HSV

Tập đoàn HSV Việt Nam ·UPCOM ·2026Q1

● Maintaining

Price

4,400

Latest close

02 Jun 2026

P/E 17.49x

P/B 0.41x

EPS 252

BVPS 10,695

ROE 1.8%

ROA 0.8%

Profit Margin 0.3%

Asset Turnover 3.04x

Equity Mult. 2.27x

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

What Is Changing

On a TTM 2026Q1 basis, HSV posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,739bn
	                                
+65.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
+5.9%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -24.60x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	1,616.0	918.6	683.4	755.4	401.6
Growth	+76%	+34%	-10%	+88%	—
Net Income	4.4	4.0	3.6	3.4	6.7
Net Margin	0.27%	0.44%	0.53%	0.44%	1.67%

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	412.3	480.4	382.3	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1
Growth	-14%	+26%	-18%	+60%	+19%	-6%	+1%	+62%	-12%	+49%	-20%	—
Net Income	1.2	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9
Net Margin	0.30%	0.11%	0.23%	0.41%	0.39%	0.73%	0.35%	0.19%	0.56%	0.37%	1.14%	0.57%

Drivers of HSV's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 4.2bn

Gross profit ↑ 2.4bn

Other profit ↑ 1.3bn

Selling expenses ↓ 0.1bn

Finance costs ↑ 7.4bn

Administrative expenses ↑ 0.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 1.1bn

Financial income ↑ 0.6bn

Administrative expenses ↓ 0.0bn

Tax ↓ 0.0bn

Finance costs ↑ 1.5bn

Selling expenses ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 2.5% = 0.4% × 2.83 × 2.15

2026Q1 1.8% = 0.3% × 3.04 × 2.27

ROE fell from 2.5% to 1.8% — net margin weakened the most, though asset turnover and leverage still provided support.

Net margin: 0.3% -0.1pp Asset turnover: 3.04x +0.21x Leverage: 2.27x +0.12x

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 stands at 0.26%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.26% −0.1pp

Gross Margin 1.32% −0.6pp

SG&A / Revenue 0.47% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 0.78%, falling 0.6pp. That translates to 0.78 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.2pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 163bn.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

Watchpoints

ROIC remains low

ROIC is currently 0.78% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 0.78% −0.6pp

NOPAT Margin 0.23% −0.2pp

Capital Turnover 3.37x +0.40x

Average Invested Capital 516.4bn +162.6bn

Balance Sheet

Capital structure is balanced — liabilities at 2.25x equity, net debt at 0.99x equity.

Inventory ended the period at 77.1bn, roughly 13.4% of total assets.

Over the last 12 months, working capital absorbed 112.4bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −180.0bn

Inventories decreased → higher CFO: +25.8bn

Payables increased → higher CFO: +41.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 15.4 days versus the same period last year. The main moves came from DIO fell 11.9 days, DSO rose 0.2 days, and DPO rose 3.8 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

DSO increased by +0.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 37.9 days +0.2 days

Inventory 14.4 days −11.9 days

Payables 4.6 days +3.8 days

Cash Conversion Cycle 47.7 days −15.4 days

Is financial risk significant?

Leverage is safe but FCF is negative at 179.9bn due to capex of 67.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.99x and interest coverage only at 0.28x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 11.3% of debt, and total debt stands at 367.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.28x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.99x −0.18x

Interest Coverage 0.28x −0.30x

Cash / Debt 11.3% +3.9pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -24.60x −12.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -31.4bn in 2025, against investing cash flow of -110.1bn.

Post-investment cash flow was negative +141.5bn. Financing cash flow was positive +156.5bn.

CFO / net income was -24.60x.

After spending +67.7bn on fixed-asset investment, the business generated trailing free cash flow of −179.9bn.

Cash Conversion

CFO TTM 112.2bn −60.4bn

Cash Capex 67.7bn —

FCF TTM −179.9bn —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at -24.60x. The main risk still sits in capital efficiency remains weak, with ROIC at 0.8%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -24.60x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,616.1	918.6	683.4	758.2	401.7
Revenue Deductions	0.0	0.0	0.0	2.8	0.0
Net Revenue	1,616.0	918.6	683.4	755.4	401.6
Cost of Goods Sold	1,594.1	897.0	656.6	735.4	0.0
Gross Profit	21.9	21.6	26.8	20.0	16.5
Financial Income	7.7	4.0	3.7	3.0	0.4
Financial Expenses	16.6	11.0	13.0	6.3	-1.9
Interest Expense	16.6	10.5	13.0	6.3	-1.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	1.1	1.4	3.9	3.0	-1.6
General and Administrative Expenses	7.1	7.0	8.7	10.3	-5.0
Operating Profit	4.9	6.2	4.9	3.4	8.4
Other Income	0.7	0.6	0.0	1.5	0.0
Other Expenses	0.1	1.7	0.1	0.1	0.0
Other Profit	0.7	-1.1	-0.1	1.5	-0.0
Profit Before Tax	5.6	5.1	4.8	4.8	8.4
Current Income Tax Expense	1.1	1.0	1.1	1.5	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	4.4	4.0	3.6	3.4	6.7
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.4	4.0	3.6	3.4	6.7
Earnings per Share	280.00	255.00	231.00	221.00	446.70
Diluted EPS	280.00	254.91	230.51	212.94	446.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	477.9	379.2	247.9	306.4	164.8
I. Cash and cash equivalents	48.8	33.8	21.9	47.9	13.7
1. Cash	13.1	4.3	1.9	8.7	0.0
2. Cash equivalents	35.6	29.5	20.0	39.2	0.0
II. Short-term financial investments	92.4	56.6	0.0	23.0	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	92.4	56.6	0.0	23.0	0.0
III. Short-term receivables	259.5	226.7	168.4	161.9	93.8
1. Short-term trade accounts receivable	184.5	126.2	85.8	93.1	0.0
2. Short-term prepayments to suppliers	78.9	95.5	70.2	70.5	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	—	0.0	15.0	0.0	0.0
6. Other short-term receivables	1.4	9.5	0.9	0.7	0.0
7. Provision for short-term doubtful debts (*)	-5.3	-4.4	-3.6	-2.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	77.1	61.8	57.2	71.7	36.4
1. Inventories	77.1	61.8	57.2	73.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	-1.8	0.0
V. Other short-term assets	0.1	0.2	0.4	1.9	0.8
1. Short-term prepayments	0.1	0.2	0.4	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	1.8	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)	99.1	24.7	79.8	30.4	35.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	22.1	24.5	79.5	29.8	23.1
1. Tangible fixed assets	12.1	14.4	19.4	19.3	12.3
- Cost	23.5	23.2	25.7	23.0	0.0
- Accumulated depreciation	-11.3	-8.8	-6.4	-3.7	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	9.9	10.1	60.1	10.5	10.7
- Cost	10.7	10.7	60.5	10.7	0.0
- Accumulated depreciation	-0.8	-0.6	-0.4	-0.2	0.0
III. Investment properties	36.9	0.0	0.0	0.0	0.0
- Cost	36.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	40.0	0.0	0.0	0.0	12.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	40.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	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	0.2	0.2	0.3	0.6	0.0
1. Long-term prepayments	0.2	0.2	0.3	0.6	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	0.2
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)	577.0	403.9	327.7	336.8	200.1
A. LIABILITIES (300=210+330)	399.3	230.6	158.3	171.0	37.7
I. Short -term liabilities	399.3	230.6	158.3	171.0	37.7
1. Short-term trade accounts payable	8.1	0.0	6.3	1.5	0.3
2. Short-term advances from customers	4.2	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.4	1.6	1.3	0.9	0.0
4. Payable to employees	—	0.0	0.4	0.6	0.0
5. Short-term acrrued expenses	0.3	0.2	0.2	0.2	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	—	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	385.3	228.8	150.0	167.8	36.5
11. Provision for short-term liabilities	—	0.0	0.0	0.1	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	—	0.0	0.0	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	—	0.0	0.0	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)	177.7	173.2	169.4	165.8	162.4
I. Owner's equity	177.7	173.2	169.4	165.8	0.0
1. Owner's capital	157.5	157.5	157.5	157.5	162.4
- Common stock with voting right	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	150,000,000,000.00
- 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	—	0.0	0.0	0.0	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	20.2	15.7	11.9	8.3	12.4
- Accumulated retained earning at the end of the previous period	15.7	11.7	8.3	4.9	4.5
- Undistributed earnings in this period	4.4	4.0	3.6	3.4	7.9
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)	577.0	403.9	327.7	336.8	200.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	5.6	5.1	4.8	4.8	8.4
Depreciation of Fixed Assets and Investment Property	2.7	2.9	3.0	2.0	0.9
Provision (Increase)/Reversal	0.9	0.9	-0.7	4.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.2	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-7.6	-2.5	-3.4	-4.5	0.0
Interest Expense	16.6	10.5	13.0	6.3	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	18.0	16.7	16.5	12.9	10.8
Increase/(Decrease) in Receivables	-28.8	-65.4	9.4	-71.3	0.0
Increase/(Decrease) in Inventory	-15.3	-4.6	16.3	-37.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	12.0	-6.4	4.9	1.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.3	-0.0	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-16.5	-10.5	-13.0	-6.2	0.0
Corporate Income Tax Paid	-1.0	-1.3	-0.9	-1.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-31.4	-71.2	33.2	-101.6	-64.5
Payments for Fixed Assets and Other Long-term Assets	-41.2	0.0	-53.1	-8.8	-18.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	42.3	0.4	1.5	0.0
Loans and Purchases of Debt Instruments	-392.7	-112.9	-90.0	-3.0	-21.4
Receipts from Loan Repayments and Sale of Debt Instruments	357.5	71.3	98.0	0.0	0.0
Investments in Other Entities	-40.0	0.0	-6.0	0.0	-12.0
Proceeds from Investments in Other Entities	—	0.0	6.2	13.2	0.0
Dividends and Interest Income Received	6.3	3.6	3.1	1.6	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	-110.1	4.3	-41.4	4.5	-50.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	100,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,064.6	624.8	483.1	383.3	112.5
Repayment of Borrowings	-908.1	-546.0	-500.9	-252.0	-92.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	156.5	78.8	-17.8	131.3	119.8
Net Cash Flow During the Period	15.0	11.9	-26.0	34.2	13.4
Cash and Cash Equivalents at Beginning of Period	33.8	21.9	47.9	13.7	7.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	48.8	33.8	21.9	47.9	13.7

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	412.3	480.4	382.4	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1
Revenue Deductions	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	412.3	480.4	382.3	463.7	289.6	244.1	258.6	257.1	158.8	180.8	121.2	152.1
Cost of Goods Sold	406.6	475.6	375.7	457.8	285.0	237.7	253.7	252.3	153.5	172.8	116.1	144.6
Gross Profit	5.7	4.8	6.6	6.0	4.6	6.4	4.9	4.8	5.3	8.0	5.2	7.4
Financial Income	2.0	2.7	1.8	1.9	1.4	1.5	0.6	0.7	0.6	0.7	0.7	1.8
Financial Expenses	4.2	5.1	4.7	4.0	2.7	3.0	2.1	2.8	2.7	3.9	2.0	3.7
Interest Expense	4.2	5.1	4.7	4.0	2.7	3.0	2.1	2.8	2.7	0.0	0.0	3.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.5	0.2	0.3	0.3	0.2	0.3	0.3	0.5	0.2	0.4	0.6	2.4
General and Administrative Expenses	1.5	1.5	2.2	1.8	1.5	1.9	1.4	1.7	1.9	3.3	1.6	2.1
Operating Profit	1.5	0.7	1.2	1.7	1.4	2.6	1.6	0.5	1.2	1.0	1.7	1.1
Other Income	—	0.0	0.0	0.7	—	0.5	0.0	0.1	0.0	0.4	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.8	0.4	0.0	0.0	0.5	0.0	0.0
Other Profit	-0.0	-0.0	-0.0	0.7	-0.0	-0.3	-0.4	0.1	-0.0	-0.1	0.0	-0.0
Profit Before Tax	1.5	0.7	1.2	2.4	1.4	2.3	1.2	0.7	1.2	0.9	1.7	1.1
Current Income Tax Expense	0.3	0.1	0.3	0.5	0.3	0.5	0.3	0.2	0.3	0.2	0.3	0.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.2	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.2	0.5	0.9	1.9	1.1	1.8	0.9	0.5	0.9	0.7	1.4	0.9
Earnings per Share	40.00	35.00	56.57	120.00	71.09	113.41	57.75	31.21	56.67	42.96	87.72	54.95
Diluted EPS	40.00	34.56	56.57	120.64	71.09	113.41	57.75	31.21	56.67	42.96	87.72	54.95

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)	619.5	474.2	475.7	425.1	376.2	379.2	316.6	268.5	262.6	248.1	238.9	296.9
I. Cash and cash equivalents	41.4	48.4	34.2	44.6	16.2	33.8	18.6	12.6	10.7	1.9	14.3	30.8
1. Cash	6.2	13.1	4.3	4.7	2.1	4.3	3.1	2.6	0.7	1.9	4.3	4.2
2. Cash equivalents	35.2	35.2	29.9	39.9	14.1	29.5	15.5	10.0	10.0	0.0	10.0	26.6
II. Short-term financial investments	119.8	92.8	113.8	83.2	60.0	56.6	18.7	26.3	7.5	20.0	0.0	19.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	7.6	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	119.8	92.8	113.8	83.2	60.0	56.6	18.7	18.7	7.5	20.0	0.0	19.0
III. Short-term receivables	403.3	255.9	230.0	217.0	218.9	226.7	215.8	171.7	175.7	168.3	164.6	190.3
1. Short-term trade accounts receivable	212.5	184.5	141.8	142.2	148.5	134.9	81.2	87.3	68.2	85.7	89.3	98.1
2. Short-term prepayments to suppliers	193.4	74.9	90.8	77.4	72.9	95.5	109.9	87.7	88.0	70.2	47.8	78.1
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	—	—	—	—	—	0.0	0.0	0.0	23.0	15.0	28.7	15.0
6. Other short-term receivables	2.8	1.4	2.7	2.0	2.0	0.8	29.1	0.4	0.5	0.9	1.2	1.5
7. Provision for short-term doubtful debts (*)	-5.3	-4.9	-5.3	-4.7	-4.4	-4.4	-4.4	-3.7	-4.0	-3.5	-2.4	-2.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	54.8	77.1	97.7	79.3	80.6	61.8	63.0	57.8	67.5	57.3	59.0	56.4
1. Inventories	54.8	77.1	97.7	79.3	80.6	61.8	63.0	57.8	67.5	57.3	59.0	56.4
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	0.2	0.0	0.1	0.9	0.5	0.3	0.4	0.1	1.2	0.7	1.0	0.4
1. Short-term prepayments	0.2	0.0	0.0	0.1	0.1	0.3	0.4	0.1	0.7	0.7	0.6	0.4
2. Value added tax to be reclaimed	—	—	0.1	0.8	0.4	0.0	0.0	0.0	0.5	0.0	0.4	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0	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	—	—	—	—	—	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)	125.0	103.1	81.1	81.7	23.9	25.1	76.8	78.5	78.9	79.5	81.1	36.3
I. Long-term receivables	—	—	—	—	—	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	—	—	—	—	—	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	47.9	22.1	22.5	23.1	23.8	24.8	76.5	78.0	78.7	79.5	80.7	30.3
1. Tangible fixed assets	38.1	12.1	12.5	13.1	13.7	14.7	16.5	17.9	18.7	69.1	21.8	19.8
- Cost	50.0	—	—	—	—	23.3	24.6	25.7	25.7	75.5	27.5	24.9
- Accumulated depreciation	-11.9	—	—	—	—	-8.6	-8.1	-7.8	-7.1	-6.4	-5.8	-5.0
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	9.9	9.9	10.0	10.0	10.1	10.1	59.9	60.0	60.1	10.3	59.0	10.4
- Cost	10.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	36.9	36.9	18.4	18.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	36.9	—	—	—	—	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	—	4.0	—	—	—	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	—	4.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	40.0	40.0	40.0	40.0	—	0.0	0.0	0.0	0.0	0.0	0.0	6.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	40.0	40.0	40.0	40.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	6.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.1	0.2	0.2	0.1	0.2	0.2	0.3	0.5	0.2	0.0	0.3	0.1
1. Long-term prepayments	0.1	0.2	0.2	0.1	0.2	0.2	0.3	0.5	0.2	0.0	0.3	0.1
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)	744.5	577.3	556.8	506.8	400.1	404.3	393.3	347.0	341.5	327.6	320.0	333.2
A. LIABILITIES (300=210+330)	415.6	399.6	379.7	330.5	225.8	231.0	221.6	176.2	171.2	158.1	151.2	165.8
I. Short -term liabilities	415.6	399.6	379.7	330.5	225.8	231.0	221.6	176.2	171.2	158.1	151.2	165.8
1. Short-term trade accounts payable	38.7	8.1	13.3	6.0	4.2	0.0	21.0	0.0	0.2	6.3	0.3	6.4
2. Short-term advances from customers	7.8	4.2	2.9	—	—	0.0	0.0	0.0	0.0	0.0	0.9	3.2
3. Taxes and other payables to state authorities	1.5	1.5	1.1	0.8	1.6	1.8	0.7	1.1	0.9	1.3	0.9	0.6
4. Payable to employees	0.2	0.2	—	—	—	0.2	0.0	0.2	0.1	0.3	0.0	0.2
5. Short-term acrrued expenses	—	0.3	0.3	0.2	—	0.2	0.0	0.0	0.0	0.2	0.0	1.9
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	—	—	—	—	0.0	0.0	0.0	2.5	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	367.3	385.3	362.1	323.5	219.9	228.8	199.9	172.4	170.0	150.0	149.1	153.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	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)	328.9	177.7	177.2	176.3	174.4	173.3	171.7	170.8	170.3	169.5	168.8	167.4
I. Owner's equity	328.9	177.7	177.2	176.3	174.4	173.3	171.7	170.8	170.3	169.5	168.8	167.4
1. Owner's capital	307.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5	157.5
- Common stock with voting right	307,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00	157,499,940,000.00
- 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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	21.4	20.2	19.7	18.8	16.9	15.8	14.2	13.3	12.8	12.0	11.3	9.9
- Accumulated retained earning at the end of the previous period	20.2	15.7	15.7	15.7	15.7	11.7	11.9	11.9	11.9	8.3	8.3	8.3
- Undistributed earnings in this period	1.2	4.5	3.9	3.0	1.1	4.1	2.3	1.4	0.9	3.7	3.1	1.7
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)	744.5	577.3	556.8	506.8	400.1	404.3	393.3	347.0	341.5	327.6	320.0	333.2

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
Profit Before Tax	1.5	0.5	1.2	2.4	1.4	4.1	-0.6	0.6	1.2	0.8	1.7	1.2
Depreciation of Fixed Assets and Investment Property	0.6	0.7	0.7	0.6	0.7	0.5	0.5	0.7	0.8	0.7	0.8	0.7
Provision (Increase)/Reversal	—	0.1	0.6	0.2	—	0.0	-0.5	1.0	0.4	1.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	—	-0.2	0.2	-0.2	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-2.0	-2.6	-1.8	-1.9	-1.4	1.1	-0.9	-0.9	-0.6	-0.5	-0.7	-1.8
Interest Expense	4.2	5.1	4.7	4.0	2.7	3.0	2.7	2.5	2.7	4.0	2.0	3.7
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	4.3	3.8	5.4	5.4	3.5	8.5	1.4	3.8	4.4	6.1	3.8	3.8
Increase/(Decrease) in Receivables	-143.9	-24.7	-14.0	2.5	7.3	-39.3	-15.9	-18.4	-0.6	10.7	9.6	2.8
Increase/(Decrease) in Inventory	22.3	20.6	-18.3	1.3	-18.8	1.2	-5.2	9.6	-10.2	-6.4	5.6	0.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	34.0	-3.6	18.9	-7.5	4.2	-20.2	21.0	-0.3	-6.7	4.7	-9.3	7.4
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.1	-0.0	0.5	-0.3	0.1	0.2	0.1	-0.2	0.3	-0.5	0.3
Changes in Trading Securities	—	—	—	—	—	0.0	8.1	-8.1	0.0	0.0	0.0	0.0
Interest Paid	-4.2	-5.1	-4.7	-4.0	-2.7	17.3	-1.6	-2.4	-2.8	-2.9	-3.1	-3.7
Corporate Income Tax Paid	—	0.0	0.0	-1.0	—	-0.2	-0.6	0.0	-0.5	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	51.6	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-0.0	—	—	-55.9	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-87.5	-9.2	-12.7	-2.9	-6.7	-36.9	7.4	-15.6	-16.7	12.4	6.1	11.4
Payments for Fixed Assets and Other Long-term Assets	-26.5	-22.7	-0.0	-18.4	—	0.0	0.0	0.0	0.0	-50.7	-0.5	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	8.7	—	51.7	0.6	0.0	0.0	0.4	0.0	0.0
Loans and Purchases of Debt Instruments	-43.5	-299.8	74.9	-164.5	-3.4	36.4	-74.3	-34.5	-38.0	-16.3	-31.7	-31.4
Receipts from Loan Repayments and Sale of Debt Instruments	16.2	321.7	-105.9	141.7	—	-47.2	47.2	46.3	22.5	60.0	6.9	31.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-6.0
Proceeds from Investments in Other Entities	—	—	-40.0	—	—	0.0	0.0	0.0	0.0	0.2	6.0	0.0
Dividends and Interest Income Received	2.0	1.2	3.3	0.3	1.4	1.7	0.4	1.0	1.0	1.6	0.2	1.0
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	-51.8	0.5	-36.3	-72.3	-2.0	42.7	-26.1	12.8	-14.5	-4.8	-19.1	-6.2
Proceeds from Equity Issuance and Capital Contributions	150,000,000,000.00	—	—	—	—	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	314.9	328.7	296.5	282.5	156.9	171.5	165.5	125.5	162.4	119.3	113.7	129.7
Repayment of Borrowings	-333.0	-305.5	-257.9	-179.0	-165.8	-142.1	-141.0	-120.5	-142.4	-119.3	-117.2	-136.1
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	132.0	23.2	38.6	103.6	-8.9	29.4	24.5	5.0	20.0	0.0	-3.5	-6.4
Net Cash Flow During the Period	-7.3	14.5	-10.4	28.4	-17.6	35.2	5.8	2.1	-11.2	7.6	-16.5	-1.1
Cash and Cash Equivalents at Beginning of Period	48.8	34.2	44.6	16.2	33.8	1.9	21.9	21.9	21.9	47.9	47.9	47.9
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	41.4	48.8	34.2	44.6	16.2	33.8	18.6	12.8	10.7	21.9	14.3	30.8

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HSV

What Is Changing

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Is capital being deployed efficiently? ▼

Balance Sheet ●

Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow