KWA

Listed Company

Price

—

Latest close

P/E —

EPS (TTM) —

ROE (TTM) 15.2%

P/B —

BVPS (Latest) 17,138

ROA (TTM) 10.6%

What Is Changing

KWA no longer looks like a business simply rebounding from a weak base. Revenue posted +14.1% YoY, while net margin reached 12.38% with an additional -0.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 45bps to 12.38% in 2024.
Net Income reached a multi-period high at VND 10.0bn in 2024.
Revenue growth accelerated to 14.1% in 2024, up 16.2pp versus the prior year.

Metric	2024	2023	2022
Revenue	80.6	70.6	72.1
Growth	+14%	-2%	—
Net Income	10.0	9.3	9.3
Net Margin	12.38%	13.11%	12.83%

Financial Statements

Profitability

Net margin reached 12.38% while Revenue posted +14.1% YoY.

Balance Sheet

Inventory stood at 6.1bn, liabilities at 28.3bn, and equity at 72.1bn.

Cash Flow

Operating cash flow was -0.2bn in 2024, while investing cash flow was -2.7bn.

Financing cash flow: -5.6bn.

Item	2024	2023	2022
Revenue	80.6	70.6	72.1
Revenue Deductions	0.0	0.0	0.0
Net Revenue	80.6	70.6	72.1
Cost of Goods Sold	64.1	55.5	58.2
Gross Profit	16.4	15.1	13.9
Financial Income	0.2	0.4	0.4
Financial Expenses	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0
General and Administrative Expenses	4.1	4.0	2.9
Operating Profit	12.5	11.5	11.4
Other Income	0.0	0.0	0.2
Other Expenses	0.0	0.0	0.0
Other Profit	-0.0	0.0	0.1
Profit Before Tax	12.5	11.6	11.6
Current Income Tax Expense	2.5	2.3	2.3
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	10.0	9.3	9.3
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	10.0	9.3	9.3
Earnings per Share	2,101.00	1,950.00	1,948.00
Diluted EPS	2,101.00	2,437.31	2,434.86

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	44.5	41.2	34.0
I. Cash and cash equivalents	12.1	20.5	9.4
1. Cash	7.9	11.4	5.4
2. Cash equivalents	4.1	9.1	4.0
II. Short-term financial investments	0.0	0.0	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	0.0	0.0	0.0
III. Short-term receivables	26.3	19.1	21.2
1. Short-term trade accounts receivable	25.8	17.9	20.5
2. Short-term prepayments to suppliers	0.0	0.5	0.0
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	0.5	0.7	0.7
7. Provision for short-term doubtful debts (*)	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	6.1	1.5	3.4
1. Inventories	6.1	1.5	3.4
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	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)	55.9	46.9	51.6
I. Long-term receivables	0.0	0.0	0.0
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	0.0	0.0	0.0
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	54.4	46.2	48.0
1. Tangible fixed assets	54.3	46.1	48.0
- Cost	102.7	90.4	89.4
- Accumulated depreciation	-48.4	-44.3	-41.3
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	0.1	0.1	0.0
- Cost	0.3	0.3	0.2
- Accumulated depreciation	-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	0.0	0.1	0.5
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.0	0.1	0.5
V. Long-term financial investments	0.0	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	0.0	0.0	0.0
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	1.5	0.5	3.0
1. Long-term prepayments	1.5	0.5	3.0
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)	100.4	88.1	85.6
A. LIABILITIES (300=210+330)	28.3	28.7	28.0
I. Short -term liabilities	25.5	25.8	24.9
1. Short-term trade accounts payable	13.6	13.1	16.2
2. Short-term advances from customers	2.7	3.7	1.1
3. Taxes and other payables to state authorities	1.7	2.0	1.6
4. Payable to employees	5.3	3.2	2.1
5. Short-term acrrued expenses	1.1	3.2	0.0
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	0.5	0.6	2.3
10. Short-term borrowings and financial leases	0.0	0.0	0.0
11. Provision for short-term liabilities	0.6	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	1.5
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	2.8	2.9	3.1
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	2.8	2.9	3.1
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)	0.0	0.0	0.0
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)	72.1	59.4	57.5
I. Owner's equity	72.1	59.4	57.5
1. Owner's capital	38.0	38.0	38.0
- Common stock with voting right	38.0	38.0	38.0
- Preferred stock	0.0	0.0	0.0
2. Share premium	0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	8.9	0.0	0.0
5. Treasury shares	0.0	0.0	0.0
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	18.2	15.8	14.0
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	7.0	5.6	5.6
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0
- Undistributed earnings in this period	7.0	5.6	5.6
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)	100.4	88.1	85.6

Item	2024	2023	2022
Profit Before Tax	12.5	11.6	11.6
Depreciation of Fixed Assets and Investment Property	4.2	4.1	4.6
Provision (Increase)/Reversal	0.6	0.0	-1.6
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.4	-0.4
Interest Expense	0.0	0.0	0.0
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	17.1	15.3	14.2
Increase/(Decrease) in Receivables	-6.9	2.1	0.3
Increase/(Decrease) in Inventory	-4.6	1.8	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9	5.3	-4.1
Increase/(Decrease) in Prepaid Expenses	0.9	2.5	0.5
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0
Corporate Income Tax Paid	-2.5	-2.5	-2.7
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	-2.2	-3.4	-1.8
Net Cash Flow from Operating Activities	-0.2	21.2	6.5
Payments for Fixed Assets and Other Long-term Assets	-2.9	-5.0	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	1.7
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	0.2	0.4	0.4
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	-2.7	-4.5	-3.1
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0
Proceeds from Borrowings	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-5.6	-5.6	-5.3
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-5.6	-5.6	-5.3
Net Cash Flow During the Period	-8.4	11.1	-1.8
Cash and Cash Equivalents at Beginning of Period	20.5	9.4	11.3
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.1	20.5	9.4

Item	Q2'24
Revenue	11.4
Revenue Deductions	0.0
Net Revenue	11.4
Cost of Goods Sold	8.6
Gross Profit	2.8
Financial Income	0.0
Financial Expenses	0.0
Interest Expense	0.0
Share of Associates and Joint Ventures	0.0
Selling Expenses	0.0
General and Administrative Expenses	1.1
Operating Profit	1.8
Other Income	0.0
Other Expenses	0.0
Other Profit	0.0
Profit Before Tax	1.8
Current Income Tax Expense	0.4
Deferred Income Tax Expense	0.0
Net Income	1.4
Non-controlling Interest	0.0
Profit Attributable to Parent	1.4
Earnings per Share	371.12
Diluted EPS	371.12

Item	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	37.5
I. Cash and cash equivalents	8.0
1. Cash	4.0
2. Cash equivalents	4.0
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	0.0
III. Short-term receivables	19.4
1. Short-term trade accounts receivable	17.3
2. Short-term prepayments to suppliers	0.0
3. Short-term inter-company receivables	0.0
4. Construction contract progress receipts due from customers	0.0
5. Short-term loan receivables	0.0
6. Other short-term receivables	2.1
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	9.8
1. Inventories	9.8
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	0.2
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.2
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	56.6
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	55.7
1. Tangible fixed assets	55.5
- Cost	101.9
- Accumulated depreciation	-46.4
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.1
- Cost	0.0
- Accumulated depreciation	0.0
III. Investment properties	0.0
- Cost	0.0
- Accumulated depreciation	0.0
IV. Long-term assets in progress	0.2
1. Long-term production in progress	0.0
2. Construction in progress	0.2
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	0.8
1. Long-term prepayments	0.8
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	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	94.1
A. LIABILITIES (300=210+330)	29.0
I. Short -term liabilities	26.1
1. Short-term trade accounts payable	13.1
2. Short-term advances from customers	6.7
3. Taxes and other payables to state authorities	0.9
4. Payable to employees	3.3
5. Short-term acrrued expenses	1.1
6. Short-term inter-company payables	0.0
7. Construction contract progress payments due to suppliers	0.0
8. Short-term unearned revenue	0.0
9. Other short-term payables	0.9
10. Short-term borrowings and financial leases	0.0
11. Provision for short-term liabilities	0.0
12.. Bonus and welfare fund	0.0
13. Price stabilization fund	0.0
14. Government bonds	0.0
II. Long-term liabilities	2.9
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	0.0
7. Other long-term liabilities	2.9
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	0.0
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)	65.1
I. Owner's equity	65.1
1. Owner's capital	38.0
- Common stock with voting right	38.0
- Preferred stock	0.0
2. Share premium	0.0
3. Convertible bond option	0.0
4. Other capital of owners	8.9
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	16.4
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	1.8
- Accumulated retained earning at the end of the previous period	0.0
- Undistributed earnings in this period	1.8
12. Reserves for investment in construction	0.0
13. Minority's interest	0.0
14. Financial reserves	0.0
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)	94.1

Item	Q2'24
Profit Before Tax	3.8
Depreciation of Fixed Assets and Investment Property	2.1
Provision (Increase)/Reversal	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1
Gain/Loss from Investment Activities	0.0
Interest Expense	0.0
Gain/Loss on Disposal of Fixed Assets	0.0
Interest Income and Dividends	0.0
Amortization of Goodwill	0.0
Other Adjustments	0.0
Operating Profit Before Changes in Working Capital	5.8
Increase/(Decrease) in Receivables	4.2
Increase/(Decrease) in Inventory	-8.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2
Increase/(Decrease) in Prepaid Expenses	-0.3
Changes in Trading Securities	0.0
Interest Paid	-2.1
Corporate Income Tax Paid	-0.6
Other Operating Receipts	9.0
Other Operating Payments	-5.3
Net Cash Flow from Operating Activities	0.2
Payments for Fixed Assets and Other Long-term Assets	-12.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Loans and Purchases of Debt Instruments	-8.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.1
Investments in Other Entities	0.0
Proceeds from Investments in Other Entities	0.0
Dividends and Interest Income Received	0.1
Increase/(Decrease) in Term Deposits	0.0
Acquisition of Non-controlling Interests	0.0
Other Investing Receipts	0.0
Other Investing Payments	0.0
Net Cash Flow from Investing Activities	-7.7
Proceeds from Equity Issuance and Capital Contributions	0.0
Share Repurchases	0.0
Proceeds from Borrowings	0.0
Repayment of Borrowings	0.0
Repayment of Finance Leases	0.0
Dividends Paid	0.0
Other Financing Receipts	0.0
Other Financing Payments	0.0
Net Cash Flow from Financing Activities	0.0
Net Cash Flow During the Period	-7.5
Cash and Cash Equivalents at Beginning of Period	11.4
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	4.0

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KWA

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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