PHN

Pin Hà Nội ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 7.93%, −3.19pp YoY

Price

59,900

Latest close

01 Jun 2026

P/E 12.74x

P/B 2.58x

EPS 4,703

BVPS 23,190

ROE 20.5%

ROA 16.7%

Profit Margin 7.9%

Asset Turnover 2.10x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, PHN is retaining some revenue, but margins are collapsing sharply — profit momentum has been slowing across consecutive periods. Costs or the profit mix are deteriorating faster than revenue is declining — this is the factor to watch ahead of everything else.

	                            
	                                TTM REVENUE
	                            
	                                    VND 430bn
	                                
−1.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 34bn
	                                
−29.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	414.7	447.9	423.9	461.4	364.3
Growth	-7%	+6%	-8%	+27%	—
Net Income	35.1	58.3	51.0	36.7	30.4
Net Margin	8.46%	13.01%	12.04%	7.96%	8.35%

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	129.1	103.6	114.2	83.5	113.5	106.0	122.7	93.0	126.1	94.1	125.8	92.1
Growth	+25%	-9%	+37%	-26%	+7%	-14%	+32%	-26%	+34%	-25%	+37%	—
Net Income	10.6	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6
Net Margin	8.24%	5.34%	8.57%	9.78%	10.24%	8.59%	12.42%	13.34%	17.05%	13.20%	14.82%	8.22%

Drivers of PHN's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 3.4bn

Finance costs ↓ 2.2bn

Gross profit ↓ 14.9bn

Administrative expenses ↑ 2.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 0.3bn

Tax ↓ 0.2bn

Gross profit ↓ 0.8bn

Administrative expenses ↑ 0.4bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 29.1% = 11.1% × 2.15 × 1.22

2026Q1 20.5% = 7.9% × 2.10 × 1.23

ROE fell from 29.1% to 20.5% — asset turnover weakened the most, though leverage still provided support.

Net margin: 7.9% -3.2pp Asset turnover: 2.10x -0.05x Leverage: 1.23x +0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 7.93%, losing 3.2pp. The main pressure comes from Gross margin fell 3.2pp and SG&A / Revenue rose 0.7pp (with additional support from Net financial result / Revenue rose 0.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 7.93% −3.2pp

Gross Margin 19.84% −3.2pp

SG&A / Revenue 8.73% +0.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 20.10%, losing 10.2pp. That translates to 20.10 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 3.0pp and capital turnover fell 0.21x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

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

CAPITAL EFFICIENCY TREND

ROIC 20.10% −10.2pp

NOPAT Margin 7.77% −3.0pp

Capital Turnover 2.59x −0.21x

Average Invested Capital 166.4bn +11.0bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.39x equity, net debt at 0.01x equity.

Inventory ended the period at 123.7bn, roughly 56.4% of total assets.

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

Cash conversion cycle lengthened by 19.7 days versus the same period last year. The main moves came from DIO rose 13.5 days, DSO rose 1.9 days, and DPO fell 4.4 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 111.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +1.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 11.7 days +1.9 days

Inventory 109.9 days +13.5 days

Payables 10.0 days −4.4 days

Cash Conversion Cycle 111.6 days +19.7 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.01x and interest coverage at 5.42x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 87.8% of debt, and total debt stands at 13.2bn.

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 0.01x +0.02x

Interest Coverage 5.42x −0.48x

Cash / Debt 87.8% −24.0pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.24x −0.14x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1.9bn in 2025, against investing cash flow of 18.8bn.

Post-investment cash flow was positive +16.9bn. Financing cash flow was negative +19.4bn.

CFO / net income was 0.24x.

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 8.4bn −10.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 0.24x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in core profitability, with net margin down 3.2 pp.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.24x.

Watchpoint: Cash generation still needs confirmation.

Key risk: profitability remains under pressure, with trailing-12M net margin at 7.93% after a 3.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	422.0	456.8	432.1	474.4	376.8
Revenue Deductions	7.3	9.0	8.2	13.0	0.0
Net Revenue	414.7	447.9	423.9	461.4	364.3
Cost of Goods Sold	328.6	336.9	322.9	378.7	0.0
Gross Profit	86.2	111.0	101.0	82.7	71.6
Financial Income	2.6	3.6	3.3	1.3	0.2
Financial Expenses	8.1	8.5	10.3	8.9	-8.3
Interest Expense	0.5	0.2	0.0	0.2	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	13.4	12.9	11.3	11.4	-10.3
General and Administrative Expenses	23.7	21.8	19.1	17.7	-15.7
Operating Profit	43.6	71.5	63.6	46.2	37.6
Other Income	0.8	1.8	0.3	0.0	0.0
Other Expenses	0.0	0.1	0.0	0.1	0.0
Other Profit	0.8	1.7	0.3	-0.0	0.6
Profit Before Tax	44.4	73.2	63.9	46.2	38.1
Current Income Tax Expense	9.3	14.9	12.9	9.4	-7.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	35.1	58.3	51.0	36.7	30.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	35.1	58.3	51.0	36.7	30.4
Earnings per Share	4,838.00	8,031.00	7,036.00	5,064.00	4,194.15
Diluted EPS	4,837.75	8,031.32	7,036.15	5,064.31	4,194.15

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	183.9	175.3	143.8	114.8	134.1
I. Cash and cash equivalents	17.6	20.0	9.5	15.0	21.1
1. Cash	9.6	15.0	9.5	15.0	0.0
2. Cash equivalents	8.0	5.0	0.0	0.0	0.0
II. Short-term financial investments	26.8	44.0	31.0	10.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	26.8	44.0	31.0	10.0	0.0
III. Short-term receivables	13.8	16.7	15.0	25.5	26.2
1. Short-term trade accounts receivable	11.4	12.5	12.5	18.1	0.0
2. Short-term prepayments to suppliers	0.2	1.0	0.1	5.8	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.3	3.2	2.8	1.8	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.0	-0.3	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	123.7	92.1	86.6	63.6	86.0
1. Inventories	123.9	92.3	86.8	63.9	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	0.0
V. Other short-term assets	2.0	2.4	1.7	0.7	0.8
1. Short-term prepayments	0.3	0.5	0.4	0.3	0.0
2. Value added tax to be reclaimed	1.4	1.5	0.9	0.0	0.0
3. Taxes and other receivables from state authorities	0.4	0.4	0.5	0.4	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	35.4	33.1	29.5	32.2	36.0
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	10.7	9.3	10.6	11.7	15.4
1. Tangible fixed assets	10.5	9.1	10.4	11.7	15.4
- Cost	80.1	77.9	75.4	72.6	0.0
- Accumulated depreciation	-69.5	-68.8	-65.1	-60.9	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.2	0.2	0.2	0.0	0.0
- Cost	0.3	0.3	0.3	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	2.8	0.0	0.0	1.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	2.8	0.0	0.0	0.0
V. Long-term financial investments	20.8	19.4	17.4	19.2	18.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	27.0	27.0	27.0	27.0	0.0
4. Provision for diminution in value of long-term investments	-6.2	-7.6	-9.6	-7.8	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.6	1.7	1.6	1.3	0.0
1. Long-term prepayments	3.6	1.7	1.6	1.3	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	1.2
5. Goodwill	—	0.0	0.0	-0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	219.3	208.4	173.4	147.1	170.1
A. LIABILITIES (300=210+330)	61.7	55.4	26.7	21.7	59.6
I. Short -term liabilities	61.7	55.4	26.7	21.7	59.6
1. Short-term trade accounts payable	14.2	13.5	8.4	4.1	3.1
2. Short-term advances from customers	0.8	0.4	0.4	0.2	0.5
3. Taxes and other payables to state authorities	2.3	5.0	6.0	4.1	0.0
4. Payable to employees	8.3	7.0	6.4	6.6	0.0
5. Short-term acrrued expenses	1.0	2.9	3.1	3.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	19.6	20.8	1.8	3.2	0.0
10. Short-term borrowings and financial leases	14.4	5.0	0.0	0.0	21.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.2	0.9	0.4	0.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	157.6	153.0	146.7	125.4	110.5
I. Owner's equity	157.6	153.0	146.7	125.4	0.0
1. Owner's capital	72.5	72.5	72.5	72.5	110.5
- Common stock with voting right	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	67.9	50.4	36.6	26.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	16.1	29.0	36.5	25.3	19.5
- Accumulated retained earning at the end of the previous period	10.1	7.1	7.3	6.7	7.2
- Undistributed earnings in this period	6.1	22.0	29.3	18.6	12.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	219.3	208.4	173.4	147.1	170.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	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	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-11.9	-15.5	-10.8	-7.5	0.0
Other Operating Receipts	38.3	25.5	29.1	40.0	0.0
Other Operating Payments	-32.6	-38.6	-33.9	-32.0	0.0
Net Cash Flow from Operating Activities	-1.9	52.6	45.9	59.6	6.7
Payments for Fixed Assets and Other Long-term Assets	-1.1	-0.8	-3.1	-0.8	-2.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.7	1.9	1.7	0.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	18.8	-12.0	-22.4	-10.6	-2.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	63.9	34.1	2.7	29.3	49.4
Repayment of Borrowings	-54.2	-28.8	-2.7	-51.1	-27.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-29.0	-35.4	-29.0	-33.3	-21.8
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-19.4	-30.1	-29.0	-55.1	0.1
Net Cash Flow During the Period	-2.5	10.6	-5.5	-6.1	15.4
Cash and Cash Equivalents at Beginning of Period	20.0	9.5	15.0	21.1	16.8
FX Difference from Revaluation	0.0	0.0	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	17.6	20.0	9.5	15.0	21.1

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	131.4	105.6	116.1	85.0	115.4	108.4	124.9	94.9	128.6	95.8	129.0	93.5
Revenue Deductions	2.3	2.0	1.9	1.5	1.9	2.4	2.2	1.9	2.5	1.8	3.2	1.4
Net Revenue	129.1	103.6	114.2	83.5	113.5	106.0	122.7	93.0	126.1	94.1	125.8	92.1
Cost of Goods Sold	105.0	82.2	91.8	66.0	88.6	86.0	92.6	67.8	90.5	68.7	92.5	74.3
Gross Profit	24.1	21.4	22.4	17.4	24.9	20.0	30.1	25.3	35.6	25.3	33.3	17.8
Financial Income	0.6	0.5	0.5	0.8	0.9	1.4	0.7	0.8	0.7	0.9	0.9	0.9
Financial Expenses	2.4	2.3	2.3	0.8	2.7	2.6	2.7	2.0	1.1	2.9	2.8	2.3
Interest Expense	0.2	0.1	0.1	0.1	0.1	0.1	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	3.3	3.7	3.6	2.8	3.3	2.9	3.5	3.3	3.2	2.7	3.1	2.5
General and Administrative Expenses	5.6	9.0	4.6	4.9	5.2	5.5	5.4	5.7	5.1	5.0	4.9	4.7
Operating Profit	13.4	6.9	12.3	9.7	14.6	10.4	19.3	14.9	26.9	15.6	23.3	9.2
Other Income	0.0	0.2	—	0.6	—	1.1	0.0	0.7	0.0	0.0	0.0	0.3
Other Expenses	—	0.0	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.2	—	0.6	-0.0	1.1	-0.1	0.7	0.0	0.0	0.0	0.3
Profit Before Tax	13.4	7.2	12.3	10.3	14.6	11.5	19.2	15.6	26.9	15.6	23.3	9.5
Current Income Tax Expense	2.8	1.6	2.5	2.2	3.0	2.4	3.9	3.2	5.4	3.2	4.7	1.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.6	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.6	5.5	9.8	8.2	11.6	9.1	15.2	12.4	21.5	12.4	18.6	7.6
Earnings per Share	1,466.59	762.33	1,348.66	1,125.43	1,601.77	1,255.37	2,101.21	1,711.39	2,964.44	1,711.72	2,570.96	1,043.94
Diluted EPS	1,466.59	762.33	1,348.66	1,125.43	1,601.77	1,255.37	2,101.21	1,711.39	2,964.44	1,711.72	2,570.96	1,043.94

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)	166.0	183.7	161.6	156.4	175.7	175.2	174.9	148.6	165.0	144.0	148.8	128.4
I. Cash and cash equivalents	11.6	17.6	19.5	11.2	16.5	20.0	10.3	7.5	20.4	9.5	32.8	9.7
1. Cash	8.6	9.6	11.5	11.2	16.5	20.0	10.3	7.5	6.4	9.5	32.8	9.7
2. Cash equivalents	3.0	8.0	8.0	—	—	0.0	0.0	0.0	14.0	0.0	0.0	0.0
II. Short-term financial investments	25.9	26.8	25.8	23.4	41.4	44.0	52.0	42.0	52.0	31.0	40.0	25.0
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	25.9	26.8	25.8	23.4	41.4	44.0	52.0	42.0	52.0	31.0	40.0	25.0
III. Short-term receivables	22.5	13.8	24.1	10.2	14.1	16.7	29.4	13.2	17.2	15.0	14.6	19.3
1. Short-term trade accounts receivable	16.9	11.4	17.9	8.8	10.7	12.5	26.8	9.9	12.7	12.5	9.7	11.5
2. Short-term prepayments to suppliers	3.0	0.2	4.0	0.2	0.2	1.0	0.3	0.9	1.5	0.1	1.7	4.3
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	2.7	2.3	2.2	1.3	3.3	3.2	2.7	2.7	3.3	2.8	3.5	3.7
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	105.6	123.7	91.7	109.4	101.7	92.1	82.2	84.9	74.7	86.6	60.3	72.9
1. Inventories	105.8	123.9	91.9	109.6	102.0	92.3	82.4	85.2	75.0	86.8	60.5	73.2
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
V. Other short-term assets	0.5	1.9	0.5	2.3	2.0	2.4	1.0	0.9	0.8	1.9	1.2	1.5
1. Short-term prepayments	0.2	0.1	0.1	0.3	0.4	0.5	0.6	0.5	0.4	0.5	0.7	0.9
2. Value added tax to be reclaimed	—	1.4	—	1.5	1.3	1.5	0.0	0.0	0.0	0.9	0.0	0.1
3. Taxes and other receivables from state authorities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5	0.4
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)	34.4	35.6	36.0	36.5	33.5	33.2	30.1	29.5	30.2	29.4	30.8	29.2
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	9.9	10.7	11.5	11.0	11.9	9.3	9.3	8.5	9.5	10.6	11.5	9.6
1. Tangible fixed assets	9.8	10.5	11.3	10.8	11.7	9.1	9.1	8.4	9.3	10.4	11.3	9.6
- Cost	80.1	—	—	—	—	77.9	77.2	75.4	75.4	75.4	75.3	72.6
- Accumulated depreciation	-70.3	—	—	—	—	-68.8	-68.1	-67.1	-66.1	-65.1	-64.0	-62.9
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	0.3	0.3	0.3	2.0	0.8	2.8	0.3	0.4	0.0	0.0	0.1	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.3	0.3	2.0	0.8	2.8	0.3	0.4	0.0	0.0	0.1	0.4
V. Long-term financial investments	20.8	20.8	20.8	20.8	19.4	19.4	19.4	19.4	19.2	17.4	18.2	18.2
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	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0	27.0
4. Provision for diminution in value of long-term investments	-6.2	-6.2	-6.2	-6.2	-7.6	-7.6	-7.6	-7.6	-7.8	-9.6	-8.8	-8.8
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	3.3	3.8	3.4	2.6	1.5	1.8	1.2	1.3	1.5	1.4	0.9	1.0
1. Long-term prepayments	3.3	3.8	3.4	2.6	1.5	1.8	1.2	1.3	1.5	1.4	0.9	1.0
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)	200.4	219.3	197.6	193.0	209.2	208.4	205.0	178.1	195.3	173.4	179.6	157.6
A. LIABILITIES (300=210+330)	32.2	61.7	31.1	36.2	44.6	55.4	46.6	34.8	27.0	26.7	23.5	20.2
I. Short -term liabilities	32.2	61.7	31.1	36.2	44.6	55.4	46.6	34.8	27.0	26.7	23.5	20.2
1. Short-term trade accounts payable	4.6	14.2	2.3	5.6	14.4	13.5	9.8	14.4	12.0	8.4	6.7	3.6
2. Short-term advances from customers	0.7	0.8	1.2	0.2	1.6	0.4	0.6	0.3	0.4	0.4	0.7	0.6
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.9	2.3	2.9	3.2	2.7	5.0	7.8	8.6	7.0	6.0	3.9	3.1
4. Payable to employees	3.4	8.3	5.4	4.8	5.0	7.0	6.7	6.4	4.0	6.4	5.4	4.1
5. Short-term acrrued expenses	3.9	1.0	3.7	2.3	3.1	2.9	4.2	3.2	2.6	3.1	3.3	2.2
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	2.7	19.6	0.7	4.0	2.7	20.8	2.0	0.8	0.6	1.8	3.1	3.5
10. Short-term borrowings and financial leases	13.2	14.4	13.6	14.7	14.7	5.0	14.5	0.0	0.0	0.0	0.0	2.7
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	0.7	1.2	1.4	1.4	0.4	0.9	1.0	1.1	0.4	0.4	0.4	0.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	168.2	157.6	166.6	156.8	164.6	153.0	158.4	143.4	168.2	146.7	156.1	137.4
I. Owner's equity	168.2	157.6	166.6	156.8	164.6	153.0	158.4	143.4	168.2	146.7	156.1	137.4
1. Owner's capital	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5	72.5
- Common stock with voting right	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00	72,539,110,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	67.9	67.9	67.9	67.9	50.4	50.4	50.4	50.4	36.6	36.6	36.6	36.6
11. Undistributed earnings after tax	26.8	16.1	25.1	15.3	40.7	29.1	34.5	19.4	58.0	36.5	45.9	27.2
- Accumulated retained earning at the end of the previous period	16.1	10.1	10.1	10.1	29.0	7.1	7.1	7.3	36.5	7.3	7.3	7.3
- Undistributed earnings in this period	10.6	6.1	15.1	5.3	11.6	22.0	27.4	12.2	21.5	29.3	38.6	20.0
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)	200.4	219.3	197.6	193.0	209.2	208.4	205.0	178.1	195.3	173.4	179.6	157.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.8	-1.7	-3.0	-2.0	-5.2	-4.0	-24.2	18.0	-6.1	-1.5	-3.8	0.0
Other Operating Receipts	11.5	—	—	—	—	11.9	44.9	-27.7	8.4	-1.8	12.3	9.8
Other Operating Payments	-8.3	-8.6	-8.9	-6.6	-8.5	-11.8	-29.8	12.3	-12.3	8.3	-24.6	-4.3
Net Cash Flow from Operating Activities	7.6	-1.3	11.0	-9.0	-2.6	11.3	-3.2	13.3	30.9	-10.2	42.3	2.3
Payments for Fixed Assets and Other Long-term Assets	—	0.2	-0.4	0.1	-0.9	-0.5	0.0	0.0	0.0	-0.9	-2.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	0.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	-0.1	0.8	0.3	1.6	0.1	0.6	0.1	1.0	0.5	0.8	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	1.7	-0.9	-2.0	18.4	3.3	7.7	-9.4	10.1	-20.0	8.6	-16.4	-1.7
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	10.4	16.2	5.7	14.7	27.2	19.6	14.5	0.0	0.0	0.0	0.0	2.7
Repayment of Borrowings	-11.5	-15.3	-6.8	-14.8	-17.3	-28.8	0.0	0.0	0.0	0.0	-2.7	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-14.2	-0.7	0.4	-14.5	-14.2	-0.0	0.9	-36.2	-0.0	-21.8	-0.0	-7.2
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	-15.3	0.2	-0.7	-14.6	-4.3	-9.2	15.4	-36.2	-0.0	-21.8	-2.8	-4.5
Net Cash Flow During the Period	-6.0	-2.0	8.3	-5.3	-3.6	9.7	2.8	-12.9	10.9	-23.3	23.1	-3.8
Cash and Cash Equivalents at Beginning of Period	17.6	19.5	11.2	16.5	20.0	9.5	9.5	9.5	9.5	15.0	15.0	15.0
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	0.0	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	11.6	17.6	19.5	11.2	16.5	20.0	10.3	7.5	20.4	9.5	32.8	9.7

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PHN

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow