Công ty Cổ phần Tập đoàn YeaH1
Phân tích báo cáo tài chính hợp nhất từ năm 2020 đến năm 2024:
A. Overview of YeaH1
Yeah1 Group Joint Stock Company (Yeah1) is a leading media group in Vietnam,
operating mainly in the fields of television, digital content production and media
advertising. Established in 2006, Yeah1 has undergone a strong development process,
from a television channel for young people to a multimedia media group with
widespread influence.
HOSE: YEG
Industry group: Film and entertainment
1. History
Over 18 years of history of formation and development, Yeah1 Group has gradually
developed into a leading company in Technology Media in Vietnam and Southeast
Asia, with a diverse ecosystem including: Media, Game, Commerce, Financial,
Technology, Capital, Global.
Yeah1 has a vision of becoming a leading corporation in Vietnam and reaching out to
the world with a multimedia communications ecosystem and expanded retail services
based on technological power.
2. Organizational chart
Position
Full name
Board of Directors
Chairman
Vice Chairman
Member
Member
Ms. Lê Phương Thảo
Mr. Nguyễn Hoàng Giang
Ms. Ngô Thị Vân Hạnh
Mr. Kim Min Soo
Executive Board
General Director
Deputy General Director
of Investment
Deputy General Director
of Strategy
Deputy General Director
of Digital Media
Ms. Ngô Thị Vân Hạnh
Mr. Kim Min Soo
Head of the Board
Member
Member
Member
Mr. Nguyễn Văn Nam
Mr. Vương Hồ Trí Dũng
Ms. Lê Thị Bích Hằng
Ms. Lê Thị Quỳnh
Board of Supervisors
3. Main Business Activities
Mr. Yam Kong Fatt
Mr. Phạm Minh Tiến
-
Content production (high-quality entertainment programs, short content, films,
reality TV shows).
- Management and training of artists and influencers in the entertainment and
media industry.
- Distribution and promotion of artistic products (music, movies).
- Providing media marketing and advertising services, content optimization
across multiple platforms.
- Management and exploitation of event spaces, exhibitions, and film studios.
- E-commerce support and development services.
- Television channel services, OTT applications.
- Production, development, and distribution of video games.
4. Subsidiaries and Affiliates
Yeah1 owns and manages more than 50 member companies in the fields of media,
entertainment, commerce, and technology. Some notable companies:
- Yeah1 eDigital: Specializing in digital content and online advertising.
- Netlink Vietnam: Managing advertising for Google and international platforms.
- 1 Production: Producing TV shows and major events.
Other companies in the fields of music distribution, event organization, and multichannel commerce.
5. Development strategy in 2025
Yeah1’s development strategy focuses on building and consolidating its position as a
leading media group in Vietnam and reaching international standards, based on
technology and creative content. Below are the key elements of Yeah1’s development
strategy, compiled from recent public information and orientations:
- Continue Producing the “Anh Trai Vượt Ngàn Chông Gai” Concert Series
Build on the 2024 success by expanding into a recurring concert model
showcasing Vietnamese culture, aiming to attract both local and international
audiences.
- Invest in Two High-Quality Reality TV Shows
Focus on flagship talent search show “Tân Binh Toàn Năng”, representing the
new generation of Vietnamese music, and spin-offs like “Anh Trai” and “Chị
Đẹp”—designed for regional and global market integration.
- Promote Short-form and Vertical Content
Emphasize the creation and distribution of ultra-short and vertical video
content for platforms like TikTok and YouTube Shorts, leveraging product
placement and direct brand messaging.
- Expand Global Partnerships
Deepen collaboration with international partners like MangoTV and Sony
Music Group to distribute content globally and support Vietnamese artists’
internationalization.
-
Invest in Infrastructure & End-User Platforms
Upgrade production facilities and invest in consumer-oriented platforms to
enhance advertising effectiveness and content reach (e.g., 1Creators, 1Game,
Employee Advocacy…).
- Diversify Brand Advertising & Customer Conversion Services
Offer integrated ad packages including gamification, short-form video, live
commerce, and performance-based marketing to improve ROI and boost
conversion rates for brand clients.
6. SWOT
a. Strengths
- Strong digital content ecosystem
Owns a diverse media ecosystem including TV, digital platforms, content
production, social networks,....
Experienced in operating on platforms like YouTube, TikTok, and Facebook.
- Young, creative, and flexible content team
Continuously produces high-performing programs such as “Anh trai vượt ngàn
chông gai” and “Chị đẹp đạp gió”.
- Ability to adapt to new media trends
Actively shifting towards the Creator economy, influencer marketing, live
streaming, and short-form video formats.
- Strong financial recovery in 2024
Achieved highest revenue and profit in six years, regaining investor
confidence.
b. Weaknesses
- Past crisis with YouTube monetization policies
Revenue disruption from 2019–2021 and loss of investor trust.
- High dependence on third-party platforms
Vulnerable to changes in algorithms or policy enforcement from YouTube and
Facebook.
- Undiversified revenue structure
Revenue mainly from copyright and advertising, revenue from e-commerce and
sales is still weak.
- High financial costs
In 2024, significant interest expenses and financial costs put pressure on cash
flow.
c. Opportunities
- Growth in digital media
Young users, high content consumption, and short video viewing trends are
increasing.
-
Brand-KOL/Influencer collaboration trend
Opportunity to monetize through brand partnerships using its existing creator
network.
- Expansion into artist management, reality show, and concert production
Potential to build a vertically integrated value chain from production to
distribution.
- Possibility for investment, M&A, or strategic partnerships
Strong financials open doors for expansion and increased company valuation.
d. Threats
- Intense competition from local and international media companies
Competing for digital content with many competitors such as VieON, METUB
and Pops Worldwide.
- Rapidly changing audience behavior
Content must consistently stay relevant and trendy, or risk quick obsolescence.
- Platform policy risks
As a partner of Google and YouTube, Yeah1 is exposed to the risk of policy or
algorithm changes from these platforms, which could reduce digital advertising
revenue.
- Sustainability of profitability
Much of 2024’s profit came from one-time financial gains, not from core
operations.
B. Financial Statement Analysis F
I. Income Statement
2020
2021
2022
2023
2024
Sales
1,226.02
1,082.18
317.85
414.37
1,026.49
Sales deductions
-7.40
-2.68
-3.73
-2.70
-0.39
Net sales
1,218.62
1,079.51
314.12
411.67
1,026.09
Cost of goods sold
-1,182.46 -1,045.38 -209.65
-296.48
-855.24
Gross Profit
36.16
34.13
104.48
115.19
170.85
Financial income
7.81
423.85
47.34
43.59
191.91
Financial expenses
-13.57
-28.04
-9.02
-23.48
-51.11
of which: interest
expenses
-3.53
-21.80
-6.91
-21.51
-28.21
Gain/(loss) from joint
ventures
-0.66
0.44
0.51
-4.85
-15.22
Selling expenses
-129.87
-86.77
-20.66
-14.26
-26.24
General and admin
expenses
-142.78
-211.12
-93.38
-66.90
-151.63
Operating profit/(loss)
-242.92
132.49
29.26
49.27
118.55
Other incomes
78.24
0.48
19.10
1.80
1.07
Other expenses
-3.08
-34.66
-19.44
-22.15
-9.00
Net other
income/(expenses)
75.15
-34.17
-0.35
-20.35
-7.93
Net accounting
profit/(loss) before tax
-167.76
98.32
28.92
28.92
110.62
Corporate income tax current
-12.66
-38.38
-6.46
1.55
-12.08
Corporate income tax deferred
0.42
-29.95
2.43
-3.95
24.03
Corporate income tax
expenses
-12.23
-68.33
-4.02
-2.41
11.95
Net profit/(loss) after tax
-180.00
29.99
24.89
26.52
122.57
Minority interests
1.59
10.20
13.99
-0.34
-3.13
Attributable to parent
company
-181.59
19.79
10.90
26.86
125.71
EPS basis (VND)
-6,069.00 561.00
349.00
505.00
918.00
1. Net Sales Fluctuation
Year
Sales
Sales Deductions
Net Sales
2020
1,226.02
-7.40
1,218.62
2021
1,082.18
-2.68
1,079.51
2022
317.85
-3.73
314.12
2023
414.37
-2.70
411.67
2024
1,026.49
-0.39
1,026.09
-
-
-
2020-2021: Net sales declined by 11.4%, dropping from VND 1,218.62 billion
to VND 1,079.51 billion. This drop was primarily due to YouTube terminating
its partnership with Yeah1 in 2019, which significantly weakened its
advertising ecosystem. The COVID-19 pandemic further exacerbated the
decline by freezing advertising and event-based activities.
2022: Net sales plummeted by over 70%, reaching only VND 314.12 billion.
The main reason was the company’s major restructuring, which involved
cutting off inefficient operations and repositioning its business strategy. While
this was a painful period, it was also a strategic inflection point, as Yeah1
began shifting towards high-quality, high-margin digital content, laying the
groundwork for sustainable future growth.
2023-2024: Net sales surged to VND 1,026.09 billion, marking a 149%
increase from 2023. This sharp recovery stemmed from a focused strategy that
emphasized:
-
Digital content copyright ownership, particularly on OTT platforms and
social media.
Successful entertainment programs like “Chị đẹp đạp gió” and “Anh trai
vượt ngàn chông gai”, which helped expand viewership, increase
advertising revenues, and attract sponsorship deals.
=> This demonstrates a successful transition from a platform-dependent business
model to one centered on content ownership – a more resilient and scalable direction
for long-term growth.
2. Expenses
a, Cost of Goods Sold (COGS)
Year
COGS (VND billion)
COGS/Revenue (%)
2020
1,182.46
97.0%
2021
1,045.38
96.8%
2022
209.65
66.7%
2023
296.48
72.0%
2024
855.24
83.4%
● 2020-2021: The COGS-to-revenue ratios were extremely high at 97.0% and
96.8%, respectively. This indicates that nearly all of the company’s revenue
was absorbed by production and service delivery costs, resulting in negligible
gross margins. The underlying causes likely include:
- The termination of the partnership with YouTube in 2019, which heavily
impacted the company’s main revenue stream.
- COVID-19 disrupted core activities such as event organization and
advertising.
- An unoptimized product and service portfolio with high operational
inefficiencies.
● 2022: COGS dropped significantly to VND 209.65 billion, with the
COGS/revenue ratio decreasing to 66.7%. This reflects early outcomes of the
company's restructuring efforts, including downsizing unprofitable segments
and shifting focus toward high-margin digital content. Although revenue
declined sharply, gross margin improved considerably, laying a foundation for
a more efficient recovery.
● 2023-2024: COGS rose, reaching VND 855.24 billion. However, the COGS-torevenue ratio remained at a more manageable 83.4%, significantly lower than
in 2020. This indicates:
- Enhanced cost control during business expansion.
- Strategic investment in content creation, digital infrastructure, and
marketing with a long-term view, rather than short-term revenue
chasing.
- Stronger monetization of intellectual property content, such as branded
shows like "Chị đẹp đạp gió" and "Anh trai vượt ngàn chông gai",
which likely generated multiple revenue streams including advertising,
e-commerce, and licensing.
b, Financial Expenses
Year
Financial Expenses
2020
13.57
2021
28.04
2022
9.02
2023
23.48
2024
51.11
-
From 2020 to 2024, Yeah1's financial expenses increased from VND 13.57
billion to VND 51.11 billion (CAGR ~39.5%), primarily driven by rising
interest expenses from increased borrowings. Key highlights:
+ 2020-2021: Expenses rose due to borrowing to mitigate COVID-19
impacts.
+ 2022: Decreased due to debt restructuring.
+ 2023: Increased as Yeah1 expanded its international market.
+ 2024: Spiked to fund new projects and market expansion.
- The continued rise in financial expenses indicates a high leverage level, posing
increased financial risk.
- The year 2024 stands out as a critical inflection point, reflecting the dual
impact of heightened financial expenses and potential revenue recovery. The
revenue growth in 2024, as indicated, has partially offset the impact of
financial expenses, suggesting effective utilization of debt capital in revenuegenerating assets.
3. Profit
a, Operating Profit
● 2020: A loss of VND 242.92 billion due to high administrative expenses (VND
142.78 billion) and increased selling expenses (VND 129.87 billion),
compounded by low gross profit.
● 2021: A turnaround to a profit of VND 132.49 billion driven by cost-cutting
measures, reducing admin expenses to VND 211.12 billion and selling
expenses to VND 86.77 billion.
● 2022: Profit declined to VND 29.26 billion (-77.9%) due to lower revenue and
increased admin expenses (VND 93.38 billion).
● 2023: Profit rose to VND 49.27 billion (+68.4%) supported by improved gross
profit margin and reduced selling expenses to VND 14.26 billion.
● 2024: Strong increase to VND 118.55 billion (+140.7%) driven by revenue
growth and controlled expenses (admin expenses at VND 151.63 billion,
selling expenses at VND 26.24 billion).
=> In conclusion, Yeah1 has made significant strides in improving operating profit;
however, financial cost pressure remains a concern.
b, Net Profit After Tax and EPS
Year
Net Profit after tax (VND bil)
EPS (VND)
2020
-180.00
-6,069
2021
+29.99
+561
2022
+24.89
+349
2023
+26.52
+505
2024
+122.57
+918
● 2020: Recorded a massive net loss of -180 billion VND, mostly due to
operating losses and restructuring costs.
● 2021–2023: Showed a slow but steady recovery, with net profit hovering
around 25–30 billion VND.
● 2024: Net profit surged to 122.57 billion VND, with EPS reaching 918
VND/share-the highest since the YouTube crisis.
● After the 2020 crisis, YEG returned to net profits for 3 consecutive years. Net
profit increased sharply in 2024, reaching the highest level in 5 years,
indicating that the company has not only recovered but also experienced strong
growth.
● The transition from a loss to a profit demonstrates the effectiveness of the
strategy focusing on digital content and game shows, but profits remain modest
compared to the company's previous scale.
● EPS improved significantly, particularly from 2023, reflecting increased profits
and enhanced shareholder value.
II, Balance Sheet
1, Total asset
-
-
-
-
After a mild decline from 2020 to 2022, Yeah1's total assets recovered sharply
in 2023 and 2024. This more than 100% growth in just two years demonstrates
a robust recovery in financial capacity and improved access to capital.
Current assets hit a low point in 2022, signaling a restructuring phase when
Yeah1 divested from underperforming operations. However, current assets
bounced back in 2023 and further increased in 2024, accounting for over 51.9%
of total assets. This resurgence highlights a clear strategic focus on liquidity
and operational flexibility, crucial in the fast-moving media and digital content
landscape.
Unlike the early period (2020–2021), where non-current assets declined, they
began to rise sharply from 2022, reaching VND 912 billion in 2023 and
surpassing VND 1,207 billion in 2024. This upward trend suggests a renewed
commitment to long-term investments, potentially in technology infrastructure,
digital platforms, or strategic intangible assets.
By 2024, Yeah1’s non-current and current assets accounted for nearly equal
portions of total assets (48% and 52%). This reflects a deliberate effort to
rebalance the asset portfolio, strengthening both short-term liquidity and longterm profitability.
=> Yeah1 has undergone a significant asset restructuring process between 2020 and
2022, with 2022 marking a turning point. The strong asset growth observed in 2023
and 2024 reflects a well-executed financial strategy. The company’s increasing
allocation to long-term assets, combined with the recovery in short-term resources,
reinforces its financial resilience. This dual focus enhances Yeah1’s ability to remain
agile in the short term while driving sustainable growth over the long term-positioning
it competitively within the dynamic digital media industry.
2, Liabilities and Equity
● Total Liabilities
- From 2020 to 2023, Yeah1's total liabilities remained relatively stable,
ranging from VND 334 billion to VND 504 billion.
- However, in 2024, there was a sharp surge, with total liabilities doubling
from the previous year to surpass VND 1,000 billion. This reflects a
significant shift in financial strategy, possibly driven by the need for
substantial investment or corporate restructuring.
- Debt Structure:
+ Accounts payable and accrued expenses declined in proportion
from 45% (2020) to 21% (2024), suggesting that the company
reduced its reliance on trade credit, possibly to enhance its
creditworthiness or shift transaction methods.
+ Conversely, loans and borrowings increased sharply in
proportion, from 39% to 57%, indicating a strategy of greater
financial leverage.
=> This pattern is typical of companies entering a growth phase:
increasing debt to finance expansion. For Yeah1—transitioning into digital
platforms and influencer commerce—this growing capital demand appears
justified.
The rising loan proportion indicates Yeah1 is pursuing aggressive growth
through debt financing, likely funding:
- Investments in digital platforms/media.
- M&A activities (acquiring smaller firms/platforms).
- Internal restructuring.
● Shareholders' Equity
- Capital surplus has gradually declined, suggesting less fundraising from
existing shareholders or private placements.
- In contrast, retained earnings have steadily increased from negative in
2020, indicating that the company returned to profitability and retained
earnings for reinvestment – a very positive operational signal.
- Total equity rose consistently from 2020 to 2022 and jumped sharply in
2023–2024, surpassing VND 1,500 billion.
=> This surge may result from increased profitability, asset revaluation, or
recognition of intangible assets such as intellectual property or digital platforms.
The decline in contributed capital coupled with rising retained earnings reflects a
shift from capital-driven growth to earningc-driven growth-a more sustainable
long-term model.
● Overall Comparison: Liabilities vs. Equity
- Both liabilities and equity increased from 2020 to 2024, but 2024 marks
a turning point, where equity grew faster than liabilities.
- This results in a positive gap between equity and liabilities, suggesting
improved financial strength and reduced dependence on debt.
● Strategic Insights & Financial Recommendations
- Insights
+ Yeah1 is clearly undergoing restructuring and rapid growth,
leveraging debt to fund new ventures in digital media, ecommerce, and influencer platforms.
+ However, the heavy use of short-term liabilities could strain cash
flow if operational returns don’t keep pace.
● Recommendations
- Rebalance the debt structure: Increase long-term borrowings to match
the investment cycles of digital and platform businesses.
- Consider issuing long-term corporate bonds to reduce short-term
repayment pressure.
- Reinvest more retained earnings to reduce reliance on debt and new
equity issuance.
- Implement tighter cash flow management to maintain liquidity and
financial stability during high-growth phases.
III. Cash Flow Statement
● Cash flows from operating activities
- Period 2020-2022: Yeah1’s operating cash flows were consistently
negative throughout this period, reflecting prolonged operational
difficulties following its 2019 media crisis (notably the loss of its
YouTube channels). This indicates severe issues in generating cash from
core business activities-essentially, the business model was no longer
producing stable cash inflows. Contributing factors likely include high
maintenance costs for media platforms, heavy marketing expenses to
retain market share, and overexpansion into non-core areas such as e-
commerce and content production, all of which worsened the cash
outflows.
- 2023: Operating cash flow remained negative, showing that a full
recovery had yet to materialize. However, there was a modest
improvement compared to previous years.
- 2024: This is the first year that operating cash flows turned positive after
a long period of deficits. The improvement may stem from the company
refocusing on its core strengths – such as multi-channel network (MCN)
management and digital advertising services-and implementing
aggressive cost reductions. Part of the inflow may also come from
recovering receivables or divesting non-performing assets.
● Cash flows from investing activities
- 2020-2022: Positive investing cash flows, primarily driven by:
+ Disposal of non-core assets following the divestment of the TV
business and restructuring.
+ Reduction of new investments to preserve cash flow after a
confidence crisis related to the Springme acquisition and
YouTube channel issues.
+ These inflows helped offset losses, repay debts, and reset the
company's strategic direction.
=> The net investing cash flow-to-revenue ratio was low or negative, indicating that
investments did not generate significant returns or cash flow.
Mismatch between CapEx and actual market demand: For example, in 2021, Yeah1
continued to invest in traditional media while the market was rapidly transitioning
toward digital formats.
-
2023-2024: Deep negative cash flows, indicating a major investment
phase, likely including:
+ Development of digital platforms (entertainment tech, mediacommerce).
+ Acquisition of digital assets (platforms, content rights, AI
technology).
+ Investment in proprietary digital content and integrated
entertainment e-commerce ecosystems (M&E-Commerce).
● Cash flows from financing activities
From the chart, Yeah1’s cash flows from financing activities show a positive trend in
2020, 2021, 2023, and 2024, with a notable exception in 2022, when financing cash
flow turned negative. This pattern indicates that Yeah1 has consistently relied on
external financing-via either debt issuance or equity funding-to support business
operations and growth initiatives.
-
Strategic Implications and Risks
+ The repeated need for financing highlights weak internal capital
generation.
+ This reliance exposes Yeah1 to market sentiment risk—if
investor appetite wanes or interest rates rise, refinancing could
become costly or unviable.
+ From 2020–2023, financing inflows were not matched by
improvements in operating performance.
+ This raises concerns about capital efficiency and value creationfunds raised may have been used for survival rather than strategic
expansion.
C. Financial Ratio
I. Short-term solvency, or liquidity, ratios
1. Current ratio and Cash ratio (so sánh với VINEXAD)
Current ratio
Cash ratio
YEG
VNX
YEG
VNX
2020
2.258
1.731
0.084
0.447
2021
2.812
1.958
0.011
0.321
2022
1.975
2.283
0.084
0.524
2023
2.319
2.183
0.021
1.060
2024
1.355
2.303
0.141
1.205
Overall, the bar charts highlight the liquidity performance of Yeah1 Group (YEG) and
VINEXAD (VNX) from 2020 to 2024 using Current and Cash Ratios - key indicators
of short-term financial health.
-
-
Current ratio:
+ YEG maintained a high current ratio early on but dropped sharply in
2024, suggesting possible liquidity tightening, internal restructuring, or
increased short-term obligations - not uncommon in volatile digital
media sectors.
+ VNX showed a steady increase, outperforming YEG from 2022. This
trend reflects solid working capital management and aligns with its
event-based model's post-pandemic recovery.
Cash ratio:
+ YEG’s consistently low cash ratio (mostly below 0.1) reveals high
dependence on non-cash assets, making it vulnerable to cash flow
pressures common in the content and digital business.
+ VNX’s strong cash ratio growth, reaching 1.205 in 2024, signals
excellent liquidity and cautious financial planning, typical of a stable,
service-oriented company.
-> Conclusion:
- Yeah1 Group (YEG) reflects a growth-focused but riskier profile, with high
investment in assets and content but limited cash reserves, making it vulnerable
to short-term cash flow issues.
- In contrast, VINEXAD (VNX) shows a stable and cautious financial
approach, with strong liquidity and better short-term risk management — wellsuited to its service-based, event-driven model.
- YEG prioritizes expansion, while VNX emphasizes financial safety and
operational resilience.
II. Long-term solvency, or financial leverage, ratios
1. Debt to equity ratio and debt to assets ratio
Debt to equity ratio
Debt to assets ratio
YEG
VNX
YEG
VNX
2020
0.573
1.059
0.364
0.514
2021
0.563
0.835
0.360
0.455
2022
0.369
0.687
0.269
0.407
2023
0.345
0.778
0.256
0.438
2024
0.675
0.715
0.403
0.417
Overall, the bar charts highlight the capital structure and financial leverage of Yeah1
Group (YEG) and VINEXAD (VNX) from 2020 to 2024 through the Debt to Equity
and Debt to Assets Ratios, which indicate how much debt is used to finance
operations.
-
Debt to Equity Ratio:
+ YEG saw a decline in leverage until 2023, but then spiked to 0.675 in
2024, indicating a sudden increase in debt, possibly for reinvestment or
cash support-a risky move in the volatile digital media sector.
+ VNX steadily reduced its ratio from 1.059 to 0.715, suggesting stronger
equity or debt repayment, in line with a stable, cautious financial
strategy.
=> Debt-to-equity rose sharply from 0.34 (2023) to 0.68 (2024), signaling a pivot
toward aggressive leveraging. While this can amplify returns, it also increases
vulnerability to refinancing and interest rate risks.
-
Debt to Assets Ratio:
+ YEG improved its solvency from 2020 to 2023, but a jump to 0.403 in
2024 suggests renewed reliance on liabilities, which could stress its
balance sheet if not offset by higher returns.
+ VNX maintained a consistent range of 0.4–0.5, showing a balanced and
predictable financing structure, typical of service-based firms.
=> Conclusion:
- YEG shows signs of increased financial risk in 2024, raising concerns about
long-term debt capacity — especially when paired with weak liquidity.
- VNX demonstrates disciplined capital management, reducing leverage while
preserving financial resilience.
- In short, YEG is aggressive in funding growth, while VNX prioritizes
stability and sustainability.
2. Long term debt ratio and Times interest earned ratio
Long-term debt ratio
Times interest earned ratio
2020
0.077
-46.490
2021
0.094
5.510
2022
0.020
5.186
2023
0.047
2.345
2024
0.032
4.922
● Long-term Debt Ratio
- YEG shifted away from long-term debt, decreasing from 0.077 (2020)
to 0.032 (2024), suggesting greater dependence on short-term funding,
which increases refinancing risks during economic downturns.
- The Long-term Debt Ratio remained consistently low (below 10%)
throughout the period from 2020 to 2024, indicating that the company
relied little on long-term debt, reflecting a prudent financial policy and a
high level of financial autonomy.
● Times Interest Earned Ratio
- YEG made remarkable improvements in debt servicing capacity: from
an unsustainable negative (-46.49 in 2020) to a healthy 4.922 times by
2024, indicating strong recovery in operating earnings.
-
The Times Interest Earned ratio remained above the safe threshold from
2021 to 2024, indicating stable interest payment capability after the
shock of 2020. However, slight fluctuations over the years reflect
changes in business operations or financial structure.
3. Overall Assessment
-
-
-
Yeah1 Group (YEG) is adopting a more aggressive capital structure,
embracing debt to fuel potential growth. Although it has enhanced its ability to
service debt, the uptick in total leverage in 2024 raises concerns about longterm financial sustainability, especially in the volatile digital media sector.
The year 2020 marked a major financial shock, characterized by negative EBIT
and a high Long-term Debt Ratio.
From 2021 onward, the company pursued a strategy of reducing long-term
debt, enhancing operational efficiency, and maintaining stable interest payment
capability.
Financial sustainability has improved significantly, reflecting strong risk
management and adaptability to market fluctuations.
4. Conclusion
-
-
In summary, YEG's capital structure transformation reflects a strategic pivot
towards growth financing but at the cost of heightened financial risk, whereas
VNX demonstrates consistent financial discipline and resilience.
Stakeholders should recognize that YEG prioritizes expansion with greater
leverage, while VNX values financial safety and operational continuity.
Vinexad operates in event organization - a traditional, asset-light model
requiring limited capital investment, hence less dependence on long-term
borrowing. Conversely, Yeah1, as a digital content firm, required capitalintensive spending on platforms, tech, and branding, which led to overuse of
long-term debt as a financial tool.
III. Asset management ratios
1. Total asset turnover
a, YEG (Yeah1 Group):
-
Trend overview
+ 2020-2021: Slight decline from 0.880 to 0.787.
+ 2022-2023: Sharp drop to 0.253 (2022) and further to 0.221 (2023).
+ 2024: Slight recovery to 0.408.
=> Overall, significant deterioration in asset utilization efficiency, despite a slight
recovery in 2024.
-
Reasons
+ Rapid asset expansion (likely from investments or acquisitions) without
proportional revenue growth.
+ Possible inefficient asset management, underutilized resources, or
investments not yet yielding returns.
+ Shift to digital and international markets may require time before
generating stable revenue.
b, VNX
-
Trend overview
+ 2020–2021: Decrease from 0.678 to 0.439.
+ 2022–2023: Dramatic improvement, rising to 2.029 and 2.096
respectively.
+ 2024: Slight decrease to 1.805, but still maintaining a high level.
=> Strong and sustained improvement in asset utilization from 2022 onward.
-
Reasons
+ Better operational management and more effective deployment of assets
to generate sales.
+ Likely benefits from stronger market position or more focused business
model post-pandemic.
+ May have optimized its asset structure by disposing of inefficient assets
or enhancing turnover rate.
Yeah1 (YEG) is facing challenges in asset efficiency, implying a need to optimize
asset utilization and accelerate revenue generation from existing assets.
VNX shows a successful transformation in operational efficiency, positioning itself
competitively for future growth.
2. Inventory turnover
a, Reasons Behind the Trend:
- 2021- Exceptional Peak:
+ The unusually high turnover likely resulted from strong sales growth or
rapid inventory movement.
+ It could also indicate tight inventory management during the COVID-19
period, when storage costs and cash flow were under pressure.
2022–2023 – Sharp Decline: After the peak in 2021, efficiency in inventory use
dropped significantly, possibly due to:
+ Inventory build-up or slower sales cycles.
+ Revenue growth lagging behind inventory increases.
=> Lower inventory utilization efficiency.
- 2024 - Strong Recovery:
+ Thanks to the production of two major shows: “Anh trai vượt ngàn
chông gai” and “Chị đẹp đạp gió”, inventory turnover improved.
+ In addition, many concerts of ATVNCG ended, allowing inventory to be
cleared, contributing to the increase.
b, Assessment of YEG’s Situation:
- Positives:
+ The company showed signs of operational recovery with improved
inventory management in 2024.
+ The rebound indicates better sales performance and production
alignment.
- Negatives:
+ Strong year-to-year fluctuations reflect unstable inventory policy.
+ The 2022–2023 period raises concerns about working capital efficiency
and product-market alignment.
3. Fixed asset turnover
-
Fixed asset turnover
2020
2021
2022
2023
2024
24.549
34.936
25.690
4.770
4.920
-
In 2020–2021, the ratio was high (>24), indicating that each unit of fixed asset
was generating substantial revenue. This suggests efficient use of tangible
resources at the time.
- However, from 2022 onward, the ratio dropped precipitously, particularly in
2023 and 2024, where it fell below 5.
=> The sharp decline reflects underutilization of newly acquired fixed assets. Despite
the company’s increased investment in digital platforms, studios, and production
equipment, revenue did not scale proportionally.
=> YEG must reassess its asset deployment strategy. To avoid capital inefficiency, the
company should implement strict ROI tracking for capital investments and consider
leasing or outsourcing non-core production facilities.
4. Days' sales in receivables
2020
2021
2022
2023
2024
Days' sales in
receivables
225.408
358.254
628.966
749.561
391.976
● 2020-2021: Deterioration in Receivables Collection
- The DSO increased from 225 to 358 days (a 59% jump), highlighting emerging
inefficiencies in receivables management.
- Likely contributing factors include:
+ During this period, Yeah1 faced significant revenue losses after exiting
YouTube-related operations (formerly a major income source), which
disrupted cash flows and weakened working capital.
+ Shift in business model: The transition toward e-commerce and digital
platforms had not yet generated stable short-term cash flows, leading to
a buildup of receivables and slower collection cycles.
● 2022-2023: Unstable Growth with Weak Fundamentals
- DSO spiked to 628 days in 2022 and further to 749 days in 2023, a highly
alarming figure. This reflects a breakdown in credit control and poor cash cycle
discipline.
- Potential causes include:
+ Extended credit periods to attract or retain partners: Yeah1 may have
relaxed payment terms to accommodate strategic partners, resulting in
longer cash conversion cycles.
+ Weak credit risk management: Loose credit policies may have led to
premature revenue recognition without effective cash recovery,
increasing doubtful receivables.
● 2024: Initial Signs of Recovery, But Still Concerning-DSO dropped to about
392 days in 2024-marking a tentative improvement.
● Benchmark Comparison with Industry Peers
- Compared to peers in the media and digital content sector (e.g., FPT
Telecom, VTVcab), Yeah1’s DSO was significantly higher, reflecting
poor receivables management and cash flow inefficiencies.
- Competitors typically maintain DSO levels below 90 days with
receivables turnover ratios of 4–6 times annually. Yeah1’s DSO
exceeding 390 days highlights serious liquidity risk and inefficiencies in
monetizing revenues.
IV. Profitability ratios
1. Gross profit margin
2020
2021
2022
2023
2024
Gross profit margin
●
2.97
3.16
33.26
27.98
16.65
In 2020-2021:
- The gross profit margins were nearly insufficient to cover operating
expenses, indicating that Yeah1 was undergoing a severe operational
crisis. This was a direct consequence of the 2019 shock when YouTube
terminated its MCN (multi-channel network) agreement, cutting off a
core revenue stream.
- The company was forced to pivot its business model, but had not yet
restructured its cost base, resulting in high cost of goods sold (COGS)
relative to revenue.
- Moreover, ventures into new segments such as e-commerce (Mega1)
and consumer tech were launched without solid foundations, further
eroding gross margins.
=> This period reflects ineffective operations, delayed restructuring, and a lack of
pricing or operational advantages.
● In 2022
- This marked the first significant financial recovery in recent years for
Yeah1.
- Key contributing factors:
+ The company divested non-performing segments (e.g., traditional
media and weak joint ventures).
+ Refocused on higher-margin areas such as tech-enabled consumer
platforms, especially Giga1.
+ Additionally, there may have been one-time revenue recognition
or accounting adjustments that boosted gross profitability.
● In 2023-2024: Although still higher than 2020–2021, the sharp decline raises
red flags about structural weaknesses:
- Intense competition in digital media and consumer tech segments
pressured selling prices while input costs rose.
- Giga1’s business model may have not generated stable revenue,
requiring increased marketing and logistics expenses to maintain market
presence.
2. Net profit margin
2020
2021
2022
2023
2024
Net profit margin -14.84
2.78
7.92
6.44
11.95
● In 2020
- The company was heavily impacted by the loss of revenue from its
multi-channel network (MCN) operations.
- High fixed costs, while revenue failed to cover operational expenses.
-
A deeply negative margin reflects severe inefficiencies and a cash flow
crisis.
● In 2021
- Signs of restructuring: cost-cutting measures, divestment of non-core assets,
termination of loss-making projects.
- Net profit margin turned positive, indicating improvements in operational
efficiency and financial discipline.
● In 2022, impressive Growth-NPM at 7.92%
● However, in 2023, Slight Decline-NPM at 6.44%
● In 2024
- Optimized operations and scale efficiencies may have kicked in.
- The company may have leveraged existing digital infrastructure or
expanded laterally without proportionally increasing costs.
- A nearly 12% NPM is considered highly favorable in the media sector
and indicates strong competitive positioning.
3. ROE
ROE
-
2020
2021
2022
2023
2024
-19.19
2.25
1.22
2.35
8.72
In 2020, the ROE was -19.19%, indicating substantial losses and a failure to
generate returns for shareholders. However, in 2021, the ROE turned positive
at 2.25%, marking the beginning of a recovery. While still low, this positive
figure suggests that the company started to rebuild its financial position and
generate returns on shareholder equity.
- In 2022, the ROE dropped to 1.22%, showing a slight decrease from the
previous year. This suggests that Yeah1 faced challenges in sustaining the
earlier recovery, possibly due to reinvestment needs or operational difficulties
that affected its ability to generate strong returns on equity.
- In 2023, the ROE showed a slight recovery to 2.35%. This indicates that Yeah1
was able to stabilize its financial performance, but the return on equity
remained relatively low, reflecting ongoing challenges in generating optimal
returns for shareholders.
- By 2024, the ROE increased significantly to 8.72%, the highest in the five-year
period. This marks a strong recovery and demonstrates that Yeah1 improved its
ability to generate returns on equity. However, it is still below the ideal
benchmark of around 15%, suggesting there is room for further improvement in
operational efficiency and profitability.
● Dupont 3-Step Analysis of ROE (2020–2024)
- In 2020, negative net margins combined with modest asset efficiency
and moderate leverage resulted in deeply negative ROE.
- From 2021–2022, although NPM improved significantly (especially in
2022), ROE remained low due to very weak asset turnover-a result of
rapid asset buildup without corresponding revenue.
- In 2023, the asset turnover hit bottom, but the equity multiplier jumped
(due to higher leverage), which offset the drag and kept ROE steady.
- By 2024, a combination of:
+ Higher net profit margin (11.95%),
+ A partial recovery in asset turnover (0.41),
+ And moderate financial leverage (EM ~1.78), → drove ROE to
8.72% — the highest in the five-year period.
=> Yeah1’s low ROE in previous years was not only due to thin profit margins, but
also poor asset utilization and under-leveraging in earlier years. The 2024
improvement signals progress, but to reach the 15% ROE benchmark, the company
must:
-
Sustain profitability: lock in recurring revenues (e.g., subscriptions,
content licensing).
Enhance asset efficiency: monetize existing assets more effectively,
accelerate revenue from digital investments.
Optimize capital structure: use moderate, long-term leverage to magnify
returns without adding refinancing risk.
4. ROA
ROA
2020
2021
2022
2023
2024
-12.58
1.44
0.83
1.73
5.75
● In 2020: Yeah1 recorded a deeply negative ROA of -12.58%, reflecting
extremely poor asset utilization efficiency. This was directly linked to:
- The divestment from its core business (YouTube MCN) following its
fallout with Google in 2019.
- High fixed costs maintained despite a sharp drop in revenue.
- Delays in restructuring led to unproductive assets and underperforming
operations.
● However, in 2021, ROA improved to 1.44%, marking a modest recovery. Key
contributing factors included:
+ Beginning of portfolio restructuring and exit from underperforming
units.
+ Operational cost reductions and efficiency improvements.
+ However, profitability remained limited due to slow revenue recovery.
● In 2024: ROA reached 5.75%, the highest in the five-year period:
- Investments made in prior years began to deliver returns.
- Yeah1 demonstrated more effective asset management, with a focus on
profitable areas such as digital media, content commerce, and platformbased operations.
-
Strategic restructuring, digital transformation, and brand repositioning
contributed to this improvement.
=> The ROA shows a steady recovery trend post-2020, reflecting the effectiveness of
Yeah1’s strategic pivot.
Despite improvements, the 5.75% ROA in 2024 is still considered moderate to low
compared to media-tech industry standards (typically expecting >8%).
2020
2021
2022
2023
YEG
VNX YEG VNX YEG
GPM
2.97
21.77
3.16
29.8
5
33.26 21.22 27.98 27.73
16.6
5
29.84
NPM
-14.84
4.1
2.78
6.62
7.92
10.69
6.44
14.84
11.9
5
15.7
ROE
-19.19
4.63
2.25
5.35
1.22
43.67
2.35
68.62
8.72
54.43
ROA
-12.58
2.59
1.44
2.75
0.83
25
1.73
39.36
5.75
31.23
-
VNX
2024
YEG VNX YEG VNX
Based on the table, it can be seen that VNX has generally outperformed YEG
in most financial metrics over the years, particularly in 2021 and 2022.
Specifically, VNX's Gross Profit Margin (GPM), Net Profit Margin (NPM),
Return on Equity (ROE), and Return on Assets (ROA) have all been superior to
YEG's, indicating stronger financial performance overall.
+ In 2022, VNX achieved remarkable results, with an ROE of 43.67% and
an ROA of 25%, reflecting a period of profitability and effective asset
management.
+ However, from 2022 onward, YEG shows signs of improvement. While
VNX’s performance remains strong with a high GPM and increasing
NPM, YEG’s metrics, especially NPM and ROE, show significant
recovery. In 2024, YEG's ROE reached 8.72% and its ROA stood at
5.75%, an improvement over the previous years. This indicates that
YEG has managed to recover and stabilize after a period of lower
performance, likely due to improved operational efficiency and cost
control.
-
Despite this, VNX continues to outperform YEG in terms of profitability and
asset efficiency, as evidenced by its higher GPM and stronger ROE in 2024.
This suggests that VNX has maintained a more consistent financial strategy,
while YEG is on a recovery path but has yet to fully reach the level of
profitability that VNX has sustained.
V. Market value ratios
1. Price-earnings ratio
P/E
2020
2021
2022
2023
2024
-7.56
40.3
25.56
21.15
19.86
● In 2020: A negative P/E indicates substantial net losses and suggests that the
company was in severe financial distress. In this year, YEG was grappling
with:
- The aftermath of the terminated YouTube deal (2019–2020), which
eliminated its core revenue stream,
- A slow and ineffective restructuring process that failed to deliver
immediate improvements in earnings or cash flow.
=> As a result, investors priced in pessimism, reflecting high perceived risk and
limited near-term prospects.
● 2021: The sharp spike in P/E to 40.3 reflects a wave of optimism and recovery
expectations from the market. Despite modest earnings, investor enthusiasm
surged due to:
- Renewed confidence in the company’s restructuring and strategic pivot,
- Growth potential from digital media and e-commerce segments,
- Anticipation of a turnaround in profitability.
=> However, such a high P/E may also imply overvaluation risks if earnings did not
grow as rapidly as projected.
● From 2022 onward, the P/E ratio began to decline, dropping to 25.56 in 2022.
This suggests that while YEAH1 remained profitable, market expectations for
its growth began to moderate, possibly due to slower growth or external factors
affecting the company.
● The downward trend continued in 2023, with the P/E ratio falling to 21.15,
signaling a further decline in investor sentiment and a possible shift in
confidence regarding the company’s future. In 2024, the P/E ratio decreased
further to 19.86, indicating a continued reduction in the company’s market
valuation relative to its earnings. This suggests that investor optimism has
waned further, possibly due to perceived challenges or slower-than-expected
growth.
=> The declining trend suggests investors have tempered their expectations for YEG's
future growth, possibly due to inconsistent earnings quality and dependence on onetime gains. A P/E around 20 still reflects growth potential, but not strong confidence
in earnings sustainability.
2. EPS
EPS
2020
2021
2022
2023
2024
-6,102.83
632.77
348.59
574.59
936.56
The Earnings Per Share (EPS) data for YEAH1 from 2020 to 2024 reveals a clear shift
in the company’s profitability and financial performance.
● In 2020, the EPS was recorded at -6,102.83, indicating a significant loss per
share. This negative EPS reflects a challenging year for YEAH1, as the
company was unable to generate positive earnings, resulting in substantial
losses.
● However, in 2021, the company experienced a strong recovery, with the EPS
rising to 632.77. This marked a positive turnaround, indicating that YEAH1
was able to return to profitability and generate earnings after a period of losses.
● From 2022 onwards, the EPS began to decline, dropping to 348.59 in 2022.
This decrease suggests that while the company remained profitable, its earnings
growth slowed compared to the previous year. The decline in EPS could be
attributed to various factors, including increased competition or operational
challenges.
● In 2023, the EPS increased to 574.59, indicating a recovery in profitability and
a return to stronger earnings growth. This rebound suggests that YEAH1 was
able to overcome previous challenges and improve its financial performance.
● By 2024, the EPS rose further to 936.56, reflecting continued growth in
profitability. The increase in EPS indicates that the company managed to
enhance its earnings generation, demonstrating a solid financial performance
and positive outlook.
=> While EPS recovery signals progress, investors should monitor the quality of
earnings. If future profits come mainly from core operations (e.g., digital content
licensing, subscription services), EPS will be more reliable as a valuation basis.
3. Book value per share
BVPS
2020
2021
2022
2023
2024
28,142.98
28,059.6
28,989.17
10,531.14
10,947.9
The Book Value Per Share (BVPS) data for YEAH1 from 2020 to 2024 reveals
fluctuations in the company’s financial position and the value it provides to
shareholders.
● In 2020, the BVPS was 28,142.98, reflecting a solid net asset value per share.
This high figure suggests that the company had a strong equity base relative to
the number of shares outstanding, which is indicative of a stable financial
foundation during this period.
● In 2021, the BVPS slightly decreased to 28,059.60, suggesting a marginal
reduction in the company's book value. While the decrease was small, it could
indicate that there was either a decline in assets or an increase in liabilities,
though the company still maintained a relatively strong financial position.
● In 2022, the BVPS rose to 28,989.17, indicating an improvement in the
company’s net worth per share. This increase suggests that YEAH1 was able to
grow its equity, possibly through retained earnings or asset appreciation, which
resulted in a higher book value per share and a more favorable financial
outlook for that year.
● However, in 2023, the BVPS dropped sharply to 10,531.14, signaling a
significant erosion of the company’s net asset value per share. This substantial
decrease could reflect various financial challenges, such as increased liabilities,
asset impairments, or other adverse factors that negatively impacted the
company's overall equity.
● In 2024, the BVPS slightly rebounded to 10,947.90, indicating a modest
recovery. While the increase was not substantial, it suggests that YEAH1 was
able to stabilize its financial position after the sharp decline in 2023. However,
the company still faces challenges in regaining the levels of book value seen in
earlier years.
=> The erosion of book value calls for caution. Investors should not rely solely on
BVPS for valuation, especially in asset-light digital firms. Instead, focus on return-onequity and earnings growth, as they better reflect value creation in a tech-driven
business model.
2020
2021
YEG
VNX
YEG
41.23
P/E
-7.56
2022
VNX
YEG
32.54
40.3
-6,102
1,302
28,142
22,749 28,059 22,870
2023
VNX
YEG
3.11
25.56
632.77 1,219.94 348.59 12,384
2024
VNX
YEG
0.88
21.15
VNX
0.42
19.86
574.59 30,580.14 936.56
34,174.35
10,531 55,273.28 10,947.9
70,293.42
EPS
28,989 33,852
BVPS
-
In terms of the Price-to-Earnings (P/E) ratio, both companies showed
significant fluctuations, but with different patterns. YEAH1 began with a
-
-
negative P/E ratio of -7.56 in 2020, reflecting substantial losses. However, by
2021, it experienced a remarkable recovery, with the P/E ratio increasing to
40.3, signaling a strong return to profitability and market optimism. Over the
next few years, YEAH1’s P/E ratio gradually declined, reaching 19.86 in 2024,
indicating that investor expectations for the company's growth had moderated.
In contrast, Vinexad started with a higher P/E ratio of 41.23 in 2020, reflecting
strong investor confidence. However, its P/E ratio dropped drastically to 0.42
by 2024, suggesting a significant reduction in market optimism or a decline in
profitability.
The Earnings Per Share (EPS) data further highlights the performance
differences between the two companies. YEAH1 posted a significant loss in
2020 with an EPS of -6,102.83, but quickly turned profitable in 2021, with an
EPS of 632.77. Although its EPS declined to 348.59 in 2022, it recovered again
in 2023 and 2024, reaching 574.59 and 936.56, respectively. This indicates a
steady recovery and a positive trend in earnings generation. On the other hand,
Vinexad’s EPS remained positive throughout the period, with a remarkable
spike to 12,384.55 in 2022, followed by an even higher 30,580.14 in 2023.
Although the EPS dropped slightly to 34,174.35 in 2024, the overall trend for
Vinexad’s earnings shows a relatively stable and strong performance, with
volatility primarily seen in the middle years.
Looking at the Book Value Per Share (BVPS), YEAH1 began with a strong
book value of 28,142.98 in 2020. However, its BVPS decreased significantly in
2023, falling to 10,531.14, reflecting potential challenges in managing its assets
and liabilities. While the BVPS slightly rebounded to 10,947.90 in 2024, the
significant decline in 2023 indicates that the company faced considerable
financial strain during that year. In contrast, Vinexad maintained a higher and
more stable BVPS over the period. Starting at 22,749.06 in 2020, Vinexad's
BVPS grew consistently, reaching 55,273.28 in 2023 and 70,293.42 in 2024.
This indicates that Vinexad successfully expanded its equity base and
maintained a more robust financial position compared to YEAH1.
D. Conclusion for the 2020 – 2024 Period of YEG
1. Synthesize the findings
a, Profitability Ratios (2020–2024)
● Gross Margin: 2.97 → 33.26 → 16.65%. Big 2022 spike from cost cuts; fell
afterward under competitive/input pressures.
- The reason why YEG underperformed is that its gross margin was
eroded by high content production costs, reliance on platforms like
YouTube, and copyright fees. From 2020 to 2022, YEG was undergoing
restructuring and had to sacrifice margin to retain market presence.
- In contrast, VNX maintained stronger margins due to its low fixed-cost
model focused on event organization and exhibitions, which allow for
higher pricing power and more controllable operating costs than digital
content production.
● Net Margin: –14.8% → 11.9%. Turned profitable post-2020; 2024’s doubledigit margin shows cost control but still sensitive to fluctuations.
- YEG’s lower performance can be explained by the fact that much of its
2024 profit came from one-time financial gains rather than core business
operations. Additionally, higher financial expenses and depreciation
from heavy investments in digital platforms further pressured net
margins.
- Meanwhile, VNX sustained its profitability by operating a service-based
model with fewer content production risks, better cost control, and
stable revenue from long-term event partnerships.
● ROE: –19.2% → 8.7%. Recovered from losses; 2024 rise signals better
equity use but below 15% target.
- YEG's ROE lagged behind due to inefficient asset utilization and
unstable financial leverage. Despite improving profitability, the
company’s equity base expanded faster than its earnings, diluting return
on equity.
- On the other hand, VNX maintained strong ROE as its profit growth
consistently outpaced increases in equity. Its asset-light service model
helped optimize capital efficiency.
● ROA: –12.6% → 5.8%. Asset efficiency improving; 2022 investments
weighed on returns, 2024 shows better utilization.
- YEG underperformed because asset growth—especially in long-term
technology and content infrastructure—was not matched by proportional
revenue, resulting in underutilized assets and lower ROA.
- In comparison, VNX achieved higher ROA thanks to shorter revenue
cycles, efficient service delivery, and minimal asset waste—allowing
better profitability per unit of asset.
b, Financial Ratios
● Current ratio: YEG maintained a high current ratio early on but dropped
sharply in 2024, suggesting possible liquidity tightening, internal restructuring,
or increased short-term obligations — not uncommon in volatile digital media
sectors.
● Cash ratio: YEG’s consistently low cash ratio (mostly below 0.1) reveals high
dependence on non-cash assets, making it vulnerable to cash flow pressures
common in the content and digital business.
● Debt to Equity Ratio: YEG saw a decline in leverage until 2023, but then
spiked to 0.675 in 2024, indicating a sudden increase in debt, possibly for
reinvestment or cash support — a risky move in the volatile digital media
sector.
● Debt to Assets Ratio: YEG improved its solvency from 2020 to 2023, but a
jump to 0.403 in 2024 suggests renewed reliance on liabilities, which could
stress its balance sheet if not offset by higher returns.
● Debt to Equity Ratio: YEG exhibited a declining trend in leverage from 0.573
(2020) to 0.345 (2023), reflecting improved reliance on equity. However, a
sudden spike to 0.675 in 2024 suggests increased debt usage, possibly for
reinvestment, introducing higher financial risk.
● Debt to Assets Ratio: YEG improved solvency from 0.364 (2020) to 0.256
(2023), but the rebound to 0.403 in 2024 signals renewed dependence on
liabilities, which could stress its balance sheet if not paired with higher returns.
● Total Debt Ratio: YEG reduced its total debt burden over 2020–2023 but
reversed course in 2024, similar to the Debt to Assets trend, reinforcing
concerns over rising financial leverage.
● Long-term Debt Ratio: YEG shifted away from long-term debt, decreasing
from 0.077 (2020) to 0.032 (2024), suggesting greater dependence on shortterm funding, which increases refinancing risks during economic downturns.
● Times Interest Earned Ratio: YEG made remarkable improvements in debt
servicing capacity: from an unsustainable negative (-46.49 in 2020) to a healthy
4.922 times by 2024, indicating strong recovery in operating earnings.
c, Asset management, or turnover, ratios
Collapse after 2020
● YEG’s ratio fell from 0.88× in 2020 to just 0.22× in 2023.
● This reflects rapid asset buildup (new digital-platform investments, PPE)
without matching revenue growth.
Modest 2024 recovery
● Turnover rose to 0.41×, as sales began catching up to the enlarged asset base.
● Still well below 2020 levels, indicating ongoing under-utilization of recent
investments.
Peer benchmark gap
● YEG’s sub-0.5× performance flags a need for sharper asset-light strategies or
higher revenue generation from new assets .
=> In light of YEG’s low asset efficiency and suboptimal turnover ratios, the firm’s
current valuation is likely driven more by speculative growth expectations than
demonstrated operational productivity. This gap between asset growth and utilization
signals the need for a disciplined capital budgeting framework moving forward.
d, Market-Value Ratios
● P/E: –7.6× → 19.9×. From loss to mid-teens P/E—investor optimism peaked
in 2021, then normalized.
● EPS: –6,102 → 936 VND. Sharp turnaround; 2024 earnings solid but
volatile.
● BVPS: 28,143 → 10,948 VND. Big 2023 write-downs; slight 2024
recovery—equity needs rebuilding.
e, Strengths
-
Revenue recovery & margin turnaround: Revenue rebounded strongly postCOVID, driving net margin from –14.8% (2020) to +11.9% (2024).
Stabilized cost structure: COGS normalized after the 2022 restructuring,
delivering positive EBIT and net income in 2024.
Equity rebuilding: Shareholders’ equity jumped in 2023–24 via retained
earnings and asset revaluations, lowering leverage risk.
Improved interest coverage: Times-Interest-Earned recovered from –46×
(2020) to ~4.9× (2024), showing strong earnings to cover debt service.
f, Weaknesses
-
Fragile operating liquidity: Cash ratio stayed very low (<0.1×) through 2023,
exposing the firm to short-term cash squeezes.
High receivables concentration: Receivables of VND 500–1,000 billion pose
collection and working-capital risks.
Surging financial leverage in 2024: Debt/Equity jumped from 0.35× (2023) to
0.68× (2024), raising concerns about debt burden and funding costs.
Low asset efficiency: Total-Asset Turnover was only ~0.41× in 2024 versus
>1.8× for peers, indicating under-utilized assets.
=> Such fragile liquidity and leverage spikes may deter institutional investors, who
often prioritize cash stability and predictable returns. Without corrective action, YEG
risks being perceived as a speculative growth stock rather than a sustainable cash
generator—potentially affecting its cost of capital and market credibility.
g, Recommendations for Yeah1 Group
● Strengthen cash management: tighten receivables collection, target a cash ratio
of at least 0.3×–0.5× to buffer short-term volatility.
● Control leverage: aim for Debt/Equity ≤0.5×; mix long-term debt with
occasional equity issuance to reduce refinancing risk.
● Optimize asset base:
○ Divest or lease under-performing assets.
○ Accelerate “asset-light” digital services to boost turnover.
● Stabilize earnings: build recurring-revenue streams (subscriptions, licensing) to
smooth EPS volatility and support a higher P/E multiple.
h, Recommendation for the Investors
-
Monitor quarterly cash ratio and Debt/Equity-look for cash ratio ≥0.3× and
stable or falling leverage.
Watch asset-turnover trend-ideally rising above 0.6× as a signal that
investments are generating revenue.
Re-evaluate if net margin falls below 8% or P/E compresses below 15×-these
would be sell triggers.
=> The Investors should HOLD YEG’s stocks rather than buy aggressively or sell
outright. At present, YEG remains a speculative recovery play, best suited for
investors with moderate-to-high risk appetite. While operational indicators have
improved, the firm’s valuation premium is not yet supported by sustained core
earnings. A reevaluation toward a BUY stance may be warranted only if ROE
consistently exceeds 10% and core net margins remain above 10% over the next two
fiscal years. Conversely, failure to meet liquidity targets or stabilize asset turnover
may trigger downward revisions and capital flight.
2. Vision for 2025
● 2025 Business Objectives: Yeah1 Corporation (HOSE: YEG) has set ambitious
growth targets for 2025, reflecting its continued strategic transformation:
- Consolidated revenue: Targeted at VND 1,300 billion, marking a 27%
increase compared to 2024.
-
Net profit after tax: Targeted at VND 140 billion, up 14% year-overyear.
=> This marks the third consecutive year of growth-oriented goals, underscoring the
company’s commitment to sustainable recovery following its restructuring phase.
● Key Growth Drivers: Yeah1 is focusing on high-potential entertainment and
media initiatives to fuel its 2025 performance:
- "Anh Trai Vượt Ngàn Chông Gai" concert series: Continued rollout with
Day 3, 4, and 5 events, building on the success of previous shows to
drive ticket revenue and brand engagement.
- New content production: Investment in fresh entertainment formats such
as "Tân Binh Toàn Năng" and "Gia Đình Haha", aiming to diversify
content offerings and capture new audience segments.
=> These initiatives are expected to contribute significantly to both revenue and brand
value, strengthening Yeah1’s market presence in digital entertainment.
● Financial Assessment and Outlook
- Yeah1's profit target of VND 140 billion in 2025 would represent its
highest net income in the past seven years, signaling robust recovery and
strong financial momentum.
- As of Q1 2025, the company had already achieved approximately 17%
of its full-year profit goal, demonstrating promising progress and
execution capability.
● Strategic Vision: Yeah1 continues to pursue a strategic roadmap centered on:
- Core focus on digital content and entertainment: Accelerating
production and distribution of high-quality, trend-aligned media content.
- Expansion via partnerships and investments: Exploring strategic
collaborations and investments in adjacent sectors to diversify revenue
streams and enhance competitiveness.
=> This strategy is designed to reinforce Yeah1’s leadership in the media-tech space
while laying the groundwork for sustainable long-term growth.