NDP

Listed Company · UPCOM

Price

22,600

Latest close

02 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 8.6%

P/B —

BVPS (Latest) —

ROA (TTM) 7.0%

What Is Changing

NDP no longer looks like a business simply rebounding from a weak base. Revenue posted +17.7% YoY, while net margin reached 19.19% with an additional +1.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 22.8bn in 2025.
Revenue increased 17.7% YoY to VND 118.7bn in 2025.
Net margin improved from 18.15% in the prior period to 19.19% in 2025.

Metric	2025	2024	2023	2022
Revenue	118.7	100.8	85.8	104.5
Growth	+18%	+17%	-18%	—
Net Income	22.8	18.3	16.0	20.7
Net Margin	19.19%	18.15%	18.68%	19.80%

Financial Statements

Profitability

Net margin reached 19.19% while Revenue posted +17.7% YoY.

Balance Sheet

Inventory stood at 32.3bn, liabilities at 53.0bn, and equity at 270.8bn.

Cash Flow

Operating cash flow was 5.8bn in 2025, while investing cash flow was 23.2bn.

Financing cash flow: -27.3bn.

Item	2025	2024	2023	2022
Revenue	123.0	105.8	89.0	109.4
Revenue Deductions	4.3	5.0	3.1	4.9
Net Revenue	118.7	100.8	85.8	104.5
Cost of Goods Sold	59.7	56.4	55.5	59.1
Gross Profit	59.0	44.4	30.3	45.4
Financial Income	6.2	7.1	11.7	9.0
Financial Expenses	0.1	0.1	0.0	0.1
Interest Expense	0.1	0.1	0.0	0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	16.1	9.8	8.4	11.3
General and Administrative Expenses	20.7	18.5	13.1	17.2
Operating Profit	28.3	23.0	20.5	25.7
Other Income	0.3	0.0	0.0	0.4
Other Expenses	0.1	0.1	0.3	0.1
Other Profit	0.2	-0.1	-0.2	0.3
Profit Before Tax	28.6	23.0	20.3	26.0
Current Income Tax Expense	6.6	4.9	3.5	5.7
Deferred Income Tax Expense	-0.9	-0.2	0.8	-0.3
Net Income	22.8	18.3	16.0	20.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	22.8	18.3	16.0	20.7
Earnings per Share	1,826.00	1,467.00	1,286.00	1,565.00
Diluted EPS	1,826.00	1,467.00	1,286.00	1,565.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	170.3	186.3	204.2	214.5
I. Cash and cash equivalents	12.1	10.4	8.4	9.9
1. Cash	7.1	5.4	3.4	5.9
2. Cash equivalents	5.0	5.0	5.0	4.0
II. Short-term financial investments	75.0	120.3	156.5	139.0
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	75.0	120.3	156.5	139.0
III. Short-term receivables	50.1	29.8	20.5	34.3
1. Short-term trade accounts receivable	12.7	12.9	9.6	17.7
2. Short-term prepayments to suppliers	18.3	12.3	5.4	11.6
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	19.0	4.6	5.5	5.6
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.5
8. Assets awaiting resolution	0.0	0.0	0.0	0.0
IV. Inventories	32.3	23.6	18.8	30.7
1. Inventories	33.0	24.2	19.7	31.3
2. Provision for decline in value of inventories	-0.7	-0.5	-0.9	-0.6
V. Other short-term assets	0.8	2.1	0.1	0.5
1. Short-term prepayments	0.1	0.1	0.1	0.2
2. Value added tax to be reclaimed	0.5	2.0	0.0	0.2
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.2
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)	153.5	140.4	87.1	66.5
I. Long-term receivables	0.1	0.1	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	0.1	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	21.9	21.3	24.4	27.2
1. Tangible fixed assets	16.9	16.7	19.8	22.7
- Cost	125.1	123.1	122.7	120.8
- Accumulated depreciation	-108.2	-106.4	-102.9	-98.1
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	5.0	4.6	4.6	4.6
- Cost	6.5	6.9	6.9	6.9
- Accumulated depreciation	-1.5	-2.3	-2.3	-2.3
III. Investment properties	9.4	9.9	10.4	11.0
- Cost	30.9	30.9	30.9	30.9
- Accumulated depreciation	-21.4	-21.0	-20.5	-19.8
IV. Long-term assets in progress	104.4	91.5	34.5	9.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	104.4	91.5	34.5	9.0
V. Long-term financial investments	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1
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	17.6	17.5	17.7	19.0
1. Long-term prepayments	16.3	17.1	17.5	18.0
2. Deferred income tax assets	1.3	0.4	0.2	1.0
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)	323.8	326.6	291.3	280.9
A. LIABILITIES (300=210+330)	53.0	70.6	46.0	44.3
I. Short -term liabilities	50.5	54.7	42.9	41.9
1. Short-term trade accounts payable	3.7	7.5	1.3	3.3
2. Short-term advances from customers	8.6	8.0	7.6	6.9
3. Taxes and other payables to state authorities	4.4	3.0	1.7	0.8
4. Payable to employees	13.2	7.1	7.0	8.7
5. Short-term acrrued expenses	2.2	1.9	1.0	2.8
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	7.3	8.3	7.5	7.5
10. Short-term borrowings and financial leases	—	7.4	4.9	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	11.1	11.6	11.9	11.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	2.5	15.9	3.0	2.4
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	2.5	1.5	2.4	2.4
8. Long-term borrowings and financial leases	—	14.4	0.7	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)	270.8	256.1	245.3	236.6
I. Owner's equity	270.8	256.1	245.3	236.6
1. Owner's capital	111.0	111.0	111.0	111.0
- Common stock with voting right	111.0	111.0	111.0	111.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	20.4	20.4	20.4	20.4
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	72.7	68.2	64.5	61.3
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	66.7	56.5	49.4	43.9
- Accumulated retained earning at the end of the previous period	56.5	49.4	43.9	35.5
- Undistributed earnings in this period	10.2	7.1	5.5	8.4
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)	323.8	326.6	291.3	280.9

Item	2025	2024	2023	2022
Profit Before Tax	28.6	23.0	20.3	26.0
Depreciation of Fixed Assets and Investment Property	3.7	4.0	5.5	6.6
Provision (Increase)/Reversal	0.1	-0.4	0.3	-0.5
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.3	-7.0	-11.7	-9.3
Interest Expense	0.1	0.1	0.0	0.1
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	26.2	19.6	14.4	22.9
Increase/(Decrease) in Receivables	-7.3	-9.6	8.8	-3.1
Increase/(Decrease) in Inventory	-8.8	-4.5	11.7	-2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2	7.2	-4.5	0.1
Increase/(Decrease) in Prepaid Expenses	0.7	0.4	0.6	0.6
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.0	-0.1
Corporate Income Tax Paid	-5.1	-3.5	-2.8	-4.6
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	-3.1	-2.3	-1.8	-3.1
Net Cash Flow from Operating Activities	5.8	7.2	26.4	10.8
Payments for Fixed Assets and Other Long-term Assets	-28.6	-60.4	-22.1	-16.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-191.0	-255.3	-299.2	-282.3
Receipts from Loan Repayments and Sale of Debt Instruments	236.3	291.5	281.7	286.1
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	6.4	8.3	11.7	7.3
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	23.2	-15.9	-27.9	-4.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	3.8	26.2	10.2	8.3
Repayment of Borrowings	-25.6	-9.9	-4.7	-9.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-5.5	-5.5	-5.6	-9.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-27.3	10.7	0.0	-10.3
Net Cash Flow During the Period	1.6	2.1	-1.5	-4.2
Cash and Cash Equivalents at Beginning of Period	10.4	8.4	9.9	14.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	12.1	10.4	8.4	9.9

Item	Q4'25
Profit Before Tax	28.6
Depreciation of Fixed Assets and Investment Property	3.7
Provision (Increase)/Reversal	0.1
Gain/Loss from Investment Activities	-6.3
Interest Expense	0.1
Operating Profit Before Changes in Working Capital	26.2
Increase/(Decrease) in Receivables	-7.3
Increase/(Decrease) in Inventory	-8.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.2
Increase/(Decrease) in Prepaid Expenses	0.7
Interest Paid	-0.1
Corporate Income Tax Paid	-5.1
Other Operating Payments	-3.1
Net Cash Flow from Operating Activities	5.8
Payments for Fixed Assets and Other Long-term Assets	-28.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Loans and Purchases of Debt Instruments	-191.0
Receipts from Loan Repayments and Sale of Debt Instruments	236.3
Dividends and Interest Income Received	6.4
Net Cash Flow from Investing Activities	23.2
Proceeds from Borrowings	3.8
Repayment of Borrowings	-25.6
Dividends Paid	-5.5
Net Cash Flow from Financing Activities	-27.3
Net Cash Flow During the Period	1.6
Cash and Cash Equivalents at Beginning of Period	10.4
Cash and Cash Equivalents at End of Period	12.1

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NDP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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