LPT

Thương mại và Sản xuất Lập Phương Thành ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 5.34%, +5.04pp YoY

Price

7,800

Latest close

01 Jun 2026

P/E 5.03x

P/B 0.58x

EPS 1,552

BVPS 13,337

ROE 11.9%

ROA 9.3%

Profit Margin 5.3%

Asset Turnover 1.74x

Equity Mult. 1.28x

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

What Is Changing

On a TTM 2026Q1 basis, LPT has not accelerated revenue sharply, but profitability is improving visibly — profit momentum has been slowing 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 349bn
	                                
+8.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 19bn
	                                
+1887.0%YoY

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	113.3	78.3	74.1	83.2	81.1	72.7	71.8	95.3	132.3	87.5	44.4	141.4
Growth	+45%	+6%	-11%	+3%	+12%	+1%	-25%	-28%	+51%	+97%	-69%	—
Net Income	6.4	8.0	3.9	0.3	-3.1	-2.3	1.8	4.6	11.2	7.2	-0.6	-0.2
Net Margin	5.64%	10.21%	5.31%	0.37%	-3.88%	-3.15%	2.49%	4.81%	8.44%	8.24%	-1.33%	-0.11%

Drivers of LPT's profit

TTM

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

Gross profit ↑ 14.5bn

Other profit ↑ 1.8bn

TTM

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

Gross profit ↑ 10.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 0.6% = 0.3% × 1.32 × 1.58

2026Q1 11.9% = 5.3% × 1.74 × 1.28

ROE rose from 0.6% to 11.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 5.3% +5.0pp Asset turnover: 1.74x +0.42x Leverage: 1.28x -0.30x

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 5.34%, rising 5.0pp. The main driver is Gross margin rose 3.8pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (with additional support from Other profit / Revenue rose 0.6pp).

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

Profitability trend

Net Margin 5.34% +5.0pp

Gross Margin 8.43% +3.8pp

SG&A / Revenue 2.38% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.14x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 80.4bn, roughly 45.9% of total assets.

Over the last 12 months, working capital absorbed 12.6bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −17.9bn

Inventories increased → lower CFO: −1.3bn

Payables increased → higher CFO: +6.6bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO fell 5.2 days, DSO fell 47.9 days, and DPO fell 55.3 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 143.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 84.2 days −47.9 days

Inventory 93.3 days −5.2 days

Payables 33.9 days −55.3 days

Cash Conversion Cycle 143.6 days +2.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 14.3bn.

Leverage & Liquidity

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

At present, short-term debt accounts for 16.7% of total debt, cash equals 425.1% of debt, and total debt stands at 0.9bn.

Leverage and liquidity trend

Net Debt / Equity -0.02x —

Interest Coverage — —

Cash / Debt 425.1% —

Short-term Debt / Total Debt 16.7% —

CFO / NI 0.68x −5.84x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 14.3bn in 2025, against investing cash flow of -3.8bn.

Post-investment cash flow was positive +10.5bn. Financing cash flow was negative +11.0bn.

CFO / net income was 0.68x.

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 12.6bn +6.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 5.0 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 144 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.34% after expanding 5.0pp versus the same period last year.

Watchpoint: Cash generation still needs confirmation.

Key risk: working capital remains tied up for too long, with cash cycle at 143.6 days.

Statement Data

Item	2025	2024	2023	2022
Revenue	316.8	372.1	346.8	235.4
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	316.8	372.1	346.8	235.4
Cost of Goods Sold	298.1	343.3	336.1	214.2
Gross Profit	18.6	28.8	10.7	21.3
Financial Income	0.3	0.0	0.7	0.2
Financial Expenses	0.0	0.2	0.6	0.8
Interest Expense	0.0	0.2	0.6	0.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	1.2	1.7	1.8	3.4
General and Administrative Expenses	7.4	7.6	5.4	6.5
Operating Profit	10.3	19.2	3.5	10.9
Other Income	0.1	0.1	0.5	0.1
Other Expenses	0.0	1.6	0.1	0.0
Other Profit	0.1	-1.5	0.4	0.0
Profit Before Tax	10.4	17.8	3.9	10.9
Current Income Tax Expense	1.3	3.6	0.8	1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	9.1	14.2	3.1	9.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	9.1	14.2	3.1	9.6
Earnings per Share	759.00	1,180.00	259.00	907.00
Diluted EPS	759.00	1,180.00	259.00	907.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	148.9	154.7	254.0	127.3
I. Cash and cash equivalents	1.9	2.4	1.5	21.9
1. Cash	1.9	2.4	1.5	21.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	1.0	1.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	1.0	1.0	0.0	0.0
III. Short-term receivables	59.8	60.9	165.4	97.7
1. Short-term trade accounts receivable	59.6	58.2	159.4	97.5
2. Short-term prepayments to suppliers	0.3	0.3	6.1	0.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.0	2.6	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	-0.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	80.4	81.7	79.0	6.6
1. Inventories	80.4	81.7	79.0	6.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	5.7	8.7	8.1	1.1
1. Short-term prepayments	0.2	0.2	0.1	0.1
2. Value added tax to be reclaimed	5.5	8.5	8.0	1.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26.4	28.2	29.2	39.2
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	20.9	22.8	26.9	35.9
1. Tangible fixed assets	20.1	21.9	25.9	34.7
- Cost	80.7	80.1	79.4	90.5
- Accumulated depreciation	-60.7	-58.2	-53.6	-55.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	0.8	0.9	1.0	1.1
- Cost	2.3	2.3	2.3	2.3
- Accumulated depreciation	-1.5	-1.4	-1.3	-1.2
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	0.2	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	0.2	0.0	0.0	0.0
V. Long-term financial investments	3.8	3.8	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	3.8	3.8	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	1.6	1.7	2.3	3.4
1. Long-term prepayments	1.6	1.7	2.3	3.4
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	175.3	182.9	283.2	166.5
A. LIABILITIES (300=210+330)	21.6	26.2	140.5	20.8
I. Short -term liabilities	20.8	26.2	139.0	17.1
1. Short-term trade accounts payable	7.2	15.0	124.9	5.6
2. Short-term advances from customers	—	0.0	10.8	7.3
3. Taxes and other payables to state authorities	1.7	4.4	0.8	0.4
4. Payable to employees	—	0.0	0.0	1.3
5. Short-term acrrued expenses	—	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	10.7	6.7	0.0	0.0
9. Other short-term payables	1.0	0.2	0.4	0.3
10. Short-term borrowings and financial leases	0.2	0.0	2.2	2.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.0	1.5	3.7
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.8	0.0	1.5	3.7
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	153.7	156.7	142.7	145.7
I. Owner's equity	153.7	156.7	142.7	145.7
1. Owner's capital	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	2.6	2.6	2.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	31.2	34.2	20.3	25.9
- Accumulated retained earning at the end of the previous period	22.1	20.1	17.1	16.3
- Undistributed earnings in this period	9.1	14.2	3.1	9.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	175.3	182.9	283.2	166.5

Item	2025	2024	2023	2022
Profit Before Tax	10.4	17.8	3.9	10.9
Depreciation of Fixed Assets and Investment Property	5.8	5.9	6.3	7.2
Provision (Increase)/Reversal	—	0.0	-0.1	0.2
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.1	-1.1	-0.2
Interest Expense	0.0	0.2	0.6	0.8
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.1	23.9	9.6	18.8
Increase/(Decrease) in Receivables	4.3	104.1	-74.3	-40.3
Increase/(Decrease) in Inventory	1.3	-2.7	-72.3	-1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.8	-113.7	120.9	-10.2
Increase/(Decrease) in Prepaid Expenses	0.1	0.4	1.1	-3.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.0	-0.2	-0.6	-0.8
Corporate Income Tax Paid	-2.6	-1.4	-0.4	-1.5
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	14.3	10.4	-16.0	-38.0
Payments for Fixed Assets and Other Long-term Assets	-3.9	-1.3	-1.5	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.3	4.7	0.0
Loans and Purchases of Debt Instruments	—	-1.0	-11.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	11.0	0.0
Investments in Other Entities	—	-3.8	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.7	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-3.8	-5.8	3.8	-2.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	39,850,300,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1.1	0.0	0.0	0.0
Repayment of Borrowings	-0.1	-3.7	-2.2	-2.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-12.0	0.0	-6.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.0	-3.7	-8.2	37.6
Net Cash Flow During the Period	-0.5	0.9	-20.4	-2.6
Cash and Cash Equivalents at Beginning of Period	2.4	1.5	21.9	24.5
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.9	2.4	1.5	21.9

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	113.3	78.3	74.1	83.2	81.1	72.7	71.8	95.3	132.9	87.5	44.4	141.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.6	0.0	0.0	0.0
Net Revenue	113.3	78.3	74.1	83.2	81.1	72.7	71.8	95.3	132.3	87.5	44.4	141.4
Cost of Goods Sold	103.2	66.6	68.2	81.4	81.9	71.0	67.4	85.7	119.1	77.0	43.5	140.1
Gross Profit	10.1	11.7	5.9	1.8	-0.7	1.6	4.4	9.6	13.2	10.4	0.9	1.3
Financial Income	0.0	0.0	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.4
Financial Expenses	0.0	0.0	0.0	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.2
Interest Expense	0.0	0.0	0.0	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.3	0.2	0.4	0.4	0.4	0.3	0.7	0.4	0.5	0.8
General and Administrative Expenses	1.8	2.3	1.4	1.6	2.0	2.0	1.8	2.4	1.4	1.8	1.1	1.0
Operating Profit	7.9	9.0	4.2	0.2	-3.1	-0.7	2.1	6.8	11.1	8.1	-0.6	-0.3
Other Income	0.1	0.0	0.1	0.1	—	0.0	0.0	0.0	0.2	0.1	0.1	0.2
Other Expenses	0.0	0.0	0.0	0.0	0.0	1.6	0.0	0.0	0.1	0.0	0.1	0.0
Other Profit	0.1	0.0	0.1	0.1	-0.0	-1.6	0.0	-0.0	0.1	0.1	0.0	0.2
Profit Before Tax	8.0	9.0	4.2	0.3	-3.1	-2.3	2.1	6.8	11.2	8.2	-0.6	-0.2
Current Income Tax Expense	1.6	1.0	0.3	—	—	0.0	0.3	2.2	0.0	1.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.4	8.0	3.9	0.3	-3.1	-2.3	1.8	4.6	11.2	7.2	-0.6	-0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.4	8.0	3.9	0.3	-3.1	-2.3	1.8	4.6	11.2	7.2	-0.6	-0.2
Earnings per Share	532.68	666.03	327.68	25.33	-262.14	-190.46	149.09	381.61	930.54	600.91	-49.05	-12.58
Diluted EPS	532.68	666.03	327.68	25.33	-262.14	-190.46	149.09	381.61	930.54	600.91	-49.05	-12.58

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)	184.1	148.9	151.1	150.6	165.5	153.8	157.2	167.5	264.2	254.1	172.1	174.6
I. Cash and cash equivalents	4.0	1.9	5.6	2.2	6.0	2.4	1.4	0.8	8.0	1.5	6.7	0.8
1. Cash	4.0	1.9	5.6	2.2	6.0	2.4	1.4	0.8	8.0	1.5	6.7	0.8
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1.0	1.0	1.0	1.0	1.0	1.0	1.0	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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	92.8	59.8	55.1	57.6	68.7	59.9	60.0	73.6	163.8	165.6	163.0	171.9
1. Short-term trade accounts receivable	92.5	59.6	54.8	57.3	68.5	58.2	59.7	73.2	163.8	159.4	162.7	151.6
2. Short-term prepayments to suppliers	0.4	0.3	0.3	0.3	0.2	0.3	0.3	0.3	0.2	6.2	0.4	1.9
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	11.0
6. Other short-term receivables	0.0	0.0	0.2	0.2	0.2	1.7	0.1	0.3	0.0	0.0	0.0	7.5
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	82.3	80.4	80.8	81.1	81.0	81.7	86.2	84.6	84.2	79.0	2.2	1.6
1. Inventories	82.3	80.4	80.8	81.1	81.0	81.7	86.2	84.6	84.2	79.0	2.2	1.6
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	4.0	5.7	8.7	8.7	8.8	8.8	8.7	8.4	8.2	8.1	0.2	0.3
1. Short-term prepayments	0.2	0.2	0.2	0.1	0.2	0.3	0.1	0.1	0.0	0.1	0.0	0.0
2. Value added tax to be reclaimed	3.8	5.5	8.5	8.6	8.6	8.5	8.6	8.4	8.2	8.0	0.2	0.3
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)	24.9	26.4	26.9	27.2	26.4	28.2	29.6	31.5	28.6	29.2	30.8	32.8
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	19.5	20.9	21.1	22.3	21.3	22.8	24.3	25.7	26.7	26.9	28.3	29.9
1. Tangible fixed assets	18.7	20.1	20.2	21.4	20.4	21.9	23.3	24.8	25.7	25.9	27.3	28.9
- Cost	78.4	—	—	—	—	80.1	80.1	80.1	79.5	79.4	80.4	81.3
- Accumulated depreciation	-59.7	—	—	—	—	-58.2	-56.8	-55.3	-53.8	-53.6	-53.1	-52.4
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	0.8	0.8	0.8	0.9	0.9	0.9	0.9	1.0	1.0	1.0	1.0	1.0
- Cost	2.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	—	—	—	—	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	0.1	0.2	0.9	0.0	0.0	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	0.1	0.2	0.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	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	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	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	1.5	1.6	1.2	1.1	1.3	1.7	1.5	2.0	1.9	2.3	2.5	2.9
1. Long-term prepayments	1.5	1.6	1.2	1.1	1.3	1.7	1.5	2.0	1.9	2.3	2.5	2.9
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)	209.0	175.3	178.0	177.8	191.8	182.0	186.8	198.9	292.8	283.3	202.9	207.3
A. LIABILITIES (300=210+330)	48.9	21.6	32.2	24.0	38.3	25.3	26.7	40.6	138.9	140.8	61.6	65.4
I. Short -term liabilities	48.2	20.8	31.2	24.0	38.3	25.3	26.7	39.2	137.5	139.3	57.9	61.8
1. Short-term trade accounts payable	31.3	7.2	16.6	15.7	28.0	15.0	12.0	25.1	121.4	125.0	51.8	59.2
2. Short-term advances from customers	0.0	—	—	—	—	0.0	7.9	10.4	13.9	10.8	4.9	1.0
3. Taxes and other payables to state authorities	2.1	1.7	1.2	0.4	0.7	4.3	1.9	2.3	0.0	1.0	0.0	0.0
4. Payable to employees	1.9	—	—	—	—	-0.9	0.0	0.0	0.0	0.0	0.2	0.2
5. Short-term acrrued expenses	2.2	—	—	—	2.1	0.0	4.7	0.0	0.0	0.0	0.1	0.0
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	10.2	10.7	11.4	7.6	6.7	6.7	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	1.0	1.9	0.3	0.9	0.2	0.2	0.3	0.4	0.4	0.4	0.2
10. Short-term borrowings and financial leases	0.2	0.2	—	—	—	0.0	0.0	1.1	1.7	2.2	0.6	1.1
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	0.8	0.8	1.1	—	—	0.0	0.0	1.5	1.5	1.5	3.7	3.7
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	0.8	0.8	1.1	—	—	0.0	0.0	1.5	1.5	1.5	3.7	3.7
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)	160.0	153.7	145.8	153.8	153.5	156.7	160.1	158.3	153.9	142.5	141.3	141.9
I. Owner's equity	160.0	153.7	145.8	153.8	153.5	156.7	160.1	158.3	153.9	142.5	141.3	141.9
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-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. 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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	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	37.6	31.2	23.3	31.4	31.1	34.3	37.7	35.9	31.4	20.1	18.9	22.0
- Accumulated retained earning at the end of the previous period	31.2	22.1	22.2	34.2	34.2	19.0	20.1	20.1	20.3	17.1	23.1	25.7
- Undistributed earnings in this period	6.4	9.1	1.1	-2.8	-3.1	15.3	17.5	15.7	11.2	2.9	-4.3	-3.7
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)	209.0	175.3	178.0	177.8	191.8	182.0	186.8	198.9	292.8	283.3	202.9	207.3

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	8.0	9.0	4.2	0.3	-3.1	-2.3	2.1	6.8	11.2	8.2	-0.6	-0.2
Depreciation of Fixed Assets and Investment Property	1.4	1.4	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	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	-0.1	0.3	-0.3	-0.1	-0.0	-0.0	0.2	-0.1	0.0	-0.1	-0.2	-0.5
Interest Expense	0.0	0.0	0.0	—	—	0.2	-0.2	0.2	0.0	0.1	0.1	0.2
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	9.3	10.8	5.3	1.7	-1.7	-0.5	3.6	8.4	12.6	9.8	0.8	0.9
Increase/(Decrease) in Receivables	-31.2	-1.5	2.6	12.2	-9.1	0.2	12.5	90.1	1.5	-9.9	-2.0	-9.6
Increase/(Decrease) in Inventory	-1.9	2.1	-1.4	-0.1	0.6	4.5	-1.6	-0.4	-5.3	-76.7	-0.6	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	27.0	-12.2	7.9	-16.1	15.6	-2.7	-10.9	-100.7	-0.2	78.0	-3.2	2.3
Increase/(Decrease) in Prepaid Expenses	0.1	-0.5	-0.0	0.2	0.4	-0.3	0.4	-0.2	0.4	0.1	0.4	0.3
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	—	—	-0.2	0.2	-0.2	0.0	-0.1	-0.1	-0.2
Corporate Income Tax Paid	-1.3	0.0	0.0	-0.2	-2.4	0.0	-0.6	0.0	-0.8	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	1.0	-1.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.9	-1.3	14.4	-2.3	3.6	0.9	3.7	-2.1	7.4	1.2	-4.8	-4.7
Payments for Fixed Assets and Other Long-term Assets	—	-0.4	-2.0	-1.5	—	0.0	0.8	-1.1	-0.3	-0.4	0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	-0.0	0.0	0.1	—	0.0	-1.3	0.3	0.0	0.5	-0.2	2.3
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	-11.0	11.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	11.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-3.8	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	-0.3	0.3	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.6	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	0.2	-0.7	-1.7	-1.4	0.0	0.0	-0.5	-4.6	-0.3	0.1	11.4	1.4
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	1.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.1	-0.1	—	—	—	0.0	-2.6	-0.6	-0.6	-0.6	-0.6	-0.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-1.5	-10.4	—	—	0.1	-0.1	0.0	0.0	-5.9	-0.1	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	-0.1	-1.6	-9.4	—	—	0.1	-2.7	-0.6	-0.6	-6.4	-0.7	-0.4
Net Cash Flow During the Period	2.1	-3.6	3.3	-3.8	3.6	1.0	0.6	-7.2	6.5	-5.2	5.9	-3.7
Cash and Cash Equivalents at Beginning of Period	1.9	5.6	2.2	6.0	2.4	1.5	1.5	1.5	1.5	21.9	21.9	21.9
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	4.0	1.9	5.6	2.2	6.0	2.4	1.4	0.8	8.0	1.5	6.7	0.8

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LPT

What Is Changing

Drivers of LPT's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Balance Sheet ▼

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow