THU

Môi trường và Công trình Đô thị Thanh Hóa ·UPCOM ·2025Q4

● Maintaining

Price

—

Latest close

P/E —

P/B —

EPS —

BVPS —

ROE 8.8%

ROA 1.9%

Profit Margin 1.0%

Asset Turnover 1.82x

Equity Mult. 4.67x

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

What Is Changing

On a Năm 2025 basis, THU posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 299bn
	                                
+8.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
+4.7%YoY

Metric	2025	2024	2023	2022
Revenue	298.9	276.5	246.3	234.7
Growth	+8%	+12%	+5%	—
Net Income	3.1	2.9	2.8	2.3
Net Margin	1.03%	1.06%	1.15%	0.97%

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 1.03% −0.0pp

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.

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.

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?

Check leverage, liquidity, and cash-flow conversion.

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is working capital needs model and cycle context. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: Working capital needs model and cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	298.9	276.6	246.3	235.7
Revenue Deductions	—	0.1	0.0	1.0
Net Revenue	298.9	276.5	246.3	234.7
Cost of Goods Sold	275.2	253.2	223.6	216.5
Gross Profit	23.6	23.3	22.7	18.2
Financial Income	2.0	1.2	1.4	0.8
Financial Expenses	1.0	1.3	2.3	1.4
Interest Expense	1.0	1.3	2.3	1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	20.7	19.2	17.9	15.7
Operating Profit	3.9	4.1	3.9	2.0
Other Income	0.0	0.4	0.1	1.1
Other Expenses	0.0	0.6	0.5	0.3
Other Profit	-0.0	-0.1	-0.4	0.9
Profit Before Tax	3.9	3.9	3.6	2.8
Current Income Tax Expense	0.8	1.0	0.7	0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	3.1	2.9	2.8	2.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	3.1	2.9	2.8	2.3
Earnings per Share	672.00	616.00	587.00	481.00
Diluted EPS	672.00	616.00	587.00	481.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	151.8	158.6	159.0	156.5
I. Cash and cash equivalents	40.4	24.5	32.4	20.4
1. Cash	5.4	5.8	17.4	13.7
2. Cash equivalents	35.0	18.7	15.0	6.7
II. Short-term financial investments	—	1.0	1.4	0.0
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	—	1.0	1.4	0.0
III. Short-term receivables	98.5	123.6	116.5	129.2
1. Short-term trade accounts receivable	76.3	100.1	90.2	105.6
2. Short-term prepayments to suppliers	0.6	1.4	0.7	1.1
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	21.7	22.3	25.7	22.6
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	12.3	9.2	8.4	6.4
1. Inventories	12.3	9.2	8.4	6.4
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.6	0.3	0.3	0.5
1. Short-term prepayments	0.1	0.2	0.1	0.1
2. Value added tax to be reclaimed	0.0	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.4	0.0	0.0	0.4
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)	8.3	9.7	13.4	17.8
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	6.5	9.0	12.4	14.6
1. Tangible fixed assets	6.5	9.0	12.4	14.6
- Cost	79.5	79.4	84.1	82.0
- Accumulated depreciation	-73.0	-70.5	-71.7	-67.4
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	—	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	—	0.0	0.0	0.0
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	—	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	1.8	0.7	1.0	3.2
1. Long-term prepayments	1.8	0.7	1.0	3.2
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)	160.2	168.3	172.5	174.2
A. LIABILITIES (300=210+330)	124.9	133.1	137.5	140.0
I. Short -term liabilities	85.4	89.6	91.2	92.0
1. Short-term trade accounts payable	31.4	28.1	29.1	28.5
2. Short-term advances from customers	0.6	4.4	4.1	2.9
3. Taxes and other payables to state authorities	3.8	4.8	3.1	2.3
4. Payable to employees	7.5	4.3	4.4	5.4
5. Short-term acrrued expenses	—	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	0.1	0.1	0.1	0.1
9. Other short-term payables	35.1	41.4	39.9	37.3
10. Short-term borrowings and financial leases	5.6	5.6	10.0	15.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.4	1.1	0.5	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	39.5	43.5	46.2	48.0
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	9.5	9.0	8.4	7.2
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	15.3	17.2	17.7	17.9
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.8	17.3	20.1	22.9
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)	35.3	35.1	35.0	34.2
I. Owner's equity	36.1	35.9	35.8	35.1
1. Owner's capital	33.0	33.0	33.0	33.0
- Common stock with voting right	32,977,900,000.00	32,977,900,000.00	32,977,900,000.00	32,977,900,000.00
- 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	—	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	—	0.0	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	3.1	2.9	2.8	2.1
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	3.1	2.9	2.8	2.1
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	-0.8	-0.8	-0.8	-0.8
1. Subsidized not-for-profit funds	-0.8	-0.8	-0.8	-0.8
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)	160.2	168.3	172.5	174.2

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	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	—	0.0	0.0	0.0
Interest Expense	—	0.0	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	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-1.2	-1.2	-0.6	-0.4
Other Operating Receipts	42.1	28.4	14.0	68.1
Other Operating Payments	-51.0	-56.9	-124.4	-200.0
Net Cash Flow from Operating Activities	14.0	-0.2	24.3	-2.1
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-2.7	-3.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	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	2.3	1.5	1.4	0.4
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	6.5	1.4	-2.7	-3.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	5.4	9.6	13.3	25.9
Repayment of Borrowings	-8.0	-16.8	-21.5	-25.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-2.0	-1.9	-1.4	-0.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-4.6	-9.1	-9.5	0.1
Net Cash Flow During the Period	15.9	-7.9	12.1	-5.6
Cash and Cash Equivalents at Beginning of Period	24.5	32.4	20.4	25.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	40.4	24.5	32.4	20.4

Item	Q4'25
Corporate Income Tax Paid	-1.2
Other Operating Payments	-51.0
Net Cash Flow from Operating Activities	14.0
Payments for Fixed Assets and Other Long-term Assets	-0.1
Dividends and Interest Income Received	2.3
Net Cash Flow from Investing Activities	6.5
Proceeds from Borrowings	5.4
Repayment of Borrowings	-8.0
Dividends Paid	-2.0
Net Cash Flow from Financing Activities	-4.6
Net Cash Flow During the Period	15.9
Cash and Cash Equivalents at Beginning of Period	24.5
Cash and Cash Equivalents at End of Period	40.4

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THU

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?

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency