On November 9, 2026, inspectors of the State Securities Commission signed a decision fining An Pha Petroleum Group JSC (HoSE: ASP) VND 150 million for publishing misleading information about its 2025 profit. The company remains profitable, its audited 2025 profit is still higher than in 2024, and its nine-month 2026 profit is about 14.7 times the same period last year. What needs a second look is one specific number: full-year 2025 profit in the Q4 report is roughly 56% above the audited figure. Anyone who built earnings per share or a P/E for ASP from the Q4 number has been working with a figure larger than the official one.
What Decision 684 says
According to Báo Bảo vệ Pháp luật, Decision No. 684/QĐ-XPHC of November 9, 2026 fines ASP VND 150 million under Clause 6, Article 42 of Decree 156/2020/NĐ-CP (as amended by Decree 306/2025/NĐ-CP).Báo Bảo vệ Pháp luật The offense is publishing a misstated 2025 net profit in both versions of the Q4/2025 report: the consolidated and the standalone financial statements. The company must also retract or correct the misleading information under Clause 9, Article 42 of the same decree. The decision took effect on the date it was signed.Vietnam Finance
This article uses the decision's own wording, "misleading information disclosure", because that is the name of the offense in the penalty document.
Consolidated accounts: a gap of nearly VND 7.9 billion
The consolidated statements include the subsidiaries. The Q4/2025 report put full-year 2025 net profit at VND 22,098,625,037, about VND 22.09 billion. The audited 2025 consolidated statements show VND 14,197,288,496, about VND 14.19 billion.Báo Bảo vệ Pháp luật The gap is nearly VND 7.9 billion, a downward adjustment of about 35.8% from the originally published figure.Vietnam Finance
Viewed the other way around, the Q4 figure is about 56% above the audited one (VND 22.09 billion against VND 14.19 billion). Both framings describe the same gap. The second shows more clearly how far off a calculation would be if a reader used the Q4 number as the base.
On the company's standalone statements, the Q4/2025 figure was about VND 33.97 billion and the audited figure about VND 29.9 billion.Báo Bảo vệ Pháp luật The cut is nearly VND 4.1 billion, or about 12%.Vietnam Finance So the adjustment on the consolidated statements is larger than on the standalone ones, in both amount and percentage.
What happens to EPS and P/E
An Pha has about 37.34 million shares outstanding.Vietnam Finance Audited basic earnings per share for 2025 is VND 374, calculated on profit attributable to the parent company's shareholders of about VND 13.95 billion.
The Q4 report does not allow an exact recalculation of that metric, so what follows is a rough division to show the scale of the gap. Dividing consolidated profit directly by about 37.34 million shares gives about VND 592 per share for VND 22.09 billion, and about VND 380 for VND 14.19 billion. This is not official basic EPS.
At the November 11 closing price of VND 13,500, P/E on audited 2025 basic EPS is about 36x. Using the rough division of the Q4 figure, P/E would be only about 23x. Anyone who has compared ASP with industry peers using that lower multiple needs to redo the comparison.
One more detail on how these ratios are computed. Many trading apps calculate P/E from trailing four-quarter earnings. For ASP right now, those four quarters are Q4/2025 and the first three quarters of 2026. Q4/2025 therefore still sits inside the ratio users are looking at, until the Q4/2026 report replaces it.
Where the company stands after the adjustment
The audited figure is still a profit, and it is higher than a year earlier. Audited 2025 consolidated net profit exceeded VND 14.2 billion, against VND 5.3 billion in 2024. Net revenue in 2025 was about VND 3,239 billion, down 2%.Vietnam Finance
In 2026 the scale of results is very different. Nine-month net revenue reached about VND 3,230 billion, up 32.3% year on year. Nine-month net profit attributable to the parent company's shareholders was about VND 147.7 billion, roughly 14.7 times the VND 10.05 billion or so of the first nine months of 2025. In Q3/2026 alone, that profit was nearly VND 38 billion, up more than 151%.Vietnam Finance
Part of that jump reflects a very low base. In the same quarter, the company's financial expenses rose more than 46% and interest expense rose about 75.5% year on year.Vietnam Finance That line should be read alongside the profit figures of the coming quarters.
On listing status, HoSE removed ASP from its warning list from September 11, 2026, based on the reviewed H1 2026 consolidated statements with an unqualified opinion.Vietnam Finance On ownership, as of September 30, 2026, Saisan Joint Stock Company held 48.2% of charter capital, while small shareholders with under 5% each held 45.94% in total.Tin nhanh chứng khoán
Same sweep, a profit that became a loss
An Pha was not the only company in this round. Việt Trung Nam Investment and Development JSC was fined VND 297.5 million in total under Decision 679/QĐ-XPHC. Of that, VND 125 million was for misstating 2025 profit: the Q4 report showed a profit of over VND 2.01 billion, while the audited annual report showed a loss of nearly VND 4.68 billion.Thời báo Tài chính Việt Nam
Side by side, the two cases show that the same type of violation can lead to very different outcomes for shareholders. For Việt Trung Nam, the full-year result flipped from profit to loss. For An Pha, annual profit fell by about a third but remained a profit, and still rose from 2024.
What ASP holders should keep in mind
Full-year profit in a quarterly report is a number the company prepares itself, issued before the audited annual report. In the interval between the two, it is not a settled figure.
For ASP, the reference point for comparisons and ratios for 2025 is VND 14.19 billion in consolidated profit and basic EPS of VND 374. The correction An Pha must publish under the penalty decision will be the document that records that number. The next checkpoint is the Q4/2026 report: readers can then set full-year 2026 profit in the quarterly report beside the audited figure that follows, and see whether the gap this time is large or small.