PVV

Vinaconex 39 ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 576.80%, +820.57pp YoY
Price
1,300
Latest close
29 May 2026
P/E 0.36x
P/B -1.23x
EPS 3,618
BVPS -1,056
ROE -128.2%
ROA 14.5%
Profit Margin 592.9%
Asset Turnover 0.02x
Equity Mult. -8.86x

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

What Is Changing

On a TTM 2026Q1 basis, PVV is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

TTM REVENUE
VND 18bn
+29.9%YoY
NET MARGIN
576.80%
+820.6ppYoY
TTM NET PROFIT
VND 106bn
+407.3%YoY
Non-core income / PBT
300.2%
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24 Q4'23 Q3'23 Q2'23
Revenue 2.3 5.6 4.4 6.0 2.4 5.7 3.7 2.3 2.4 10.8 6.4 2.3
Growth -60% +27% -26% +153% -58% +52% +58% -3% -78% +67% +182% —
Net Income -0.9 -14.3 200.4 -79.5 -7.4 -13.6 -6.2 -7.1 -6.7 -10.6 -21.8 -7.1
Net Margin -41.54% -254.12% 4523.84% -1334.83% -315.54% -240.05% -166.57% -303.02% -278.56% -98.60% -338.37% -310.27%

Drivers of PVV's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by better other profit. Supporting and offsetting drivers:

Other profit ↑ 341.1bn
Finance costs ↑ 193.7bn
TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 5.5bn
Other profit ↑ 1.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.4% = -243.8% × 0.02 × -7.11
2026Q1 -124.7% = 576.8% × 0.02 × -8.86

ROE fell from 28.4% to -124.7% — leverage weakened the most, though net margin and asset turnover still provided support.

Net margin: 576.8% +820.6pp Asset turnover: 0.02x +0.01x Leverage: -8.86x -1.74x

Is the profit sustainable?

Margins improved (+820.6pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 576.80%, rising 820.6pp. Core operating signals are improving as SG&A / Revenue fell 7.2pp are enough to offset pressure from Gross margin fell 4.6pp (in addition, Other profit / Revenue rose 1865.8pp added support while Net financial result / Revenue fell 1015.9pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 576.80% +820.6pp
Gross Margin 3.25% −4.6pp
SG&A / Revenue 32.02% −7.2pp
Non-core / Revenue 646.87% +850.0pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 300.2% of PBT and lifted net margin by 850.0pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of -282.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to -282.08%, losing 255.5pp. That translates to -282.08 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 939.4pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

TTM YoY · 2025Q1 -> 2026Q1

ROIC -282.08% −255.5pp
NOPAT Margin -1154.50% −939.4pp
Capital Turnover 0.24x +0.12x
Average Invested Capital 74.9bn −39.4bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at -22.12x equity, with a net cash position equivalent to 2.70x equity.

Development inventory ended the period at 141.3bn, about 21.8% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 187.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

TTM YoY · 2025Q1 -> 2026Q1

Receivables decreased → higher CFO: +194.0bn
Inventories decreased → higher CFO: +12.7bn
Payables decreased → lower CFO: −394.0bn

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 146.7bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -2.70x and interest coverage only at -1.02x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.7% of debt, and total debt stands at 91.7bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is -1.02x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity -2.70x −1.01x
Interest Coverage -1.02x +0.12x
Cash / Debt 6.7% +6.3pp
Short-term Debt / Total Debt 100.0% 0.0pp
CFO / NI 1.41x +1.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 146.7bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was positive +146.7bn. Financing cash flow was negative +141.8bn.

CFO / net income was 1.41x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

TTM Cash Conversion · 2025Q1 -> 2026Q1

CFO TTM 153.0bn +151.9bn
Cash Capex — —
FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 820.6 pp. The next item to monitor is the earnings mix, when non-core contribution is -195.5%. The main risk still sits in leverage and liquidity, with interest coverage at -1.02x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 576.80% after expanding 820.6pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.41x. Even so, net financial result still accounts for -195.5% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.02x.

Statement Data

Item 2025 2024 2023 2022 2021
Net Revenue
18.4 14.1 17.2 22.6 20.4
Cost of Goods Sold
17.6 13.0 15.0 17.5 0.0
Gross Profit
0.8 1.2 2.2 5.1 2.5
Financial Expenses
228.1 27.8 25.3 31.7 -26.6
Selling Expenses
0.0 0.0 0.0 0.0 0.0
General and Administrative Expenses
5.6 5.5 6.5 6.3 -4.8
Operating Profit
-232.8 -31.5 -29.4 -32.4 -28.5
Profit Before Tax
105.7 -32.3 -32.4 -34.3 -32.0
Net Income
99.4 -32.6 -32.7 -34.6 -32.4
Profit Attributable to Parent
102.3 -32.2 -32.3 -34.3 -31.8
Earnings per Share
3,410.00 -1,075.00 -1,078.00 -1,142.00 -497.00

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