Viet Nam Ocean Shipping JSC

VOSCO's capital structure is characterized by a debt-to-equity ratio of 0.36, indicating a relatively conservative leverage position compared to the industry median of 0.52. The company maintains a current ratio of 2.5, suggesting adequate short-term liquidity to cover its obligations. However, its operating cash flow of -129.6 billion VND and free cash flow of -808.6 billion VND indicate a significant cash outflow, which may pressure liquidity in the near term. Profitability metrics show a return on equity (ROE) of 14.4% and a return on assets (ROA) of 7.8%. These figures are above the industry median ROE of 10.2% and ROA of 5.1%, suggesting that VOSCO is generating strong returns relative to its peers. The company's operating income of 56.7 billion VND and net income of 304.7 billion VND further support its profitability, although the gross profit margin of 6.16% is slightly below the industry median of 6.8%. VOSCO's revenue is primarily concentrated in Vietnam, with 100% of its revenue derived from domestic operations as of December 31, 2012. The company operates through four subsidiaries and 12 branches, with no disclosed international revenue streams. This geographic concentration may expose the company to regional economic and regulatory risks. The company's growth trajectory is uncertain, as the provided data does not include forward-looking revenue projections. Historical revenue of 31.04 trillion VND in 2012 is the most recent available, and no subsequent growth figures are provided. The capital expenditure of -1.29 trillion VND indicates significant investment in the business, which may support future growth but also contributes to the negative free cash flow. Risk factors include a medium liquidity risk due to the negative operating and free cash flows, as well as a key flag indicating that net cash is negative after subtracting total debt. The dilution risk is assessed as low, with no immediate pressure from share issuance. However, the company's reliance on a single country for all revenue introduces concentration risk, and the marine freight industry is subject to regulatory and geopolitical risks. Recent events include the company's status as a subsidiary of Vietnam National Shipping Lines (Vinalines) as of December 31, 2012. No recent filings or transcripts are provided in the input data, so the most recent operational and strategic developments are not available for analysis.