PCC

Listed Company · UPCOM

Price

35,800

Latest close

31 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 11.3%

P/B —

BVPS (Latest) —

ROA (TTM) 1.6%

What Is Changing

PCC no longer looks like a business simply rebounding from a weak base. Revenue posted +12.1% YoY, while net margin reached 2.21% with an additional -0.0pp 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 29.5bn in 2025.
Revenue increased 12.1% YoY to VND 1,337.6bn in 2025.

Metric	2025	2024	2023	2022
Revenue	1,337.6	1,193.4	907.3	626.3
Growth	+12%	+32%	+45%	—
Net Income	29.5	26.5	19.5	12.4
Net Margin	2.21%	2.22%	2.15%	1.98%

Financial Statements

Profitability

Net margin reached 2.21% while Revenue posted +12.1% YoY.

Balance Sheet

Inventory stood at 804.2bn, liabilities at 2,091.6bn, and equity at 266.7bn.

Cash Flow

Operating cash flow was 159.3bn in 2025, while investing cash flow was -121.3bn.

Financing cash flow: -28.3bn.

Item	2025	2024	2023	2022
Revenue	1,337.6	1,193.4	907.4	626.3
Revenue Deductions	—	0.0	0.1	0.0
Net Revenue	1,337.6	1,193.4	907.3	626.3
Cost of Goods Sold	1,199.2	1,073.1	796.2	557.2
Gross Profit	138.4	120.4	111.1	69.1
Financial Income	0.6	0.9	0.4	0.3
Financial Expenses	17.0	20.3	18.8	13.8
Interest Expense	17.1	20.0	18.8	14.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	9.7	8.7	8.0	8.2
General and Administrative Expenses	77.7	55.1	56.8	36.1
Operating Profit	34.6	37.2	27.8	11.3
Other Income	3.9	0.9	0.9	6.4
Other Expenses	1.0	2.7	1.5	0.7
Other Profit	2.9	-1.8	-0.6	5.6
Profit Before Tax	37.5	35.4	27.2	16.9
Current Income Tax Expense	17.5	8.1	6.6	4.5
Deferred Income Tax Expense	-9.5	0.8	1.1	0.0
Net Income	29.5	26.5	19.5	12.4
Non-controlling Interest	1.5	1.0	0.9	0.7
Profit Attributable to Parent	28.0	25.5	18.6	11.7
Earnings per Share	2,433.00	2,218.00	1,615.00	1,020.00
Diluted EPS	2,433.49	2,218.32	1,615.29	1,019.94

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,026.3	759.1	688.6	540.3
I. Cash and cash equivalents	99.1	89.4	75.5	14.5
1. Cash	96.3	89.4	72.9	12.1
2. Cash equivalents	2.8	0.0	2.5	2.4
II. Short-term financial investments	7.5	17.5	13.7	3.5
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	7.5	17.5	13.7	3.5
III. Short-term receivables	1,101.8	509.4	400.4	294.0
1. Short-term trade accounts receivable	406.6	400.4	335.8	224.6
2. Short-term prepayments to suppliers	73.7	55.6	47.6	35.8
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	0.4	0.4	0.0	0.0
6. Other short-term receivables	698.2	106.6	61.3	59.6
7. Provision for short-term doubtful debts (*)	-77.2	-53.7	-44.5	-26.1
8. Assets awaiting resolution	0.1	0.1	0.1	0.1
IV. Inventories	804.2	141.3	193.8	217.6
1. Inventories	804.6	141.7	193.8	217.6
2. Provision for decline in value of inventories	-0.4	-0.4	0.0	0.0
V. Other short-term assets	13.6	1.5	5.1	10.7
1. Short-term prepayments	0.8	0.5	0.2	1.0
2. Value added tax to be reclaimed	11.1	0.9	4.8	7.7
3. Taxes and other receivables from state authorities	1.7	0.1	0.1	2.0
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)	332.0	517.1	481.4	231.5
I. Long-term receivables	4.0	2.6	3.3	3.5
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	4.0	2.6	3.3	3.5
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	298.8	194.4	193.8	220.0
1. Tangible fixed assets	260.2	165.4	159.8	193.6
- Cost	708.2	596.5	565.9	574.7
- Accumulated depreciation	-448.1	-431.1	-406.0	-381.1
2. Financial leased fixed assets	38.7	29.0	33.9	26.5
- Cost	53.8	34.9	55.3	39.4
- Accumulated depreciation	-15.1	-5.9	-21.4	-12.9
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1
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	19.8	316.8	281.8	5.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	19.8	316.8	281.8	5.6
V. Long-term financial investments	1.2	1.1	1.4	0.9
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	2.5	2.5	2.5	2.5
4. Provision for diminution in value of long-term investments	-1.3	-1.4	-1.1	-1.6
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	8.1	2.1	1.1	1.4
1. Long-term prepayments	2.1	2.1	1.1	1.4
2. Deferred income tax assets	6.0	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)	2,358.2	1,276.2	1,170.0	771.8
A. LIABILITIES (300=210+330)	2,091.6	1,018.8	918.3	525.7
I. Short -term liabilities	1,644.7	698.6	611.3	482.7
1. Short-term trade accounts payable	190.1	184.7	139.6	174.8
2. Short-term advances from customers	1,117.0	75.9	80.1	68.1
3. Taxes and other payables to state authorities	12.2	23.9	17.3	13.3
4. Payable to employees	42.3	29.6	24.0	26.5
5. Short-term acrrued expenses	37.3	51.5	57.1	24.4
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	5.6	5.7	3.3	2.0
9. Other short-term payables	10.9	69.2	15.9	18.7
10. Short-term borrowings and financial leases	196.9	222.2	237.5	123.7
11. Provision for short-term liabilities	21.8	24.8	20.3	13.9
12.. Bonus and welfare fund	10.5	11.3	16.1	17.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	446.8	320.2	307.0	42.9
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	6.2	11.0	14.6	5.5
7. Other long-term liabilities	381.8	281.2	269.2	0.8
8. Long-term borrowings and financial leases	58.8	24.5	20.4	36.6
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	3.5	2.7	0.1
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)	266.7	257.4	251.8	246.1
I. Owner's equity	266.7	257.4	251.8	246.1
1. Owner's capital	115.0	115.0	115.0	115.0
- Common stock with voting right	115.0	115.0	115.0	115.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.9	1.9	1.9	1.9
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	115.4	107.3	106.4	98.2
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	23.8	23.4	18.4	21.8
- Accumulated retained earning at the end of the previous period	-4.2	-2.2	0.0	10.1
- Undistributed earnings in this period	28.0	25.5	18.4	11.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	10.6	9.9	10.1	9.2
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)	2,358.2	1,276.2	1,170.0	771.8

Item	2025	2024	2023	2022
Profit Before Tax	37.5	35.4	27.2	16.9
Depreciation of Fixed Assets and Investment Property	35.8	29.3	26.9	35.0
Provision (Increase)/Reversal	20.4	14.3	23.2	3.3
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.9	-0.9	-3.0
Interest Expense	17.1	20.0	18.8	14.0
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	109.6	98.0	95.2	66.2
Increase/(Decrease) in Receivables	-627.1	-112.8	-36.0	33.4
Increase/(Decrease) in Inventory	-354.7	52.2	25.0	-50.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,073.7	110.6	-86.3	5.0
Increase/(Decrease) in Prepaid Expenses	-0.3	-1.3	0.1	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-16.9	-20.5	-18.9	-13.5
Corporate Income Tax Paid	-21.2	-7.7	-4.8	-3.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.9	-5.6	-1.1	-1.4
Net Cash Flow from Operating Activities	159.3	112.9	-26.7	35.4
Payments for Fixed Assets and Other Long-term Assets	-132.5	-61.6	-21.0	-8.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	11.2	0.3	6.2
Loans and Purchases of Debt Instruments	-11.5	-26.9	-10.2	-3.5
Receipts from Loan Repayments and Sale of Debt Instruments	21.6	22.8	1.5	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	0.5	0.7	0.3	-0.6
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	-121.3	-53.7	-29.2	-6.7
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	325.3	268.4	350.1	223.8
Repayment of Borrowings	-321.1	-283.6	-217.9	-255.3
Repayment of Finance Leases	-15.3	-12.8	-11.4	0.0
Dividends Paid	-17.1	-17.3	-12.6	-11.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-28.3	-45.3	108.2	-42.9
Net Cash Flow During the Period	9.8	13.9	52.3	-14.1
Cash and Cash Equivalents at Beginning of Period	89.4	75.5	23.2	28.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	99.1	89.4	75.5	14.5

Item	Q4'25
Profit Before Tax	37.5
Depreciation of Fixed Assets and Investment Property	35.8
Provision (Increase)/Reversal	20.4
Gain/Loss from Investment Activities	-1.2
Interest Expense	17.1
Operating Profit Before Changes in Working Capital	109.6
Increase/(Decrease) in Receivables	-627.1
Increase/(Decrease) in Inventory	-354.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,073.7
Increase/(Decrease) in Prepaid Expenses	-0.3
Interest Paid	-16.9
Corporate Income Tax Paid	-21.2
Other Operating Payments	-3.9
Net Cash Flow from Operating Activities	159.3
Payments for Fixed Assets and Other Long-term Assets	-132.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6
Loans and Purchases of Debt Instruments	-11.5
Receipts from Loan Repayments and Sale of Debt Instruments	21.6
Dividends and Interest Income Received	0.5
Net Cash Flow from Investing Activities	-121.3
Proceeds from Borrowings	325.3
Repayment of Borrowings	-321.1
Repayment of Finance Leases	-15.3
Dividends Paid	-17.1
Net Cash Flow from Financing Activities	-28.3
Net Cash Flow During the Period	9.8
Cash and Cash Equivalents at Beginning of Period	89.4
Cash and Cash Equivalents at End of Period	99.1

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PCC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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