L12

Licogi 12 ·UPCOM ·2025Q4

▲▲ Improving positively

Price

4,300

Latest close

02 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 3.5%

ROA 0.9%

Profit Margin 0.8%

Asset Turnover 1.17x

Equity Mult. 3.91x

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

What Is Changing

On a Năm 2025 basis, L12 is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 425bn
	                                
+21.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+62.1%YoY

Quarterly snapshot data is not available yet.

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 0.77% +0.2pp

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.

Inventory ended the period at 151.0bn, roughly 37.9% 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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	424.8	350.3	210.0	325.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	424.8	350.3	210.0	325.6
Cost of Goods Sold	399.0	328.1	189.5	302.0
Gross Profit	25.8	22.2	20.5	23.6
Financial Income	0.0	0.1	5.2	1.1
Financial Expenses	7.0	7.6	13.3	12.7
Interest Expense	7.0	7.6	13.3	12.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	14.8	11.3	10.5	10.0
Operating Profit	4.1	3.3	1.9	1.9
Other Income	0.3	0.0	0.0	1.9
Other Expenses	0.4	0.6	0.3	0.8
Other Profit	-0.1	-0.6	-0.3	1.1
Profit Before Tax	4.0	2.8	1.5	3.0
Current Income Tax Expense	0.7	0.8	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	3.3	2.0	1.5	3.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	3.3	2.0	1.5	3.0
Earnings per Share	483.00	298.00	229.00	448.00
Diluted EPS	465.35	287.10	220.37	431.44

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	341.8	278.1	281.6	281.2
I. Cash and cash equivalents	19.5	14.1	1.1	0.9
1. Cash	19.5	14.1	1.1	0.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	3.1	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	—	3.1	0.0	0.0
III. Short-term receivables	166.3	146.4	149.1	158.2
1. Short-term trade accounts receivable	166.0	148.5	157.1	170.7
2. Short-term prepayments to suppliers	6.7	2.7	5.7	1.9
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	15.0	16.6	7.8	7.0
7. Provision for short-term doubtful debts (*)	-21.5	-21.5	-21.5	-21.5
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	151.0	112.8	129.1	119.4
1. Inventories	151.0	112.8	129.1	119.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	5.0	1.8	2.3	2.7
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	2.2	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.8	1.8	2.3	2.7
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)	56.4	51.4	59.6	88.6
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	51.0	51.3	59.2	70.6
1. Tangible fixed assets	46.7	48.1	58.7	69.3
- Cost	175.1	171.7	169.3	172.6
- Accumulated depreciation	-128.3	-123.6	-110.6	-103.3
2. Financial leased fixed assets	2.9	3.2	0.5	1.3
- Cost	3.2	3.2	2.0	2.0
- Accumulated depreciation	-0.3	0.0	-1.4	-0.7
3. Intangible fixed assets	1.3	0.0	0.0	0.0
- Cost	1.5	0.1	0.1	0.1
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1
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	1.3	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	1.3	0.0	0.0	0.0
V. Long-term financial investments	0.1	0.1	0.1	17.6
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	17.5
3. Investments in other entities	0.1	0.1	0.1	0.1
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	4.0	0.0	0.3	0.4
1. Long-term prepayments	4.0	0.0	0.3	0.4
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)	398.2	329.5	341.2	369.8
A. LIABILITIES (300=210+330)	303.6	238.1	251.8	281.9
I. Short -term liabilities	297.7	229.7	238.1	255.8
1. Short-term trade accounts payable	78.4	86.8	93.9	69.3
2. Short-term advances from customers	75.2	38.2	20.3	7.2
3. Taxes and other payables to state authorities	0.6	0.4	0.3	0.3
4. Payable to employees	6.2	8.2	5.9	4.3
5. Short-term acrrued expenses	0.3	0.1	0.3	0.4
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	0.1	0.3	0.1
9. Other short-term payables	1.6	2.8	3.7	3.9
10. Short-term borrowings and financial leases	134.2	91.9	112.3	169.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	1.2	1.2	1.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	5.9	8.5	13.7	26.1
1. Long-term trade payables	—	0.0	3.6	20.8
2. Long-term advances from customers	2.2	2.2	2.2	2.2
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	0.9	0.7	0.7	0.6
8. Long-term borrowings and financial leases	2.8	5.5	7.1	2.5
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)	94.6	91.4	89.4	87.8
I. Owner's equity	94.6	91.4	89.4	87.8
1. Owner's capital	70.0	70.0	70.0	70.0
- Common stock with voting right	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00	70,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	4.4	4.4	4.4	4.4
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-2,611,290,000.00	-2,611,290,000.00	-2,611,290,000.00	-2,611,290,000.00
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	11.2	11.2	11.2	11.2
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.3	0.3	0.3
11. Undistributed earnings after tax	11.4	8.1	6.1	4.6
- Accumulated retained earning at the end of the previous period	8.1	6.1	4.6	1.5
- Undistributed earnings in this period	3.3	2.0	1.5	3.0
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)	398.2	329.5	341.2	369.8

Item	2025	2024	2023	2022
Profit Before Tax	4.0	2.8	1.5	3.0
Depreciation of Fixed Assets and Investment Property	6.9	11.6	11.7	12.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-0.1	-5.0	-3.0
Interest Expense	7.0	7.6	13.3	12.7
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	17.6	22.0	21.7	25.5
Increase/(Decrease) in Receivables	-24.7	3.2	11.2	-21.5
Increase/(Decrease) in Inventory	-38.2	16.3	-9.8	-14.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.0	6.7	20.5	-2.5
Increase/(Decrease) in Prepaid Expenses	-4.0	0.2	0.1	-0.2
Changes in Trading Securities	—	0.0	0.0	0.2
Interest Paid	-6.8	-7.5	-13.3	-12.1
Corporate Income Tax Paid	—	-0.8	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-0.8
Net Cash Flow from Operating Activities	-31.2	40.1	30.3	-25.5
Payments for Fixed Assets and Other Long-term Assets	-6.0	-0.4	-1.0	-15.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.3	12.1
Loans and Purchases of Debt Instruments	—	-3.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	3.1	0.0	22.7	13.1
Dividends and Interest Income Received	0.0	0.1	0.0	1.1
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	-2.9	-3.4	22.0	11.2
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	316.2	236.3	193.5	335.3
Repayment of Borrowings	-276.1	-259.4	-244.9	-319.5
Repayment of Finance Leases	-0.6	-0.6	-0.8	-0.8
Dividends Paid	—	0.0	0.0	-2.9
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	39.5	-23.7	-52.2	12.1
Net Cash Flow During the Period	5.4	13.0	0.2	-2.2
Cash and Cash Equivalents at Beginning of Period	14.1	1.1	0.9	3.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.5	14.1	1.1	0.9

Item	Q4'25
Profit Before Tax	4.0
Depreciation of Fixed Assets and Investment Property	6.9
Gain/Loss from Investment Activities	-0.4
Interest Expense	7.0
Operating Profit Before Changes in Working Capital	17.6
Increase/(Decrease) in Receivables	-24.7
Increase/(Decrease) in Inventory	-38.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.0
Increase/(Decrease) in Prepaid Expenses	-4.0
Interest Paid	-6.8
Net Cash Flow from Operating Activities	-31.2
Payments for Fixed Assets and Other Long-term Assets	-6.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0
Proceeds from Investments in Other Entities	3.1
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	-2.9
Proceeds from Borrowings	316.2
Repayment of Borrowings	-276.1
Repayment of Finance Leases	-0.6
Net Cash Flow from Financing Activities	39.5
Net Cash Flow During the Period	5.4
Cash and Cash Equivalents at Beginning of Period	14.1
Cash and Cash Equivalents at End of Period	19.5

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L12

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?

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency