Agriculture Printing and Packaging JSC

Agriculture Printing and Packaging JSC maintains a strong liquidity position, with a current ratio of 2.09, indicating the company can cover its short-term obligations more than twice over. The company's liquidity_fpt score is high, supported by a cash and equivalents balance of 30 billion VND and a free cash flow of 29.6 billion VND, which provides flexibility for operational and strategic initiatives.

Profitability metrics show a return on equity (ROE) of 3.55% and a return on assets (ROA) of 2.38%, which are below the industry median for Commercial Printing Services. The company's operating margin is 8.06%, and its net margin is 6.49%, both of which are in line with the industry average. However, the company's debt-to-equity ratio of 0.03 is significantly lower than the industry median, suggesting a conservative capital structure.

The company's revenue is concentrated in a single business segment, with no disclosed geographic diversification. This lack of diversification increases exposure to regional economic fluctuations and client concentration risk. The company's revenue is primarily derived from domestic operations, with no material international revenue streams reported.

Looking ahead, the company is projected to grow revenue by 12.3% in the current fiscal year and by 8.7% in the following year, based on analyst estimates and historical performance. The company's capital expenditure is expected to remain stable, with a focus on maintaining existing production capabilities rather than expanding capacity.

The company's risk profile is low, with no immediate liquidity or dilution flags detected. The dilution potential is low, and the company has not issued new shares in the past 12 months. The company's risk assessment indicates a low probability of near-term dilution, with no material changes in capital structure expected. Recent filings and transcripts show no significant operational or financial risks that would impact the company's stability.

Operating and net margins exceed cohort medians, indicating superior profitability within the commercial printing services sector.

Cash conversion ratio is best-in-class at 4.88, significantly outperforming the cohort median of 1.58.

Net income demonstrated an 8.8% CAGR over four years, showing consistent long-term earnings growth.

Low dilution, liquidity, and credit risk flags suggest a stable financial profile with minimal immediate threats.

Operating income dropped 25.1% year-over-year, highlighting severe pressure on core operational earnings.

High leverage band with a debt-to-equity ratio of 1.62 suggests elevated financial risk.

Net debt to EBITDA stands at 6.31, indicating high leverage relative to operating cash flows.

Revenue VND 580.26B, +2,2% YoY; Operating income +20,1% YoY.

• ▍Revenue VND 580.26B, +2,2% YoY
• ▍Operating income +20,1% YoY
• ▍Net income +4,0% YoY
• ▍Free cash flow −65,9% YoY
• ▍Net margin 6.4%

Revenue VND 457.68B, +1,4% YoY; Operating income +11,1% YoY.

• ▍Revenue VND 457.68B, +1,4% YoY
• ▍Operating income +11,1% YoY
• ▍Net income +17,2% YoY
• ▍Free cash flow +63,9% YoY
• ▍Net margin 7.1%

Revenue VND 392.89B, +4,5% YoY; Operating income +7,0% YoY.

• ▍Revenue VND 392.89B, +4,5% YoY
• ▍Operating income +7,0% YoY
• ▍Net income +15,7% YoY
• ▍Free cash flow +289,5% YoY
• ▍Net margin 7.8%

Revenue VND 1.80T, +2,1% YoY; Operating income +11,1% YoY.

• ▍Revenue VND 1.80T, +2,1% YoY
• ▍Operating income +11,1% YoY
• ▍Net income +11,2% YoY
• ▍Free cash flow −39,3% YoY
• ▍Net margin 7.0%

Revenue VND 1.77T, +15,3% YoY; Operating income +20,2% YoY.

• ▍Revenue VND 1.77T, +15,3% YoY
• ▍Operating income +20,2% YoY
• ▍Net income +14,9% YoY
• ▍Free cash flow +11,9% YoY
• ▍Net margin 6.5%

Revenue VND 1.71T, +11,3% YoY; Operating income +26,5% YoY.

• ▍Revenue VND 1.71T, +11,3% YoY
• ▍Operating income +26,5% YoY
• ▍Net income +16,4% YoY
• ▍Free cash flow +81,2% YoY
• ▍Net margin 4.8%

Revenue VND 1.54T; Operating income VND 80.32B.

• ▍Revenue VND 1.54T
• ▍Operating income VND 80.32B
• ▍Net margin 4.6%