STP

Công nghiệp Thương mại Sông Đà ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 4.72%, +1.96pp YoY

Price

7,300

Latest close

22 May 2026

P/E 6.38x

P/B 0.42x

EPS 1,145

BVPS 17,356

ROE 6.5%

ROA 5.3%

Profit Margin 4.7%

Asset Turnover 1.13x

Equity Mult. 1.22x

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

What Is Changing

On a TTM 2026Q1 basis, STP has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 195bn
	                                
−6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 9bn
	                                
+61.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	195.2	196.5	214.9	257.1	236.5
Growth	-1%	-9%	-16%	+9%	—
Net Income	7.9	6.2	10.1	4.5	6.5
Net Margin	4.06%	3.14%	4.70%	1.75%	2.77%

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	56.4	57.7	34.7	46.7	56.1	49.1	45.2	57.5	44.7	56.6	42.4	50.2
Growth	-2%	+66%	-26%	-17%	+14%	+9%	-21%	+29%	-21%	+33%	-15%	—
Net Income	3.9	3.0	2.4	-0.0	2.6	1.1	1.6	0.5	3.0	1.5	1.6	2.8
Net Margin	6.84%	5.25%	6.81%	-0.07%	4.57%	2.24%	3.49%	0.84%	6.72%	2.65%	3.89%	5.54%

Drivers of STP's profit

TTM

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

Gross profit ↑ 4.6bn

Selling expenses ↓ 1.8bn

Finance costs ↓ 1.7bn

Administrative expenses ↑ 3.6bn

Tax ↑ 0.7bn

Financial income ↓ 0.5bn

TTM

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

Gross profit ↑ 1.3bn

Administrative expenses ↓ 0.5bn

Selling expenses ↓ 0.2bn

Tax ↑ 0.4bn

Financial income ↓ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.1% = 2.8% × 1.17 × 1.26

2026Q1 6.5% = 4.7% × 1.13 × 1.22

ROE rose from 4.1% to 6.5% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 4.7% +2.0pp Asset turnover: 1.13x -0.04x Leverage: 1.22x -0.04x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 4.72%, rising 2.0pp. Core operating signals are improving as Gross margin rose 3.1pp are enough to offset pressure from SG&A / Revenue rose 1.5pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.1pp).

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

Profitability trend

Net Margin 4.72% +2.0pp

Gross Margin 15.16% +3.1pp

SG&A / Revenue 10.04% +1.5pp

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 4.73% +1.9pp

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 0.17x equity, with a net cash position equivalent to 0.19x equity.

Inventory ended the period at 33.6bn, roughly 20.2% 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 6.7 days versus the same period last year. The main moves came from DIO fell 4.6 days, DSO rose 9.9 days, and DPO fell 1.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 204.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +9.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 179.0 days +9.9 days

Inventory 66.4 days −4.6 days

Payables 41.1 days −1.3 days

Cash Conversion Cycle 204.3 days +6.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 15.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.19x and interest coverage at 25.62x.

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 -0.19x −0.15x

Interest Coverage 25.62x +19.42x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 2.45x +3.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.3bn in 2025, against investing cash flow of 7.0bn.

Post-investment cash flow was positive +22.3bn. Financing cash flow was negative +15.8bn.

CFO / net income was 2.45x.

After spending +1.5bn on fixed-asset investment, the business generated trailing free cash flow of +21.1bn.

Cash Conversion

CFO TTM 22.6bn +25.9bn

Cash Capex 1.5bn −2.3bn

FCF TTM +21.1bn +28.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.0 pp. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 204 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 4.72% after expanding 2.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Key risk: working capital remains tied up for too long, with cash cycle at 204.3 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	195.2	196.5	215.0	257.1	236.5
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	195.2	196.5	214.9	257.1	236.5
Cost of Goods Sold	166.8	172.6	190.0	233.8	0.0
Gross Profit	28.4	24.0	24.9	23.3	21.9
Financial Income	1.4	1.4	2.2	2.7	1.8
Financial Expenses	-0.4	1.2	-1.4	4.2	-1.1
Interest Expense	0.2	0.1	0.1	0.5	-0.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	2.3	4.2	4.0	4.4	-3.9
General and Administrative Expenses	18.0	11.7	12.2	12.3	-11.4
Operating Profit	9.9	8.2	12.3	5.1	7.3
Other Income	0.1	0.0	0.3	0.5	0.0
Other Expenses	0.2	0.2	0.1	0.1	0.0
Other Profit	-0.1	-0.2	0.2	0.4	1.0
Profit Before Tax	9.8	8.0	12.6	5.5	8.3
Current Income Tax Expense	1.9	1.8	2.5	1.0	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.9	6.2	10.1	4.5	6.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.9	6.2	10.1	4.5	6.5
Earnings per Share	933.00	769.00	1,259.00	527.00	816.72
Diluted EPS	933.00	769.00	1,259.00	527.00	813.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	131.7	140.5	150.9	160.7	152.6
I. Cash and cash equivalents	16.9	10.4	22.0	22.3	10.7
1. Cash	8.1	9.4	7.0	18.2	0.0
2. Cash equivalents	8.8	1.0	15.1	4.0	0.0
II. Short-term financial investments	4.3	10.8	11.8	10.8	0.0
1. Available for sale securities	6.0	5.8	5.8	7.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.7	-2.4	-2.0	-4.4	0.0
3. Held to maturity investments	—	7.5	8.0	8.0	0.0
III. Short-term receivables	69.2	77.1	81.3	81.0	81.6
1. Short-term trade accounts receivable	96.3	102.2	100.8	93.3	0.0
2. Short-term prepayments to suppliers	0.2	0.5	0.3	0.1	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	3.0	7.5	0.0
6. Other short-term receivables	6.0	1.5	3.0	4.0	0.0
7. Provision for short-term doubtful debts (*)	-33.2	-27.2	-25.8	-23.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	33.6	34.7	30.9	42.1	42.3
1. Inventories	33.6	34.7	30.9	42.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	7.7	7.5	4.8	4.5	1.8
1. Short-term prepayments	0.2	0.2	0.1	0.1	0.0
2. Value added tax to be reclaimed	7.5	7.4	4.7	4.4	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	34.5	35.8	30.3	26.9	23.0
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	6.2	7.2	11.4	7.5	6.3
1. Tangible fixed assets	6.2	7.2	11.4	7.5	6.3
- Cost	53.8	53.6	57.5	52.5	0.0
- Accumulated depreciation	-47.6	-46.4	-46.1	-45.0	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	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	1.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	1.5	0.0
V. Long-term financial investments	24.8	24.8	14.8	13.9	12.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.8	24.8	14.8	14.8	0.0
3. Investments in other entities	2.8	2.8	2.8	2.8	0.0
4. Provision for diminution in value of long-term investments	-2.8	-2.8	-2.8	-3.7	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	3.8	4.1	3.9	0.0
1. Long-term prepayments	3.6	3.8	4.1	3.9	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	4.4
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)	166.2	176.3	181.2	187.6	175.6
A. LIABILITIES (300=210+330)	23.9	35.1	37.7	47.8	34.0
I. Short -term liabilities	23.9	35.1	37.7	47.8	34.0
1. Short-term trade accounts payable	17.2	15.4	29.4	42.3	27.4
2. Short-term advances from customers	1.1	5.6	3.5	2.2	2.9
3. Taxes and other payables to state authorities	0.8	0.4	1.1	0.4	0.0
4. Payable to employees	3.8	2.8	2.3	2.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	9.7	0.7	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	1.3	0.8	0.8	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)	142.2	141.1	143.5	139.8	141.7
I. Owner's equity	142.2	141.1	143.5	139.8	0.0
1. Owner's capital	80.5	80.5	80.5	80.5	141.7
- Common stock with voting right	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	42.3	42.3	42.3	42.3	42.3
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	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	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	11.0	11.0	11.0	11.4	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	8.9	7.7	10.1	6.0	7.9
- Accumulated retained earning at the end of the previous period	0.9	1.6	0.0	1.5	1.3
- Undistributed earnings in this period	7.9	6.2	10.1	4.5	6.5
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)	166.2	176.3	181.2	187.6	175.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	9.8	8.0	12.6	5.5	0.0
Depreciation of Fixed Assets and Investment Property	2.5	2.7	3.0	2.0	0.0
Provision (Increase)/Reversal	5.3	1.8	-1.4	4.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.4	0.0	0.1	0.0
Gain/Loss from Investment Activities	-0.5	-0.8	-1.8	-1.2	0.0
Interest Expense	0.2	0.1	0.1	0.5	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	17.4	12.1	12.5	11.6	0.0
Increase/(Decrease) in Receivables	1.4	-2.9	-6.9	3.9	0.0
Increase/(Decrease) in Inventory	1.1	-3.7	11.2	0.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.4	-11.3	-11.5	13.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	-0.2	0.5	0.0
Changes in Trading Securities	-0.2	0.0	1.4	-1.1	0.0
Interest Paid	-0.2	-0.1	-0.1	-0.5	0.0
Corporate Income Tax Paid	-1.5	-2.5	-1.8	-1.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.0	-0.0	-0.2	0.0
Net Cash Flow from Operating Activities	15.3	-8.2	4.6	27.0	7.1
Payments for Fixed Assets and Other Long-term Assets	-1.1	-0.6	-5.5	-4.3	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.0	0.2	0.1	0.0
Loans and Purchases of Debt Instruments	—	-9.5	-2.0	-8.0	-10.0
Receipts from Loan Repayments and Sale of Debt Instruments	7.5	13.0	6.5	2.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-9.9	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	1.1	1.6	0.8	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	7.0	-3.9	0.8	-8.9	-10.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	1,737,954,700.00
Share Repurchases	—	0.00	0.00	0.00	-6,239,873,755.00
Proceeds from Borrowings	23.8	23.1	17.2	75.2	54.2
Repayment of Borrowings	-33.2	-14.1	-16.5	-75.3	-32.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.4	-8.0	-6.4	-6.4	-6.1
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	-15.8	0.9	-5.7	-6.5	11.5
Net Cash Flow During the Period	6.5	-11.2	-0.2	11.6	4.9
Cash and Cash Equivalents at Beginning of Period	10.4	22.0	22.3	10.7	7.2
FX Difference from Revaluation	-0.0	-0.4	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	16.9	10.4	22.0	22.3	10.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	56.4	57.7	34.7	46.7	56.1	49.1	45.2	57.5	44.7	56.6	42.4	50.2
Revenue Deductions	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	56.4	57.7	34.7	46.7	56.1	49.1	45.2	57.5	44.7	56.6	42.4	50.2
Cost of Goods Sold	46.9	48.1	29.1	41.8	47.8	44.4	39.7	51.0	37.5	49.3	37.4	45.6
Gross Profit	9.5	9.6	5.6	4.9	8.3	4.8	5.5	6.5	7.2	7.3	5.0	4.6
Financial Income	0.1	0.2	0.3	0.4	0.4	0.4	0.1	0.7	0.2	0.9	0.3	0.9
Financial Expenses	0.0	-0.1	0.1	-0.5	0.1	0.7	0.2	0.2	0.1	-0.2	0.1	-1.4
Interest Expense	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	0.6	0.4	0.5	0.9	0.8	1.0	1.2	1.1	1.3	0.9	0.9
General and Administrative Expenses	4.2	5.4	2.5	5.4	4.6	2.1	2.1	5.2	2.5	5.2	2.2	2.8
Operating Profit	4.8	3.9	3.0	-0.1	3.1	1.5	2.4	0.6	3.7	1.9	2.1	3.2
Other Income	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Other Expenses	-0.0	0.1	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.1
Other Profit	0.0	-0.1	-0.0	0.1	-0.0	-0.0	-0.2	-0.0	0.0	-0.0	-0.0	0.3
Profit Before Tax	4.8	3.8	3.0	-0.0	3.1	1.5	2.1	0.6	3.8	1.9	2.1	3.5
Current Income Tax Expense	0.9	0.8	0.6	-0.0	0.5	0.4	0.6	0.1	0.8	0.4	0.4	0.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.9	3.0	2.4	-0.0	2.6	1.1	1.6	0.5	3.0	1.5	1.6	2.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.9	3.0	2.4	-0.0	2.6	1.1	1.6	0.5	3.0	1.5	1.6	2.8
Earnings per Share	476.00	378.00	295.00	-4.00	319.00	137.00	197.00	60.00	375.00	187.00	205.00	347.00
Diluted EPS	478.99	376.59	293.85	-3.90	318.41	136.68	196.23	59.76	373.68	186.51	204.86	345.70

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)	134.7	127.6	126.7	131.1	135.0	140.5	132.0	138.9	151.1	150.9	153.2	150.9
I. Cash and cash equivalents	29.7	16.9	9.7	2.9	11.5	10.4	9.1	12.0	21.6	15.0	13.1	13.7
1. Cash	15.0	8.1	3.5	2.9	5.0	9.4	3.1	5.0	7.6	7.0	11.0	7.5
2. Cash equivalents	14.8	8.8	6.2	—	6.5	1.0	6.0	7.0	14.1	8.1	2.1	6.2
II. Short-term financial investments	5.8	4.3	3.6	11.5	10.8	10.8	11.1	11.6	11.8	18.8	11.6	11.6
1. Available for sale securities	6.0	6.0	5.5	5.8	5.8	5.8	5.8	5.8	5.8	5.8	7.2	7.2
2. Provision for diminution in value of available for sale securities (*)	-1.7	-1.7	-1.9	-1.9	-2.4	-2.4	-2.2	-2.2	-2.0	-2.0	-3.6	-3.5
3. Held to maturity investments	1.5	—	—	7.7	7.5	7.5	7.5	8.0	8.0	15.0	8.0	8.0
III. Short-term receivables	65.2	64.7	69.1	75.1	71.4	77.1	70.1	74.1	73.5	81.3	81.8	86.7
1. Short-term trade accounts receivable	93.1	96.3	98.8	104.2	98.6	102.2	95.3	98.8	94.0	100.8	96.8	99.5
2. Short-term prepayments to suppliers	0.1	0.2	0.0	0.3	0.1	0.5	0.5	0.3	0.3	0.3	0.1	0.1
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	0.7	2.3	3.0	5.4	6.5
6. Other short-term receivables	5.8	1.5	1.4	1.7	1.5	1.5	1.9	2.3	2.4	3.0	2.9	4.3
7. Provision for short-term doubtful debts (*)	-33.8	-33.2	-31.1	-31.1	-28.8	-27.2	-27.6	-27.9	-25.5	-25.8	-23.4	-23.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	26.9	33.6	35.9	33.4	33.5	34.7	34.3	34.2	37.7	30.9	41.7	33.9
1. Inventories	26.9	33.6	35.9	33.4	33.5	34.7	34.3	34.2	37.7	30.9	41.7	33.9
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	7.0	8.2	8.4	8.1	7.8	7.5	7.4	6.9	6.5	4.8	5.0	5.0
1. Short-term prepayments	0.2	0.2	0.2	0.2	0.1	0.2	0.2	0.1	0.1	0.1	0.1	0.1
2. Value added tax to be reclaimed	6.9	8.0	8.2	7.9	7.7	7.4	7.2	6.8	6.4	4.7	4.9	4.9
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	35.3	38.6	39.2	40.0	40.7	35.8	36.2	28.1	29.0	30.3	30.8	30.9
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	7.0	6.2	6.7	7.4	8.0	7.2	7.8	9.5	10.2	11.4	11.2	12.0
1. Tangible fixed assets	7.0	6.2	6.7	7.4	8.0	7.2	7.8	9.5	10.2	11.4	11.2	12.0
- Cost	55.2	—	—	—	—	53.6	53.5	55.1	55.1	57.5	56.5	56.5
- Accumulated depreciation	-48.2	—	—	—	—	-46.4	-45.8	-45.6	-44.9	-46.1	-45.3	-44.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	4.1	4.1	4.1	4.1	0.0	0.0	0.0	0.0	0.0	0.8	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	4.1	4.1	4.1	4.1	0.0	0.0	0.0	0.0	0.0	0.8	0.2
V. Long-term financial investments	24.8	24.8	24.8	24.8	24.8	24.8	24.8	14.8	14.8	14.8	14.6	14.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	24.8	24.8	24.8	24.8	24.8	24.8	24.8	14.8	14.8	14.8	14.8	14.8
3. Investments in other entities	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
4. Provision for diminution in value of long-term investments	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-2.8	-3.1	-3.1
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	3.5	3.6	3.7	3.8	3.9	3.8	3.7	3.8	3.9	4.1	4.2	4.2
1. Long-term prepayments	3.5	3.6	3.7	3.8	3.9	3.8	3.7	3.8	3.9	4.1	4.2	4.2
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)	170.0	166.2	165.9	171.0	175.7	176.3	168.2	167.0	180.1	181.2	184.0	181.8
A. LIABILITIES (300=210+330)	30.3	23.9	26.7	34.2	32.1	35.1	28.2	28.6	41.6	37.7	42.0	41.5
I. Short -term liabilities	30.3	23.9	26.7	34.2	32.1	35.1	28.2	28.6	41.6	37.7	42.0	41.5
1. Short-term trade accounts payable	17.6	17.2	16.9	22.2	19.8	15.4	20.1	20.7	22.8	29.4	29.1	37.3
2. Short-term advances from customers	1.0	1.1	2.5	0.1	2.0	5.6	1.3	1.6	5.8	3.5	2.7	0.3
3. Dividends and profits payable	6.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.9	0.8	1.2	0.6	0.5	0.4	1.4	1.0	0.8	1.1	2.2	1.8
4. Payable to employees	3.7	3.8	1.6	1.3	2.9	2.8	3.2	3.9	3.5	2.3	1.9	1.3
5. Short-term acrrued expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	8.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	3.4	8.9	6.2	9.7	0.7	0.0	0.0	0.7	5.4	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	1.1	1.1	1.1	0.7	1.3	1.3	1.3	0.8	0.8	0.8	0.8
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)	139.6	142.2	139.2	136.8	143.7	141.1	140.0	138.4	138.5	143.5	142.0	140.3
I. Owner's equity	139.6	142.2	139.2	136.8	143.7	141.1	140.0	138.4	138.5	143.5	142.0	140.3
1. Owner's capital	80.5	80.5	80.5	80.5	80.5	80.5	80.5	80.5	80.5	80.5	80.5	80.5
- Common stock with voting right	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00	80,457,440,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	42.3	42.3	42.3	42.3	42.3	42.3	42.3	42.3	42.3	42.3	42.3	42.3
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00	-308,195,830.00
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	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0	11.0
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	6.3	8.9	5.8	3.5	10.3	7.7	6.6	5.1	5.1	10.1	8.6	7.0
- Accumulated retained earning at the end of the previous period	2.4	0.9	0.9	0.9	7.7	1.6	1.6	1.6	2.1	0.0	0.0	0.0
- Undistributed earnings in this period	3.8	7.9	4.9	2.5	2.6	6.2	5.1	3.5	3.0	10.1	8.6	7.0
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)	170.0	166.2	165.9	171.0	175.7	176.3	168.2	167.0	180.1	181.2	184.0	181.8

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
Profit Before Tax	—	6.8	—	3.1	—	0.0	-4.4	4.4	0.0	12.6	-8.7	8.7
Depreciation of Fixed Assets and Investment Property	—	1.2	—	1.2	—	0.0	-1.4	1.4	0.0	3.0	-1.4	1.4
Provision (Increase)/Reversal	—	1.9	—	3.5	—	0.0	-2.3	2.3	0.0	-1.4	1.7	-1.7
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	—	-0.0	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0
Gain/Loss from Investment Activities	—	-0.1	—	-0.3	—	0.0	0.6	-0.6	0.0	-1.8	1.0	-1.0
Interest Expense	—	0.1	—	0.1	—	0.0	-0.0	0.0	0.0	0.1	-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	—	9.9	—	7.6	—	0.0	-7.5	7.5	0.0	12.5	-7.3	7.3
Increase/(Decrease) in Receivables	—	4.0	—	-2.6	—	0.0	-0.6	0.6	0.0	-6.9	6.7	-6.7
Increase/(Decrease) in Inventory	—	-0.2	—	1.3	—	0.0	3.3	-3.3	0.0	11.2	-8.2	8.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-2.0	—	-0.4	—	0.0	8.7	-8.7	0.0	-11.5	7.7	-7.7
Increase/(Decrease) in Prepaid Expenses	—	0.3	—	-0.0	—	0.0	-0.3	0.3	0.0	-0.2	0.2	-0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	1.4	0.0	-0.0
Interest Paid	—	-0.1	—	-0.1	—	0.0	0.0	-0.0	0.0	-0.1	0.0	-0.0
Corporate Income Tax Paid	-0.8	-1.1	0.0	-0.2	-0.2	0.0	1.1	-1.1	0.0	-1.8	0.4	0.0
Other Operating Receipts	0.2	—	—	—	—	-0.3	1.9	-0.7	0.7	-1.2	1.2	-0.5
Other Operating Payments	-2.8	4.4	-4.4	0.7	-1.3	-0.6	-9.5	4.4	-4.4	6.1	-6.2	2.0
Net Cash Flow from Operating Activities	15.9	12.0	-1.4	-3.9	8.5	-7.8	0.3	-4.4	-0.3	9.8	-5.5	-2.3
Payments for Fixed Assets and Other Long-term Assets	-1.6	-0.9	5.1	-1.1	-4.1	-0.1	0.3	0.1	-0.5	0.7	-1.6	-1.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.1	—	0.0	-0.9	0.9	0.0	0.2	-0.1	0.1
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	2.0	-2.0	0.0	-2.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	7.5	—	—	—	0.0	-4.3	4.3	0.0	6.5	-1.0	1.0
Investments in Other Entities	—	—	—	—	—	0.0	-5.4	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	0.0	0.3	0.1	0.1	0.1	0.2	0.3	0.3	0.4	0.3	0.5	0.7
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	-3.1	-0.8	12.8	-1.0	-4.0	0.1	-4.4	2.8	0.6	3.5	-0.2	-0.1
Proceeds from Equity Issuance and Capital Contributions	39,703,800.00	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	33,170,000.00	—	—	—	—	0.00	0.00	0.00	0.00	8,592,870.00	-8,592,870.00	0.00
Proceeds from Borrowings	—	0.0	4.4	11.7	7.7	13.4	3.0	4.1	2.5	3.6	12.9	0.0
Repayment of Borrowings	—	-3.3	-9.7	-9.0	-11.2	-4.4	-2.2	-4.1	-3.2	-8.0	-7.8	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.3	0.3	-6.4	—	0.0	0.4	-8.0	0.0	0.0	0.0	-6.4
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	0.1	-4.1	-4.6	-3.7	-3.4	9.0	1.2	-8.0	-0.7	-4.4	5.1	-6.4
Net Cash Flow During the Period	12.9	7.2	6.8	-8.6	1.1	1.3	-2.9	-9.6	-0.4	8.9	-0.6	-8.8
Cash and Cash Equivalents at Beginning of Period	16.9	9.7	2.9	11.5	10.4	22.0	22.0	22.0	22.0	22.3	22.3	22.3
FX Difference from Revaluation	—	-0.0	—	0.0	—	0.0	-0.0	0.0	0.0	-0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	29.7	16.9	9.7	2.9	11.5	10.4	9.1	12.0	21.6	22.0	13.1	13.7

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STP

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▼

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow