Vietcap: AMY GRUPO Poised to Enter a New Growth Cycle

A recent analytical report published by Vietcap provides a clearer picture of AMY GRUPO’s growth model, while highlighting the company’s competitive advantages, profitability, and medium- to long-term growth potential as one of Vietnam’s emerging building materials manufacturers.

Two Growth Drivers Pave the Way for a New Development Cycle

One of the key points highlighted in Vietcap’s report is its assessment of AMY GRUPO’s business model. Rather than being simply a traditional tile manufacturer, AMY is now considered to have two major growth pillars: ceramic/porcelain tiles and vinyl flooring. Each segment plays a distinct role while complementing the other effectively within the company’s long-term development strategy.

According to Vietcap, tiles and vinyl flooring will be the two key growth drivers for AMY GRUPO in the coming years. The tile business will continue to serve as a core foundation, with 12 production lines and a capacity of 30 million m² per year. It contributed approximately 36% of total revenue in 2025 and is expected to grow at a CAGR of 16% during 2025–2028, driven by capacity expansion to 35 million m² per year and the development of large-format tile products.

Meanwhile, the vinyl flooring segment, which currently contributes 64% of revenue and 65% of gross profit, is identified by Vietcap as the company’s primary growth driver. AMY is expected to benefit from the trend of U.S. buyers diversifying their supply chains away from China. On this basis, Vietcap forecasts vinyl revenue to grow at a CAGR of 26% during 2025–2028.

The synergy between these two growth pillars provides the basis for Vietcap’s optimistic growth forecast for AMY GRUPO over the next three years. Consolidated revenue and profit after tax attributable to minority shareholders are expected to grow at CAGRs of 23% and 24%, respectively, during 2025–2028, reaching VND 12,876 billion in revenue and VND 1,360 billion in profit after tax attributable to minority shareholders by 2028.

At the same time, profit after tax attributable to minority shareholders is projected to increase from VND 716 billion to VND 839 billion, VND 1,056 billion, and VND 1,360 billion, representing a CAGR of 24%. This represents a notable growth rate as the building materials industry enters a recovery cycle, reflecting Vietcap’s expectations for AMY’s ability to expand its scale, optimize its product mix, and effectively capitalize on export markets.

Alongside its growth targets, AMY also plans to maintain an attractive dividend policy, with an expected dividend payout ratio of 25%–40% in 2026, including both cash and stock dividends. Following the listing, the company is expected to pay a cash dividend of VND 2,000 per share. Vietcap forecasts cash dividends of VND 2,500 per share in 2026, VND 3,000 in 2027, and VND 3,500 in 2028.

Competitive Advantages and Financial Strength Create a Growth Platform

According to Vietcap, AMY’s growth prospects are driven not only by market size but also by competitive advantages that have already been demonstrated in practice.

First is the company’s export position. Although AMY accounts for only approximately 3.3% of Vietnam’s floor tile production capacity, it contributed as much as 34% of Vietnam’s tile export value to the U.S. market in 2025. In the vinyl flooring segment, AMY is the only Vietnamese company among the country’s five largest vinyl flooring exporters, while accounting for approximately 9% of vinyl export value to the U.S. market. According to Vietcap, these figures reflect the company’s ability to access international markets and build a strong export customer base.

Vietcap also recognizes AMY’s strong execution capabilities, as demonstrated by its ability to translate strategic initiatives into tangible business results. Since investing in the vinyl flooring segment in 2020, the company has rapidly risen to become one of the leading exporters. During 2021–2025, revenue and profit after tax attributable to minority shareholders grew at CAGRs of 38% and 66%, respectively, while sales to the U.S. market grew by 70%.

Another advantage lies in AMY’s cost competitiveness, supported by domestic raw material resources, large-scale PVC imports, and a strategy focused on developing value-added products such as large-format tiles, L-SPC, PET, and WPC. The company also has a distribution network covering more than 35 export markets, 34 exclusive distributors, and more than 150 showrooms, providing a solid foundation for further expansion in the coming years.

These advantages are reflected in the company’s financial performance. In 2025, AMY recorded VND 6,998 billion in revenue and VND 716 billion in profit after tax attributable to minority shareholders, with a 19.2% gross profit margin, 10.2% net profit margin, 12.9% ROA, and 41.3% ROE. Notably, the company’s ROE was significantly higher than the 6.2% average of its industry peers used by Vietcap for comparison, while its ROA also substantially exceeded the peer average of 3.5%, demonstrating a high level of capital and asset efficiency.

Vietcap expects AMY to enter a new investment cycle during 2026–2027. Leveraging capital raised from the IPO, the company plans to expand its total designed production capacity to 106 million m² per year by 2028, with a focus on large-format tiles and premium vinyl products. Vietcap considers execution risks to be manageable, supported by AMY’s track record of successful capacity expansion, its ability to rapidly improve operational efficiency, and its capacity to generate cash flow to reduce financial leverage.