MLS

Listed Company · UPCOM

Price

20,800

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 59.0%

P/B 0.9x

BVPS (Latest) 23,940

ROA (TTM) 25.3%

What Is Changing

MLS no longer looks like a business simply rebounding from a weak base. Revenue posted +8.1% YoY, while net margin reached 8.33% with an additional +0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -9.76% in 2023 to 8.33% in 2025.
Revenue increased 8.1% YoY to VND 422.3bn in 2025.
Net Income reached a multi-period high at VND 35.2bn in 2025.

Metric	2025	2024	2023	2022	2020
Revenue	422.3	390.7	347.1	398.1	90.8
Growth	+8%	+13%	-13%	+339%	—
Net Income	35.2	30.1	-33.9	-20.5	10.1
Net Margin	8.33%	7.70%	-9.76%	-5.15%	11.09%

Metric	Q4'20
Revenue	90.8
Growth	—
Net Income	10.1
Net Margin	11.09%

Financial Statements

Profitability

Net margin reached 8.33% while Revenue posted +8.1% YoY.

Balance Sheet

Inventory stood at 96.4bn, liabilities at 63.7bn, and equity at 77.2bn.

Cash Flow

Operating cash flow was 37.8bn in 2025, while investing cash flow was -18.8bn.

Financing cash flow: -31.1bn.

Item	2025	2024	2023	2022	2020
Revenue	422.3	390.7	347.1	398.1	90.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	422.3	390.7	347.1	398.1	90.8
Cost of Goods Sold	373.9	349.9	372.6	408.7	0.0
Gross Profit	48.5	40.8	-25.5	-10.5	15.7
Financial Income	0.2	0.0	0.0	0.2	0.3
Financial Expenses	0.5	2.3	3.0	2.2	-0.2
Interest Expense	0.5	2.3	2.9	2.2	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.6	2.5	2.0	2.2	-1.1
General and Administrative Expenses	9.0	6.3	5.2	5.7	-3.4
Operating Profit	36.6	29.8	-35.7	-20.4	11.2
Other Income	0.4	0.4	1.9	0.0	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0
Other Profit	0.4	0.3	1.8	-0.0	-0.0
Profit Before Tax	37.0	30.1	-33.9	-20.5	11.2
Current Income Tax Expense	1.8	0.0	0.0	0.0	-1.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.2	30.1	-33.9	-20.5	10.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	35.2	30.1	-33.9	-20.5	10.1
Earnings per Share	8,791.00	7,526.00	-8,472.00	-5,121.00	2,517.00
Diluted EPS	8,791.00	7,526.00	-8,471.90	-5,120.89	2,516.78

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	119.4	113.7	89.4	85.7	74.5
I. Cash and cash equivalents	4.8	16.9	0.3	1.5	13.5
1. Cash	4.8	16.9	0.3	1.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	10.0	0.0	0.0	0.0	0.0
III. Short-term receivables	6.6	14.6	5.1	5.9	7.1
1. Short-term trade accounts receivable	4.1	4.5	5.4	3.3	0.0
2. Short-term prepayments to suppliers	3.0	1.2	0.5	1.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.8	10.3	0.7	2.2	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-1.4	-1.4	-1.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	96.4	81.7	83.0	77.5	53.6
1. Inventories	96.4	81.7	91.4	77.5	0.0
2. Provision for decline in value of inventories	—	0.0	-8.4	0.0	0.0
V. Other short-term assets	1.7	0.4	0.9	0.8	0.3
1. Short-term prepayments	1.7	0.4	0.3	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.6	0.6	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	21.5	23.4	27.4	36.2	56.2
I. Long-term receivables	0.2	0.4	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.4	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	11.1	13.8	20.5	26.1	35.0
1. Tangible fixed assets	11.1	13.8	20.5	26.1	35.0
- Cost	86.8	86.3	87.0	87.0	0.0
- Accumulated depreciation	-75.7	-72.4	-66.4	-60.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.8	0.5	0.0	0.0	2.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.8	0.5	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	9.4	8.6	6.8	10.1	0.0
1. Long-term prepayments	9.4	8.6	6.8	10.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	18.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	140.9	137.1	116.8	121.9	130.7
A. LIABILITIES (300=210+330)	63.7	95.0	104.9	76.1	34.9
I. Short -term liabilities	63.7	95.0	104.9	76.1	34.9
1. Short-term trade accounts payable	43.4	49.0	50.9	20.3	16.0
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.8	0.0	0.0	0.0	0.0
4. Payable to employees	7.3	3.8	4.0	3.9	0.0
5. Short-term acrrued expenses	1.0	1.2	0.9	1.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	7.0	5.5	6.2	4.8	0.0
10. Short-term borrowings and financial leases	3.0	34.1	40.1	41.9	9.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	1.4	2.8	3.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	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	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	77.2	42.0	11.9	45.8	95.8
I. Owner's equity	77.2	42.0	11.9	45.8	0.0
1. Owner's capital	40.0	40.0	40.0	40.0	95.8
- Common stock with voting right	40.0	40.0	40.0	40.0	40.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	25.3	25.3	25.3	25.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	10.9	-24.3	-54.4	-20.5	45.7
- Accumulated retained earning at the end of the previous period	-24.3	-54.4	-20.5	0.0	-49.8
- Undistributed earnings in this period	35.2	30.1	-33.9	-20.5	95.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	140.9	137.1	116.8	121.9	130.7

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	-0.0
Other Operating Receipts	9.8	0.6	0.2	0.2
Other Operating Payments	-4.5	-3.7	-3.5	-4.7
Net Cash Flow from Operating Activities	37.8	22.6	0.9	-11.9
Payments for Fixed Assets and Other Long-term Assets	-9.2	-0.4	-2.2	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	1.9	0.1
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	0.2	0.0	0.0	0.2
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	-18.8	-0.0	-0.3	-2.6
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	24.0	111.5	100.9	106.1
Repayment of Borrowings	-55.2	-117.4	-102.6	-97.4
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	-31.1	-6.0	-1.8	8.6
Net Cash Flow During the Period	-12.1	16.6	-1.2	-5.9
Cash and Cash Equivalents at Beginning of Period	16.9	0.3	1.5	7.3
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.8	16.9	0.3	1.5

Item	Q4'20
Revenue	90.9
Revenue Deductions	0.0
Net Revenue	90.8
Cost of Goods Sold	0.0
Gross Profit	15.7
Financial Income	0.3
Financial Expenses	-0.2
Interest Expense	-0.2
Share of Associates and Joint Ventures	0.0
Selling Expenses	-1.1
General and Administrative Expenses	-3.4
Operating Profit	11.2
Other Income	0.0
Other Expenses	0.0
Other Profit	-0.0
Profit Before Tax	11.2
Current Income Tax Expense	-1.2
Deferred Income Tax Expense	0.0
Net Income	10.1
Non-controlling Interest	0.0
Profit Attributable to Parent	10.1
Earnings per Share	2,517.00
Diluted EPS	2,516.78

Item	Q4'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	74.5
I. Cash and cash equivalents	13.5
1. Cash	0.0
2. Cash equivalents	0.0
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	7.1
1. Short-term trade accounts receivable	0.0
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	0.0
7. Provision for short-term doubtful debts (*)	0.0
8. Assets awaiting resolution	0.0
IV. Inventories	53.6
1. Inventories	0.0
2. Provision for decline in value of inventories	0.0
V. Other short-term assets	0.3
1. Short-term prepayments	0.0
2. Value added tax to be reclaimed	0.0
3. Taxes and other receivables from state authorities	0.0
4. Government bonds	0.0
5. Other short-term assets	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	56.2
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	35.0
1. Tangible fixed assets	35.0
- Cost	0.0
- Accumulated depreciation	0.0
2. Financial leased fixed assets	0.0
- Cost	0.0
- Accumulated depreciation	0.0
3. Intangible fixed assets	0.0
- 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	2.6
1. Long-term production in progress	0.0
2. Construction in progress	0.0
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	0.0
1. Long-term prepayments	0.0
2. Deferred income tax assets	0.0
3. Long-term equipment, supplies, spare parts	0.0
4. Other long-term assets	18.6
5. Goodwill	0.0
VII. Goodwill (before 2015)	0.0
TOTAL ASSETS (280=100+200)	130.7
A. LIABILITIES (300=210+330)	34.9
I. Short -term liabilities	34.9
1. Short-term trade accounts payable	16.0
2. Short-term advances from customers	0.0
3. Taxes and other payables to state authorities	0.0
4. Payable to employees	0.0
5. Short-term acrrued expenses	0.0
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	0.0
10. Short-term borrowings and financial leases	9.7
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	0.0
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	0.0
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)	95.8
I. Owner's equity	0.0
1. Owner's capital	95.8
- Common stock with voting right	40.0
- Preferred stock	0.0
2. Share premium	1.0
3. Convertible bond option	0.0
4. Other capital of owners	0.0
5. Treasury shares	0.0
6. Assets revaluation differences	0.0
7. Foreign exchange differences	0.0
8. Investment and development fund	0.0
9. Fund to support corporate restructuring	0.0
10. Other funds from owner's equity	0.0
11. Undistributed earnings after tax	45.7
- Accumulated retained earning at the end of the previous period	-49.8
- Undistributed earnings in this period	95.6
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)	130.7

Item	Q4'25	Q4'20
Profit Before Tax	—	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0
Provision (Increase)/Reversal	—	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0
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	—	0.0
Increase/(Decrease) in Receivables	—	0.0
Increase/(Decrease) in Inventory	—	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0
Changes in Trading Securities	—	0.0
Interest Paid	—	0.0
Corporate Income Tax Paid	—	0.0
Other Operating Receipts	—	0.0
Other Operating Payments	-4.5	0.0
Net Cash Flow from Operating Activities	37.8	0.0
Payments for Fixed Assets and Other Long-term Assets	-9.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0
Loans and Purchases of Debt Instruments	—	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0
Investments in Other Entities	—	0.0
Proceeds from Investments in Other Entities	—	0.0
Dividends and Interest Income Received	0.2	0.0
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	-18.8	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0
Share Repurchases	—	0.0
Proceeds from Borrowings	24.0	0.0
Repayment of Borrowings	-55.2	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	-31.1	0.0
Net Cash Flow During the Period	-12.1	0.0
Cash and Cash Equivalents at Beginning of Period	16.9	0.0
FX Difference from Revaluation	—	0.0
Cash and Cash Equivalents at End of Period	4.8	0.0

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