MGG

Listed Company · UPCOM

Price

26,500

Latest close

10 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 12.3%

P/B —

BVPS (Latest) —

ROA (TTM) 3.5%

What Is Changing

MGG no longer looks like a business simply rebounding from a weak base. Revenue posted +8.3% YoY, while net margin reached 1.92% with an additional +0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 1.31% in 2023 to 1.92% in 2025.
Net Income recovered 20.1% to VND 31.8bn in 2025.
Revenue growth accelerated to 8.3% in 2025, up 21.4pp versus the prior year.

Metric	2025	2024	2023	2022
Revenue	1,660.7	1,534.0	1,765.0	1,988.7
Growth	+8%	-13%	-11%	—
Net Income	31.8	26.5	23.2	36.1
Net Margin	1.92%	1.73%	1.31%	1.81%

Financial Statements

Profitability

Net margin reached 1.92% while Revenue posted +8.3% YoY.

Balance Sheet

Inventory stood at 69.7bn, liabilities at 607.9bn, and equity at 265.0bn.

Cash Flow

Operating cash flow was 188.6bn in 2025, while investing cash flow was -26.6bn.

Financing cash flow: -76.9bn.

Item	2025	2024	2023	2022
Revenue	1,660.8	1,534.1	1,765.1	1,988.7
Revenue Deductions	0.1	0.1	0.0	0.1
Net Revenue	1,660.7	1,534.0	1,765.0	1,988.7
Cost of Goods Sold	1,428.2	1,324.4	1,550.8	1,733.7
Gross Profit	232.5	209.6	214.3	255.0
Financial Income	40.0	43.5	43.0	39.0
Financial Expenses	32.6	48.9	31.1	39.1
Interest Expense	7.2	7.5	7.8	5.3
Share of Associates and Joint Ventures	6.6	6.1	6.3	7.9
Selling Expenses	55.0	57.1	59.6	68.3
General and Administrative Expenses	154.6	123.2	146.4	152.3
Operating Profit	36.9	30.1	26.5	42.3
Other Income	1.7	1.0	0.9	0.9
Other Expenses	0.7	0.4	0.6	0.2
Other Profit	0.9	0.6	0.3	0.7
Profit Before Tax	37.8	30.6	26.8	43.1
Current Income Tax Expense	6.3	4.2	3.1	7.1
Deferred Income Tax Expense	-0.2	-0.0	0.6	-0.1
Net Income	31.8	26.5	23.2	36.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	31.8	26.5	23.2	36.1
Earnings per Share	2,821.00	2,439.00	2,155.00	3,300.00
Diluted EPS	3,534.28	2,942.53	2,574.13	4,008.31

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	710.0	794.0	757.1	861.1
I. Cash and cash equivalents	282.4	198.3	266.8	281.3
1. Cash	282.4	198.3	176.8	231.3
2. Cash equivalents	—	0.0	90.0	50.0
II. Short-term financial investments	50.0	20.0	20.0	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	50.0	20.0	20.0	0.0
III. Short-term receivables	239.9	447.5	444.4	395.1
1. Short-term trade accounts receivable	239.4	258.7	262.5	256.2
2. Short-term prepayments to suppliers	7.4	27.9	22.9	21.8
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	22.6	17.8	45.2	26.1
6. Other short-term receivables	2.5	155.0	119.7	91.6
7. Provision for short-term doubtful debts (*)	-32.0	-11.8	-5.9	-0.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	69.7	120.2	24.7	173.1
1. Inventories	71.3	120.2	24.7	173.1
2. Provision for decline in value of inventories	-1.6	0.0	0.0	0.0
V. Other short-term assets	68.0	8.1	1.2	11.5
1. Short-term prepayments	0.1	0.0	0.1	0.1
2. Value added tax to be reclaimed	67.4	7.9	0.2	9.5
3. Taxes and other receivables from state authorities	0.5	0.1	0.9	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)	163.0	172.1	164.8	152.1
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	37.1	43.8	39.1	31.8
1. Tangible fixed assets	35.9	43.8	38.8	30.7
- Cost	178.4	175.3	161.1	146.9
- Accumulated depreciation	-142.5	-131.6	-122.3	-116.2
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	1.2	0.0	0.4	1.1
- Cost	5.5	4.0	4.0	4.0
- Accumulated depreciation	-4.3	-4.0	-3.6	-2.9
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	0.1	3.8	3.7	2.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.1	3.8	3.7	2.5
V. Long-term financial investments	121.0	120.9	118.5	115.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	67.4	67.5	64.6	61.7
3. Investments in other entities	55.3	55.3	55.3	55.3
4. Provision for diminution in value of long-term investments	-1.8	-1.8	-1.4	-1.5
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	4.8	3.6	3.6	2.3
1. Long-term prepayments	4.8	3.6	3.6	2.3
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)	872.9	966.1	921.9	1,013.2
A. LIABILITIES (300=210+330)	607.9	712.7	689.3	786.5
I. Short -term liabilities	604.6	709.2	685.7	783.5
1. Short-term trade accounts payable	381.4	407.8	391.6	354.2
2. Short-term advances from customers	69.5	94.1	71.8	177.5
3. Taxes and other payables to state authorities	4.6	3.0	2.9	4.0
4. Payable to employees	51.9	36.9	37.1	52.7
5. Short-term acrrued expenses	0.3	0.1	0.4	0.8
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	2.1	3.0	16.9	26.3
10. Short-term borrowings and financial leases	87.7	151.5	140.8	144.2
11. Provision for short-term liabilities	—	9.0	20.1	20.9
12.. Bonus and welfare fund	7.1	3.7	4.1	2.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	3.3	3.5	3.6	3.0
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	0.0	0.0	0.0	0.0
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	3.3	3.5	3.6	3.0
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	253.4	232.6	226.7
I. Owner's equity	265.0	253.4	232.6	226.7
1. Owner's capital	90.0	90.0	90.0	90.0
- Common stock with voting right	90.0	90.0	90.0	90.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	-0.2	-0.2	-0.2	-0.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	3.2	3.2	3.2	3.2
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	29.8	29.8	29.8	29.8
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	142.2	130.6	109.8	103.9
- Accumulated retained earning at the end of the previous period	116.8	108.7	103.9	94.4
- Undistributed earnings in this period	25.4	22.0	5.9	9.5
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)	872.9	966.1	921.9	1,013.2

Item	2025	2024	2023	2022
Profit Before Tax	31.8	30.6	26.8	43.1
Depreciation of Fixed Assets and Investment Property	13.1	12.2	7.8	6.9
Provision (Increase)/Reversal	12.7	-4.8	4.5	11.9
FX Gain/Loss from Revaluation of Monetary Items	-0.1	4.2	-1.7	-5.7
Gain/Loss from Investment Activities	-12.2	-6.8	-11.8	-4.5
Interest Expense	7.2	7.5	7.8	5.3
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	52.5	43.0	33.4	56.9
Increase/(Decrease) in Receivables	133.7	-46.2	-29.3	39.9
Increase/(Decrease) in Inventory	48.9	-95.4	148.4	-4.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-32.1	30.7	-89.6	110.3
Increase/(Decrease) in Prepaid Expenses	-1.2	-0.1	-1.2	1.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-7.2	-7.7	-7.6	-5.2
Corporate Income Tax Paid	-4.6	-4.5	-4.0	-6.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.4	-4.9	-2.6	-10.0
Net Cash Flow from Operating Activities	188.6	-85.1	47.5	182.6
Payments for Fixed Assets and Other Long-term Assets	-2.6	-14.4	-13.0	-12.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.1	0.2	0.0
Loans and Purchases of Debt Instruments	-97.8	-86.5	-160.9	-67.0
Receipts from Loan Repayments and Sale of Debt Instruments	63.0	114.0	121.8	65.7
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	10.4	6.6	11.9	4.0
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	-26.6	19.8	-40.0	-9.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	464.0	522.4	436.5	590.2
Repayment of Borrowings	-527.4	-514.2	-436.0	-696.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-13.5	-13.5	-22.5	-22.5
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-76.9	-5.2	-22.0	-129.0
Net Cash Flow During the Period	85.2	-70.6	-14.5	44.1
Cash and Cash Equivalents at Beginning of Period	198.3	266.8	281.3	236.9
FX Difference from Revaluation	-1.1	2.0	-0.0	0.3
Cash and Cash Equivalents at End of Period	282.4	198.3	266.8	281.3

Item	Q4'25
Profit Before Tax	31.8
Depreciation of Fixed Assets and Investment Property	13.1
Provision (Increase)/Reversal	12.7
FX Gain/Loss from Revaluation of Monetary Items	-0.1
Gain/Loss from Investment Activities	-12.2
Interest Expense	7.2
Operating Profit Before Changes in Working Capital	52.5
Increase/(Decrease) in Receivables	133.7
Increase/(Decrease) in Inventory	48.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-32.1
Increase/(Decrease) in Prepaid Expenses	-1.2
Interest Paid	-7.2
Corporate Income Tax Paid	-4.6
Other Operating Payments	-1.4
Net Cash Flow from Operating Activities	188.6
Payments for Fixed Assets and Other Long-term Assets	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4
Loans and Purchases of Debt Instruments	-97.8
Receipts from Loan Repayments and Sale of Debt Instruments	63.0
Dividends and Interest Income Received	10.4
Net Cash Flow from Investing Activities	-26.6
Proceeds from Borrowings	464.0
Repayment of Borrowings	-527.4
Dividends Paid	-13.5
Net Cash Flow from Financing Activities	-76.9
Net Cash Flow During the Period	85.2
Cash and Cash Equivalents at Beginning of Period	198.3
FX Difference from Revaluation	-1.1
Cash and Cash Equivalents at End of Period	282.4

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MGG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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