acrrued expenses	0.0
4. Inter-company payables on business capital	0.0
5. Long-term inter-company payables	0.0
6. Long-term unearned revenue	0.6
7. Other long-term liabilities	0.0
8. Long-term borrowings and financial leases	0.0
9. Convertible bonds	0.0
10. Preferred stock (Debts)	0.0
11. Deferred income tax liabilities	20.5
12. Provision for long-term liabilities	0.0
13. Fund for technology development	0.0
14. Provision for severance allowances	0.0
B. OWNER'S EQUITY (400=410+430)	2,855.4
I. Owner's equity	2,855.4
1. Owner's capital	2,126.9
- Common stock with voting right	2,126.9
- Preferred stock	0.0
2. Share premium	7.4
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	49.8
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	664.3
- Accumulated retained earning at the end of the previous period	631.9
- Undistributed earnings in this period	32.4
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	7.0
II. Other resources and funds	0.0
1. Subsidized not-for-profit funds	0.0
2. Funds invested in fixed assets	0.0
C. MINORITY'S INTEREST	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	12,410.7

Item	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	399.9	652.9	578.3	464.7
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	399.9	652.9	578.3	464.7
Cost of Goods Sold	0.0	0.0	0.0	0.0
Gross Profit	203.7	469.2	335.8	237.9
Financial Income	1.4	0.4	0.3	0.5
Financial Expenses	118.9	94.6	87.7	73.4
Interest Expense	118.9	94.6	87.7	73.1
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0	0.0
General and Administrative Expenses	59.3	37.5	31.2	32.5
Operating Profit	26.8	337.6	217.2	132.5
Other Income	0.1	0.3	0.2	0.1
Other Expenses	0.1	0.1	0.0	0.1
Other Profit	0.0	0.2	0.2	0.0
Profit Before Tax	26.9	337.8	217.4	132.6
Current Income Tax Expense	8.7	54.2	45.9	43.0
Deferred Income Tax Expense	-6.9	13.1	-4.3	-16.4
Net Income	25.1	270.5	175.7	106.0
Non-controlling Interest	0.0	0.0	0.0	0.0
Profit Attributable to Parent	25.1	270.5	175.7	106.0
Earnings per Share	118.00	1,272.00	1,061.00	712.00
Diluted EPS	118.21	1,271.86	826.25	712.50

Item	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	12,312.4	11,297.6	10,455.5	9,592.2
I. Cash and cash equivalents	733.4	261.0	482.5	191.7
1. Cash	733.4	261.0	482.5	191.7
2. Cash equivalents	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0
1. Available for sale securities	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0	0.0
3. Held to maturity investments	3,562.6	3,139.8	3,275.0	2,746.0
III. Short-term receivables	152.4	115.6	115.6	69.1
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1.3	0.7	0.3	2.7
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0	0.0
5. Short-term loan receivables	4,964.3	4,945.8	4,230.2	3,478.9
6. Other short-term receivables	1.1	0.2	0.5	0.9
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	0.0
IV. Inventories	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0
V. Other short-term assets	9.4	11.0	5.1	6.9
1. Short-term prepayments	9.2	10.6	4.8	6.7
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	98.3	98.0	97.9	95.8
I. Long-term receivables	0.0	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0
II. Fixed assets	62.8	62.8	55.5	55.7
1. Tangible fixed assets	19.6	20.3	21.9	23.7
- Cost	88.6	87.4	87.8	88.8
- Accumulated depreciation	-69.0	-67.1	-65.9	-65.1
2. Financial leased fixed assets	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
3. Intangible fixed assets	43.2	42.5	33.6	32.0
- Cost	88.7	87.1	77.7	75.7
- Accumulated depreciation	-45.5	-44.6	-44.1	-43.7
III. Investment properties	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	5.9	4.3
V. Long-term financial investments	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0	0.0
VI. Other long-term assets	35.4	35.2	36.6	35.7
1. Long-term prepayments	4.1	3.9	5.4	4.5
2. Deferred income tax assets	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0	0.0
5. Goodwill	10.1	10.1	10.1	10.1
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,410.7	11,395.6	10,553.4	9,687.9
A. LIABILITIES (300=210+330)	9,555.3	8,586.9	8,043.4	7,329.0
I. Short -term liabilities	9,534.2	8,564.3	8,040.9	7,322.2
1. Short-term trade accounts payable	937.2	314.2	6.1	154.9
2. Short-term advances from customers	0.5	0.5	0.6	0.6
3. Taxes and other payables to state authorities	71.5	64.9	55.0	48.8
4. Payable to employees	44.9	26.1	19.3	16.3
5. Short-term acrrued expenses	28.5	15.4	24.2	21.0
6. Short-term inter-company payables	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	2.6	2.5	1.5	0.4
9. Other short-term payables	2.1	1.5	1.5	1.6
10. Short-term borrowings and financial leases	8,423.0	8,118.7	7,904.8	7,071.9
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.9	14.9	22.9	3.3
13. Price stabilization fund	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0
II. Long-term liabilities	21.1	22.6	2.5	6.8
1. Long-term trade payables	0.0	0.0	0.0	0.0
2. Long-term advances from customers	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	0.6	0.6	0.6	0.6
7. Other long-term liabilities	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0
9. Convertible bonds	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	20.5	22.0	1.9	6.2
12. Provision for long-term liabilities	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	2,855.4	2,808.7	2,510.0	2,358.9
I. Owner's equity	2,855.4	2,808.7	2,510.0	2,358.9
1. Owner's capital	2,126.9	2,126.9	2,126.9	1,487.4
- Common stock with voting right	2,126.9	2,126.9	2,126.9	1,487.4
- Preferred stock	0.0	0.0	0.0	0.0
2. Share premium	7.4	7.4	7.4	7.4
3. Convertible bond option	0.0	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0	0.0
5. Treasury shares	0.0	0.0	0.0	0.0
6. Assets revaluation differences	49.8	28.2	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0
8. Investment and development fund	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	664.3	639.2	368.7	857.1
- Accumulated retained earning at the end of the previous period	631.9	598.1	379.3	850.6
- Undistributed earnings in this period	32.4	41.1	-10.6	6.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0
14. Financial reserves	7.0	7.0	7.0	7.0
II. Other resources and funds	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	12,410.7	11,395.6	10,553.4	9,687.9

Item	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.8	-1.4	4.7	-1.1
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.0	-45.9	-42.9	-20.7
Other Operating Receipts	0.0	0.0	0.3	0.0
Other Operating Payments	-10.0	-8.0	-5.4	-3.2
Net Cash Flow from Operating Activities	171.1	-431.7	-538.7	-849.8
Payments for Fixed Assets and Other Long-term Assets	-2.9	-3.8	-3.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-2.9	-3.7	-3.5	0.0
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0
Proceeds from Borrowings	10,659.7	13,338.0	13,995.8	10,983.9
Repayment of Borrowings	-10,355.5	-13,124.1	-13,162.9	-10,242.6
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	304.2	213.9	832.9	741.3
Net Cash Flow During the Period	472.4	-221.4	290.7	-108.5
Cash and Cash Equivalents at Beginning of Period	261.0	482.5	191.7	300.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	733.4	261.0	482.5	191.7

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

CTS

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research