AMY GRUPO Ahead of Its IPO: From a Building Materials Manufacturer to a Billion-Dollar Revenue Growth Story

Accelerating Revenue Growth, with Exports Becoming a Key Pillar

Asia Mỹ Industrial Joint Stock Company (AMY GRUPO, ticker: AMY) is entering a notable phase of development as it continues to maintain strong business growth while implementing its IPO plan. After a decade of development as a ceramic tile manufacturer, Asia Mỹ has expanded into a building materials ecosystem covering tiles, flooring, roofing tiles, and wall panels.

In 2025, AMY GRUPO recorded net revenue of VND 6,998 billion, approximately 16% higher than in 2024. Profit after tax reached VND 750.7 billion, down by more than VND 814 billion from the previous year, amid the company's continued investment in capacity expansion and product diversification.

The most notable feature was its revenue structure, with international markets contributing more than VND 5,224 billion, equivalent to nearly 75% of total revenue in 2025. The U.S. market alone generated more than VND 4,372 billion, accounting for 62.5% of total revenue. This represents a significant proportion for a Vietnamese building materials company and indicates AMY's relatively high exposure to the U.S. export market.

In Q1 2026, net revenue reached VND 1,786 billion, up 36.6% year on year, while profit after tax reached VND 193.5 billion, an increase of 37%. Revenue from overseas markets alone reached VND 1,408 billion, accounting for nearly 79% of consolidated quarterly revenue. These figures demonstrate that exports have become a core pillar of AMY GRUPO's business model.

From Ceramic Tiles to a Building Materials Ecosystem

AMY GRUPO was established in 2015 with a foundation in ceramic tile manufacturing. However, its current business model has evolved considerably from its early stage. The company has expanded its portfolio to include ceramic and porcelain tiles, large-format tiles, SPC/vinyl flooring, LVT, hybrid flooring, wall panels, and glazed ceramic roofing tiles. Among these, vinyl/SPC flooring is emerging as an important growth driver.

According to Vietcap's analysis, vinyl currently contributes approximately 64% of AMY GRUPO's revenue and 65% of its gross profit. Vietcap expects this segment to achieve a CAGR of 26% during 2025-2028, driven by the trend of U.S. buyers diversifying their supply sources to reduce dependence on China.

This is also what differentiates AMY's story from that of a conventional ceramic tile manufacturer. Rather than relying solely on the domestic construction cycle, the company is placing greater emphasis on finished building materials that are in strong demand in international markets, particularly the United States.

AMY GRUPO has now established a distribution network across more than 30 countries and territories, including the United States, Europe, Japan, South Korea, Australia, and Central Asia. In the domestic market, the company has developed a network of more than 150 showrooms and a nationwide distribution system.

What Does Vietcap Forecast for 2027-2028?

One of the most notable aspects of AMY's growth story lies in its post-IPO growth prospects. According to Vietcap's research report, AMY GRUPO's revenue and profit after tax are forecast to achieve CAGRs of 23% and 24%, respectively, during 2025-2028. By 2028, revenue is projected to reach VND 12,876 billion, while profit after tax is expected to reach VND 1,360 billion.

According to Vietcap's projections, AMY GRUPO is expected to maintain positive growth momentum during 2026–2028. Revenue is forecast to increase from VND 8,919 billion in 2026 to VND 10,729 billion in 2027 and VND 12,876 billion in 2028, corresponding to growth rates of 27.5%, 20.3%, and 20%, respectively. Profit after tax attributable to the parent company's shareholders is projected to rise from VND 839 billion to VND 1,056 billion and VND 1,360 billion, with particularly strong growth of 28.8% in 2028.

Alongside business growth, the company's cash dividend is also expected to increase from VND 2,500 per share in 2026 to VND 3,000 per share in 2027 and VND 3,500 per share in 2028. These forecasts point to positive growth prospects and the potential for AMY GRUPO to create increasing value for shareholders in the years ahead.

If Vietcap's scenario materializes, AMY's revenue could increase by more than VND 3,900 billion over just two years, from 2027 to 2028, while profit after tax could rise by approximately VND 521 billion. Notably, the expected cash dividend would also increase from VND 2,500 per share in 2026 to VND 3,500 per share in 2028.

The company's ability to realize this scenario will depend on several factors, including the pace of capacity expansion, demand in the U.S. market, raw material costs, and developments in international trade.

IPO: Investors Face a New Growth Story

Alongside its business outlook, AMY GRUPO is attracting attention with its IPO plan. According to the offering registration certificate issued on June 30, 2026, the company plans to offer 16.1 million ordinary shares at VND 48,900 per share, equivalent to approximately VND 787.3 billion in proceeds. Vietcap is serving as an advisor for the IPO and as the principal distribution agent responsible for bringing the shares to investors.

Notably, the subscription period has been extended to 4:00 p.m. on September 9, 2026, from the original deadline of August 12, 2026. In addition, the payment deadline based on the IPO share allocation results has been moved to 4:00 p.m. on September 24, 2026. The adjustments are intended to provide individual investors, funds, and institutional investors with additional time to arrange the necessary financing to participate in the IPO. Following the IPO, AMY is expected to use a significant portion of the proceeds to repay short-term borrowings and supplement working capital.

From a market perspective, AMY GRUPO's story brings together three notable factors: a relatively young building materials company that has reached nearly VND 7 trillion in revenue; a high proportion of export revenue, with the U.S. market serving as the primary growth driver; and an expansion strategy centered on the vinyl segment.

For investors, the key question is not simply how fast AMY can grow, but also whether its production model and IPO valuation are attractive. With the subscription deadline extended, the market will have more time to carefully assess the balance between the company's growth prospects and the risks associated with investing in a building materials company with a high proportion of export revenue.

For AMY GRUPO, the IPO is more than simply a capital-raising milestone. It represents a transition from a growing building materials company into a publicly listed enterprise, with higher requirements for transparency, capital efficiency, and the ability to execute the growth targets set for 2027-2028.

Source: AMY GRUPO Ahead of Its IPO: From a Building Materials Manufacturer to a Billion-Dollar Revenue Growth Story