PWA

Listed Company · UPCOM

Price

6,500

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 11.5%

P/B —

BVPS (Latest) —

ROA (TTM) 4.3%

What Is Changing

PWA no longer looks like a business simply rebounding from a weak base. Revenue posted +126.0% YoY, while net margin reached 34.27% with an additional +53.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 8.6bn in 2025.
Net Margin expanded consistently from -23.67% in 2023 to 34.27% in 2025.
Revenue growth accelerated to 125.9% in 2025, up 168.3pp versus the prior year.

Metric	2025	2024	2023	2022
Revenue	25.1	11.1	19.3	15.0
Growth	+126%	-42%	+28%	—
Net Income	8.6	-2.1	-4.6	-8.4
Net Margin	34.27%	-19.04%	-23.67%	-55.90%

Financial Statements

Profitability

Net margin reached 34.27% while Revenue posted +126.0% YoY.

Balance Sheet

Inventory stood at 54.5bn, liabilities at 122.5bn, and equity at 76.9bn.

Cash Flow

Operating cash flow was 10.6bn in 2025, while investing cash flow was 0.2bn.

Financing cash flow: -1.8bn.

Item	2025	2024	2023	2022
Revenue	25.1	11.1	19.3	15.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	25.1	11.1	19.3	15.0
Cost of Goods Sold	10.2	10.5	20.2	14.5
Gross Profit	14.9	0.6	-0.9	0.5
Financial Income	1.5	8.5	0.8	0.5
Financial Expenses	0.1	-0.1	-0.7	-0.2
Interest Expense	0.1	0.2	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	9.2	11.3	5.0	7.4
Operating Profit	7.1	-2.1	-4.3	-6.1
Other Income	1.5	0.0	0.2	0.0
Other Expenses	0.0	0.0	0.4	2.3
Other Profit	1.5	-0.0	-0.2	-2.3
Profit Before Tax	8.6	-2.1	-4.6	-8.4
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	8.6	-2.1	-4.6	-8.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	8.6	-2.1	-4.6	-8.4
Earnings per Share	3,856.00	-245.00	-435.00	-782.00
Diluted EPS	859.65	-211.38	-456.20	-839.84

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	148.0	148.6	135.2	175.3
I. Cash and cash equivalents	36.8	27.9	24.7	24.0
1. Cash	4.3	2.9	7.7	4.4
2. Cash equivalents	32.5	25.0	17.0	19.6
II. Short-term financial investments	26.8	25.5	21.8	18.9
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	26.8	25.5	21.8	18.9
III. Short-term receivables	28.9	37.3	29.4	61.0
1. Short-term trade accounts receivable	23.7	27.5	32.9	65.1
2. Short-term prepayments to suppliers	1.9	1.9	2.2	2.1
3. Short-term inter-company receivables	—	0.0	4.4	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	22.4	23.8	0.0	5.0
7. Provision for short-term doubtful debts (*)	-19.2	-16.0	-10.2	-11.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	54.5	56.2	57.4	67.8
1. Inventories	54.5	56.2	57.4	67.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.1	1.8	2.0	3.5
1. Short-term prepayments	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.1	1.8	2.0	2.7
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8
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)	51.4	54.4	76.4	81.0
I. Long-term receivables	—	0.0	18.1	19.8
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	18.1	19.8
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	37.7	40.3	42.8	45.4
1. Tangible fixed assets	33.8	36.3	38.9	41.4
- Cost	50.1	50.1	50.1	50.5
- Accumulated depreciation	-16.2	-13.7	-11.2	-9.1
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	3.9	3.9	4.0	4.0
- Cost	4.1	4.1	4.1	4.1
- Accumulated depreciation	-0.2	-0.2	-0.2	-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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	3.0	3.0	2.6	1.9
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	4.0	4.0	4.0	4.0
4. Provision for diminution in value of long-term investments	-1.0	-1.0	-1.4	-2.1
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	10.6	11.1	12.7	13.9
1. Long-term prepayments	10.6	11.1	12.7	13.9
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)	199.4	202.9	211.6	256.2
A. LIABILITIES (300=210+330)	122.5	129.9	136.1	176.4
I. Short -term liabilities	101.1	108.5	114.7	155.0
1. Short-term trade accounts payable	7.7	9.4	10.4	17.6
2. Short-term advances from customers	—	14.4	14.6	20.9
3. Taxes and other payables to state authorities	0.4	0.4	0.3	30.7
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	14.8	14.3	17.1	17.6
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	76.0	67.8	67.4	64.2
10. Short-term borrowings and financial leases	2.0	2.0	4.0	3.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.3	0.7	1.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	21.5	21.5	21.5	21.5
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	21.5	21.5	21.5	21.5
8. Long-term borrowings and financial leases	—	0.0	0.0	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)	76.9	73.0	75.5	79.8
I. Owner's equity	76.9	73.0	75.5	79.8
1. Owner's capital	100.0	100.0	100.0	100.0
- Common stock with voting right	100.0	100.0	100.0	100.0
- Preferred stock	—	0.0	0.0	0.0
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	—	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	9.3	9.3	9.3	9.3
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	0.3	0.3	0.3	0.3
11. Undistributed earnings after tax	-32.7	-36.5	-34.1	-29.7
- Accumulated retained earning at the end of the previous period	-36.5	-34.1	-29.7	-21.9
- Undistributed earnings in this period	3.9	-2.4	-4.3	-7.8
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)	199.4	202.9	211.6	256.2

Item	2025	2024	2023	2022
Profit Before Tax	8.6	-2.1	-4.6	-8.4
Depreciation of Fixed Assets and Investment Property	2.5	2.6	2.6	2.3
Provision (Increase)/Reversal	3.1	5.5	-1.7	-29.5
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.5	-8.5	-0.8	-0.5
Interest Expense	0.1	0.2	0.0	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	12.9	-2.3	-4.5	-36.2
Increase/(Decrease) in Receivables	6.0	12.0	35.1	13.4
Increase/(Decrease) in Inventory	1.7	1.2	10.4	4.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.3	1.3	-20.5	12.4
Increase/(Decrease) in Prepaid Expenses	0.5	1.6	1.1	1.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-0.5	0.0	0.0
Corporate Income Tax Paid	—	-0.0	-19.5	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.5	-0.3	-0.6
Net Cash Flow from Operating Activities	10.6	12.8	1.8	-5.8
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-1.3	-3.7	-2.9	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	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	1.5	1.1	0.6	0.5
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	0.2	-2.6	-2.2	-2.9
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	1.0	0.0
Repayment of Borrowings	—	-2.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-1.8	-5.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-1.8	-7.0	1.0	0.0
Net Cash Flow During the Period	8.9	3.2	0.7	-8.6
Cash and Cash Equivalents at Beginning of Period	27.9	24.7	24.0	32.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	36.8	27.9	24.7	24.0

Item	Q4'25
Profit Before Tax	8.6
Depreciation of Fixed Assets and Investment Property	2.5
Provision (Increase)/Reversal	3.1
Gain/Loss from Investment Activities	-1.5
Interest Expense	0.1
Operating Profit Before Changes in Working Capital	12.9
Increase/(Decrease) in Receivables	6.0
Increase/(Decrease) in Inventory	1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-10.3
Increase/(Decrease) in Prepaid Expenses	0.5
Other Operating Payments	-0.1
Net Cash Flow from Operating Activities	10.6
Loans and Purchases of Debt Instruments	-1.3
Dividends and Interest Income Received	1.5
Net Cash Flow from Investing Activities	0.2
Dividends Paid	-1.8
Net Cash Flow from Financing Activities	-1.8
Net Cash Flow During the Period	8.9
Cash and Cash Equivalents at Beginning of Period	27.9
Cash and Cash Equivalents at End of Period	36.8

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PWA

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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