NSL

Cấp nước Sơn La ·UPCOM ·2026Q1

▼▼ Declining sharply

Capital structure should be read with cycle risk in mind Debt/equity 0.47x

Price

—

Latest close

P/E —

P/B —

EPS 442

BVPS 10,632

ROE 5.6%

ROA 4.0%

Profit Margin 5.1%

Asset Turnover 0.80x

Equity Mult. 1.39x

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

What Is Changing

On a Năm 2025 basis, NSL 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 142bn
	                                
+1.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
−58.5%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	38.8	35.2	34.5	37.3
Growth	+10%	+2%	-7%	—
Net Income	5.9	-7.8	6.1	1.3
Net Margin	15.30%	-22.11%	17.70%	3.40%

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 5.06% −7.3pp

Gross Margin 21.04% —

SG&A / Revenue 15.85% —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.40x equity, net debt at 0.47x equity.

Over the last 12 months, working capital absorbed 11.5bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −3.8bn

Inventories decreased → higher CFO: +1.1bn

Payables decreased → lower CFO: −8.8bn

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.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.47x and interest coverage at 3.38x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 15.3% of debt, and total debt stands at 34.5bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 15.3%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.47x —

Interest Coverage 3.38x —

Cash / Debt 15.3% —

Short-term Debt / Total Debt 100.0% —

CFO / NI 5.19x —

TTM YoY · Prior -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 20.7bn in 2025, against investing cash flow of -29.1bn.

Post-investment cash flow was negative +8.4bn. Financing cash flow was negative +2.9bn.

CFO / net income was 5.19x.

After spending +24.3bn on fixed-asset investment, the business generated trailing free cash flow of +4.4bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 28.7bn —

Cash Capex 24.3bn —

FCF TTM +4.4bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is capital structure should be read with cycle risk in mind. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022
Revenue	141.9	139.9	134.5	125.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	141.9	139.9	134.5	125.8
Cost of Goods Sold	109.2	97.4	92.9	86.6
Gross Profit	32.7	42.5	41.6	39.3
Financial Income	0.4	0.4	0.8	1.7
Financial Expenses	1.8	1.1	0.5	0.2
Interest Expense	1.8	1.1	0.5	0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	22.7	0.0	0.0
General and Administrative Expenses	24.2	0.0	23.0	19.4
Operating Profit	7.1	19.1	18.9	21.5
Other Income	1.3	0.4	0.6	0.4
Other Expenses	0.1	0.1	0.2	0.0
Other Profit	1.2	0.3	0.4	0.4
Profit Before Tax	8.2	19.5	19.2	21.9
Current Income Tax Expense	1.1	2.2	2.3	2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	7.2	17.3	17.0	19.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	7.2	17.3	17.0	19.7
Earnings per Share	618.00	1,729.00	1,699.00	1,968.00
Diluted EPS	573.77	1,729.41	1,698.54	1,967.98

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	56.7	58.4	52.8	53.1
I. Cash and cash equivalents	8.4	19.7	7.6	10.5
1. Cash	7.1	5.8	3.6	4.5
2. Cash equivalents	1.3	13.9	4.0	6.0
II. Short-term financial investments	11.2	5.0	11.0	12.0
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	11.2	5.0	11.0	12.0
III. Short-term receivables	19.7	15.3	17.3	16.1
1. Short-term trade accounts receivable	10.8	9.4	9.9	10.7
2. Short-term prepayments to suppliers	7.5	5.0	6.0	2.2
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	1.3	0.9	1.4	3.3
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	14.6	15.0	16.2	13.7
1. Inventories	14.9	15.3	16.5	14.1
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	2.9	3.4	0.7	0.7
1. Short-term prepayments	2.7	3.1	0.3	0.3
2. Value added tax to be reclaimed	0.2	0.3	0.4	0.5
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)	121.3	119.3	103.2	93.8
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	94.0	87.1	73.2	62.5
1. Tangible fixed assets	94.0	87.1	73.2	62.5
- Cost	380.8	355.1	324.5	298.4
- Accumulated depreciation	-286.7	-268.1	-251.3	-235.8
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	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	9.6	12.0	12.1	17.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	9.6	12.0	12.1	17.5
V. Long-term financial investments	10.0	10.0	10.0	10.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.0	10.0	10.0	10.0
3. Investments in other entities	—	0.0	0.0	0.0
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	7.7	10.3	7.9	3.7
1. Long-term prepayments	7.7	10.3	7.9	3.7
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)	178.0	177.7	156.0	146.9
A. LIABILITIES (300=210+330)	51.1	48.0	39.0	32.1
I. Short -term liabilities	20.2	21.1	20.9	14.5
1. Short-term trade accounts payable	—	1.6	2.9	1.1
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.7	1.2	1.6	1.4
4. Payable to employees	9.8	10.5	10.3	5.7
5. Short-term acrrued expenses	0.2	0.0	0.0	0.0
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	3.0	2.9	3.1	4.1
10. Short-term borrowings and financial leases	4.4	2.9	1.0	0.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.1	2.1	2.1	1.9
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	30.8	26.9	18.0	17.5
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	2.6	4.2	6.0	8.1
8. Long-term borrowings and financial leases	28.2	22.7	12.0	9.4
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)	127.0	129.8	117.0	114.8
I. Owner's equity	127.0	129.8	117.0	114.8
1. Owner's capital	125.0	100.0	100.0	100.0
- Common stock with voting right	124,998,720,000.00	100,000,000,000.00	100,000,000,000.00	100,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-1,410,000.00	-1,410,000.00	-1,410,000.00	-1,410,000.00
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	1.8	12.3	0.0	0.0
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	—	17.3	16.8	14.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	—	17.3	16.8	14.6
12. Reserves for investment in construction	0.2	0.2	0.2	0.2
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)	178.0	177.7	156.0	146.9

Item	2025	2024	2023	2022
Profit Before Tax	8.2	19.5	19.2	0.0
Depreciation of Fixed Assets and Investment Property	18.7	16.8	15.4	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	-0.4	-0.4	-1.1	0.0
Interest Expense	1.8	1.1	0.5	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	28.3	37.0	34.1	0.0
Increase/(Decrease) in Receivables	-4.1	2.1	-1.2	0.0
Increase/(Decrease) in Inventory	0.4	1.2	-2.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.7	-3.1	3.4	0.0
Increase/(Decrease) in Prepaid Expenses	3.0	-5.2	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.7	-1.1	-0.5	0.0
Corporate Income Tax Paid	-1.4	-2.6	-2.2	-1.9
Other Operating Receipts	—	0.0	0.0	1.8
Other Operating Payments	—	0.0	-0.2	-10.1
Net Cash Flow from Operating Activities	20.7	28.4	26.8	17.8
Payments for Fixed Assets and Other Long-term Assets	-23.3	-30.5	-20.7	-7.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-6.2	-2.5	-19.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	8.5	20.0	0.0
Investments in Other Entities	—	0.0	0.0	-2.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.3	1.1	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	-29.1	-24.2	-18.6	-10.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	10.6	14.7	4.3	10.1
Repayment of Borrowings	-3.5	-2.2	-1.0	-6.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-10.0	-4.5	-14.5	-14.5
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.9	8.0	-11.2	-10.9
Net Cash Flow During the Period	-11.3	12.2	-2.9	-3.8
Cash and Cash Equivalents at Beginning of Period	19.7	7.6	10.5	14.2
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.4	19.7	7.6	10.5

Item	Q1'26	Q4'25	Q3'25	Q2'25
Revenue	38.8	35.2	34.5	37.3
Net Revenue	38.8	35.2	34.5	37.3
Cost of Goods Sold	27.3	35.0	23.2	29.6
Gross Profit	11.5	0.2	11.3	7.7
Financial Income	0.1	0.1	0.1	0.1
Financial Expenses	0.4	0.5	0.5	0.5
General and Administrative Expenses	4.5	8.0	4.3	6.2
Operating Profit	6.6	-8.2	6.7	1.1
Other Income	—	0.4	0.3	0.3
Other Expenses	0.1	—	0.1	0.0
Other Profit	-0.1	0.4	0.2	0.3
Profit Before Tax	6.5	-7.8	6.9	1.4
Current Income Tax Expense	0.6	—	0.8	0.1
Net Income	5.9	-7.8	6.1	1.3
Profit Attributable to Parent	5.9	-7.8	6.1	1.3
Earnings per Share	475.00	-622.00	488.00	101.00

Item	Q1'26	Q4'25	Q3'25	Q2'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	65.1	52.3	56.7	59.2
I. Cash and cash equivalents	5.3	3.8	2.8	6.1
1. Cash	5.3	3.8	2.8	6.1
II. Short-term financial investments	15.5	12.5	13.5	22.0
3. Held to maturity investments	15.5	12.5	13.5	22.0
III. Short-term receivables	22.2	22.3	24.7	19.6
1. Short-term trade accounts receivable	12.0	13.2	13.1	11.9
2. Short-term prepayments to suppliers	8.3	7.5	9.6	5.8
3. Short-term inter-company receivables	0.5	0.3	0.9	1.0
6. Other short-term receivables	1.3	1.3	1.0	1.0
IV. Inventories	13.1	12.9	15.9	10.8
1. Inventories	13.4	13.2	16.2	11.1
2. Provision for decline in value of inventories	-0.3	-0.3	-0.3	-0.3
V. Other short-term assets	9.1	0.8	-0.2	0.7
1. Short-term prepayments	9.1	—	-0.2	0.4
2. Value added tax to be reclaimed	—	0.8	—	0.3
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	115.7	125.8	122.4	121.2
I. Long-term receivables	1.4	1.4	1.4	1.4
3. Capital at inter-company	1.4	1.4	1.4	1.4
II. Fixed assets	90.8	92.2	88.3	90.7
1. Tangible fixed assets	90.8	92.2	88.3	90.7
- Cost	382.3	—	—	—
- Accumulated depreciation	-291.5	—	—	—
IV. Long-term assets in progress	13.5	11.4	9.6	7.2
2. Construction in progress	13.5	11.4	9.6	7.2
V. Long-term financial investments	10.0	10.0	10.0	10.0
2. Investments in associates, joint-ventures	10.0	10.0	10.0	10.0
VI. Other long-term assets	—	10.8	13.2	12.0
1. Long-term prepayments	—	10.8	13.2	12.0
TOTAL ASSETS (280=100+200)	180.8	178.1	179.2	180.5
A. LIABILITIES (300=210+330)	47.9	51.7	45.7	42.3
I. Short -term liabilities	47.9	19.0	16.3	17.0
1. Short-term trade accounts payable	1.1	0.0	2.0	0.1
3. Taxes and other payables to state authorities	1.2	1.6	1.4	1.4
4. Payable to employees	4.6	9.8	3.5	6.1
5. Short-term acrrued expenses	—	0.1	0.1	—
9. Other short-term payables	4.5	5.5	7.2	7.4
10. Short-term borrowings and financial leases	34.5	—	—	—
12.. Bonus and welfare fund	2.1	2.1	2.1	2.1
II. Long-term liabilities	—	32.6	29.4	25.3
8. Long-term borrowings and financial leases	—	32.6	29.4	25.3
B. OWNER'S EQUITY (400=410+430)	132.9	126.5	133.5	138.1
I. Owner's equity	132.9	126.5	133.5	138.1
1. Owner's capital	125.0	125.0	125.0	125.0
- Common stock with voting right	124,998,720,000.00	124,998,720,000.00	124,998,720,000.00	124,998,720,000.00
4. Other capital of owners	0.2	—	—	—
5. Treasury shares	-1,410,000.00	-1,410,000.00	-1,410,000.00	-1,410,000.00
11. Undistributed earnings after tax	7.7	1.3	8.3	13.0
- Accumulated retained earning at the end of the previous period	1.8	-5.4	-5.4	4.6
- Undistributed earnings in this period	5.9	6.7	13.7	8.3
12. Reserves for investment in construction	—	0.2	0.2	0.2
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	180.8	178.1	179.2	180.5

Item	Q1'26	Q4'25	Q3'25	Q2'25
Profit Before Tax	6.5	-7.3	6.9	8.6
Depreciation of Fixed Assets and Investment Property	4.7	4.7	4.7	9.3
Gain/Loss from Investment Activities	—	-0.2	—	-0.2
Interest Expense	—	0.9	—	0.9
Operating Profit Before Changes in Working Capital	11.3	-1.2	10.9	18.6
Increase/(Decrease) in Receivables	0.3	2.2	-3.8	-2.6
Increase/(Decrease) in Inventory	0.7	1.7	-5.1	3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.1	2.8	-1.5	-5.0
Increase/(Decrease) in Prepaid Expenses	1.3	2.6	-1.3	1.6
Interest Paid	—	-0.9	—	-0.8
Corporate Income Tax Paid	-0.4	0.0	-0.2	-1.2
Net Cash Flow from Operating Activities	8.0	6.5	-0.3	14.5
Payments for Fixed Assets and Other Long-term Assets	-1.0	-21.4	6.2	-8.2
Loans and Purchases of Debt Instruments	-5.0	6.8	-9.0	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	2.0	—	18.4	—
Dividends and Interest Income Received	—	0.2	—	0.1
Net Cash Flow from Investing Activities	-4.0	-32.6	15.5	-12.0
Proceeds from Borrowings	3.0	5.2	4.1	1.3
Repayment of Borrowings	-1.2	-1.0	-0.9	-1.5
Dividends Paid	—	-10.0	—	—
Net Cash Flow from Financing Activities	1.8	-5.9	3.2	-0.2
Net Cash Flow During the Period	5.8	-32.0	18.4	2.2
Cash and Cash Equivalents at Beginning of Period	3.9	22.8	21.9	19.7
Cash and Cash Equivalents at End of Period	9.7	8.4	22.8	21.9

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NSL

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?

Leverage & Liquidity ●

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow