GIC

VSC Green Logistics ·HNX ·2026Q1

▼▼ Declining sharply

Price

12,500

Latest close

04 Jun 2026

P/E 10.83x

P/B 0.65x

EPS 1,155

BVPS 19,167

ROE 5.7%

ROA 5.2%

Profit Margin 8.9%

Asset Turnover 0.59x

Equity Mult. 1.09x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, GIC is going through a period of clear decline across multiple metrics at once — profit is at an all-time high. What still needs to be determined is whether the business can find a stabilization point in the near term, or whether current pressure has not yet run its course.

	                            
	                                TTM REVENUE
	                            
	                                    VND 159bn
	                                
−1.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
−12.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	156.0	159.3	172.3	168.3	162.7
Growth	-2%	-8%	+2%	+3%	—
Net Income	14.6	16.2	16.6	16.6	24.5
Net Margin	9.36%	10.19%	9.65%	9.89%	15.05%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	40.0	41.0	40.0	38.4	36.6	43.3	42.9	38.2	35.0	44.7	43.6	42.5
Growth	-3%	+3%	+4%	+5%	-15%	+1%	+12%	+9%	-22%	+2%	+3%	—
Net Income	2.3	4.3	3.5	4.1	2.7	3.3	5.2	4.9	2.8	5.3	4.4	3.7
Net Margin	5.79%	10.36%	8.76%	10.78%	7.38%	7.63%	12.23%	12.85%	7.94%	11.88%	10.14%	8.78%

Drivers of GIC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 8.8bn

Selling expenses ↑ 10.2bn

Finance costs ↑ 0.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 5.0bn

Administrative expenses ↓ 0.1bn

Selling expenses ↑ 5.1bn

Financial income ↓ 0.2bn

Finance costs ↑ 0.1bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.8% = 10.0% × 0.61 × 1.11

2026Q1 5.7% = 8.9% × 0.59 × 1.09

ROE fell from 6.8% to 5.7% — all three components weakened, with asset turnover being the main drag.

Net margin: 8.9% -1.1pp Asset turnover: 0.59x -0.03x Leverage: 1.09x -0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 8.91%, falling 1.1pp. The main pressure is SG&A / Revenue rose 6.7pp, outweighing the improvement in Gross margin rose 5.9pp (with lingering pressure from Net financial result / Revenue fell 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 8.91% −1.1pp

Gross Margin 46.17% +5.9pp

SG&A / Revenue 35.52% +6.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 8.92% −1.1pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.13x equity.

Over the last 12 months, working capital released 4.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −29.7bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +33.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 8.9 days versus the same period last year. The main moves came from DIO rose 0.9 days, DSO rose 7.5 days, and DPO fell 0.4 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +8.9 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +7.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 17.5 days +7.5 days

Inventory 10.0 days +0.9 days

Payables 17.1 days −0.4 days

Cash Conversion Cycle 10.4 days +8.9 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 29.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.13x and interest coverage at 7.09x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.13x —

Interest Coverage 7.09x −2.52x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.63x +0.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 29.5bn in 2025, against investing cash flow of 11.7bn.

Post-investment cash flow was positive +41.2bn. Financing cash flow was negative +0.0bn.

CFO / net income was 1.63x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 23.2bn +3.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is capital efficiency. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.63x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.63x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	156.0	159.3	172.3	168.3	162.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	156.0	159.3	172.3	168.3	162.7
Cost of Goods Sold	87.4	94.3	102.7	107.3	0.0
Gross Profit	68.5	65.1	69.6	61.1	54.4
Financial Income	1.7	1.3	2.2	1.3	0.6
Financial Expenses	2.2	1.9	0.5	0.0	-0.2
Interest Expense	—	0.0	0.0	0.0	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	45.1	40.2	45.9	38.9	-25.1
General and Administrative Expenses	6.4	6.3	6.7	5.2	-3.8
Operating Profit	16.5	17.8	18.7	18.2	26.0
Other Income	—	0.3	0.2	2.3	0.0
Other Expenses	0.0	0.0	0.2	2.0	0.0
Other Profit	-0.0	0.3	-0.1	0.3	0.1
Profit Before Tax	16.5	18.1	18.6	18.5	26.1
Current Income Tax Expense	1.9	1.9	2.0	1.8	-1.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	14.6	16.2	16.6	16.6	24.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	14.6	16.2	16.6	16.6	24.5
Earnings per Share	1,204.00	1,340.00	1,372.00	1,374.00	1,265.00
Diluted EPS	1,204.00	1,340.00	1,372.00	1,374.00	2,019.36

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	85.2	54.1	59.5	77.1	37.9
I. Cash and cash equivalents	74.6	33.4	43.5	29.6	33.2
1. Cash	57.6	13.4	8.0	6.6	0.0
2. Cash equivalents	17.0	20.0	35.5	23.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	7.9	17.9	12.6	42.6	4.3
1. Short-term trade accounts receivable	5.6	7.7	1.1	1.2	0.0
2. Short-term prepayments to suppliers	0.1	0.0	1.1	1.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	10.0	10.0	0.0	0.0
6. Other short-term receivables	2.2	0.1	0.4	40.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.3	2.4	3.1	3.2	0.1
1. Inventories	2.3	2.4	3.1	3.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.3	0.3	1.7	0.3
1. Short-term prepayments	0.4	0.3	0.3	1.7	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	191.8	208.5	208.0	178.3	212.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.4	29.7	43.8	61.1	92.1
1. Tangible fixed assets	18.3	29.6	43.8	61.1	92.1
- Cost	153.5	153.5	153.4	153.7	0.0
- Accumulated depreciation	-135.1	-123.8	-109.6	-92.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.0	0.0	0.0
- Cost	1.2	1.2	1.1	1.1	0.0
- Accumulated depreciation	-1.2	-1.1	-1.1	-1.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.5	67.6	49.5	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	70.0	70.0	50.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-4.5	-2.4	-0.5	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	107.8	111.1	114.6	117.3	0.0
1. Long-term prepayments	107.8	111.1	114.6	117.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	120.7
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	277.0	262.6	267.4	255.5	250.8
A. LIABILITIES (300=210+330)	22.0	20.2	24.8	15.6	19.2
I. Short -term liabilities	21.1	19.5	24.1	15.6	19.2
1. Short-term trade accounts payable	2.7	3.4	5.6	4.4	9.3
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	1.3	1.1	1.4	1.4	0.0
4. Payable to employees	8.2	8.6	9.1	5.1	0.0
5. Short-term acrrued expenses	7.3	5.4	6.9	3.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.9	0.9	0.4	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.2	0.2	0.6	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.9	0.7	0.7	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.9	0.7	0.7	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	255.0	242.4	242.6	239.9	231.5
I. Owner's equity	255.0	242.4	242.6	239.9	0.0
1. Owner's capital	121.2	121.2	121.2	121.2	231.5
- Common stock with voting right	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	107.1	104.9	104.8	102.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	26.7	16.2	16.6	16.6	18.4
- Accumulated retained earning at the end of the previous period	12.1	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	14.6	16.2	16.6	16.6	18.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	277.0	262.6	267.4	255.5	250.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.5	18.1	18.6	18.5	20.4
Depreciation of Fixed Assets and Investment Property	11.3	14.4	17.3	21.5	16.8
Provision (Increase)/Reversal	2.4	1.9	1.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.7	-1.3	-2.2	-1.1	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	28.5	33.1	34.7	39.0	37.1
Increase/(Decrease) in Receivables	-0.1	-5.3	0.1	1.7	0.0
Increase/(Decrease) in Inventory	0.1	0.6	0.1	-3.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.0	-4.9	8.7	-1.1	0.0
Increase/(Decrease) in Prepaid Expenses	3.3	3.4	4.1	2.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.8	-1.9	-1.9	-1.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-1.7	-2.0	-2.6	0.0
Net Cash Flow from Operating Activities	29.5	23.5	43.9	34.4	26.2
Payments for Fixed Assets and Other Long-term Assets	-0.1	-1.6	0.0	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.4	0.0	6.8	0.1
Loans and Purchases of Debt Instruments	—	0.0	-10.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	-20.0	-50.0	-40.0	0.0
Proceeds from Investments in Other Entities	—	0.0	40.0	0.0	0.0
Dividends and Interest Income Received	1.8	1.3	2.1	1.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	11.7	-19.0	-17.9	-32.0	0.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-15.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-14.5	-12.1	-6.0	-14.2
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.0	-14.5	-12.1	-6.0	-29.4
Net Cash Flow During the Period	41.2	-10.1	13.9	-3.6	11.9
Cash and Cash Equivalents at Beginning of Period	33.4	43.5	29.6	33.2	29.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	74.6	33.4	43.5	29.6	33.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	40.0	41.0	40.0	38.4	36.6	43.3	42.9	38.2	35.0	44.7	43.6	42.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	40.0	41.0	40.0	38.4	36.6	43.3	42.9	38.2	35.0	44.7	43.6	42.5
Cost of Goods Sold	21.1	21.6	22.2	20.9	22.8	26.2	24.8	22.4	20.9	25.3	25.5	25.9
Gross Profit	18.9	19.5	17.8	17.4	13.8	17.0	18.1	15.8	14.1	19.4	18.2	16.5
Financial Income	0.1	0.5	0.5	0.4	0.3	0.3	0.3	0.5	0.2	0.7	0.7	0.6
Financial Expenses	0.5	0.5	0.6	0.7	0.3	1.1	0.1	0.3	0.4	0.4	0.1	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	14.1	13.1	12.0	11.1	9.0	11.0	10.6	9.4	9.2	11.7	12.0	11.5
General and Administrative Expenses	1.7	1.6	1.6	1.4	1.7	1.4	2.0	1.2	1.8	2.0	1.8	1.5
Operating Profit	2.8	4.8	4.0	4.6	3.1	3.8	5.8	5.3	2.9	6.0	4.9	4.1
Other Income	0.0	—	—	—	—	0.0	0.0	-0.7	0.9	0.0	0.0	0.1
Other Expenses	—	—	—	0.0	0.0	0.0	0.0	-0.7	0.7	0.2	0.0	0.0
Other Profit	0.0	—	—	-0.0	-0.0	0.0	0.0	0.0	0.2	-0.1	0.0	0.1
Profit Before Tax	2.8	4.8	4.0	4.6	3.1	3.8	5.8	5.4	3.2	5.9	4.9	4.2
Current Income Tax Expense	0.4	0.6	0.5	0.5	0.4	0.5	0.5	0.5	0.4	0.6	0.5	0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.3	4.3	3.5	4.1	2.7	3.3	5.2	4.9	2.8	5.3	4.4	3.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.3	4.3	3.5	4.1	2.7	3.3	5.2	4.9	2.8	5.3	4.4	3.7
Earnings per Share	173.67	350.83	288.83	341.38	222.98	272.41	433.14	404.94	229.35	437.92	365.22	307.68
Diluted EPS	173.67	350.83	288.83	341.38	222.98	272.41	433.14	404.94	229.35	437.92	365.22	307.68

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	91.0	85.2	76.6	63.8	56.8	56.0	47.3	35.2	38.8	59.5	52.4	86.8
I. Cash and cash equivalents	34.0	74.6	65.0	47.2	28.7	26.4	18.0	15.9	22.8	43.5	45.9	40.7
1. Cash	17.0	57.6	16.9	18.2	15.7	13.4	11.0	4.9	3.3	8.0	4.4	3.2
2. Cash equivalents	17.0	17.0	48.1	29.0	13.0	13.0	7.0	11.0	19.5	35.5	41.5	37.5
II. Short-term financial investments	—	—	—	7.0	7.0	7.0	7.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	7.0	7.0	7.0	7.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	9.5	7.9	8.9	7.0	18.6	19.8	19.7	16.7	13.5	12.6	2.9	42.5
1. Short-term trade accounts receivable	9.1	5.6	6.5	4.6	6.2	7.7	8.3	5.6	2.6	1.1	1.5	1.2
2. Short-term prepayments to suppliers	0.1	0.1	0.1	0.1	0.0	0.0	0.1	0.0	0.0	1.1	1.1	1.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	10.0	10.0	10.0	10.0	10.0	10.0	0.0	0.0
6. Other short-term receivables	0.3	2.2	2.2	2.3	2.4	2.1	1.3	1.1	0.8	0.4	0.3	40.2
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.3	2.3	2.4	2.4	2.4	2.4	2.4	2.4	2.4	3.1	3.1	3.1
1. Inventories	2.3	2.3	2.4	2.4	2.4	2.4	2.4	2.4	2.4	3.1	3.1	3.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	45.2	0.4	0.4	0.2	0.2	0.3	0.2	0.2	0.1	0.3	0.5	0.5
1. Short-term prepayments	0.2	0.4	0.4	0.2	0.2	0.3	0.2	0.2	0.1	0.3	0.5	0.5
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	45.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	189.7	191.8	195.8	199.9	204.3	208.5	213.5	217.8	224.1	208.0	212.5	167.6
I. Long-term receivables	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	15.6	18.4	21.2	23.9	26.8	29.7	32.8	36.2	41.3	43.8	47.7	51.8
1. Tangible fixed assets	15.6	18.3	21.1	23.9	26.7	29.6	32.8	36.2	41.3	43.8	47.7	51.8
- Cost	153.5	—	—	—	—	153.5	153.5	153.5	154.9	153.4	153.4	153.4
- Accumulated depreciation	-137.9	—	—	—	—	-123.8	-120.7	-117.3	-113.6	-109.6	-105.7	-101.6
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.1	0.1	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	65.0	65.5	65.9	66.6	67.3	67.6	68.7	68.9	69.1	49.5	49.9	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	70.0	50.0	50.0	0.0
4. Provision for diminution in value of long-term investments	-5.0	-4.5	-4.1	-3.4	-2.7	-2.4	-1.3	-1.1	-0.9	-0.5	-0.1	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	106.9	107.8	108.5	109.4	110.3	111.1	112.0	112.8	113.7	114.6	114.9	115.8
1. Long-term prepayments	106.9	107.8	108.5	109.4	110.3	111.1	112.0	112.8	113.7	114.6	114.9	115.8
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	280.7	277.0	272.4	263.7	261.1	264.5	260.8	253.0	262.9	267.4	265.0	254.4
A. LIABILITIES (300=210+330)	25.2	22.0	21.6	16.5	18.0	22.1	21.7	19.2	34.0	24.8	27.6	21.5
I. Short -term liabilities	24.3	21.1	21.0	15.8	17.4	21.5	21.1	18.6	33.4	24.8	27.6	21.5
1. Short-term trade accounts payable	4.8	2.7	3.4	2.4	3.3	3.4	4.0	4.8	6.0	5.6	6.6	7.2
2. Short-term advances from customers	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Taxes and other payables to state authorities	1.5	1.3	1.2	1.0	1.0	1.1	1.3	1.3	1.2	1.4	4.7	2.6
4. Payable to employees	3.6	8.2	4.2	4.0	3.8	8.6	7.3	5.0	3.7	9.1	9.1	6.2
5. Short-term acrrued expenses	10.9	7.3	10.9	6.3	7.0	5.4	6.7	5.8	5.2	6.9	6.4	4.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.0	1.0	0.7	0.5	0.6	2.8	1.4	0.7	15.5	0.9	0.5	0.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0
12.. Bonus and welfare fund	1.5	0.4	0.5	1.4	1.7	0.2	0.3	0.9	1.7	0.2	0.3	0.9
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.9	0.9	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.9	0.9	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	255.5	255.0	250.7	247.2	243.1	242.4	239.1	233.8	228.9	242.6	237.3	232.9
I. Owner's equity	255.5	255.0	250.7	247.2	243.1	242.4	239.1	233.8	228.9	242.6	237.3	232.9
1. Owner's capital	133.3	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2	121.2
- Common stock with voting right	133,319,880,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00	121,200,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	107.2	107.1	107.1	107.1	107.1	104.9	104.9	104.9	104.9	104.8	104.8	104.8
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	15.0	26.7	22.5	19.0	14.8	16.2	12.9	7.7	2.8	16.6	11.3	6.9
- Accumulated retained earning at the end of the previous period	26.7	12.1	12.1	12.1	12.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	-11.7	14.6	10.3	6.8	2.7	16.2	12.9	7.7	2.8	16.6	11.3	6.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	280.7	277.0	272.4	263.7	261.1	264.5	260.8	253.0	262.9	267.4	265.0	254.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	2.8	4.8	4.0	4.6	3.1	3.3	4.4	5.4	3.2	5.9	4.9	4.2
Depreciation of Fixed Assets and Investment Property	2.8	2.8	2.8	-7.4	13.2	3.1	3.2	3.9	4.0	3.9	4.1	4.6
Provision (Increase)/Reversal	—	1.3	—	1.0	—	0.0	-0.7	0.7	0.0	1.1	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-1.2	0.2	-0.3	-0.4	-1.1	0.4	-0.5	-0.2	-0.6	-0.8	-0.5
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	5.4	8.7	6.0	-2.1	15.9	5.4	7.3	9.4	7.0	10.3	8.3	8.3
Increase/(Decrease) in Receivables	-7.1	-17.0	16.0	-21.6	22.5	-2.0	-7.1	1.8	-4.3	-22.8	22.8	5.4
Increase/(Decrease) in Inventory	—	0.1	0.0	0.1	—	-0.1	0.0	-0.0	0.7	0.0	0.0	0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.0	8.3	-2.1	21.7	-26.9	3.5	-10.0	-3.8	-2.7	-18.7	22.3	-6.4
Increase/(Decrease) in Prepaid Expenses	1.0	0.7	0.7	1.9	-0.0	0.8	0.8	0.8	1.0	0.5	0.9	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-2.3	1.4	-0.9	—	0.0	0.9	-0.4	-0.6	-2.4	1.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.0	-1.0	-0.2	-0.2	-0.2	1.3	-0.5	-0.5	0.3	-1.0	-0.8
Net Cash Flow from Operating Activities	4.9	-1.5	21.0	-1.2	11.2	7.5	-6.8	7.5	0.6	-32.7	54.3	7.6
Payments for Fixed Assets and Other Long-term Assets	—	-1.6	—	—	1.5	0.1	1.5	-0.1	-1.5	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1
Loans and Purchases of Debt Instruments	—	—	—	—	-7.0	-6.0	-7.0	0.0	0.0	-10.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	—	10.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	-45.0	—	—	—	—	0.0	0.0	0.0	-20.0	0.0	-50.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	40.0	0.0	0.0
Dividends and Interest Income Received	0.1	1.3	-0.3	0.4	0.3	1.1	-0.0	0.2	0.2	0.6	0.7	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-44.9	11.2	-10.3	15.9	-5.2	-4.8	-5.5	0.1	-21.3	30.5	-49.2	0.5
Proceeds from Equity Issuance and Capital Contributions	12,119,880,000.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-12.7	-0.0	—	0.1	-0.1	-0.2	14.4	-14.5	0.0	-0.1	0.1	-12.1
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.6	-0.0	—	0.1	-0.1	-0.2	14.4	-14.5	0.0	-0.1	0.1	-12.1
Net Cash Flow During the Period	-40.6	9.6	10.7	14.9	5.9	2.5	2.1	-6.9	-20.7	-2.4	5.2	-4.0
Cash and Cash Equivalents at Beginning of Period	74.6	65.0	54.2	28.7	22.8	43.5	43.5	43.5	43.5	29.6	29.6	29.6
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	34.0	74.6	65.0	54.2	28.7	20.4	18.0	15.9	22.8	43.5	45.9	40.7

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GIC

What Is Changing

Drivers of GIC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▼

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow