NJC

May Nam Định ·UPCOM ·2025Q4

● Maintaining

Price

12,800

Latest close

13 May 2026

P/E —

P/B —

EPS —

BVPS —

ROE 13.0%

ROA 3.2%

Profit Margin 1.9%

Asset Turnover 1.70x

Equity Mult. 4.02x

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

What Is Changing

On a Năm 2025 basis, NJC is in an offsetting state — revenue softened slightly but margins improved — margins have been expanding consistently over multiple periods. What is still missing is a signal strong enough to tilt this picture clearly in either direction.

	                            
	                                TTM REVENUE
	                            
	                                    VND 661bn
	                                
−17.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 13bn
	                                
+5.9%YoY

Metric	2025	2024	2023	2022
Revenue	661.2	804.9	524.1	562.5
Growth	-18%	+54%	-7%	—
Net Income	12.6	11.9	6.3	20.9
Net Margin	1.90%	1.48%	1.20%	3.72%

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 1.90% +0.4pp

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 153.2bn, roughly 37.4% 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?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Statement Data

Item	2025	2024	2023	2022
Revenue	661.5	804.9	524.1	562.5
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	661.2	804.9	524.1	562.5
Cost of Goods Sold	600.0	731.8	478.7	462.2
Gross Profit	61.2	73.1	45.4	100.3
Financial Income	12.7	15.6	9.1	12.5
Financial Expenses	18.6	23.9	16.1	18.9
Interest Expense	11.5	14.6	11.4	10.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	25.6	30.1	17.6	26.8
General and Administrative Expenses	15.7	22.4	14.8	46.3
Operating Profit	14.0	12.2	6.2	20.9
Other Income	4.5	10.5	2.9	7.6
Other Expenses	2.3	7.9	1.0	2.2
Other Profit	2.2	2.6	1.8	5.4
Profit Before Tax	16.1	14.8	8.0	26.3
Current Income Tax Expense	4.0	2.7	2.0	5.1
Deferred Income Tax Expense	-0.4	0.2	-0.3	0.3
Net Income	12.6	11.9	6.3	20.9
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	12.6	11.9	6.3	20.9
Earnings per Share	2,636.00	3,785.00	2,100.00	6,972.00
Diluted EPS	2,410.63	2,504.73	1,999.54	6,972.05

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	347.1	283.5	349.6	232.7
I. Cash and cash equivalents	22.6	33.5	38.9	27.2
1. Cash	3.6	7.5	22.8	11.3
2. Cash equivalents	19.0	26.0	16.1	15.9
II. Short-term financial investments	15.0	16.0	7.1	24.4
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	15.0	16.0	7.1	24.4
III. Short-term receivables	148.5	110.4	117.3	75.2
1. Short-term trade accounts receivable	141.4	101.9	109.6	65.8
2. Short-term prepayments to suppliers	3.3	3.7	5.4	7.0
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	3.8	4.9	2.3	2.4
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	153.2	119.4	177.3	101.7
1. Inventories	158.2	126.9	184.8	106.7
2. Provision for decline in value of inventories	-5.0	-7.5	-7.5	-5.0
V. Other short-term assets	7.8	4.1	9.0	4.2
1. Short-term prepayments	0.8	0.7	0.7	0.3
2. Value added tax to be reclaimed	6.5	3.4	8.3	3.8
3. Taxes and other receivables from state authorities	0.5	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)	62.2	83.6	65.1	56.2
I. Long-term receivables	5.6	20.9	5.0	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	0.9	16.2	0.3	0.0
6. Other long-term receivables	4.7	4.7	4.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	29.1	35.6	36.9	34.5
1. Tangible fixed assets	27.7	34.3	35.1	33.8
- Cost	150.6	148.0	147.0	136.8
- Accumulated depreciation	-122.9	-113.7	-111.8	-103.0
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	1.4	1.4	1.7	0.7
- Cost	2.8	2.4	2.4	1.1
- Accumulated depreciation	-1.4	-1.0	-0.7	-0.4
III. Investment properties	—	0.0	0.0	0.0
- Cost	14.2	14.2	14.2	14.2
- Accumulated depreciation	-14.2	-14.2	-14.2	-14.2
IV. Long-term assets in progress	7.0	6.5	5.7	8.7
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	7.0	6.5	5.7	8.7
V. Long-term financial investments	10.1	9.0	9.0	9.0
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	6.1	5.0	5.0	5.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	4.0	4.0	4.0	4.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	10.6	11.5	8.6	4.1
1. Long-term prepayments	10.0	11.4	8.2	4.1
2. Deferred income tax assets	0.6	0.1	0.3	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)	409.3	367.1	414.7	288.9
A. LIABILITIES (300=210+330)	308.5	274.7	344.3	215.2
I. Short -term liabilities	280.2	236.2	302.3	202.0
1. Short-term trade accounts payable	45.7	23.3	36.3	10.6
2. Short-term advances from customers	4.7	3.6	3.7	3.9
3. Taxes and other payables to state authorities	3.0	1.5	0.7	4.1
4. Payable to employees	23.8	23.1	20.4	18.8
5. Short-term acrrued expenses	2.9	0.4	1.2	0.7
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	1.7	1.6	1.5	1.0
10. Short-term borrowings and financial leases	194.3	182.6	238.1	160.0
11. Provision for short-term liabilities	—	0.0	0.0	2.7
12.. Bonus and welfare fund	4.0	0.0	0.2	0.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	28.4	38.5	42.0	13.3
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
8. Long-term borrowings and financial leases	28.4	38.5	42.0	13.3
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)	100.8	92.4	70.4	73.7
I. Owner's equity	100.8	92.4	70.4	73.7
1. Owner's capital	52.2	47.5	31.5	30.0
- Common stock with voting right	52,249,170,000.00	47,500,000,000.00	31,500,000,000.00	30,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.3	0.3
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	15.4	15.4	15.4	15.4
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	33.1	29.4	23.2	28.0
- Accumulated retained earning at the end of the previous period	20.5	17.5	16.9	7.1
- Undistributed earnings in this period	12.6	11.9	6.3	20.9
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)	409.3	367.1	414.7	288.9

Item	2025	2024	2023	2022
Profit Before Tax	16.1	14.8	8.0	26.3
Depreciation of Fixed Assets and Investment Property	9.5	9.0	9.1	6.7
Provision (Increase)/Reversal	-2.4	0.0	-0.2	-26.3
FX Gain/Loss from Revaluation of Monetary Items	1.2	0.1	0.2	-0.9
Gain/Loss from Investment Activities	-3.7	-2.5	-2.5	-3.3
Interest Expense	11.5	14.6	11.4	10.1
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	32.2	36.1	26.0	12.5
Increase/(Decrease) in Receivables	-43.6	13.8	-50.9	27.9
Increase/(Decrease) in Inventory	-31.3	57.9	-78.1	17.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	27.4	-10.9	28.4	-12.4
Increase/(Decrease) in Prepaid Expenses	1.3	-3.1	0.7	2.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-11.5	-14.9	-11.1	-10.1
Corporate Income Tax Paid	-2.6	-2.0	-5.4	-3.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.2	-2.7	-2.3	-1.9
Net Cash Flow from Operating Activities	-28.2	74.2	-92.7	31.7
Payments for Fixed Assets and Other Long-term Assets	-3.5	-9.2	-14.3	-18.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-2.3	-37.4	-25.6	-48.0
Receipts from Loan Repayments and Sale of Debt Instruments	18.6	12.6	42.6	60.5
Investments in Other Entities	-1.1	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	4.8	1.6	2.3	3.0
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	16.6	-32.3	5.1	-2.6
Proceeds from Equity Issuance and Capital Contributions	—	15,756,113,599.00	1,500,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	543.7	677.5	577.6	452.4
Repayment of Borrowings	-542.9	-737.3	-470.9	-455.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-3.1	-9.0	-4.5
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	0.7	-47.2	99.2	-7.5
Net Cash Flow During the Period	-10.9	-5.4	11.6	21.6
Cash and Cash Equivalents at Beginning of Period	33.5	38.9	27.2	5.6
FX Difference from Revaluation	-0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	22.6	33.5	38.9	27.2

Item	Q4'25
Profit Before Tax	16.1
Depreciation of Fixed Assets and Investment Property	9.5
Provision (Increase)/Reversal	-2.4
FX Gain/Loss from Revaluation of Monetary Items	1.2
Gain/Loss from Investment Activities	-3.7
Interest Expense	11.5
Operating Profit Before Changes in Working Capital	32.2
Increase/(Decrease) in Receivables	-43.6
Increase/(Decrease) in Inventory	-31.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	27.4
Increase/(Decrease) in Prepaid Expenses	1.3
Interest Paid	-11.5
Corporate Income Tax Paid	-2.6
Other Operating Payments	-0.2
Net Cash Flow from Operating Activities	-28.2
Payments for Fixed Assets and Other Long-term Assets	-3.5
Loans and Purchases of Debt Instruments	-2.3
Receipts from Loan Repayments and Sale of Debt Instruments	18.6
Dividends and Interest Income Received	4.8
Net Cash Flow from Investing Activities	16.6
Proceeds from Borrowings	543.7
Repayment of Borrowings	-542.9
Net Cash Flow from Financing Activities	0.7
Net Cash Flow During the Period	-10.9
Cash and Cash Equivalents at Beginning of Period	33.5
FX Difference from Revaluation	-0.0
Cash and Cash Equivalents at End of Period	22.6

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NJC

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