PTC

Đầu Tư Icapital ·HOSE ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 82624.90%, +37259.72pp YoY

Price

6,290

Latest close

03 Jun 2026

P/E 4.08x

P/B 0.47x

EPS 1,540

BVPS 13,353

ROE 12.2%

ROA 11.8%

Profit Margin 82,624.9%

Asset Turnover 0.00x

Equity Mult. 1.03x

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

What Is Changing

On a TTM 2026Q1 basis, PTC is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — earnings have been recovering gradually over multiple periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
+22.5%YoY

	                            
	                                NET MARGIN
	                            
	                                    82624.90%
	                                
+37259.7ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 50bn
	                                
+123.1%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    85.8%
	                                
affects earnings quality

Metric	2024	2023	2022	2020
Revenue	0.0	107.7	69.2	2.9
Growth	-100%	+56%	+2248%	—
Net Income	19.4	14.0	-60.5	43.9
Net Margin	49658.48%	13.02%	-87.41%	1487.72%

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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0
Growth	0%	0%	0%	0%	0%	0%	+277%	-20%	-100%	+90%	+29%	—
Net Income	4.4	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2
Net Margin	29195.22%	34547.05%	218715.07%	48042.27%	28770.18%	21082.60%	36340.82%	233318.02%	30462.81%	23.05%	16.27%	-34.31%

Drivers of PTC's profit

TTM

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

Financial income ↑ 26.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 13.1bn

Financial income ↓ 7.6bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.0% = 45365.2% × 0.00 × 1.08

2026Q1 12.2% = 82624.9% × 0.00 × 1.03

ROE rose from 6.0% to 12.2% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 82624.9% +37259.7pp Asset turnover: 0.00x +0.00x Leverage: 1.03x -0.05x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 82624.90%, rising 37259.7pp. Despite pressure from SG&A / Revenue rose 23.1pp, the offset came from Net financial result / Revenue rose 32624.9pp.

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 82624.90% +37259.7pp

Gross Margin 100.00% 0.0pp

SG&A / Revenue 9478.10% +23.1pp

Non-core / Revenue 77370.75% +32624.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 85.8% of PBT and lifted net margin by 32624.9pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for construction contractors — liabilities at 0.02x equity, with a net cash position equivalent to 0.02x equity.

Over the last 12 months, working capital absorbed 16.1bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −2.5bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −13.6bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Working Capital Efficiency

Receivables 3890.4 days −1100.5 days

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at -0.02x and interest coverage at 2.39x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 2451.3% of debt, and total debt stands at 0.4bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

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 -0.02x —

Interest Coverage 2.39x +1.21x

Cash / Debt 2451.3% —

Short-term Debt / Total Debt 100.0% —

CFO / NI -0.04x +6.13x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -153.1bn in 2024, against investing cash flow of 137.7bn.

Post-investment cash flow was negative +15.4bn. Financing cash flow was positive +3.8bn.

CFO / net income was -0.04x.

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

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 2.2bn +135.0bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 37259.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 82624.90% after expanding 37259.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 85.8% of PBT and CFO / net income currently at -0.04x.

Statement Data

Item	2024	2023	2022	2020
Revenue	0.1	107.7	69.2	2.9
Revenue Deductions	0.0	0.0	0.0	0.0
Net Revenue	0.0	107.7	69.2	2.9
Cost of Goods Sold	0.0	51.0	46.1	0.0
Gross Profit	0.0	56.7	23.2	-4.5
Financial Income	25.7	13.6	33.5	66.3
Financial Expenses	3.1	34.8	93.0	-5.1
Interest Expense	0.2	46.8	34.9	-0.8
Share of Associates and Joint Ventures	0.0	-3.9	-10.8	3.3
Selling Expenses	0.0	0.0	0.0	-0.1
General and Administrative Expenses	4.1	16.3	13.6	-9.3
Operating Profit	18.4	15.2	-60.7	50.6
Other Income	0.9	0.0	3.8	0.0
Other Expenses	0.0	1.2	3.6	0.0
Other Profit	0.9	-1.2	0.2	5.9
Profit Before Tax	19.4	14.0	-60.5	56.5
Current Income Tax Expense	0.0	0.0	0.0	-12.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0
Net Income	19.4	14.0	-60.5	43.9
Non-controlling Interest	0.0	4.0	-6.8	-0.2
Profit Attributable to Parent	19.4	10.0	-53.7	44.1
Earnings per Share	601.00	311.00	-1,713.00	2,718.00
Diluted EPS	601.00	311.00	-1,713.00	2,447.83

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	258.2	230.8	173.3	171.7	147.3
I. Cash and cash equivalents	6.0	3.1	37.4	5.7	4.9
1. Cash	4.3	1.4	14.7	4.1	0.0
2. Cash equivalents	1.7	1.7	22.7	1.6	0.0
II. Short-term financial investments	220.3	219.9	81.5	100.8	0.0
1. Available for sale securities	259.9	226.7	63.5	116.1	0.0
2. Provision for diminution in value of available for sale securities (*)	-39.6	-6.8	-2.0	-35.2	0.0
3. Held to maturity investments	—	0.0	20.0	20.0	0.0
III. Short-term receivables	31.5	7.6	54.0	65.0	73.4
1. Short-term trade accounts receivable	0.7	0.6	39.4	55.0	0.0
2. Short-term prepayments to suppliers	0.2	0.2	0.3	0.6	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	30.5	1.4	7.3	3.0	0.0
6. Other short-term receivables	0.8	5.9	7.5	6.8	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.5	-0.4	-0.4	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.3	0.4	0.3	0.7
1. Short-term prepayments	0.1	0.1	0.2	0.1	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	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)	178.5	174.4	982.9	1,039.9	156.1
I. Long-term receivables	—	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.9	2.6	772.9	816.1	5.7
1. Tangible fixed assets	1.9	2.6	772.9	816.1	5.7
- Cost	7.7	7.7	862.0	862.0	0.0
- Accumulated depreciation	-5.8	-5.1	-89.1	-45.9	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	—	0.0	0.0	0.0	0.0
- Cost	0.4	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.4	-0.4	-0.4	-0.4	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	176.7	171.7	129.8	133.7	150.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	148.0	148.0	129.8	133.7	0.0
3. Investments in other entities	42.7	42.7	4.9	4.9	0.0
4. Provision for diminution in value of long-term investments	-14.0	-19.0	-4.9	-4.9	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	0.0	0.0	80.1	90.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.1	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	0.1
5. Goodwill	—	0.0	80.1	89.9	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	436.7	405.2	1,156.2	1,211.7	303.4
A. LIABILITIES (300=210+330)	9.7	27.0	634.3	703.8	43.7
I. Short -term liabilities	9.7	27.0	192.1	120.3	43.7
1. Short-term trade accounts payable	0.4	0.4	123.7	58.0	8.7
2. Short-term advances from customers	—	0.0	0.0	0.0	3.2
3. Taxes and other payables to state authorities	3.6	0.3	1.1	0.5	0.0
4. Payable to employees	0.8	0.0	0.8	0.8	0.0
5. Short-term acrrued expenses	0.1	0.1	0.7	1.3	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	4.7	22.4	22.5	22.1	0.0
10. Short-term borrowings and financial leases	—	3.8	43.3	37.6	3.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	442.2	583.5	0.0
1. Long-term trade payables	—	0.0	0.0	98.0	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	442.2	485.4	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)	427.0	378.2	521.9	507.9	259.7
I. Owner's equity	427.0	378.2	521.9	507.9	0.0
1. Owner's capital	323.1	323.1	323.1	323.1	259.7
- Common stock with voting right	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	179,999,990,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	33.0	33.0	33.0	33.0	35.7
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	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	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	—	0.0	0.0	0.0	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	71.6	22.8	-13.6	-23.6	27.4
- Accumulated retained earning at the end of the previous period	22.8	3.4	-23.6	30.1	-27.9
- Undistributed earnings in this period	48.9	19.4	10.0	-53.7	55.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	180.1	176.1	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)	436.7	405.2	1,156.2	1,211.7	303.4

Item	2024	2023	2022	2020
Profit Before Tax	19.4	14.0	-60.5	18.8
Depreciation of Fixed Assets and Investment Property	0.8	52.9	40.3	0.1
Provision (Increase)/Reversal	1.0	-33.3	30.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-10.5	-7.1	2.4	0.0
Interest Expense	0.2	46.8	34.9	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	10.8	73.3	47.3	-19.8
Increase/(Decrease) in Receivables	-0.1	10.8	-1.5	0.0
Increase/(Decrease) in Inventory	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.3	0.7	-58.1	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	-0.0	0.1	0.0
Changes in Trading Securities	-163.2	52.6	-44.4	0.0
Interest Paid	-0.2	-47.1	-34.0	0.0
Corporate Income Tax Paid	0.0	0.0	-13.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-153.1	90.4	-103.5	20.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-15.0	-23.0	-6.1	-76.7
Receipts from Loan Repayments and Sale of Debt Instruments	15.9	18.7	2.3	12.8
Investments in Other Entities	0.0	-32.3	-97.4	-69.5
Proceeds from Investments in Other Entities	126.0	5.0	70.7	0.0
Dividends and Interest Income Received	10.7	10.5	3.4	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	137.7	-21.1	-27.0	-9.9
Proceeds from Equity Issuance and Capital Contributions	0.00	0.00	38,468,892,977.00	0.00
Share Repurchases	0.00	0.00	0.00	0.00
Proceeds from Borrowings	39.5	5.9	87.7	14.6
Repayment of Borrowings	-35.8	-43.5	-69.2	-24.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0
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	3.8	-37.6	57.0	-9.5
Net Cash Flow During the Period	-11.7	31.7	-73.5	0.0
Cash and Cash Equivalents at Beginning of Period	14.7	5.7	79.2	5.4
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.1	37.4	5.7	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	36.7	19.4	15.0
Cost of Goods Sold	—	—	—	—	—	0.0	0.0	0.0	0.0	13.2	12.3	12.3
Gross Profit	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	23.5	7.0	2.7
Financial Income	4.8	13.4	30.5	14.8	12.4	3.4	7.4	13.5	1.4	1.8	6.9	3.5
Financial Expenses	-2.3	8.4	-8.5	19.5	10.8	-0.8	0.6	4.0	-0.8	11.6	9.0	5.4
Interest Expense	0.0	—	0.0	0.0	0.1	0.2	0.0	0.0	0.0	10.0	11.0	12.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	2.2	-1.6
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	1.7	1.4	1.1	1.4	1.2	1.0	1.3	1.1	0.7	4.5	3.9	4.1
Operating Profit	5.4	3.6	37.9	-6.1	0.3	3.2	5.5	8.4	1.5	9.0	3.3	-4.9
Other Income	—	—	—	13.3	4.0	0.0	0.0	0.9	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.5	0.2	0.3
Other Profit	—	—	—	13.3	4.0	0.0	-0.0	0.9	0.0	-0.5	-0.2	-0.3
Profit Before Tax	5.4	3.6	37.9	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2
Current Income Tax Expense	1.1	-1.6	5.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	4.4	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	8.5	3.2	-5.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	6.4	-2.2	-4.8
Profit Attributable to Parent	4.4	5.2	32.8	7.2	4.3	3.2	5.5	9.3	1.5	2.1	5.3	-0.4
Earnings per Share	136.00	161.00	1,019.00	224.00	133.58	98.00	168.73	287.61	47.15	65.28	164.76	-11.41
Diluted EPS	135.55	160.40	1,015.47	223.06	133.58	97.88	168.73	287.61	47.15	65.28	164.76	-11.41

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)	260.6	258.2	258.3	220.3	222.7	230.8	230.8	224.3	212.7	173.3	162.3	170.8
I. Cash and cash equivalents	9.1	6.0	7.2	15.1	7.5	3.1	3.7	11.1	19.0	19.4	29.1	24.2
1. Cash	7.4	4.3	5.5	13.4	5.8	1.4	2.0	9.4	8.1	14.7	11.0	10.6
2. Cash equivalents	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	10.9	4.7	18.1	13.6
II. Short-term financial investments	243.4	220.3	249.0	193.2	208.5	219.9	218.8	189.4	184.7	99.5	89.8	108.1
1. Available for sale securities	256.7	259.9	277.8	230.6	228.2	226.7	220.8	191.0	185.7	63.5	79.6	116.3
2. Provision for diminution in value of available for sale securities (*)	-36.3	-39.6	-28.8	-37.4	-19.7	-6.8	-2.0	-1.6	-1.0	-2.0	-9.8	-23.2
3. Held to maturity investments	23.1	—	—	—	—	0.0	0.0	0.0	0.0	38.0	20.0	15.0
III. Short-term receivables	7.2	31.5	1.7	11.7	6.4	7.6	7.9	23.5	8.8	54.0	42.8	37.7
1. Short-term trade accounts receivable	0.6	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.7	39.3	28.7	23.7
2. Short-term prepayments to suppliers	5.5	0.2	0.2	0.4	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.3
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	—	30.5	—	9.1	—	1.4	1.7	17.0	2.3	7.3	7.3	7.7
6. Other short-term receivables	1.7	0.8	1.4	2.0	6.1	5.9	5.9	6.1	6.0	7.5	7.0	6.5
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.5	-0.5	-0.5	-0.5	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.9	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.4	0.6	0.7
1. Short-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.2	0.3	0.5
2. Value added tax to be reclaimed	0.7	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Taxes and other receivables from state authorities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	178.5	178.5	174.8	174.9	176.0	174.4	188.0	188.2	190.5	983.0	996.5	1,007.6
I. Long-term receivables	—	—	—	—	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	0.1	0.1	0.0
6. Other long-term receivables	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.0	0.0	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	1.7	1.9	2.0	2.2	2.4	2.6	2.8	3.0	3.2	772.9	783.7	794.5
1. Tangible fixed assets	1.7	1.9	2.0	2.2	2.4	2.6	2.8	3.0	3.2	772.9	783.7	794.5
- Cost	7.7	—	—	—	—	7.7	7.7	7.7	7.7	862.0	862.0	862.0
- Accumulated depreciation	-6.0	—	—	—	—	-5.1	-4.9	-4.7	-4.5	-89.1	-78.3	-67.5
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	0.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.4	—	—	—	—	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	176.7	176.7	172.7	172.7	173.5	171.7	185.1	185.1	187.2	129.9	130.1	127.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	148.0	148.0	148.0	148.0	148.0	148.0	148.0	148.0	148.0	129.9	130.1	127.9
3. Investments in other entities	42.7	42.7	42.7	42.7	42.7	42.7	62.2	62.2	62.2	4.9	4.9	4.9
4. Provision for diminution in value of long-term investments	-14.0	-14.0	-17.9	-18.0	-17.1	-18.9	-25.1	-25.1	-22.9	-4.9	-4.9	-4.9
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	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Long-term prepayments	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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	80.1	82.6	85.0
TOTAL ASSETS (280=100+200)	439.1	436.7	433.0	395.2	398.8	405.3	418.8	412.5	403.2	1,156.3	1,158.8	1,178.4
A. LIABILITIES (300=210+330)	7.7	9.0	10.5	5.5	16.3	27.0	43.7	42.9	42.9	634.1	645.1	667.8
I. Short -term liabilities	7.7	9.0	10.5	5.5	16.3	27.0	43.7	42.9	42.9	191.9	94.1	106.0
1. Short-term trade accounts payable	0.5	0.4	0.4	0.4	0.5	0.4	20.0	19.9	20.0	123.7	36.4	58.0
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	1.2	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.1	3.7	5.3	0.3	0.3	0.3	0.3	0.3	0.3	1.1	1.2	0.8
4. Payable to employees	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.8	0.2	0.2
5. Short-term acrrued expenses	—	0.1	—	0.1	—	0.1	0.0	0.0	0.0	0.5	0.9	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	3.5	4.7	4.7	4.7	15.4	22.4	22.4	22.5	22.4	22.5	22.5	22.6
10. Short-term borrowings and financial leases	0.4	—	—	—	—	3.8	0.9	0.0	0.0	43.3	32.7	22.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	442.2	551.0	561.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	98.0	98.0
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	442.2	453.0	463.8
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)	431.4	427.7	422.5	389.7	382.5	378.2	375.1	369.6	360.3	522.2	513.7	510.6
I. Owner's equity	431.4	427.7	422.5	389.7	382.5	378.2	375.1	369.6	360.3	522.2	513.7	510.6
1. Owner's capital	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1	323.1
- Common stock with voting right	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00	323,073,240,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0	33.0
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	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00	-702,929,619.00
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	76.0	72.3	67.1	34.3	27.1	22.9	19.7	14.2	5.0	-13.4	-15.5	-20.8
- Accumulated retained earning at the end of the previous period	71.6	67.1	34.3	27.1	22.8	3.4	3.4	3.4	3.4	-23.6	-23.6	-23.6
- Undistributed earnings in this period	4.4	5.2	32.8	7.2	4.3	19.4	16.3	10.8	1.5	10.2	8.1	2.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	180.2	173.8	176.0
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)	439.1	436.7	433.0	395.2	398.8	405.3	418.8	412.5	403.2	1,156.3	1,158.8	1,178.4

Item	Q1'26	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	5.4	37.9	7.2	4.3	3.2	5.5	9.2	1.5	8.2	3.2	-5.2	7.8
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	20.6	6.0	15.6	10.8
Provision (Increase)/Reversal	-3.3	-8.6	18.5	11.1	-1.2	0.3	2.8	-0.9	-7.8	-13.4	-8.6	-3.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.6	-3.9	-0.7	-4.0	-0.3	-4.6	-3.4	-0.9	-2.6	-7.8	4.4	-1.0
Interest Expense	0.0	0.0	0.0	0.1	0.2	0.0	0.0	0.0	10.2	11.0	12.2	13.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	1.8	25.6	25.2	11.7	2.0	1.4	8.8	-0.2	28.5	-1.0	18.4	27.5
Increase/(Decrease) in Receivables	-0.9	-1.3	-1.4	1.1	0.0	0.3	-0.1	-0.1	-11.0	-7.6	9.1	20.3
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.8	5.0	-10.8	-7.0	40.8	-26.5	-0.9	0.7	95.2	-95.8	3.4	-2.1
Increase/(Decrease) in Prepaid Expenses	0.1	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.2	0.2	0.2	-0.5
Changes in Trading Securities	3.2	—	—	—	-5.9	-29.8	-5.3	-122.2	16.2	36.7	-3.0	2.7
Interest Paid	-0.0	0.3	-0.0	-0.1	-0.2	-0.0	-0.0	0.0	-10.3	-11.1	-12.3	-13.5
Corporate Income Tax Paid	-2.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Operating Activities	0.6	-17.7	8.2	6.6	36.7	-54.6	2.5	-121.8	118.6	-78.6	16.0	34.4
Payments for Fixed Assets and Other Long-term Assets	-5.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-20.0	—	—	15.0	-15.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-24.1	48.2	-15.1	-4.0	0.0	0.0	-15.0	0.0	-16.1	20.0	-14.9	-12.0
Receipts from Loan Repayments and Sale of Debt Instruments	31.5	—	6.0	5.4	0.0	0.0	0.3	0.0	11.5	-20.0	27.2	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-32.3	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	126.0	3.0	0.0	2.0	0.0
Dividends and Interest Income Received	0.6	-7.0	8.5	0.1	2.7	3.4	4.4	0.0	6.1	1.5	1.9	1.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	2.1	9.8	-0.6	1.5	2.7	3.4	-10.3	126.0	-27.9	1.5	16.2	-11.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	28.2	0.0	26.4	10.9	6.8	12.0	0.0	10.3	2.1	3.3	0.5	0.1
Repayment of Borrowings	-27.8	0.0	-26.4	-14.7	-46.9	31.8	0.0	-10.3	-84.5	78.8	-42.6	4.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	0.4	0.0	0.0	-3.8	-40.1	43.8	0.0	0.0	-82.5	82.1	-42.1	5.0
Net Cash Flow During the Period	3.1	-7.9	7.6	4.4	-0.6	-7.4	-7.9	4.2	8.3	4.9	-9.9	28.4
Cash and Cash Equivalents at Beginning of Period	6.0	15.1	7.5	3.1	14.7	14.7	14.7	14.7	5.7	5.7	5.7	5.7
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.1	7.2	15.1	7.5	3.1	3.7	11.1	19.0	37.4	29.1	24.2	34.1

Explore Other Stocks In The Same Sector

REE, GEG, DNH, VSH, SBH, HNA, CHP, BGE, TMP, SHP, AVC, VPD, TBC, TTA, ND2, SBA, BHA, BSA, SJD, SEB, SBM, GSM, TTE, ISH, QPH, NTH, SP2, SVH, SD9, DRL, DL1, HJS, NED, TDB, XMP, SD3, HPD, KOS, HIO, SMA, S72, DTE

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

PTC

What Is Changing

Drivers of PTC's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Balance Sheet ▼

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ●

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow