L45

Listed Company · UPCOM

Price

1,700

Latest close

27 Feb 2026

P/E —

EPS (TTM) —

ROE (TTM) 28.4%

P/B —

BVPS (Latest) —

ROA (TTM) -1.6%

What Is Changing

L45 no longer looks like a business simply rebounding from a weak base. Revenue posted +321.4% YoY, while net margin reached -5.39% with an additional +70.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 1329bps to -5.39% in 2025.
Revenue growth accelerated to 321.4% in 2025, up 345.4pp versus the prior year.
Net Income reached a multi-period high at VND -7.9bn in 2025.

Metric	2025	2024	2023	2022
Revenue	146.7	34.8	45.8	80.5
Growth	+321%	-24%	-43%	—
Net Income	-7.9	-26.3	-8.6	-25.6
Net Margin	-5.39%	-75.48%	-18.68%	-31.74%

Financial Statements

Profitability

Net margin reached -5.39% while Revenue posted +321.4% YoY.

Balance Sheet

Inventory stood at 239.5bn, liabilities at 530.7bn, and equity at -31.8bn.

Cash Flow

Operating cash flow was 4.9bn in 2025, while investing cash flow was 0.0bn.

Financing cash flow: -4.0bn.

Item	2025	2024	2023	2022
Revenue	146.7	34.8	45.8	80.5
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	146.7	34.8	45.8	80.5
Cost of Goods Sold	141.5	47.2	45.8	87.5
Gross Profit	5.2	-12.4	0.0	-7.0
Financial Income	0.0	0.0	0.2	0.0
Financial Expenses	6.7	8.9	2.3	11.8
Interest Expense	6.7	8.9	2.3	11.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	5.2	4.5	4.9	5.1
Operating Profit	-6.6	-25.8	-7.0	-23.9
Other Income	—	1.2	0.0	0.0
Other Expenses	1.3	1.7	1.6	1.7
Other Profit	-1.3	-0.5	-1.5	-1.6
Profit Before Tax	-7.9	-26.3	-8.6	-25.6
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-7.9	-26.3	-8.6	-25.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-7.9	-26.3	-8.6	-25.6
Earnings per Share	-1,649.00	-5,475.00	-1,784.00	-5,326.00
Diluted EPS	-1,649.08	-5,475.30	-1,783.55	-5,325.53

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	409.9	407.3	428.2	433.3
I. Cash and cash equivalents	6.6	1.7	1.0	9.7
1. Cash	6.6	1.7	1.0	9.7
2. Cash equivalents	—	0.0	0.0	0.0
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	163.8	166.3	171.1	159.1
1. Short-term trade accounts receivable	89.9	90.5	95.5	89.9
2. Short-term prepayments to suppliers	4.5	6.4	4.8	4.1
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	69.4	69.4	70.8	65.0
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	239.5	239.4	256.1	264.5
1. Inventories	239.5	239.4	256.1	264.5
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	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	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)	89.0	90.2	92.9	94.9
I. Long-term receivables	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	5.0	6.1	7.7	9.4
1. Tangible fixed assets	5.0	6.1	7.7	9.4
- Cost	83.8	83.8	90.0	90.0
- Accumulated depreciation	-78.8	-77.6	-82.3	-80.6
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	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	41.2	41.2	41.2	41.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	41.2	41.2	41.2	41.2
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	42.1	42.1	43.3	43.6
1. Long-term prepayments	42.1	42.1	43.3	43.6
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)	498.9	497.5	521.1	528.1
A. LIABILITIES (300=210+330)	530.7	521.4	518.7	517.2
I. Short -term liabilities	530.2	520.9	518.2	516.7
1. Short-term trade accounts payable	57.9	57.4	51.1	53.6
2. Short-term advances from customers	101.9	103.1	102.8	108.9
3. Taxes and other payables to state authorities	2.9	3.0	2.9	3.0
4. Payable to employees	0.4	0.7	0.9	0.6
5. Short-term acrrued expenses	14.4	10.7	15.7	10.7
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	0.8	0.1	0.6	0.0
9. Other short-term payables	236.2	230.3	224.7	214.2
10. Short-term borrowings and financial leases	115.4	115.4	119.4	125.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5
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)	-31.8	-23.9	2.4	10.9
I. Owner's equity	-31.8	-23.9	2.4	10.9
1. Owner's capital	48.0	48.0	48.0	48.0
- Common stock with voting right	48.0	48.0	48.0	48.0
- 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	—	0.0	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	2.4	2.4	2.4	2.4
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.6	0.6	0.6	0.6
11. Undistributed earnings after tax	-82.8	-74.8	-48.6	-40.0
- Accumulated retained earning at the end of the previous period	-74.8	-48.6	-40.0	-14.4
- Undistributed earnings in this period	-7.9	-26.3	-8.6	-25.6
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)	498.9	497.5	521.1	528.1

Item	2025	2024	2023	2022
Profit Before Tax	-7.9	-26.3	-8.6	-25.6
Depreciation of Fixed Assets and Investment Property	1.1	1.6	1.7	1.8
Provision (Increase)/Reversal	—	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	-1.2	-0.2	-0.0
Interest Expense	6.7	8.9	2.3	11.8
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	0.3
Operating Profit Before Changes in Working Capital	-0.1	-17.0	-4.8	-11.7
Increase/(Decrease) in Receivables	2.5	4.8	-12.1	1.3
Increase/(Decrease) in Inventory	-0.1	16.7	8.4	7.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	-2.2	-1.5	30.9
Increase/(Decrease) in Prepaid Expenses	0.1	1.2	0.3	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	6.7	0.0
Corporate Income Tax Paid	—	0.0	-0.0	-0.3
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	4.9	3.5	-2.9	27.8
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.2	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	0.0
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	0.0	0.0	0.2	0.0
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	0.0	1.2	0.2	0.0
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	—	-4.0	-5.9	-35.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-4.0	-5.9	-35.8
Net Cash Flow During the Period	4.9	0.7	-8.7	-8.0
Cash and Cash Equivalents at Beginning of Period	1.7	1.0	9.7	17.7
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.6	1.7	1.0	9.7

Item	Q4'25
Profit Before Tax	-7.9
Depreciation of Fixed Assets and Investment Property	1.1
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-0.0
Interest Expense	6.7
Operating Profit Before Changes in Working Capital	-0.1
Increase/(Decrease) in Receivables	2.5
Increase/(Decrease) in Inventory	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6
Increase/(Decrease) in Prepaid Expenses	0.1
Net Cash Flow from Operating Activities	4.9
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	0.0
Net Cash Flow During the Period	4.9
Cash and Cash Equivalents at Beginning of Period	1.7
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	6.6

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L45

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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