PMB

Phân bón và Hóa chất Dầu khí Miền Bắc ·HNX ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 0.09x

Price

11,200

Latest close

02 Jun 2026

P/E 5.22x

P/B 0.82x

EPS 2,145

BVPS 13,614

ROE 16.4%

ROA 9.2%

Profit Margin 0.9%

Asset Turnover 9.87x

Equity Mult. 1.77x

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

What Is Changing

On a TTM 2026Q1 basis, PMB is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,752bn
	                                
+16.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 26bn
	                                
+79.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	2,651.2	2,153.3	2,146.4	2,735.6	2,056.4
Growth	+23%	+0%	-22%	+33%	—
Net Income	20.2	9.9	6.3	17.8	38.4
Net Margin	0.76%	0.46%	0.29%	0.65%	1.87%

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	835.5	604.4	518.3	793.6	734.9	470.3	494.9	667.6	520.5	530.3	493.6	615.2
Growth	+38%	+17%	-35%	+8%	+56%	-5%	-26%	+28%	-2%	+7%	-20%	—
Net Income	14.1	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2
Net Margin	1.69%	0.60%	0.18%	0.90%	1.16%	-0.00%	0.11%	0.79%	0.79%	-0.16%	0.43%	0.53%

Drivers of PMB's profit

TTM

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

Gross profit ↑ 19.9bn

Financial income ↑ 1.6bn

Tax ↑ 2.5bn

TTM

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

Gross profit ↑ 8.2bn

Tax ↑ 1.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.6% = 0.6% × 11.82 × 1.34

2026Q1 16.4% = 0.9% × 9.87 × 1.77

ROE rose from 9.6% to 16.4% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 0.9% +0.3pp Asset turnover: 9.87x -1.95x Leverage: 1.77x +0.44x

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 edged up to 0.94%, rising 0.3pp. The main driver is SG&A / Revenue fell 0.4pp and Gross margin rose 0.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 0.0pp).

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

Profitability trend

Net Margin 0.94% +0.3pp

Gross Margin 3.61% +0.3pp

SG&A / Revenue 2.67% −0.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 0.83% +0.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.61x equity, with a net cash position equivalent to 0.75x equity.

Inventory ended the period at 35.3bn, roughly 14.6% of total assets.

Over the last 12 months, working capital absorbed 23.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −144.0bn

Inventories increased → lower CFO: −21.8bn

Payables increased → higher CFO: +142.8bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.3 days versus the same period last year. The main moves came from DIO fell 3.4 days, DSO rose 0.2 days, and DPO rose 0.0 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Receivables collection is slowing

DSO increased by +0.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 0.7 days +0.2 days

Inventory 3.9 days −3.4 days

Payables 0.5 days +0.0 days

Cash Conversion Cycle 4.1 days −3.3 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 35.9bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.75x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.09x −3.38x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 35.9bn in 2025, against investing cash flow of 0.4bn.

Post-investment cash flow was positive +36.3bn. Financing cash flow was negative +8.4bn.

CFO / net income was 0.09x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 2.3bn −47.4bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.09x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	2,722.6	2,195.5	2,183.7	2,767.8	2,084.1
Revenue Deductions	71.3	42.2	37.4	32.2	0.0
Net Revenue	2,651.2	2,153.3	2,146.4	2,735.6	2,056.4
Cost of Goods Sold	2,560.0	2,078.5	2,070.0	2,647.3	0.0
Gross Profit	91.2	74.8	76.3	88.3	106.6
Financial Income	3.1	1.2	1.9	1.3	1.6
Financial Expenses	0.3	0.0	0.0	0.3	-0.6
Interest Expense	0.3	0.0	0.0	0.3	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	57.8	55.5	56.1	55.9	-51.5
General and Administrative Expenses	16.3	15.7	16.5	16.5	-15.3
Operating Profit	19.9	4.7	5.6	16.9	40.8
Other Income	5.6	8.7	5.1	5.5	0.0
Other Expenses	0.0	0.5	0.3	0.0	0.0
Other Profit	5.5	8.2	4.8	5.5	7.4
Profit Before Tax	25.5	13.0	10.3	22.4	48.2
Current Income Tax Expense	5.3	3.1	-0.4	7.2	-9.7
Deferred Income Tax Expense	—	0.0	4.5	-2.7	0.0
Net Income	20.2	9.9	6.3	17.8	38.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.2	9.9	6.3	17.8	38.4
Earnings per Share	1,271.00	644.00	422.00	1,190.00	3,200.20
Diluted EPS	1,681.11	825.25	527.34	1,487.15	3,200.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.1	184.3	172.2	183.6	213.8
I. Cash and cash equivalents	167.7	139.8	120.9	96.2	122.8
1. Cash	14.8	46.8	53.1	38.3	0.0
2. Cash equivalents	153.0	93.0	67.8	57.9	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	29.4	11.1	19.4	20.9	39.6
1. Short-term trade accounts receivable	6.8	8.0	12.1	11.9	0.0
2. Short-term prepayments to suppliers	22.4	2.9	6.6	8.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.6	0.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	35.3	32.9	29.6	66.3	51.0
1. Inventories	36.2	32.9	31.9	73.8	0.0
2. Provision for decline in value of inventories	-0.9	0.0	-2.3	-7.4	0.0
V. Other short-term assets	1.7	0.4	2.3	0.2	0.3
1. Short-term prepayments	0.3	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	1.5	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	2.2	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	6.9	8.6	12.8	14.1	16.0
I. Long-term receivables	0.1	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.4	3.7	5.3	6.9	9.1
1. Tangible fixed assets	4.4	3.7	5.3	6.9	9.1
- Cost	39.7	43.7	44.6	43.3	0.0
- Accumulated depreciation	-35.3	-40.0	-39.3	-36.3	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.4	4.8	7.4	7.1	0.0
1. Long-term prepayments	2.4	4.8	7.4	2.6	0.0
2. Deferred income tax assets	—	0.0	0.0	4.5	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	6.8
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)	241.0	192.9	184.9	197.7	229.8
A. LIABILITIES (300=210+330)	91.8	50.4	40.6	43.4	68.9
I. Short -term liabilities	91.8	50.4	40.6	43.4	68.9
1. Short-term trade accounts payable	6.9	17.6	2.9	4.8	13.2
2. Short-term advances from customers	47.7	17.8	6.4	3.4	22.6
3. Taxes and other payables to state authorities	1.0	0.9	0.7	3.2	0.0
4. Payable to employees	12.7	5.9	5.4	0.5	0.0
5. Short-term acrrued expenses	0.6	0.9	1.3	5.9	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	17.6	4.3	19.9	20.2	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.2	3.0	4.1	5.5	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)	149.3	142.4	144.3	154.3	160.9
I. Owner's equity	149.3	142.4	144.3	154.3	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	160.9
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
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	10.0	10.0	10.0	10.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	19.3	12.4	14.3	24.3	30.9
- Accumulated retained earning at the end of the previous period	4.0	4.7	9.2	10.0	1.5
- Undistributed earnings in this period	15.3	7.7	5.1	14.3	29.4
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)	241.0	192.9	184.9	197.7	229.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.5	13.0	10.3	22.4	46.1
Depreciation of Fixed Assets and Investment Property	1.0	2.9	3.4	3.6	3.3
Provision (Increase)/Reversal	0.9	-2.3	-5.1	7.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.0	-0.5	-1.9	-1.3	0.0
Interest Expense	0.3	0.0	0.0	0.3	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	25.6	13.0	6.7	32.4	48.5
Increase/(Decrease) in Receivables	-19.8	10.5	6.0	18.7	0.0
Increase/(Decrease) in Inventory	-3.2	-1.0	41.8	-22.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.7	8.3	-1.2	-15.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.5	2.3	-4.7	2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.0	-0.0	-0.3	0.0
Corporate Income Tax Paid	-4.8	-0.5	-4.2	-10.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.7	-3.2	-5.6	-10.6	0.0
Net Cash Flow from Operating Activities	35.9	29.4	38.8	-6.1	15.6
Payments for Fixed Assets and Other Long-term Assets	-1.7	-1.3	-1.7	-1.4	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.5	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	1.9	1.3	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	0.4	-0.8	0.3	-0.1	1.3
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	—	0.0	0.0	189.9	309.4
Repayment of Borrowings	—	0.0	0.0	-189.9	-309.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.4	-9.6	-14.4	-20.4	-8.4
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	-8.4	-9.6	-14.4	-20.4	-8.4
Net Cash Flow During the Period	27.9	19.0	24.7	-26.7	-8.9
Cash and Cash Equivalents at Beginning of Period	139.8	120.9	96.2	122.8	114.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	167.7	139.8	120.9	96.2	122.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	861.0	618.2	523.5	825.9	754.9	464.9	504.7	686.6	539.3	543.1	498.7	627.3
Revenue Deductions	25.5	13.8	5.2	32.3	20.0	-5.4	9.7	19.0	18.8	12.8	5.2	12.2
Net Revenue	835.5	604.4	518.3	793.6	734.9	470.3	494.9	667.6	520.5	530.3	493.6	615.2
Cost of Goods Sold	802.8	576.9	502.7	770.0	710.4	452.9	481.4	643.5	500.7	512.5	475.0	593.8
Gross Profit	32.7	27.5	15.6	23.6	24.5	17.4	13.5	24.1	19.8	17.8	18.6	21.4
Financial Income	0.6	1.1	0.7	0.7	0.6	0.6	0.3	0.2	0.2	0.3	0.5	0.6
Financial Expenses	0.3	0.2	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.3	0.2	—	0.1	0.0	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	12.4	20.9	11.6	12.5	12.9	16.4	13.2	14.2	11.7	13.8	15.6	13.8
General and Administrative Expenses	3.0	6.1	3.5	3.4	3.2	5.1	3.9	3.5	3.3	4.7	3.8	4.1
Operating Profit	17.6	1.3	1.3	8.3	9.0	-3.6	-3.2	6.6	5.0	-0.4	-0.2	4.0
Other Income	—	3.2	0.1	0.6	1.8	4.6	3.8	0.0	0.3	2.1	2.9	0.0
Other Expenses	—	0.0	—	0.0	—	0.5	0.0	0.0	0.0	0.3	0.0	0.0
Other Profit	—	3.2	0.1	0.5	1.8	4.1	3.8	0.0	0.3	1.8	2.9	0.0
Profit Before Tax	17.6	4.5	1.3	8.9	10.7	0.5	0.7	6.6	5.2	1.4	2.7	4.0
Current Income Tax Expense	3.5	0.9	0.4	1.8	2.2	0.5	0.1	1.3	1.1	6.7	0.5	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	-4.5	0.0	0.0
Net Income	14.1	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	14.1	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2
Earnings per Share	1,173.43	300.14	79.22	592.03	709.72	-0.33	43.46	440.18	341.94	-70.14	177.77	269.40
Diluted EPS	1,173.43	300.14	79.22	592.03	709.72	-0.33	43.46	440.18	341.94	-70.14	177.77	269.40

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)	352.3	234.1	288.6	266.8	192.0	184.3	235.6	227.2	190.0	172.2	183.5	202.1
I. Cash and cash equivalents	123.2	167.7	140.0	178.5	130.3	139.8	131.6	133.1	88.1	120.9	108.8	111.9
1. Cash	26.0	14.8	19.8	32.4	46.2	46.8	58.6	40.1	45.1	53.1	36.1	44.2
2. Cash equivalents	97.1	153.0	120.1	146.1	84.1	93.0	73.0	93.0	43.0	67.8	72.8	67.7
II. Short-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	188.9	29.4	84.4	81.4	43.5	11.1	23.2	19.0	26.8	19.4	26.2	20.3
1. Short-term trade accounts receivable	7.0	6.8	40.1	9.0	3.2	8.0	8.2	3.8	3.1	12.1	7.2	3.1
2. Short-term prepayments to suppliers	163.5	22.4	41.0	72.1	24.6	2.9	14.8	14.8	19.6	6.6	18.5	16.8
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	18.4	0.2	3.3	0.4	15.6	0.2	0.3	0.4	4.1	0.6	0.5	0.4
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	39.3	35.3	60.5	6.2	17.4	32.9	80.0	74.5	73.4	29.6	45.3	65.9
1. Inventories	39.3	36.2	60.5	6.2	17.4	32.9	80.0	74.5	74.7	31.9	47.2	69.2
2. Provision for decline in value of inventories	—	-0.9	—	—	—	0.0	-0.0	-0.0	-1.3	-2.3	-1.9	-3.3
V. Other short-term assets	1.0	1.7	3.7	0.7	0.8	0.4	0.7	0.6	1.7	2.3	3.2	4.0
1. Short-term prepayments	1.0	0.3	1.3	0.7	0.8	0.4	0.7	0.6	0.6	0.2	0.5	0.7
2. Value added tax to be reclaimed	—	1.5	2.4	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	1.1	2.2	2.7	3.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	5.9	6.9	5.9	6.6	7.6	8.6	8.4	9.7	11.1	12.8	14.1	6.3
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	4.1	4.4	3.1	3.3	3.5	3.7	3.4	3.8	4.6	5.3	5.8	5.2
1. Tangible fixed assets	4.1	4.4	3.1	3.3	3.5	3.7	3.4	3.8	4.6	5.3	5.8	5.2
- Cost	39.7	—	—	—	—	43.7	43.6	43.4	43.6	44.6	44.3	42.8
- Accumulated depreciation	-35.6	—	—	—	—	-40.0	-40.2	-39.5	-39.0	-39.3	-38.5	-37.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.7	2.4	2.7	3.3	4.0	4.8	5.0	5.8	6.5	7.4	8.2	1.1
1. Long-term prepayments	1.7	2.4	2.7	3.3	4.0	4.8	5.0	5.8	6.5	7.4	8.2	1.1
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)	358.2	241.0	294.5	273.5	199.6	192.9	244.0	236.9	201.2	184.9	197.6	208.4
A. LIABILITIES (300=210+330)	194.8	91.8	147.0	118.5	48.6	50.4	101.3	85.1	52.7	40.6	52.2	50.7
I. Short -term liabilities	194.8	91.8	147.0	118.5	48.6	50.4	101.3	85.1	52.7	40.6	52.2	50.7
1. Short-term trade accounts payable	4.4	6.9	36.5	4.4	2.5	17.6	6.7	5.1	3.4	2.9	4.4	3.9
2. Short-term advances from customers	131.2	47.7	62.5	47.4	10.3	17.8	46.8	31.2	13.3	6.4	18.1	13.0
3. Taxes and other payables to state authorities	4.5	1.0	0.4	2.0	2.5	0.9	0.2	0.2	0.2	0.7	0.2	0.0
4. Payable to employees	0.4	12.7	0.4	0.4	0.4	5.9	0.5	0.4	0.4	5.4	0.4	0.4
5. Short-term acrrued expenses	17.5	0.6	8.4	9.3	7.3	0.9	9.6	10.9	5.5	1.3	11.7	12.3
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	32.5	17.6	34.8	49.5	23.3	4.3	32.9	32.2	26.5	19.9	13.0	15.6
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.4	5.2	4.0	5.5	2.5	3.0	4.6	5.2	3.4	4.1	4.4	5.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	163.4	149.3	147.5	154.9	150.9	142.4	142.7	151.8	148.4	144.3	145.4	157.7
I. Owner's equity	163.4	149.3	147.5	154.9	150.9	142.4	142.7	151.8	148.4	144.3	145.4	157.7
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	33.3	19.3	17.4	24.9	20.9	12.4	12.7	21.8	18.4	14.3	15.4	27.6
- Accumulated retained earning at the end of the previous period	19.3	4.0	4.0	12.4	12.4	4.7	4.7	14.3	14.3	9.2	9.2	23.6
- Undistributed earnings in this period	14.1	15.3	13.4	12.5	8.5	7.7	8.0	7.5	4.1	5.1	6.2	4.0
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)	358.2	241.0	294.5	273.5	199.6	192.9	244.0	236.9	201.2	184.9	197.6	208.4

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	17.6	4.5	1.3	8.9	10.7	0.5	0.7	6.6	5.2	1.4	2.7	4.0
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.2	0.2	0.2	0.7	0.7	0.7	0.8	0.8	0.9	0.9
Provision (Increase)/Reversal	-0.9	0.9	—	—	—	-0.0	0.0	-1.3	-1.0	0.4	-1.4	1.7
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	-0.6	-0.0	0.0	-1.5	-0.6	-0.6	-0.4	-0.1	-0.2	-0.3	-1.6	0.5
Interest Expense	0.3	0.2	0.0	0.1	0.0	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	16.7	5.9	1.6	7.7	10.4	0.6	1.0	6.0	4.8	2.3	0.5	7.1
Increase/(Decrease) in Receivables	-158.2	57.9	-7.4	-36.3	-34.0	11.3	-3.3	7.9	-7.7	14.0	-8.6	29.9
Increase/(Decrease) in Inventory	-3.1	24.4	-54.4	11.2	15.5	47.1	-5.5	0.2	-42.8	15.2	22.0	-17.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	101.3	-57.1	31.6	67.1	-2.8	-48.5	15.4	31.1	12.1	-18.2	7.2	-11.4
Increase/(Decrease) in Prepaid Expenses	0.0	1.4	-0.0	0.8	0.4	0.4	0.7	0.8	0.5	1.2	-6.9	1.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Interest Paid	-0.3	4.1	-4.3	-0.1	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0
Corporate Income Tax Paid	-0.9	-136.4	134.3	-2.1	-0.5	-0.5	-0.2	0.0	-0.1	-1.7	0.0	0.0
Other Operating Receipts	0.6	—	—	—	—	1.3	3.0	-0.6	0.7	-0.2	-2.0	2.0
Other Operating Payments	-1.4	-2.1	—	35.8	-36.5	-3.1	-3.2	-0.2	-0.6	-0.6	-1.1	-1.3
Net Cash Flow from Operating Activities	-45.4	31.4	-32.1	48.3	-11.7	8.6	7.8	45.1	-33.1	11.9	11.2	10.3
Payments for Fixed Assets and Other Long-term Assets	—	-1.6	-0.0	—	—	-1.2	-0.3	0.0	0.0	-0.2	-1.5	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4	1.7	0.3	0.0	0.0	0.2	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	—	—	—	—	—	0.0	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	0.6	—	1.5	—	0.6	0.6	0.6	-0.2	0.2	0.3	1.6	-0.5
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.6	-3.6	2.0	-0.2	2.2	-0.3	0.4	-0.2	0.4	0.1	0.1	-0.5
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	70.0	—	76.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-70.0	—	-76.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-8.4	—	—	0.0	-9.6	0.0	0.0	0.0	-14.4	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	—	0.0	-8.4	—	—	0.0	-9.6	0.0	0.0	0.0	-14.4	0.0
Net Cash Flow During the Period	-44.8	27.8	-38.5	48.2	-9.5	8.2	-1.4	45.0	-32.7	12.0	-3.1	9.8
Cash and Cash Equivalents at Beginning of Period	167.9	140.0	178.5	130.3	139.8	120.9	120.9	120.9	120.9	96.2	96.2	96.2
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	123.2	167.7	140.0	178.5	130.3	139.8	131.6	133.1	88.1	120.9	108.8	111.9

Explore Other Stocks In The Same Sector

DCM, DPM, DDV, BFC, VFG, VAF, LAS, NFC, SFG, PCE, VPS, PSE, PSW, AVG, SPC, DHB, CPC, DOC, BT1, HSI, QBS, ABS

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

PMB

What Is Changing

Drivers of PMB'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