MA1

Listed Company · UPCOM

Price

43,300

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 24.5%

P/B —

BVPS (Latest) —

ROA (TTM) 20.5%

What Is Changing

MA1 has not yet shown a broad-based top-line recovery. Revenue posted -2.9% YoY, but net margin reached 45.75% with an additional +3.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 33.82% in 2023 to 45.75% in 2025.
Net Income reached a multi-period high at VND 59.6bn in 2025.

Metric	2025	2024	2023	2022
Revenue	130.3	134.1	122.8	102.6
Growth	-3%	+9%	+20%	—
Net Income	59.6	56.9	41.5	31.3
Net Margin	45.75%	42.43%	33.82%	30.50%

Financial Statements

Profitability

Net margin reached 45.75% while Revenue posted -2.9% YoY.

Balance Sheet

Inventory stood at 0.2bn, liabilities at 48.6bn, and equity at 265.0bn.

Cash Flow

Operating cash flow was 72.8bn in 2025, while investing cash flow was -59.8bn.

Financing cash flow: -15.2bn.

Item	2025	2024	2023	2022
Revenue	130.3	134.1	122.8	102.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	130.3	134.1	122.8	102.6
Cost of Goods Sold	51.8	54.6	59.7	50.6
Gross Profit	78.5	79.6	63.1	52.1
Financial Income	5.1	1.5	0.5	0.2
Financial Expenses	—	0.2	3.3	6.2
Interest Expense	—	0.2	3.3	6.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	0.1	0.1	0.4	0.7
General and Administrative Expenses	10.5	9.7	7.3	6.3
Operating Profit	73.0	71.1	52.7	39.1
Other Income	2.0	0.5	0.6	1.2
Other Expenses	0.1	0.1	1.2	1.0
Other Profit	1.9	0.4	-0.6	0.2
Profit Before Tax	74.9	71.5	52.2	39.3
Current Income Tax Expense	15.3	14.6	10.6	8.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	59.6	56.9	41.5	31.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	59.6	56.9	41.5	31.3
Earnings per Share	5,930.00	5,663.00	7,850.00	5,917.00
Diluted EPS	5,930.27	5,663.20	7,849.66	5,917.07

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	124.2	65.7	27.0	20.2
I. Cash and cash equivalents	1.7	3.9	21.7	11.7
1. Cash	1.7	3.9	6.7	10.2
2. Cash equivalents	—	0.0	15.0	1.5
II. Short-term financial investments	117.5	54.2	2.1	1.0
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	117.5	54.2	2.1	1.0
III. Short-term receivables	4.4	6.5	2.8	5.2
1. Short-term trade accounts receivable	3.2	6.0	3.3	4.2
2. Short-term prepayments to suppliers	0.5	0.8	0.1	1.8
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	1.7	0.7	0.3	0.1
7. Provision for short-term doubtful debts (*)	-1.0	-1.0	-0.9	-0.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	0.2	0.2	0.1	0.2
1. Inventories	0.2	0.2	0.1	0.2
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.4	0.8	0.2	2.1
1. Short-term prepayments	0.2	0.2	0.2	0.2
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.6	0.0	1.9
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)	189.4	202.3	218.4	227.6
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	10.0	12.2	14.3	14.8
1. Tangible fixed assets	10.0	12.2	14.3	14.8
- Cost	58.8	58.8	58.7	56.9
- Accumulated depreciation	-48.8	-46.6	-44.3	-42.2
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	173.5	184.9	196.6	208.5
- Cost	264.4	264.4	264.3	264.3
- Accumulated depreciation	-90.9	-79.5	-67.6	-55.8
IV. Long-term assets in progress	0.7	0.1	0.1	0.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.7	0.1	0.1	0.9
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	5.2	5.1	7.3	3.4
1. Long-term prepayments	5.2	5.1	7.3	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)	313.5	268.0	245.4	247.9
A. LIABILITIES (300=210+330)	48.6	46.6	64.4	96.5
I. Short -term liabilities	31.3	27.8	28.3	18.8
1. Short-term trade accounts payable	0.7	0.7	1.1	0.1
2. Short-term advances from customers	0.0	0.2	0.0	0.3
3. Taxes and other payables to state authorities	11.9	9.0	10.1	3.2
4. Payable to employees	5.2	5.7	4.8	3.7
5. Short-term acrrued expenses	0.7	0.6	0.2	0.5
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	6.0	5.5	5.9	4.6
9. Other short-term payables	1.3	1.5	1.5	1.5
10. Short-term borrowings and financial leases	—	0.0	0.7	0.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	4.5	4.0	4.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	17.3	18.8	36.1	77.7
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	17.3	18.8	19.1	16.3
8. Long-term borrowings and financial leases	—	0.0	16.9	61.4
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)	265.0	221.4	181.0	151.4
I. Owner's equity	265.0	221.4	181.0	151.4
1. Owner's capital	100.5	100.5	52.9	52.9
- Common stock with voting right	100.5	100.5	52.9	52.9
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	0.1	0.1	0.1	0.1
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	30.8	30.8	30.8	30.8
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	133.5	89.9	97.1	67.5
- Accumulated retained earning at the end of the previous period	73.9	33.0	55.6	36.2
- Undistributed earnings in this period	59.6	56.9	41.5	31.3
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)	313.5	268.0	245.4	247.9

Item	2025	2024	2023	2022
Profit Before Tax	74.9	71.5	52.2	39.3
Depreciation of Fixed Assets and Investment Property	13.7	14.1	14.1	13.4
Provision (Increase)/Reversal	—	0.1	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-5.1	-1.5	-0.5	-0.5
Interest Expense	—	0.2	3.3	6.2
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	83.5	84.3	69.1	58.6
Increase/(Decrease) in Receivables	3.5	-3.9	4.4	1.2
Increase/(Decrease) in Inventory	-0.0	-0.0	0.0	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9	-2.1	8.6	5.6
Increase/(Decrease) in Prepaid Expenses	-0.0	2.3	-3.9	-1.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-0.2	-3.4	-6.2
Corporate Income Tax Paid	-12.1	-13.1	-6.5	-6.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.1	-1.2	-0.5
Net Cash Flow from Operating Activities	72.8	67.1	67.0	51.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-0.2	-1.0	-9.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.3
Loans and Purchases of Debt Instruments	-63.3	-86.0	-3.1	-1.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	33.9	2.0	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	4.1	0.9	0.5	0.1
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	-59.8	-51.4	-1.7	-9.8
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	4.2	18.0
Repayment of Borrowings	—	-17.6	-48.9	-47.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-15.2	-15.9	-10.6	-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	-15.2	-33.5	-55.3	-34.3
Net Cash Flow During the Period	-2.2	-17.8	10.0	6.9
Cash and Cash Equivalents at Beginning of Period	3.9	21.7	11.7	4.8
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	3.9	21.7	11.7

Item	Q4'25
Profit Before Tax	74.9
Depreciation of Fixed Assets and Investment Property	13.7
FX Gain/Loss from Revaluation of Monetary Items	-0.0
Gain/Loss from Investment Activities	-5.1
Operating Profit Before Changes in Working Capital	83.5
Increase/(Decrease) in Receivables	3.5
Increase/(Decrease) in Inventory	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9
Increase/(Decrease) in Prepaid Expenses	-0.0
Corporate Income Tax Paid	-12.1
Other Operating Payments	-0.1
Net Cash Flow from Operating Activities	72.8
Payments for Fixed Assets and Other Long-term Assets	-0.7
Loans and Purchases of Debt Instruments	-63.3
Dividends and Interest Income Received	4.1
Net Cash Flow from Investing Activities	-59.8
Dividends Paid	-15.2
Net Cash Flow from Financing Activities	-15.2
Net Cash Flow During the Period	-2.2
Cash and Cash Equivalents at Beginning of Period	3.9
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	1.7

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MA1

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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