PCH

Nhựa Picomat ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 15.12%, +8.02pp YoY

Price

22,400

Latest close

02 Jun 2026

P/E 27.09x

P/B 2.00x

EPS 827

BVPS 11,205

ROE 7.6%

ROA 7.1%

Profit Margin 14.5%

Asset Turnover 0.49x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, PCH posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. The point still to be proven is whether this new profit level can hold once the low-base effect fades.

	                            
	                                TTM REVENUE
	                            
	                                    VND 144bn
	                                
−23.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
+63.2%YoY

Metric	2025	2024	2023	2022
Revenue	146.3	194.9	124.7	152.0
Growth	-25%	+56%	-18%	—
Net Income	19.8	12.9	12.3	14.2
Net Margin	13.50%	6.60%	9.87%	9.33%

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	27.1	43.6	36.1	36.7	29.9	66.6	38.7	52.0	37.6	45.7	33.9	27.1
Growth	-38%	+21%	-1%	+23%	-55%	+72%	-26%	+38%	-18%	+35%	+25%	—
Net Income	3.9	6.2	8.3	3.2	2.0	5.6	3.0	2.7	2.0	9.2	1.9	0.9
Net Margin	14.49%	14.24%	23.01%	8.86%	6.60%	8.48%	7.81%	5.10%	5.45%	20.02%	5.56%	3.21%

Drivers of PCH's profit

TTM

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

Financial income ↑ 6.5bn

Gross profit ↑ 4.9bn

Administrative expenses ↓ 0.8bn

Finance costs ↑ 2.4bn

Tax ↑ 2.1bn

TTM

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

Gross profit ↑ 3.4bn

Financial income ↑ 0.3bn

Finance costs ↑ 0.9bn

Tax ↑ 0.7bn

Associates income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.2% = 7.1% × 0.65 × 1.12

2026Q1 7.9% = 15.1% × 0.49 × 1.07

ROE rose from 5.2% to 7.9% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 15.1% +8.0pp Asset turnover: 0.49x -0.16x Leverage: 1.07x -0.06x

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 15.12%, rising 8.0pp. Core operating signals are improving as Gross margin rose 8.8pp are enough to offset pressure from SG&A / Revenue rose 1.5pp (with additional support from Net financial result / Revenue rose 3.1pp and Other profit / Revenue rose 0.0pp).

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 15.12% +8.0pp

Gross Margin 26.75% +8.8pp

SG&A / Revenue 9.25% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 30.4 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 7.80%, rising 2.8pp. That translates to 7.80 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 8.0pp, with capital turnover fell 0.19x; with invested capital holding roughly steady.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

CAPITAL EFFICIENCY TREND

ROIC 7.80% +2.8pp

NOPAT Margin 15.11% +8.0pp

Capital Turnover 0.52x −0.19x

Average Invested Capital 277.9bn +12.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.05x equity, net debt at 0.00x equity.

Inventory ended the period at 48.2bn, roughly 16.2% of total assets.

Over the last 12 months, working capital released 9.6bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.8bn

Inventories decreased → higher CFO: +10.6bn

Payables decreased → lower CFO: −0.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 30.4 days versus the same period last year. The main moves came from DIO rose 23.8 days, DSO rose 1.3 days, and DPO fell 5.3 days.

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

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 164.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 8.6 days +1.3 days

Inventory 173.6 days +23.8 days

Payables 17.4 days −5.3 days

Cash Conversion Cycle 164.9 days +30.4 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.00x and interest coverage at 6.55x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 93.7% of debt, and total debt stands at 8.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.00x −0.02x

Interest Coverage 6.55x −2.78x

Cash / Debt 93.7% +42.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 2.06x +0.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 27.7bn in 2025, against investing cash flow of -0.1bn.

Post-investment cash flow was positive +27.6bn. Financing cash flow was negative +4.5bn.

CFO / net income was 2.06x.

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 43.0bn +28.3bn

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 8.0 pp. The next item to monitor is the earnings mix, when non-core contribution is 19.4%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 165 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.12% after expanding 8.0pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.06x. Even so, net financial result still accounts for 19.4% of PBT, so the earnings mix still needs monitoring.

Key risk: working capital remains tied up for too long, with cash cycle at 164.9 days.

Statement Data

Item	2025	2024	2023	2022
Revenue	146.3	195.1	124.7	152.0
Revenue Deductions	0.0	0.2	0.0	0.0
Net Revenue	146.3	194.9	124.7	152.0
Cost of Goods Sold	111.3	160.9	103.4	121.8
Gross Profit	35.0	34.1	21.2	30.1
Financial Income	9.5	2.4	4.0	3.1
Financial Expenses	3.4	1.9	1.1	2.2
Interest Expense	0.4	0.8	1.1	2.1
Share of Associates and Joint Ventures	-2.1	-2.5	3.5	0.0
Selling Expenses	6.1	6.5	5.0	5.3
General and Administrative Expenses	7.2	8.3	7.9	7.7
Operating Profit	25.7	17.3	14.7	18.1
Other Income	0.1	0.0	0.4	0.0
Other Expenses	0.1	0.0	0.0	0.0
Other Profit	0.0	0.0	0.4	-0.0
Profit Before Tax	25.7	17.3	15.0	18.1
Current Income Tax Expense	6.0	4.4	2.4	4.0
Deferred Income Tax Expense	-0.1	0.0	0.3	-0.1
Net Income	19.8	12.9	12.3	14.2
Non-controlling Interest	0.7	0.4	0.5	0.3
Profit Attributable to Parent	19.0	12.4	11.8	13.9
Earnings per Share	749.00	513.00	538.00	712.00
Diluted EPS	749.38	512.88	538.07	692.84

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	107.3	104.9	97.8	130.4
I. Cash and cash equivalents	45.8	22.8	23.9	36.7
1. Cash	19.1	22.8	10.0	14.7
2. Cash equivalents	26.7	0.0	13.9	22.0
II. Short-term financial investments	9.4	30.0	22.0	20.5
1. Available for sale securities	3.5	7.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.1	-0.0	0.0	0.0
3. Held to maturity investments	6.0	23.0	22.0	20.5
III. Short-term receivables	3.4	1.6	3.1	2.7
1. Short-term trade accounts receivable	0.0	0.2	0.2	0.3
2. Short-term prepayments to suppliers	3.3	0.5	1.1	2.0
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	0.1	1.0	1.8	0.4
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	48.2	48.8	47.7	68.3
1. Inventories	48.6	48.8	47.7	68.3
2. Provision for decline in value of inventories	-0.4	0.0	0.0	0.0
V. Other short-term assets	0.4	1.8	1.0	2.2
1. Short-term prepayments	0.4	0.4	0.3	1.0
2. Value added tax to be reclaimed	—	1.4	0.7	1.2
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
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	189.4	178.7	172.5	126.9
I. Long-term receivables	8.5	14.1	0.0	24.0
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	8.4	14.0	0.0	24.0
6. Other long-term receivables	0.1	0.1	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	67.8	71.4	74.2	78.1
1. Tangible fixed assets	18.1	21.6	24.5	28.4
- Cost	47.4	48.5	48.5	49.1
- Accumulated depreciation	-29.3	-26.9	-24.0	-20.7
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	49.7	49.7	49.7	49.7
- Cost	49.7	49.7	49.7	49.7
- Accumulated depreciation	—	0.0	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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	96.4	74.0	76.5	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	96.4	74.0	76.5	0.0
3. Investments in other entities	—	0.0	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	16.7	19.2	21.8	24.8
1. Long-term prepayments	8.0	8.4	8.9	9.3
2. Deferred income tax assets	0.1	0.1	0.1	0.4
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	8.6	10.8	12.9	15.1
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	296.7	283.6	270.3	257.2
A. LIABILITIES (300=210+330)	15.3	21.4	20.5	19.4
I. Short -term liabilities	15.3	21.2	20.3	19.2
1. Short-term trade accounts payable	5.4	6.0	8.0	2.1
2. Short-term advances from customers	2.1	3.2	0.0	0.0
3. Taxes and other payables to state authorities	4.0	4.4	2.5	1.6
4. Payable to employees	0.9	0.9	0.9	1.0
5. Short-term acrrued expenses	0.4	0.3	0.2	0.1
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	—	0.2	0.0	0.1
10. Short-term borrowings and financial leases	2.3	6.2	8.7	14.3
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	—	0.2	0.2	0.2
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	—	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	0.0	0.0	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)	281.4	262.2	249.8	237.9
I. Owner's equity	281.4	262.2	249.8	237.9
1. Owner's capital	254.1	242.0	220.0	200.0
- Common stock with voting right	254,098,930,000.00	241,999,640,000.00	219,999,900,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.3
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	—	0.0	0.0	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	20.3	13.4	23.0	31.2
- Accumulated retained earning at the end of the previous period	1.3	1.0	11.2	17.3
- Undistributed earnings in this period	19.0	12.4	11.8	13.9
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	4.7	4.6	4.6	4.5
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)	296.7	283.6	270.3	257.2

Item	2025	2024	2023	2022
Profit Before Tax	25.7	17.3	15.0	18.1
Depreciation of Fixed Assets and Investment Property	5.7	5.9	6.1	6.1
Provision (Increase)/Reversal	0.4	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	-0.0	-0.0
Gain/Loss from Investment Activities	1.2	1.2	-7.4	-2.8
Interest Expense	0.4	0.8	1.1	2.1
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	33.4	25.3	14.7	23.5
Increase/(Decrease) in Receivables	-1.3	-0.0	1.4	3.4
Increase/(Decrease) in Inventory	0.2	-1.0	20.6	10.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.4	1.1	5.5	-0.5
Increase/(Decrease) in Prepaid Expenses	0.4	0.3	1.1	-0.8
Changes in Trading Securities	3.5	-7.0	-0.0	0.0
Interest Paid	-0.4	-0.8	-1.1	-2.1
Corporate Income Tax Paid	-6.7	-2.2	-1.2	-4.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	27.7	15.7	41.1	29.4
Payments for Fixed Assets and Other Long-term Assets	-0.1	-1.0	-0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.2	1.4
Loans and Purchases of Debt Instruments	-62.0	-38.0	-22.0	-24.0
Receipts from Loan Repayments and Sale of Debt Instruments	84.6	23.0	44.5	0.0
Investments in Other Entities	-24.5	0.0	-73.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.8	2.1	2.4	2.5
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	-0.1	-13.9	-48.0	-21.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	29,122,827,061.00
Share Repurchases	-3,500,000.00	-3,500,000.00	-47,000,000.00	0.00
Proceeds from Borrowings	125.9	146.2	86.3	164.6
Repayment of Borrowings	-129.8	-148.7	-91.8	-183.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.6	-0.4	-0.3	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	-4.5	-2.9	-5.9	9.9
Net Cash Flow During the Period	23.1	-1.1	-12.8	18.2
Cash and Cash Equivalents at Beginning of Period	22.8	23.9	36.7	18.5
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.8	22.8	23.9	36.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	27.1	44.0	36.2	36.9	29.9	66.6	38.8	52.1	37.6	45.7	33.9	27.1
Revenue Deductions	—	0.3	0.1	0.2	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0
Net Revenue	27.1	43.6	36.1	36.7	29.9	66.6	38.7	52.0	37.6	45.7	33.9	27.1
Cost of Goods Sold	18.2	30.9	26.5	29.6	24.3	53.9	30.7	44.7	31.5	35.7	29.2	23.4
Gross Profit	8.9	12.7	9.7	7.1	5.6	12.7	8.0	7.3	6.1	10.0	4.7	3.7
Financial Income	1.6	2.4	4.9	0.9	1.3	0.9	0.6	0.4	0.4	0.9	0.8	0.9
Financial Expenses	1.5	1.6	0.6	0.5	0.6	0.2	0.6	0.5	0.5	0.2	0.1	0.5
Interest Expense	0.9	0.1	0.1	0.1	0.1	0.1	0.2	0.0	0.3	0.2	0.1	0.5
Share of Associates and Joint Ventures	-0.8	-0.5	-0.5	-0.6	-0.5	-0.8	-0.8	-0.5	0.0	3.5	0.0	0.0
Selling Expenses	1.1	2.9	1.1	1.0	1.2	2.8	1.2	1.2	1.2	1.5	1.1	1.2
General and Administrative Expenses	1.9	2.1	1.7	1.5	1.9	2.3	1.8	2.0	2.1	2.3	2.0	1.8
Operating Profit	5.3	8.0	10.6	4.3	2.7	7.5	4.1	3.6	2.7	10.6	2.3	1.1
Other Income	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.1
Other Expenses	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	-0.1	0.1	0.0	-0.0	-0.0	-0.0	0.0	-0.0	0.1	0.1	0.1
Profit Before Tax	5.3	7.9	10.7	4.4	2.7	7.5	4.1	3.6	2.7	10.7	2.5	1.2
Current Income Tax Expense	1.5	1.7	2.4	1.1	0.8	1.8	1.1	0.9	0.7	1.5	0.5	0.2
Deferred Income Tax Expense	-0.2	0.0	-0.0	0.0	-0.1	0.0	0.0	0.0	-0.1	0.1	0.1	0.1
Net Income	3.9	6.2	8.3	3.2	2.0	5.6	3.0	2.7	2.0	9.2	1.9	0.9
Non-controlling Interest	0.2	0.3	0.2	0.1	0.1	0.2	0.1	0.1	0.1	0.3	0.1	0.1
Profit Attributable to Parent	3.7	5.9	8.1	3.1	1.9	5.4	2.9	2.6	2.0	8.9	1.8	0.8
Earnings per Share	146.00	233.00	319.00	129.00	78.00	224.86	119.70	117.48	89.53	404.00	144.00	40.00
Diluted EPS	145.97	233.15	319.30	128.69	78.05	224.86	119.70	117.48	89.53	404.19	81.78	39.82

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	91.3	107.3	101.0	78.0	85.8	104.9	97.9	111.0	123.0	97.8	100.9	104.9
I. Cash and cash equivalents	8.1	45.8	40.6	11.2	6.7	22.8	5.8	13.0	18.9	23.9	12.8	10.5
1. Cash	7.1	19.1	21.9	3.3	3.1	22.8	5.8	9.7	13.3	10.0	8.5	10.5
2. Cash equivalents	1.0	26.7	18.7	7.9	3.6	0.0	0.0	3.3	5.6	13.9	4.3	0.0
II. Short-term financial investments	29.8	9.4	10.6	14.4	15.4	30.0	32.7	32.9	28.4	22.0	37.5	37.5
1. Available for sale securities	12.5	3.5	8.6	14.6	15.9	7.0	9.9	10.0	5.4	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.7	-0.1	—	-0.1	-0.5	-0.0	-0.2	-0.1	0.0	0.0	0.0	0.0
3. Held to maturity investments	18.0	6.0	2.0	—	—	23.0	23.0	23.0	23.0	22.0	37.5	37.5
III. Short-term receivables	8.5	3.4	4.7	3.8	6.1	1.6	3.4	3.2	2.8	3.1	6.1	5.1
1. Short-term trade accounts receivable	0.9	0.0	4.5	2.6	5.9	0.2	2.0	1.9	1.6	0.2	1.3	1.1
2. Short-term prepayments to suppliers	7.5	3.3	0.2	1.1	0.1	0.5	0.6	0.8	1.0	1.1	2.4	2.4
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	0.1	0.1	0.0	0.1	0.0	1.0	0.8	0.5	0.2	1.8	2.4	1.6
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	44.3	48.2	44.5	47.2	55.3	48.8	54.4	59.1	70.8	47.7	43.7	51.5
1. Inventories	44.7	48.6	44.5	47.2	55.3	48.8	54.4	59.1	70.8	47.7	43.7	51.5
2. Provision for decline in value of inventories	-0.4	-0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.5	0.4	0.5	1.4	2.3	1.8	1.6	2.8	2.0	1.0	0.8	0.3
1. Short-term prepayments	0.3	0.4	0.2	0.4	0.4	0.4	0.4	0.5	0.1	0.3	0.5	0.3
2. Value added tax to be reclaimed	0.2	—	0.3	0.9	1.8	1.4	1.2	2.3	1.8	0.7	0.3	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	210.2	189.4	191.9	196.9	199.2	178.7	182.2	169.4	171.4	172.5	148.4	150.3
I. Long-term receivables	0.1	8.5	9.1	12.1	12.1	14.1	15.1	0.1	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	—	8.4	9.0	12.0	12.0	14.0	15.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	67.1	67.8	68.8	69.6	70.5	71.4	72.4	73.3	73.7	74.2	75.2	76.1
1. Tangible fixed assets	17.4	18.1	19.0	19.9	20.8	21.6	22.7	23.6	24.0	24.5	25.4	26.4
- Cost	47.4	—	—	—	—	48.5	49.0	48.9	48.9	48.5	48.5	48.8
- Accumulated depreciation	-30.0	—	—	—	—	-26.9	-26.3	-25.3	-25.0	-24.0	-23.1	-22.4
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	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7
- Cost	49.7	—	—	—	—	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
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	126.8	96.4	96.9	97.4	98.0	74.0	74.8	75.6	76.5	76.5	50.7	50.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	95.6	96.4	96.9	97.4	98.0	74.0	74.8	75.6	76.5	76.5	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	50.7	50.7
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	31.1	—	—	—	—	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	16.2	16.7	17.2	17.8	18.6	19.2	19.9	20.5	8.8	8.9	9.2	9.5
1. Long-term prepayments	7.9	8.0	7.9	8.1	8.3	8.4	8.5	8.5	8.7	8.9	9.0	9.2
2. Deferred income tax assets	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3
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	8.1	8.6	9.1	9.7	10.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	10.8	11.3	11.8	12.4	12.9	13.4	14.0
TOTAL ASSETS (280=100+200)	301.4	296.7	292.9	274.9	284.9	283.6	280.1	280.5	294.4	270.3	249.3	255.2
A. LIABILITIES (300=210+330)	16.7	15.3	17.7	8.0	20.7	21.4	23.5	26.9	43.0	20.5	8.7	16.4
I. Short -term liabilities	16.7	15.3	17.5	7.8	20.5	21.2	23.3	26.7	42.8	20.3	8.5	16.2
1. Short-term trade accounts payable	4.2	5.4	5.2	3.3	5.8	6.0	7.4	3.1	13.3	8.0	4.6	0.0
2. Short-term advances from customers	1.3	2.1	0.2	0.1	0.4	3.2	0.5	0.1	0.4	0.0	0.1	0.0
3. Taxes and other payables to state authorities	1.8	4.0	4.7	2.1	0.8	4.4	3.0	1.6	0.7	2.5	3.3	1.6
4. Payable to employees	0.5	0.9	0.5	0.4	0.5	0.9	0.5	0.6	0.7	0.9	0.5	0.5
5. Short-term acrrued expenses	0.2	0.4	0.2	0.0	0.1	0.3	0.2	0.2	0.4	0.2	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	—	0.0	0.0	0.0	0.2	0.0	0.1	0.0	0.0	0.0	0.1
10. Short-term borrowings and financial leases	8.6	2.3	6.6	1.9	13.0	6.2	11.7	21.1	27.3	8.7	0.0	13.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.0	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	284.7	281.4	275.2	266.9	264.2	262.2	256.6	253.6	251.4	249.8	240.7	238.8
I. Owner's equity	284.7	281.4	275.2	266.9	264.2	262.2	256.6	253.6	251.4	249.8	240.7	238.8
1. Owner's capital	254.1	254.1	254.1	242.0	242.0	242.0	242.0	220.0	220.0	220.0	220.0	200.0
- Common stock with voting right	254,098,930,000.00	254,098,930,000.00	254,098,930,000.00	241,999,640,000.00	241,999,640,000.00	241,999,640,000.00	241,999,640,000.00	219,999,900,000.00	219,999,900,000.00	219,999,900,000.00	219,999,900,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.2	2.3
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	24.1	20.3	14.4	18.4	15.3	13.4	8.0	27.1	25.0	23.0	14.1	32.3
- Accumulated retained earning at the end of the previous period	20.3	1.3	1.3	13.4	13.4	13.3	1.0	23.0	23.0	11.2	11.2	31.2
- Undistributed earnings in this period	3.7	19.0	13.1	5.0	1.9	0.1	7.0	4.1	2.0	11.8	2.9	1.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	4.4	4.7	4.5	4.3	4.7	4.6	4.4	4.3	4.3	4.6	4.4	4.3
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)	301.4	296.7	292.9	274.9	284.9	283.6	280.1	280.5	294.4	270.3	249.3	255.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	5.3	7.9	10.7	3.4	3.7	7.5	4.1	3.0	2.7	10.7	2.5	1.2
Depreciation of Fixed Assets and Investment Property	1.3	1.4	1.4	1.4	1.4	1.5	1.5	1.5	1.5	1.5	1.5	1.5
Provision (Increase)/Reversal	0.6	0.4	-0.1	-0.3	0.5	-0.2	0.1	0.1	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	0.0	0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	0.3	0.3	0.3	1.3	-0.7	0.3	0.5	0.7	-0.4	-4.2	-0.9	-1.0
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.1	0.1	0.5
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	7.5	10.1	12.4	5.9	5.0	9.2	6.4	5.6	4.1	8.1	3.1	2.3
Increase/(Decrease) in Receivables	-5.3	1.7	-0.3	3.2	-5.9	1.8	1.1	-0.6	-2.3	2.0	-0.5	12.0
Increase/(Decrease) in Inventory	3.9	-4.1	2.6	8.2	-6.6	5.7	4.7	11.7	-23.1	-4.0	7.8	11.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.7	2.5	2.6	-2.6	-3.8	1.5	5.0	-10.8	5.3	1.9	5.7	-1.3
Increase/(Decrease) in Prepaid Expenses	0.2	-0.3	0.3	0.2	0.1	0.1	0.1	-0.2	0.3	0.3	-0.0	0.3
Changes in Trading Securities	-9.0	—	—	—	—	2.9	0.1	-4.6	-5.4	-0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.1	-0.2	-0.1	-0.1	-0.2	-0.3	-0.3	-0.1	-0.1	-0.5
Corporate Income Tax Paid	-3.7	-2.3	0.0	0.0	-4.4	0.0	0.0	0.0	-2.2	-0.2	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-9.3	12.8	23.4	16.0	-24.6	21.1	17.3	0.9	-23.6	8.0	16.0	24.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	—	—	0.0	-0.0	-0.6	-0.4	0.0	0.0	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	—	—	0.1	0.0	0.0	0.0	0.0	0.1	0.1
Loans and Purchases of Debt Instruments	-68.1	-60.0	-2.0	—	—	0.0	-15.0	0.0	-23.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	33.4	56.6	3.0	0.0	25.0	1.0	0.0	0.0	22.0	15.5	0.0	29.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-22.3	0.0	-50.7
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	0.5	0.2	0.2	0.2	1.3	0.2	0.0	-0.1	1.9	1.3	0.0	0.2
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	-34.2	-3.2	1.2	0.2	1.8	1.3	-15.0	-0.6	0.5	-5.5	0.2	-21.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	1,171,697.00	-1,171,697.00	0.00
Share Repurchases	—	—	—	—	—	0.00	-3,500,000.00	0.00	0.00	-30,000,000.00	-17,000,000.00	0.00
Proceeds from Borrowings	20.1	42.5	33.8	16.7	32.9	50.0	16.7	35.0	44.5	40.1	5.2	24.4
Repayment of Borrowings	-13.8	-46.8	-29.1	-27.7	-26.2	-55.4	-26.1	-41.2	-25.9	-31.4	-19.0	-32.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.6	0.0	0.0	-0.6	—	0.0	0.0	0.0	-0.4	0.0	0.0	-0.3
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	5.7	-4.3	4.8	-11.7	6.7	-5.4	-9.5	-6.2	18.2	8.7	-13.9	-8.5
Net Cash Flow During the Period	-37.8	5.3	29.3	4.6	-16.1	17.0	-7.2	-5.9	-5.0	11.1	2.3	-5.2
Cash and Cash Equivalents at Beginning of Period	45.8	40.6	11.2	6.7	22.8	23.9	23.9	23.9	23.9	36.7	36.7	36.7
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	8.1	45.8	40.6	11.2	6.7	22.8	5.8	13.0	18.9	23.9	12.8	10.5

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PCH

What Is Changing

Drivers of PCH'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