PAP

Dầu khí Đầu tư Khai thác Cảng Phước An ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin −210.45%, +942.36pp YoY

Price

27,000

Latest close

04 Jun 2026

P/E -13.56x

P/B 2.73x

EPS -1,991

BVPS 9,886

ROE -17.2%

ROA -4.7%

Profit Margin -210.4%

Asset Turnover 0.02x

Equity Mult. 3.64x

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

What Is Changing

On a TTM 2026Q1 basis, PAP is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 240bn
	                                
+1897.7%YoY

	                            
	                                NET MARGIN
	                            
	                                    −210.45%
	                                
+942.4ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 505bn
	                                
−264.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    50.6%
	                                
affects earnings quality

Metric	2025	2024	2023	2022
Revenue	154.8	2.2	0.0	0.0
Growth	+7013%	—	—	—
Net Income	-504.7	-17.3	-6.8	-4.3
Net Margin	-326.01%	-795.28%	—	—

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	94.9	82.8	43.0	19.2	9.8	2.2	0.0	0.0	0.0	0.0	0.0	0.0
Growth	+15%	+93%	+124%	+95%	+352%	—	—	—	—	—	—	—
Net Income	-122.7	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8
Net Margin	-129.32%	-151.75%	-305.28%	-653.00%	-1247.16%	-1093.78%	—	—	—	—	—	—

Drivers of PAP's profit

TTM

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

Finance costs ↑ 220.9bn

Gross profit ↓ 102.5bn

Administrative expenses ↑ 38.4bn

TTM

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

Gross profit ↑ 18.1bn

Financial income ↑ 3.9bn

Finance costs ↑ 13.5bn

Administrative expenses ↑ 5.7bn

Selling expenses ↑ 2.5bn

Other profit ↓ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -6.3% = -1152.8% × 0.00 × 2.79

2026Q1 -17.2% = -210.4% × 0.02 × 3.64

ROE edged down from -6.3% to -17.2% — the components are broadly offsetting.

Net margin: -210.4% +942.4pp Asset turnover: 0.02x +0.02x Leverage: 3.64x +0.85x

Is the profit sustainable?

Margins improved (+942.4pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to -210.45%, rising 942.4pp. The main driver is Gross margin rose 518.3pp and SG&A / Revenue fell 88.7pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 337.7pp added support while Other profit / Revenue fell 2.5pp remained a drag).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin -210.45% +942.4pp

Gross Margin -72.28% +518.3pp

SG&A / Revenue 30.88% −88.7pp

Non-core / Revenue -107.29% +335.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 51.0% of PBT and lifted net margin by 335.3pp — separate the operating contribution from this source.

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 — —

Capital Turnover 0.03x +0.03x

Average Invested Capital 7,490.4bn +3,087.5bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.74x equity, net debt at 1.73x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 40.6 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO fell 32.8 days, and DPO rose 8.5 days.

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

Watchpoints

Inventory turnover is slowing

DIO increased by +0.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 115.7 days −32.8 days

Inventory 1.6 days +0.7 days

Payables 35.9 days +8.5 days

Cash Conversion Cycle 81.4 days −40.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.73x and interest coverage only at -1.72x.

At present, short-term debt accounts for 4.7% of total debt, cash equals 12.2% of debt, and total debt stands at 6,949.8bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.73x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is -1.72x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.73x +0.44x

Interest Coverage -1.72x +0.23x

Cash / Debt 12.2% −3.0pp

Short-term Debt / Total Debt 4.7% −0.7pp

CFO / NI 3.60x +2.47x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 849.3bn in 2025, against investing cash flow of -2,826.2bn.

Post-investment cash flow was negative +1,976.9bn. Financing cash flow was positive +2,313.2bn.

CFO / net income was 3.60x.

After spending +2,650.7bn on fixed-asset investment, the business generated trailing free cash flow of −4,470.3bn.

Cash Conversion

CFO TTM 1,819.5bn −1,662.2bn

Cash Capex 2,650.7bn +2,597.6bn

FCF TTM −4,470.3bn −4,259.8bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at -1.72x. The next watchpoint is the earnings mix, when non-core contribution is 50.6%. The main offsetting support comes from operating efficiency, with net margin improving 942.4 pp.

Improvement: operating efficiency is getting better, with trailing-12M net margin at -210.45% after expanding 942.4pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.60x. Even so, net financial result still accounts for 50.6% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -1.72x.

Statement Data

Item	2025	2024	2023	2022
Revenue	155.1	2.2	0.0	0.0
Revenue Deductions	0.3	0.0	0.0	0.0
Net Revenue	154.8	2.2	0.0	0.0
Cost of Goods Sold	346.3	19.9	0.0	0.0
Gross Profit	-191.5	-17.8	0.0	0.0
Financial Income	32.3	15.0	0.0	4.8
Financial Expenses	278.3	8.1	0.0	0.0
Interest Expense	277.8	3.2	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	21.2	0.4	0.0	0.0
General and Administrative Expenses	44.7	6.0	6.7	6.8
Operating Profit	-503.4	-17.3	-6.7	-2.0
Other Income	0.2	0.0	0.0	0.3
Other Expenses	1.5	0.0	0.1	2.6
Other Profit	-1.3	-0.0	-0.1	-2.3
Profit Before Tax	-504.7	-17.3	-6.8	-4.3
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-504.7	-17.3	-6.8	-4.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-504.7	-17.3	-6.8	-4.3
Earnings per Share	-2,175.00	-81.00	-34.00	-28.00
Diluted EPS	-2,175.00	-81.00	-34.00	-28.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,097.1	744.3	537.6	768.0
I. Cash and cash equivalents	612.9	276.6	103.2	635.5
1. Cash	5.8	2.7	1.6	1.4
2. Cash equivalents	607.1	273.9	101.6	634.1
II. Short-term financial investments	—	0.0	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	—	0.0	0.0	0.0
III. Short-term receivables	1,225.8	445.8	430.1	77.4
1. Short-term trade accounts receivable	62.7	0.2	0.0	0.0
2. Short-term prepayments to suppliers	951.7	442.4	417.7	75.2
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	196.0	0.0	0.0	0.0
6. Other short-term receivables	15.4	3.1	12.4	2.1
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	2.0	0.1	0.0	0.0
1. Inventories	2.0	0.1	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	256.4	21.8	4.3	55.1
1. Short-term prepayments	8.9	0.0	0.1	0.1
2. Value added tax to be reclaimed	247.4	21.7	4.2	55.0
3. Taxes and other receivables from state authorities	0.1	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)	9,098.8	6,376.6	3,899.2	2,398.0
I. Long-term receivables	4.1	3.9	3.9	3.9
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	3.9	3.9	3.9	3.9
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	0.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	4,017.1	4,059.3	5.0	6.2
1. Tangible fixed assets	3,987.5	4,030.3	5.0	6.2
- Cost	4,172.0	4,051.3	12.3	12.3
- Accumulated depreciation	-184.5	-21.0	-7.4	-6.2
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	29.6	29.0	0.0	0.0
- Cost	31.5	29.2	0.0	0.0
- Accumulated depreciation	-1.8	-0.2	-0.0	-0.0
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	5,070.8	2,309.3	3,890.3	2,387.8
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5,070.8	2,309.3	3,890.3	2,387.8
V. Long-term financial investments	—	0.0	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	—	0.0	0.0	8.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-8.0
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	6.8	4.2	0.1	0.2
1. Long-term prepayments	6.8	4.2	0.1	0.2
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)	11,195.9	7,120.9	4,436.8	3,166.0
A. LIABILITIES (300=210+330)	9,244.8	4,665.1	2,347.6	1,069.8
I. Short -term liabilities	4,119.0	547.3	1,199.6	1,069.8
1. Short-term trade accounts payable	781.9	12.4	2.4	0.1
2. Short-term advances from customers	0.1	0.0	0.0	0.0
3. Taxes and other payables to state authorities	2.4	1.0	0.1	0.1
4. Payable to employees	24.6	6.6	1.2	0.4
5. Short-term acrrued expenses	60.2	218.8	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	—	0.0	0.0	0.0
9. Other short-term payables	2,788.4	34.0	1,071.8	1,067.6
10. Short-term borrowings and financial leases	460.8	273.4	123.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	1.0	1.2	1.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	5,125.8	4,117.8	1,147.9	0.0
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	—	1,117.8	0.0	0.0
8. Long-term borrowings and financial leases	5,125.8	3,000.0	1,147.9	0.0
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)	1,951.1	2,455.8	2,089.3	2,096.2
I. Owner's equity	1,951.1	2,455.8	2,089.3	2,096.2
1. Owner's capital	2,320.0	2,320.0	2,000.0	2,000.0
- Common stock with voting right	2,320,000,000,000.00	2,320,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	155.7	155.7	91.8	91.9
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	9.3	9.3	9.3	9.3
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	2.1	2.1	2.1	2.1
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	-535.9	-31.2	-13.9	-7.1
- Accumulated retained earning at the end of the previous period	-31.2	-13.9	-7.1	-2.8
- Undistributed earnings in this period	-504.7	-17.3	-6.8	-4.3
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)	11,195.9	7,120.9	4,436.8	3,166.0

Item	2025	2024	2023	2022
Profit Before Tax	-504.7	-17.3	-6.8	-4.3
Depreciation of Fixed Assets and Investment Property	166.2	13.5	0.9	0.8
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-32.3	-3.4	-6.2	-6.1
Interest Expense	277.8	3.2	0.0	0.0
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	-92.9	-4.0	-12.0	-9.5
Increase/(Decrease) in Receivables	-292.5	-7.3	39.2	-53.9
Increase/(Decrease) in Inventory	-1.9	-0.1	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,499.2	301.9	5.0	1,054.6
Increase/(Decrease) in Prepaid Expenses	-11.5	-4.0	0.1	-0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-250.6	0.0	0.0	-14.1
Corporate Income Tax Paid	—	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.1	-0.5	-0.1
Net Cash Flow from Operating Activities	849.3	286.3	31.8	976.8
Payments for Fixed Assets and Other Long-term Assets	-2,654.3	-2,501.5	-1,842.5	-927.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-378.0	-23.2	-20.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	182.0	23.2	20.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	23.9	2.2	7.5	4.6
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	-2,826.2	-2,499.3	-1,834.9	-922.9
Proceeds from Equity Issuance and Capital Contributions	—	383,836,000,000.00	-54,000,000.00	580,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	2,712.5	2,040.6	1,479.5	177.2
Repayment of Borrowings	-399.3	-38.1	-208.6	-232.2
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	2,313.2	2,386.3	1,270.9	525.0
Net Cash Flow During the Period	336.3	173.4	-532.3	578.9
Cash and Cash Equivalents at Beginning of Period	276.6	103.2	635.5	56.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	612.9	276.6	103.2	635.5

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	94.9	82.8	43.0	19.2	10.1	2.2	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	—	—	—	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	94.9	82.8	43.0	19.2	9.8	2.2	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	129.9	112.4	95.5	75.4	63.0	19.9	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	-35.1	-29.6	-52.5	-56.2	-53.2	-17.8	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	6.4	10.3	12.8	6.7	2.5	0.0	10.5	4.5	0.0	0.0	0.0	0.0
Financial Expenses	76.3	79.4	74.9	61.2	62.8	3.2	0.0	4.9	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	4.4	12.6	3.8	2.8	1.9	0.4	0.0	0.0	0.0	0.0	0.0	1.8
General and Administrative Expenses	13.1	14.1	12.9	10.3	7.4	2.4	0.6	1.6	1.5	1.8	1.7	0.0
Operating Profit	-122.5	-125.5	-131.3	-123.8	-122.8	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8
Other Income	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.2	0.0	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.2	-0.2	-0.0	-1.3	0.2	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	-122.7	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-122.7	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-122.7	-125.7	-131.3	-125.1	-122.6	-23.8	9.9	-1.9	-1.5	-1.8	-1.7	-1.8
Earnings per Share	-343.71	-541.66	-565.91	-539.36	-528.47	-102.61	42.74	-9.62	-7.47	-9.18	-8.29	-9.13
Diluted EPS	-343.71	-541.66	-565.91	-539.36	-528.47	-102.61	42.74	-9.62	-7.47	-9.18	-8.29	-9.13

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)	2,805.9	2,097.1	2,929.7	1,529.5	1,299.6	744.3	771.2	430.8	527.6	538.4	572.5	693.1
I. Cash and cash equivalents	848.1	612.9	2,039.8	460.8	539.8	276.6	164.5	54.5	74.7	103.2	88.0	96.2
1. Cash	628.1	5.8	13.3	3.7	329.8	2.7	0.4	0.4	0.6	1.6	1.9	2.1
2. Cash equivalents	220.0	607.1	2,026.6	457.1	209.9	273.9	164.1	54.1	74.1	101.6	86.1	94.1
II. Short-term financial investments	157.3	—	—	—	—	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	157.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	1,462.8	1,225.8	705.2	980.9	720.7	445.8	600.1	292.0	448.4	430.8	480.3	592.5
1. Short-term trade accounts receivable	142.3	62.7	22.6	14.2	9.8	0.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	1,313.7	951.7	475.4	744.5	687.1	442.4	474.5	267.0	414.2	417.7	430.7	521.2
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	—	196.0	196.0	216.0	20.0	0.0	7.3	10.0	20.0	0.0	20.0	20.0
6. Other short-term receivables	6.7	15.4	11.2	6.2	3.9	3.1	118.4	15.0	14.3	13.1	29.6	51.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3.1	2.0	1.9	1.9	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	3.1	2.0	1.9	1.9	0.4	0.1	0.0	0.0	0.0	0.0	0.0	0.0
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	334.6	256.4	182.8	85.9	38.8	21.8	6.6	84.2	4.4	4.4	4.2	4.4
1. Short-term prepayments	11.1	8.9	6.3	3.2	3.2	0.0	0.0	0.0	0.1	0.1	0.2	0.2
2. Value added tax to be reclaimed	323.4	247.4	176.5	82.7	35.5	21.7	6.5	84.2	4.2	4.2	4.0	4.1
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.2	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)	10,859.6	9,098.8	8,160.2	6,961.9	6,377.6	6,376.6	5,920.8	5,348.0	4,113.4	3,898.4	3,691.1	3,308.8
I. Long-term receivables	4.1	4.1	4.1	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	0.2	0.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5,093.8	4,017.1	4,048.1	3,993.3	4,024.3	4,059.3	4.5	4.6	4.7	5.0	5.3	5.6
1. Tangible fixed assets	5,064.1	3,987.5	4,018.0	3,965.0	3,995.6	4,030.3	4.5	4.6	4.7	5.0	5.3	5.6
- Cost	5,300.7	—	—	—	—	4,051.3	12.3	12.3	12.3	12.3	12.3	12.3
- Accumulated depreciation	-236.6	—	—	—	—	-21.0	-7.9	-7.7	-7.6	-7.4	-7.1	-6.8
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	29.7	29.6	30.1	28.3	28.7	29.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	32.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.3	—	—	—	—	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	5,755.0	5,070.8	4,102.2	2,957.5	2,345.3	2,309.3	5,912.5	5,339.5	4,104.7	3,889.5	3,681.9	3,299.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5,755.0	5,070.8	4,102.2	2,957.5	2,345.3	2,309.3	5,912.5	5,339.5	4,104.7	3,889.5	3,681.9	3,299.4
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	—	—	—	—	—	8.0	8.0	8.0	8.0	8.0	8.0	8.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0	-8.0
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	6.7	6.8	5.9	7.2	4.1	4.2	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	6.7	6.8	5.9	7.2	4.1	4.2	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)	13,665.5	11,195.9	11,090.0	8,491.5	7,677.2	7,120.9	6,692.0	5,778.7	4,641.0	4,436.8	4,263.6	4,002.0
A. LIABILITIES (300=210+330)	10,136.0	9,244.8	9,013.2	6,283.4	5,344.0	4,665.1	4,212.3	3,692.9	2,553.2	2,347.6	2,172.5	1,909.2
I. Short -term liabilities	3,512.9	4,102.2	3,653.7	1,189.6	830.2	547.3	296.5	409.4	1,233.1	1,199.6	1,125.4	1,134.6
1. Short-term trade accounts payable	70.4	781.9	736.2	47.1	10.9	12.4	5.5	257.6	1.6	2.4	2.1	3.0
2. Short-term advances from customers	0.5	0.1	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.7	2.4	3.0	2.2	1.0	1.0	0.4	0.3	0.2	0.1	0.1	0.0
4. Payable to employees	11.7	24.6	9.4	7.5	5.5	6.6	2.8	2.0	0.9	1.2	0.5	0.5
5. Short-term acrrued expenses	60.8	60.2	60.1	60.2	59.9	218.8	0.0	0.0	0.0	0.0	0.0	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	629.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2,411.0	2,771.5	2,345.6	843.8	561.2	34.0	27.6	22.2	1,106.3	1,071.8	1,121.4	1,130.0
10. Short-term borrowings and financial leases	326.7	460.8	498.7	228.0	190.8	273.4	259.2	126.1	123.0	123.0	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	0.6	0.7	0.8	0.9	1.0	1.0	1.0	1.0	1.1	1.2	1.2	1.2
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	6,623.1	5,142.6	5,359.5	5,093.8	4,513.8	4,117.8	3,915.8	3,283.5	1,320.1	1,147.9	1,047.1	774.6
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	—	16.8	1,148.0	1,178.6	1,148.4	1,117.8	1,148.4	1,117.1	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	6,623.1	5,125.8	4,211.4	3,915.2	3,365.5	3,000.0	2,767.5	2,166.4	1,320.1	1,147.9	1,047.1	774.6
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)	3,529.4	1,951.1	2,076.8	2,208.1	2,333.2	2,455.8	2,479.7	2,085.9	2,087.8	2,089.3	2,091.1	2,092.8
I. Owner's equity	3,529.4	1,951.1	2,076.8	2,208.1	2,333.2	2,455.8	2,479.7	2,085.9	2,087.8	2,089.3	2,091.1	2,092.8
1. Owner's capital	3,570.0	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,320.0	2,000.0	2,000.0	2,000.0	2,000.0	2,000.0
- Common stock with voting right	3,570,000,000,000.00	2,320,000,000,000.00	2,320,000,000,000.00	2,320,000,000,000.00	2,320,000,000,000.00	2,320,000,000,000.00	2,320,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00	2,000,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	606.7	155.7	155.7	155.7	155.7	155.7	155.8	91.8	91.8	91.8	91.8	91.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3	9.3
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	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	-658.6	-535.9	-410.2	-279.0	-153.8	-31.2	-7.4	-17.3	-15.4	-13.9	-12.1	-10.4
- Accumulated retained earning at the end of the previous period	-535.9	-31.2	-31.2	-31.2	-31.2	-13.9	-17.3	-13.9	-13.9	-7.1	-10.4	-8.6
- Undistributed earnings in this period	-122.7	-504.7	-379.0	-247.7	-122.6	-17.3	9.9	-3.4	-1.5	-6.8	-1.7	-1.8
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)	13,665.5	11,195.9	11,090.0	8,491.5	7,677.2	7,120.9	6,692.0	5,778.7	4,641.0	4,436.8	4,263.6	4,002.0

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	—	-257.0	—	-247.7	—	0.0	3.4	-3.4	0.0	-6.8	3.3	-3.3
Depreciation of Fixed Assets and Investment Property	—	85.8	—	80.4	—	0.0	-0.2	0.2	0.0	0.9	-0.5	0.5
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-23.1	—	-9.2	—	0.0	1.5	-1.5	0.0	-6.2	3.2	-3.2
Interest Expense	—	154.3	—	123.5	—	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	—	-39.9	—	-53.1	—	0.0	4.6	-4.6	0.0	-12.0	6.0	-6.0
Increase/(Decrease) in Receivables	—	24.9	—	-317.4	—	0.0	82.6	-82.6	0.0	39.2	-0.6	0.6
Increase/(Decrease) in Inventory	—	-0.1	—	-1.8	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	769.7	—	729.5	—	0.0	-68.6	68.6	0.0	5.0	-61.5	61.5
Increase/(Decrease) in Prepaid Expenses	—	-5.4	—	-6.1	—	0.0	-0.1	0.1	0.0	0.1	-0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-123.6	—	-127.0	—	0.0	0.0	0.0	0.0	0.0	19.2	-19.2
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	359.6	—	—	—	—	104.0	74.3	-12.4	12.4	-61.3	61.3	-12.6
Other Operating Payments	-67.9	78.2	-78.4	9.6	-9.8	-295.2	-3.5	6.0	-6.1	51.8	-51.9	545.1
Net Cash Flow from Operating Activities	-2,665.2	-165.9	791.4	220.2	3.7	594.7	-890.4	134.7	-153.4	288.8	-293.6	1,468.7
Payments for Fixed Assets and Other Long-term Assets	-63.8	-2,634.6	681.0	-633.4	-67.4	0.0	1,002.6	-988.4	-54.8	-1,264.6	756.7	-1,324.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	—	-378.0	—	0.0	20.0	-20.0	0.0	-20.0	20.0	-20.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	20.0	—	162.0	—	0.0	-10.0	10.0	0.0	20.0	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	—	16.8	—	7.1	—	0.0	-1.5	1.5	0.0	7.5	-4.3	4.3
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	-364.0	-3,007.2	1,090.4	-886.1	-23.4	4.8	903.8	-1,004.4	-47.3	-1,272.0	787.4	-1,869.7
Proceeds from Equity Issuance and Capital Contributions	1,701,268,000,000.00	—	—	—	—	0.00	384,000,000,000.00	0.00	0.00	-54,000,000.00	54,000,000.00	-54,000,000.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1,964.8	2,072.4	-399.6	626.0	413.7	-501.5	-297.4	861.9	183.8	1,157.2	-584.6	434.5
Repayment of Borrowings	-401.6	-326.2	96.9	-39.1	-130.9	14.1	9.9	-12.4	-11.6	-158.8	82.6	-47.4
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	3,264.4	1,746.2	-302.7	586.8	282.9	-487.4	96.6	849.5	172.1	998.4	-502.0	387.1
Net Cash Flow During the Period	235.2	-1,426.9	1,579.0	-79.0	263.2	112.1	110.0	-20.2	-28.5	15.2	-8.2	-13.9
Cash and Cash Equivalents at Beginning of Period	612.9	2,039.8	460.8	539.8	276.6	103.2	103.2	103.2	103.2	635.5	635.5	635.5
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	848.1	612.9	2,039.8	460.8	539.8	276.6	164.5	54.5	74.7	103.2	88.0	96.2

Explore Other Stocks In The Same Sector

MVN, GMD, TOS, PHP, VSC, VGR, PDN, TMS, SGP, CDN, DVP, STG, TCL, QNP, CQN, TCW, CLL, SFI, IST, MAC, PNP, PSN, QSP, STS, CCR, HMH, NAP, CMP, TNP, VFR, ILS, TR1, GIC, VMS, VIN, PSP, DNL, TUG, DS3, SAL, VLG, SAC, SCO, CCT, CCP, CPI, DDH, CAG

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

PAP

What Is Changing

Drivers of PAP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▼▼

Working Capital Efficiency ▲▲

Is financial risk significant?

Leverage & Liquidity ▼▼

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow