AsemconnectVietnam - On the morning of July 2nd, 2026, 116.5 million MZG shares officially began trading on the HOSE with a reference price of VND12,700. With a reference price of VND12,700 per share on the first trading day, Miza's initial market capitalization reached approximately VND1,480 billion; closely matching the book value at the end of 2025 of VND12,756 per share, the projected P/E ratio for 2026 is in the 10x - 11.5x range - a cautious starting valuation for a company.

Mr. Nguyen Tuan Minh, Chairman of the Board of Directors of Miza Joint Stock Company, shared at the ceremony that listing on the HOSE is an important piece in completing Miza's capital structure. Miza is on the verge of its strongest growth cycle in its 16-year history as the PM5 system prepares to become operational. Joining this transparent playing field not only helps MZG expand its investor base and access international green credit lines, but also serves as a springboard for us to realize our ambition of achieving a capacity of 1 million tons of recycled paper per year and developing integrated ecological industrial infrastructure by 2030.
Miza is one of the rare businesses in the paper industry that proactively uses 100% waste paper (OCC) as its input material, enabling it to compete directly with FDI enterprises.
Recently, Miza signed a Memorandum of Understanding (MOU) with the Management Board of Nghi Son Economic Zone and industrial parks in Thanh Hoa province, positioning the company as an investor in industrial park infrastructure. Phase 1 of the Miza Nghi Son Industrial Park covers an area of 160 hectares. Being located within the Nghi Son Economic Zone allows the project to enjoy outstanding tax incentives (10% tax rate for 15 years, tax exemption for 4 years, and a 50% reduction for the following 9 years).
In 2026, the company aims for revenue of VND5,508 billion, but after-tax profit is expected to increase sharply by 69.3% to VND200.68 billion. The core driver for this growth comes from the PM5 plant (Phase 2 of the Miza Nghi Son Plant). According to the plan, this production line will officially begin commercial operation from Q3/2026, adding 100,000 tons/year, raising the total system capacity to 220,000 tons/year and specializing in high-end paper lines.
The new capacity from PM5 is specifically designed to produce high-end surface paper lines that offer superior profit margins, such as White-top Liner and Kraftliner. Focusing all efforts on this highly profitable finished paper product segment, combined with a proactive strategy of downsizing the trading business (which has low profit margins), directly improved the overall net profit margin, boosting ROE.
In Q1 2026, after-tax profit increased by 67% year-on-year, reaching VND32 billion. Miza's gross profit margin improved to 9.72% thanks to its strong control over input material costs.
The 2026 MZG Annual General Meeting also approved a stock dividend for 2025 at a rate of 10%. This profit retention policy is necessary to maintain growth resources, ensure the progress of core projects, and optimize long-term benefits for shareholders.
At the end of Q1 2026, Miza's total liabilities amounted to VND4,065 billion, accounting for 72.8% of total capital. The current ratio is 1.33 times.
Miza's debt structure is shifting positively from short-term to medium and long-term, ensuring compatibility between the maturity of capital and the profitability lifecycle of fixed assets (Matching Principle). When the PM5 production line becomes operational and generates cash flow from Q3/2026, financial safety ratios such as Debt/EBITDA and Net Debt/EBITDA will cool down.
In 2024, short-term debt accounted for a dominant 80.6% (VND2,032.2 billion), while long-term debt was only 19.4% (VND490.4 billion). This structure shows that borrowed capital is mainly focused on financing working capital for production and trade. By the end of 2025, long-term debt surged by 82.83% to VND896.5 billion, raising the proportion of long-term debt to 27.8% (short-term debt decreased correspondingly to 72.2%).
By the end of Q1/2026, this trend continued to accelerate, with long-term debt increasing to VND1,286.9 billion, accounting for 36.5% of total borrowings.
The increase in long-term debt in 2025 and Q1/2026 is directly linked to the need for disbursements to import machinery, equipment, and build infrastructure for Phase 2 (PM5 line) at the Miza Nghi Son Plant. Extending the debt maturity period is entirely consistent with the asset's profitability cycle. When the PM5 production line enters commercial operation from Q3/2026, the positive cash flow generated will align with the long-term debt repayment schedule, helping to alleviate leverage pressure and optimize capital structure.
In addition to restructuring the term, the company plans to offer shares privately to raise VND250 billion, prioritizing the use of VND100 billion to directly repay the principal of existing medium and long-term loans (including both early and due).
Miza plans to issue 30 million shares to existing shareholders (raising VND300 billion) to disburse funds to its subsidiary, Miza Nghi Son. This will provide the project with additional matching capital, reducing its dependence on bank loans.
N.Nga
Source: VITIC/Bao Tai chinh – Dau tu