MRF

Merufa ·UPCOM ·2024

▼▼ Declining sharply

Price

26,400

Latest close

14 May 2026

P/E —

P/B —

EPS —

BVPS —

ROE -8.9%

ROA -7.0%

Profit Margin -5.1%

Asset Turnover 1.38x

Equity Mult. 1.26x

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

What Is Changing

On a Năm 2024 basis, MRF posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 140bn
	                                
+0.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 7bn
	                                
−231.6%YoY

Metric	2024	2023	2022
Revenue	139.7	139.5	202.3
Growth	+0%	-31%	—
Net Income	-7.1	5.4	12.7
Net Margin	-5.10%	3.88%	6.26%

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 -5.10% −9.0pp

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 21.5bn, roughly 24.7% 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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2024	2023	2022
Revenue	139.8	139.5	202.3
Revenue Deductions	0.1	0.0	0.0
Net Revenue	139.7	139.5	202.3
Cost of Goods Sold	129.9	114.1	163.2
Gross Profit	9.8	25.4	39.1
Financial Income	0.0	0.0	0.2
Financial Expenses	0.6	2.0	3.0
Interest Expense	0.6	2.0	2.9
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	4.6	5.9	7.5
General and Administrative Expenses	11.5	9.6	13.0
Operating Profit	-7.0	7.9	15.9
Other Income	0.4	0.1	1.5
Other Expenses	0.5	1.0	1.2
Other Profit	-0.2	-0.9	0.3
Profit Before Tax	-7.1	7.0	16.1
Current Income Tax Expense	0.0	1.6	3.5
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	-7.1	5.4	12.7
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	-7.1	5.4	12.7
Earnings per Share	-1,048.00	796.00	3,450.00
Diluted EPS	-1,048.00	796.00	1,865.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	55.1	76.9	97.2
I. Cash and cash equivalents	5.5	3.7	8.6
1. Cash	5.5	3.7	8.6
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	27.2	36.1	35.0
1. Short-term trade accounts receivable	24.4	28.2	35.5
2. Short-term prepayments to suppliers	6.7	9.0	1.0
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	0.5	0.6	0.2
7. Provision for short-term doubtful debts (*)	-4.3	-1.7	-1.8
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	21.5	35.7	50.6
1. Inventories	21.8	44.1	58.8
2. Provision for decline in value of inventories	-0.3	-8.4	-8.1
V. Other short-term assets	0.9	1.4	3.0
1. Short-term prepayments	0.4	0.1	0.0
2. Value added tax to be reclaimed	0.5	1.3	2.9
3. Taxes and other receivables from state authorities	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)	31.8	38.4	45.5
I. Long-term receivables	0.0	0.0	0.3
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	0.3
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	30.0	35.6	40.5
1. Tangible fixed assets	21.2	20.4	23.6
- Cost	90.1	80.4	78.6
- Accumulated depreciation	-68.9	-60.1	-55.0
2. Financial leased fixed assets	0.0	6.1	7.4
- Cost	0.0	8.8	8.8
- Accumulated depreciation	0.0	-2.7	-1.4
3. Intangible fixed assets	8.8	9.2	9.5
- Cost	13.3	13.3	13.3
- Accumulated depreciation	-4.5	-4.1	-3.7
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	0.2	1.1
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.1	0.2	1.1
V. Long-term financial investments	0.2	0.2	0.2
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	0.2	0.2	0.2
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	1.6	2.3	3.4
1. Long-term prepayments	1.6	2.3	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)	86.9	115.3	142.7
A. LIABILITIES (300=210+330)	12.7	28.7	49.4
I. Short -term liabilities	12.7	28.7	42.8
1. Short-term trade accounts payable	2.9	2.9	3.9
2. Short-term advances from customers	1.7	1.4	0.1
3. Taxes and other payables to state authorities	0.2	0.6	1.0
4. Payable to employees	2.6	3.2	3.9
5. Short-term acrrued expenses	1.0	2.3	2.5
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	0.0	0.4	0.8
9. Other short-term payables	2.0	1.3	1.0
10. Short-term borrowings and financial leases	0.0	13.7	26.5
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	2.9	3.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	0.0	0.0	6.7
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	0.0	0.0	0.3
8. Long-term borrowings and financial leases	0.0	0.0	6.4
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)	74.2	86.6	93.2
I. Owner's equity	74.1	86.5	93.2
1. Owner's capital	68.0	68.0	36.8
- Common stock with voting right	67,961,720,000.00	67,961,720,000.00	36,754,040,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	0.0	0.0	1.3
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	-38,000,000.00	-38,000,000.00	-38,000,000.00
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	10.8	10.8	33.0
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	1.3	1.2	1.8
11. Undistributed earnings after tax	-5.9	6.6	20.4
- Accumulated retained earning at the end of the previous period	1.2	1.2	7.7
- Undistributed earnings in this period	-7.1	5.4	12.7
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)	86.9	115.3	142.7

Item	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	-0.5	-1.7	-5.1
Other Operating Receipts	1.5	0.3	0.5
Other Operating Payments	-8.2	-7.3	-10.0
Net Cash Flow from Operating Activities	20.5	26.2	24.7
Payments for Fixed Assets and Other Long-term Assets	-0.8	-1.2	-2.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.7
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	0.1
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	-0.7	-1.3	-1.7
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	50.6	84.5	101.2
Repayment of Borrowings	-62.3	-101.6	-110.2
Repayment of Finance Leases	-1.9	-2.1	-2.1
Dividends Paid	-4.4	-10.7	-10.7
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.1	-29.9	-21.7
Net Cash Flow During the Period	1.8	-4.9	1.3
Cash and Cash Equivalents at Beginning of Period	3.7	8.6	7.3
FX Difference from Revaluation	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	5.5	3.7	8.6

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MRF

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?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency