INC

Tư vấn Đầu tư IDICO ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 6.21%, +4.85pp YoY

Price

13,000

Latest close

04 May 2026

P/E 17.38x

P/B 1.14x

EPS 748

BVPS 11,441

ROE 5.5%

ROA 4.1%

Profit Margin 6.2%

Asset Turnover 0.66x

Equity Mult. 1.35x

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

What Is Changing

On a TTM 2026Q1 basis, INC has not accelerated revenue sharply, but profitability is improving visibly — the growth momentum has held across consecutive periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 27bn
	                                
+16.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+432.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	25.8	21.5	24.7	27.1	24.2
Growth	+20%	-13%	-9%	+12%	—
Net Income	1.5	0.3	2.0	2.7	2.6
Net Margin	5.61%	1.33%	8.17%	9.90%	10.74%

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	5.6	7.2	6.1	7.7	4.9	8.0	5.8	4.1	3.6	7.1	5.4	7.9
Growth	-22%	+18%	-20%	+57%	-39%	+38%	+42%	+14%	-50%	+31%	-32%	—
Net Income	0.4	0.2	0.4	0.6	0.2	0.0	0.0	0.1	0.2	0.7	0.3	0.8
Net Margin	7.08%	3.26%	6.58%	8.06%	4.01%	0.40%	0.55%	1.23%	4.81%	9.58%	5.56%	9.99%

Drivers of INC's profit

TTM

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

Gross profit ↑ 2.5bn

Financial income ↑ 0.2bn

Administrative expenses ↑ 1.2bn

Tax ↑ 0.1bn

TTM

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

Gross profit ↑ 0.5bn

Administrative expenses ↑ 0.2bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 1.4% × 0.62 × 1.53

2026Q1 5.5% = 6.2% × 0.66 × 1.35

ROE rose from 1.3% to 5.5% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 6.2% +4.9pp Asset turnover: 0.66x +0.03x Leverage: 1.35x -0.18x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 6.21%, rising 4.9pp. Core operating signals are improving as Gross margin rose 6.0pp are enough to offset pressure from SG&A / Revenue rose 1.9pp (with additional support from Net financial result / Revenue rose 0.7pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 6.21% +4.9pp

Gross Margin 29.06% +6.0pp

SG&A / Revenue 21.28% +1.9pp

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 6.15% +4.7pp

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 0.29x equity, with a net cash position equivalent to 0.42x equity.

Inventory ended the period at 12.7bn, roughly 27.2% of total assets.

Over the last 12 months, working capital released 0.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +3.3bn

Inventories decreased → higher CFO: +0.5bn

Payables decreased → lower CFO: −3.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 84.1 days versus the same period last year. The main moves came from DIO fell 38.5 days, DSO fell 75.2 days, and DPO fell 29.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 364.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 143.9 days −75.2 days

Inventory 253.0 days −38.5 days

Payables 32.1 days −29.6 days

Cash Conversion Cycle 364.9 days −84.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 4.6bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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 -0.42x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.69x −13.28x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 4.6bn in 2025, against investing cash flow of 0.1bn.

Post-investment cash flow was positive +4.7bn. Financing cash flow was positive +9.3bn.

CFO / net income was 1.69x.

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 2.8bn −1.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods. The residual risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 365 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.21% after expanding 4.9pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 364.9 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	25.8	21.5	24.7	27.1	24.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	25.8	21.5	24.7	27.1	24.2
Cost of Goods Sold	18.6	16.3	17.3	17.9	0.0
Gross Profit	7.2	5.2	7.4	9.2	9.1
Financial Income	0.2	0.0	0.1	0.1	0.0
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	5.4	4.4	5.0	6.0	-5.8
Operating Profit	2.0	0.8	2.5	3.3	3.3
Other Income	—	0.0	0.1	0.0	0.0
Other Expenses	—	0.1	0.0	0.0	0.0
Other Profit	—	-0.1	0.1	0.0	0.0
Profit Before Tax	2.0	0.8	2.5	3.4	3.3
Current Income Tax Expense	0.6	0.5	0.5	0.7	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.5	0.3	2.0	2.7	2.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.5	0.3	2.0	2.7	2.6
Earnings per Share	706.00	144.00	1,008.00	1,342.00	1,241.00
Diluted EPS	706.00	144.00	1,008.17	1,341.77	1,301.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	41.2	30.6	30.8	29.5	28.8
I. Cash and cash equivalents	18.2	4.1	3.1	2.6	5.2
1. Cash	13.3	1.1	3.1	0.6	0.0
2. Cash equivalents	4.9	3.0	0.0	2.0	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	10.3	12.9	13.6	12.2	7.6
1. Short-term trade accounts receivable	10.1	13.2	14.3	12.9	0.0
2. Short-term prepayments to suppliers	0.6	0.3	0.4	0.2	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	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.4	0.4	0.5	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-1.0	-1.5	-1.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	12.7	13.6	14.1	14.6	15.9
1. Inventories	13.2	13.6	14.1	14.6	0.0
2. Provision for decline in value of inventories	-0.5	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	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)	5.7	5.9	6.3	6.9	7.4
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	5.6	5.9	6.3	6.8	7.3
1. Tangible fixed assets	3.2	3.5	3.9	4.4	4.9
- Cost	8.6	8.5	8.4	8.4	0.0
- Accumulated depreciation	-5.4	-5.0	-4.6	-4.0	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	2.4	2.4	2.4	2.4	2.4
- Cost	4.9	4.9	4.9	4.9	0.0
- Accumulated depreciation	-2.5	-2.5	-2.5	-2.5	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	—	0.0	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	—	0.0	0.0	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	—	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	0.1	0.0	0.0	0.1	0.0
1. Long-term prepayments	0.1	0.0	0.0	0.1	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	0.1
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)	46.9	36.5	37.1	36.3	36.2
A. LIABILITIES (300=210+330)	10.6	13.5	12.7	10.8	10.2
I. Short -term liabilities	10.6	13.5	12.7	10.8	10.2
1. Short-term trade accounts payable	1.1	3.8	4.1	2.7	2.1
2. Short-term advances from customers	4.9	2.7	2.6	3.3	2.4
3. Taxes and other payables to state authorities	0.7	1.2	0.8	0.9	0.0
4. Payable to employees	1.4	0.9	1.0	1.0	0.0
5. Short-term acrrued expenses	0.4	0.1	0.1	0.0	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	2.0	4.6	3.8	2.3	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	0.2	0.2	0.3	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	—	0.0	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)	36.2	23.0	24.4	25.5	25.9
I. Owner's equity	36.2	23.0	24.4	25.5	0.0
1. Owner's capital	32.0	20.0	20.0	20.0	25.9
- Common stock with voting right	32,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	1.4
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	4.2	2.7	4.1	5.2	2.6
- Accumulated retained earning at the end of the previous period	2.7	2.4	2.1	0.0	1.6
- Undistributed earnings in this period	1.5	0.3	2.0	5.2	1.0
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)	46.9	36.5	37.1	36.3	36.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	2.0	0.8	2.5	3.4	3.3
Depreciation of Fixed Assets and Investment Property	0.4	0.4	0.6	0.6	0.6
Provision (Increase)/Reversal	0.3	-0.5	0.1	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.0	-0.1	-0.1	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	2.5	0.7	3.1	3.7	4.2
Increase/(Decrease) in Receivables	2.8	1.2	-1.5	-4.5	0.0
Increase/(Decrease) in Inventory	0.4	0.5	0.5	1.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.0	-0.1	0.5	1.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	0.0	0.1	0.0	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	-0.9	-0.2	-0.5	-0.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.2	-0.5	-1.4	0.0
Net Cash Flow from Operating Activities	4.6	1.9	1.7	-0.5	4.7
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.0	0.0	-0.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	0.1	0.1	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	0.1	-0.0	0.1	0.0	-0.0
Proceeds from Equity Issuance and Capital Contributions	12,000,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.9	0.0	0.0	0.0
Repayment of Borrowings	—	-0.9	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.7	-0.9	-1.3	-2.2	-2.7
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	9.3	-0.9	-1.3	-2.2	-2.7
Net Cash Flow During the Period	14.0	1.0	0.5	-2.6	2.2
Cash and Cash Equivalents at Beginning of Period	4.1	3.1	2.6	5.2	3.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	18.2	4.1	3.1	2.6	5.2

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	5.6	7.2	6.1	7.7	4.9	8.0	5.8	4.1	3.6	7.1	5.4	7.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.6	7.2	6.1	7.7	4.9	8.0	5.8	4.1	3.6	7.1	5.4	7.9
Cost of Goods Sold	3.8	5.3	4.1	5.7	3.5	6.2	4.9	2.9	2.3	4.7	3.9	5.8
Gross Profit	1.8	1.9	2.0	1.9	1.3	1.8	0.9	1.2	1.3	2.4	1.5	2.1
Financial Income	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.4	1.6	1.6	1.0	1.1	1.3	0.9	1.1	1.1	1.5	1.2	1.2
Operating Profit	0.5	0.3	0.5	0.9	0.2	0.5	0.0	0.1	0.2	0.9	0.4	1.0
Other Income	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	—	—	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	0.5	0.3	0.5	0.9	0.2	0.5	0.0	0.1	0.2	0.9	0.4	1.0
Current Income Tax Expense	0.1	0.1	0.1	0.3	0.0	0.4	0.0	0.0	0.0	0.2	0.1	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.4	0.2	0.4	0.6	0.2	0.0	0.0	0.1	0.2	0.7	0.3	0.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.4	0.2	0.4	0.6	0.2	0.0	0.0	0.1	0.2	0.7	0.3	0.8
Earnings per Share	124.00	114.00	201.00	309.00	98.00	16.00	16.00	25.00	86.00	342.00	151.00	397.00
Diluted EPS	124.00	114.00	201.00	309.00	98.00	16.09	16.08	25.29	86.15	341.65	150.69	396.78

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)	38.8	41.2	33.5	30.2	30.7	30.6	33.4	31.7	30.6	30.8	30.5	30.2
I. Cash and cash equivalents	15.4	18.2	6.8	7.0	5.2	4.1	3.5	1.2	1.3	3.1	3.7	3.5
1. Cash	12.4	13.3	1.2	2.2	2.2	1.1	3.5	1.2	1.3	3.1	2.1	1.7
2. Cash equivalents	3.0	4.9	5.6	4.8	3.0	3.0	0.0	0.0	0.0	0.0	1.6	1.8
II. Short-term financial investments	2.0	—	—	—	—	0.0	0.0	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	2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	9.1	10.3	13.1	11.0	12.1	12.9	15.2	15.7	14.5	13.6	13.1	13.6
1. Short-term trade accounts receivable	8.9	10.1	13.1	10.7	12.0	13.2	15.6	16.5	15.4	14.3	13.9	14.2
2. Short-term prepayments to suppliers	0.6	0.6	0.4	0.7	0.7	0.3	0.3	0.3	0.3	0.4	0.4	0.4
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	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.4	0.4	0.4	0.5	0.4	0.5	0.4	0.4	0.4	0.4	0.5
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.8	-1.1	-1.0	-1.2	-1.5	-1.5	-1.5	-1.5	-1.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.2	12.7	13.6	12.1	13.3	13.6	14.7	14.8	14.7	14.1	13.7	13.1
1. Inventories	12.8	13.2	14.1	12.6	13.3	13.6	14.7	14.8	14.7	14.1	13.7	13.1
2. Provision for decline in value of inventories	-0.6	-0.5	-0.5	-0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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)	5.5	5.7	5.8	5.9	5.8	5.9	6.0	6.1	6.1	6.3	6.4	6.6
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	5.5	5.6	5.7	5.8	5.8	5.9	6.0	6.1	6.1	6.3	6.4	6.5
1. Tangible fixed assets	3.1	3.2	3.3	3.4	3.4	3.5	3.6	3.7	3.7	3.9	4.0	4.1
- Cost	8.6	—	—	—	—	8.5	8.5	8.5	8.4	8.4	8.4	8.4
- Accumulated depreciation	-5.5	—	—	—	—	-5.0	-4.9	-4.8	-4.7	-4.6	-4.4	-4.3
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	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4	2.4
- Cost	4.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.5	—	—	—	—	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	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	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	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	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.1	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	44.3	46.9	39.3	36.1	36.5	36.5	39.4	37.8	36.7	37.1	36.9	36.8
A. LIABILITIES (300=210+330)	7.7	10.6	15.1	12.3	13.3	13.5	14.9	13.3	12.2	12.7	10.2	10.3
I. Short -term liabilities	7.7	10.6	15.1	12.3	13.3	13.5	14.9	13.3	12.2	12.7	10.2	10.3
1. Short-term trade accounts payable	0.3	1.1	3.0	3.5	3.0	3.8	3.6	3.1	2.9	4.1	3.1	2.6
2. Short-term advances from customers	2.9	4.9	5.8	3.5	3.8	2.7	4.3	3.9	4.1	2.6	3.4	3.1
3. Dividends and profits payable	1.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.6	0.7	0.5	1.0	0.4	1.2	0.3	0.3	0.2	0.8	0.4	1.1
4. Payable to employees	1.3	1.4	0.9	1.0	1.0	0.9	1.0	1.0	0.9	1.0	1.0	1.0
5. Short-term acrrued expenses	0.4	0.4	2.0	0.5	0.2	0.1	1.2	0.1	0.1	0.1	0.1	0.1
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	0.3	2.0	2.8	2.7	4.7	4.6	3.6	3.8	3.7	3.8	2.0	2.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.6	0.9	0.0	0.0	0.0	0.0
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3	0.3	0.5
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)	36.6	36.2	24.2	23.8	23.2	23.0	24.5	24.5	24.6	24.4	26.7	26.4
I. Owner's equity	36.6	36.2	24.2	23.8	23.2	23.0	24.5	24.5	24.6	24.4	26.7	26.4
1. Owner's capital	32.0	32.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
- Common stock with voting right	32,000,000,000.00	32,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	4.6	4.2	3.9	3.5	2.9	2.7	4.3	4.3	4.3	4.1	6.4	6.2
- Accumulated retained earning at the end of the previous period	4.2	2.7	2.7	2.7	2.7	2.4	4.0	4.0	4.1	3.4	6.1	5.4
- Undistributed earnings in this period	0.4	1.5	1.2	0.8	0.2	0.3	0.3	0.2	0.2	0.7	0.3	0.8
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)	44.3	46.9	39.3	36.1	36.5	36.5	39.4	37.8	36.7	37.1	36.9	36.8

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	0.5	0.3	0.5	0.9	0.2	0.5	0.0	0.1	0.2	0.9	0.4	1.0
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	0.1	0.0	0.0	0.3	0.0	-0.2	-0.3	0.0	0.0	0.0	0.0	0.1
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	-0.0	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
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	0.7	0.4	0.5	1.2	0.3	0.4	-0.2	0.2	0.4	1.0	0.5	1.2
Increase/(Decrease) in Receivables	1.2	2.8	-2.1	1.4	0.7	2.6	0.8	-1.2	-1.0	-0.5	0.4	-2.4
Increase/(Decrease) in Inventory	0.4	0.9	-1.5	0.7	0.3	1.1	0.1	-0.1	-0.6	-0.5	-0.6	2.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.0	-4.0	3.1	0.7	0.2	-2.2	2.1	0.3	-0.3	0.6	0.2	0.5
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.0	-0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-0.1	-0.1	-0.3	-0.0	-0.4	-0.0	-0.0	-0.0	-0.2	-0.1	-0.2	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	-0.2	0.0	0.0	-0.2	-0.2
Net Cash Flow from Operating Activities	-0.8	0.0	-0.2	3.8	1.1	1.8	2.8	-1.1	-1.6	0.6	0.2	1.0
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	-0.1	—	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-2.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-2.0	0.1	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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	0.9	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	-0.6	-0.3	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	—	-0.7	0.0	-2.0	-0.0	-0.6	-0.2	0.0	-0.2	-1.2	0.0	-0.1
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	—	11.3	0.0	-2.0	-0.0	-1.2	-0.5	0.9	-0.2	-1.2	0.0	-0.1
Net Cash Flow During the Period	-2.7	11.4	-0.2	1.8	1.1	0.6	2.3	-0.2	-1.8	-0.6	0.2	0.9
Cash and Cash Equivalents at Beginning of Period	18.2	6.8	7.0	5.2	4.1	3.1	3.1	3.1	3.1	2.6	2.6	2.6
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	15.4	18.2	6.8	7.0	5.2	4.1	3.5	1.2	1.3	3.1	3.7	3.5

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INC

What Is Changing

Drivers of INC'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 ▲▲

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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