STW

Cấp nước Sóc Trăng ·UPCOM ·2026Q1

▼ Slightly negative

Price

30,000

Latest close

29 Apr 2026

P/E 18.90x

P/B 1.98x

EPS 1,588

BVPS 15,132

ROE 10.4%

ROA 9.6%

Profit Margin 11.3%

Asset Turnover 0.85x

Equity Mult. 1.08x

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

What Is Changing

On a TTM 2026Q1 basis, STW is maintaining revenue, but margins are compressing slightly. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.

	                            
	                                TTM REVENUE
	                            
	                                    VND 222bn
	                                
+1.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 25bn
	                                
+0.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	221.2	220.1	211.0	203.5	193.7
Growth	+0%	+4%	+4%	+5%	—
Net Income	21.4	41.0	50.5	35.7	12.2
Net Margin	9.68%	18.64%	23.94%	17.54%	6.32%

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	54.3	54.5	56.1	57.1	53.4	53.9	54.8	56.5	55.0	51.9	52.1	56.0
Growth	-0%	-3%	-2%	+7%	-1%	-2%	-3%	+3%	+6%	-0%	-7%	—
Net Income	1.5	11.0	5.5	7.2	-2.3	9.2	-0.6	18.8	13.6	6.9	11.4	20.4
Net Margin	2.76%	20.25%	9.77%	12.54%	-4.26%	17.13%	-1.10%	33.24%	24.77%	13.37%	21.95%	36.31%

Drivers of STW's profit

TTM

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

Tax ↓ 14.4bn

Other profit ↑ 9.2bn

Selling expenses ↓ 2.6bn

Gross profit ↓ 13.9bn

Financial income ↓ 8.9bn

Administrative expenses ↑ 3.3bn

TTM

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

Other profit ↑ 11.9bn

Tax ↓ 2.0bn

Administrative expenses ↑ 3.9bn

Gross profit ↓ 3.7bn

Selling expenses ↑ 2.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.1% = 11.5% × 0.81 × 1.09

2026Q1 10.4% = 11.3% × 0.85 × 1.08

ROE is broadly flat at 10.4% — the components are offsetting one another.

Net margin: 11.3% -0.2pp Asset turnover: 0.85x +0.04x Leverage: 1.08x -0.01x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 11.34%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 11.34% −0.2pp

Gross Margin 39.09% −7.0pp

SG&A / Revenue 26.13% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC reflects a large fixed-asset base.

Is capital being deployed efficiently?

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

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 11.60% −2.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.16x equity, with a net cash position equivalent to 0.11x equity.

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 10.7 days versus the same period last year. The main moves came from DIO rose 5.7 days, DSO fell 0.5 days, and DPO fell 5.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +10.7 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +5.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 20.5 days −0.5 days

Inventory 46.3 days +5.7 days

Payables 8.8 days −5.4 days

Cash Conversion Cycle 58.0 days +10.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 12.9bn.

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.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity -0.11x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 3.27x +4.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 12.9bn in 2025, against investing cash flow of 7.7bn.

Post-investment cash flow was positive +20.6bn. Financing cash flow was negative +44.5bn.

CFO / net income was 3.27x.

After spending +62.3bn on fixed-asset investment, the business generated trailing free cash flow of +19.9bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 82.3bn +101.0bn

Cash Capex 62.3bn +39.2bn

FCF TTM +19.9bn +61.8bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is earnings conversion is confirmed, with CFO/NI at 3.27x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 3.27x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	221.2	220.1	211.0	203.5	193.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	221.2	220.1	211.0	203.5	193.7
Cost of Goods Sold	130.7	115.5	107.4	113.2	0.0
Gross Profit	90.5	104.6	103.5	90.3	78.9
Financial Income	5.0	13.0	6.4	1.4	2.2
Financial Expenses	—	0.0	0.0	0.3	-3.8
Interest Expense	—	0.0	0.0	0.3	-3.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	20.6	25.3	27.2	25.1	-43.0
General and Administrative Expenses	31.2	32.1	27.1	24.1	-23.5
Operating Profit	43.6	60.2	55.7	42.3	10.8
Other Income	2.9	7.7	1.8	2.4	0.0
Other Expenses	15.5	5.9	0.4	0.1	0.0
Other Profit	-12.6	1.8	1.4	2.3	1.5
Profit Before Tax	31.0	62.1	57.1	44.6	12.2
Current Income Tax Expense	9.5	21.0	6.6	8.9	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	21.4	41.0	50.5	35.7	12.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	21.4	41.0	50.5	35.7	12.2
Earnings per Share	983.00	2,146.00	3,184.00	2,026.00	1,001.00
Diluted EPS	983.00	2,146.00	3,184.00	2,026.00	772.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	124.5	141.8	164.0	116.7	66.4
I. Cash and cash equivalents	13.9	37.9	7.5	23.2	36.7
1. Cash	13.9	10.9	7.5	13.2	0.0
2. Cash equivalents	—	27.0	0.0	10.0	0.0
II. Short-term financial investments	60.0	65.0	127.0	72.0	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	60.0	65.0	127.0	72.0	0.0
III. Short-term receivables	30.5	24.3	18.8	10.6	18.7
1. Short-term trade accounts receivable	11.6	12.0	11.8	9.5	0.0
2. Short-term prepayments to suppliers	16.3	11.3	4.4	1.1	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	0.0	0.0	0.0
6. Other short-term receivables	4.2	2.5	3.9	0.5	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.5	-1.2	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	18.9	14.5	10.6	10.9	9.0
1. Inventories	18.9	14.5	10.6	10.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.2	0.0	0.0	0.0	2.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.2	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	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)	151.2	165.5	109.2	113.3	134.4
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	122.6	96.6	83.2	90.8	121.9
1. Tangible fixed assets	122.6	96.6	83.2	90.8	121.9
- Cost	590.9	542.8	499.2	482.3	0.0
- Accumulated depreciation	-468.3	-446.3	-416.0	-391.5	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	4.3	1.7	0.8	10.3	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.3	1.7	0.8	10.3	0.0
V. Long-term financial investments	12.1	67.1	25.1	12.1	12.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.1	12.1	12.1	12.1	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	—	55.0	13.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.2	0.2	0.1	0.2	0.0
1. Long-term prepayments	12.2	0.2	0.1	0.2	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	0.2
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	275.7	307.3	273.2	230.0	200.9
A. LIABILITIES (300=210+330)	37.1	34.4	33.6	40.9	47.5
I. Short -term liabilities	36.2	33.5	32.7	40.1	46.7
1. Short-term trade accounts payable	6.7	3.9	9.8	16.3	18.4
2. Short-term advances from customers	0.0	0.0	0.2	0.5	0.5
3. Taxes and other payables to state authorities	5.3	5.2	2.9	5.5	0.0
4. Payable to employees	10.4	13.9	13.2	11.0	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	5.6	1.3	6.6	6.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	5.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.1	9.1	0.0	0.0	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	1.0	0.9	0.9	0.8	0.8
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	1.0	0.9	0.9	0.8	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)	238.6	272.9	239.6	189.1	153.4
I. Owner's equity	238.6	272.9	239.6	189.1	0.0
1. Owner's capital	158.6	158.6	158.6	158.6	153.4
- Common stock with voting right	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00
- 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	36.6	24.3	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	43.3	89.9	81.0	30.5	-5.2
- Accumulated retained earning at the end of the previous period	21.9	27.0	30.5	-5.2	0.0
- Undistributed earnings in this period	21.4	62.9	50.5	35.7	-5.2
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)	275.7	307.3	273.2	230.0	200.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-9.7	-24.3	-9.2	-5.3	0.0
Other Operating Receipts	102.2	152.9	214.9	10.4	0.0
Other Operating Payments	-156.1	-209.3	-255.5	-43.3	0.0
Net Cash Flow from Operating Activities	12.9	29.3	62.0	76.2	65.8
Payments for Fixed Assets and Other Long-term Assets	-55.8	-17.8	-12.6	-13.2	-24.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.4	13.4	2.9	1.4	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	7.7	15.6	-77.6	-83.9	-22.5
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	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	-5.8	-46.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-44.5	-14.6	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	-44.5	-14.6	0.0	-5.8	-46.9
Net Cash Flow During the Period	-23.9	30.3	-15.7	-13.5	13.7
Cash and Cash Equivalents at Beginning of Period	37.9	7.5	23.2	36.7	40.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.9	37.9	7.5	23.2	36.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	54.3	54.5	56.1	57.1	53.4	53.9	54.8	56.5	55.0	51.9	52.1	56.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	54.3	54.5	56.1	57.1	53.4	53.9	54.8	56.5	55.0	51.9	52.1	56.0
Cost of Goods Sold	33.4	37.9	31.4	32.6	28.8	32.4	32.3	24.3	26.4	29.7	26.7	24.4
Gross Profit	21.0	16.6	24.7	24.6	24.6	21.5	22.5	32.2	28.5	22.2	25.4	31.6
Financial Income	0.2	4.0	0.1	0.4	0.5	10.6	1.9	0.5	0.0	3.9	0.0	2.3
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.9	-0.1	5.8	8.2	6.7	8.0	5.3	5.5	6.4	9.8	5.9	6.2
General and Administrative Expenses	10.8	7.6	8.8	7.9	6.9	9.6	9.1	6.2	7.2	8.8	7.1	4.9
Operating Profit	1.4	13.0	10.2	8.8	11.6	14.5	9.9	21.0	14.9	7.6	12.5	22.8
Other Income	0.5	0.9	0.7	0.6	0.6	1.1	5.9	0.4	0.4	0.8	0.3	0.3
Other Expenses	0.0	0.0	3.2	0.3	12.0	2.9	2.6	0.3	0.0	0.2	0.0	0.1
Other Profit	0.5	0.9	-2.5	0.3	-11.4	-1.8	3.2	0.1	0.4	0.6	0.3	0.2
Profit Before Tax	1.9	14.0	7.7	9.1	0.2	12.6	13.2	21.0	15.2	8.1	12.8	23.0
Current Income Tax Expense	0.4	3.0	2.2	1.9	2.5	3.4	13.8	2.2	1.6	1.2	1.3	2.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.5	11.0	5.5	7.2	-2.3	9.2	-0.6	18.8	13.6	6.9	11.4	20.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.5	11.0	5.5	7.2	-2.3	9.2	-0.6	18.8	13.6	6.9	11.4	20.4
Earnings per Share	94.41	695.90	345.38	451.82	-143.26	581.54	-37.97	1,183.66	858.63	437.73	721.21	1,282.91
Diluted EPS	94.41	695.90	345.38	451.82	-143.26	581.54	-37.97	1,183.66	858.63	437.73	721.21	1,282.91

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)	106.7	124.5	89.2	96.3	99.0	141.8	197.9	193.6	172.8	177.0	160.7	145.3
I. Cash and cash equivalents	26.2	13.9	19.8	17.9	22.8	37.9	7.9	12.1	6.5	7.5	8.6	10.7
1. Cash	16.2	13.9	9.8	7.9	22.8	10.9	7.9	12.1	6.5	7.5	8.6	10.7
2. Cash equivalents	10.0	—	10.0	10.0	—	27.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	25.0	60.0	15.0	25.0	30.0	65.0	154.0	147.0	133.0	140.0	125.0	110.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	25.0	60.0	15.0	25.0	30.0	65.0	154.0	147.0	133.0	140.0	125.0	110.0
III. Short-term receivables	35.0	30.5	33.9	35.9	31.3	24.3	23.5	22.6	22.1	18.8	16.1	12.5
1. Short-term trade accounts receivable	12.6	11.6	13.6	11.6	12.4	12.0	12.5	12.4	12.7	11.8	11.7	11.2
2. Short-term prepayments to suppliers	23.8	16.3	21.2	25.1	19.6	11.3	9.6	7.7	6.7	4.4	4.7	1.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	4.2	0.7	0.6	0.8	2.5	2.6	3.7	3.8	3.9	0.3	0.3
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.5	-1.5	-1.5	-1.5	-1.2	-1.2	-1.2	-1.2	-0.7	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	19.4	18.9	19.7	17.4	14.9	14.5	12.5	12.0	11.3	10.6	11.0	12.1
1. Inventories	19.4	18.9	19.7	17.4	14.9	14.5	12.5	12.0	11.3	10.6	11.0	12.1
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	1.1	1.2	0.8	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	1.1	1.2	0.8	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	153.2	151.2	188.5	173.6	163.7	165.5	118.9	100.8	105.4	96.2	100.4	104.8
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	127.4	122.6	111.9	98.8	92.6	96.6	96.0	74.8	78.7	83.2	86.3	91.9
1. Tangible fixed assets	127.4	122.6	111.9	98.8	92.6	96.6	96.0	74.8	78.7	83.2	86.3	91.9
- Cost	602.4	—	—	—	—	542.8	535.9	501.6	500.1	499.2	496.3	495.8
- Accumulated depreciation	-475.0	—	—	—	—	-446.3	-439.9	-426.9	-421.4	-416.0	-410.0	-403.9
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	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	4.5	4.3	4.3	2.4	3.8	1.7	0.7	0.8	1.4	0.8	1.8	0.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	4.5	4.3	4.3	2.4	3.8	1.7	0.7	0.8	1.4	0.8	1.8	0.6
V. Long-term financial investments	12.1	12.1	72.1	72.1	67.1	67.1	22.1	25.1	25.1	12.1	12.1	12.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1	12.1
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	—	—	60.0	60.0	55.0	55.0	10.0	13.0	13.0	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	9.3	12.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	0.1
1. Long-term prepayments	9.3	12.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1	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	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	259.9	275.7	277.7	269.9	262.7	307.3	316.8	294.4	278.1	273.2	261.0	250.1
A. LIABILITIES (300=210+330)	19.8	37.1	50.2	47.8	19.1	34.4	39.1	28.9	24.9	32.1	26.9	27.4
I. Short -term liabilities	18.9	36.2	49.2	46.9	18.2	33.5	38.2	28.0	24.0	31.2	26.0	26.6
1. Short-term trade accounts payable	3.3	6.7	5.3	3.4	3.2	3.9	4.6	5.9	6.0	9.8	9.2	9.9
2. Short-term advances from customers	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.2	0.2	0.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.9	5.3	8.3	6.1	4.6	5.2	12.9	6.0	3.8	3.1	4.6	6.2
4. Payable to employees	2.2	10.4	4.9	3.7	3.9	13.9	6.7	4.9	7.6	11.6	4.8	3.3
5. Short-term acrrued expenses	—	—	—	—	—	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	7.8	5.6	21.3	18.7	0.8	1.3	1.9	6.9	6.7	6.6	7.4	7.1
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	3.5	8.1	9.3	14.9	5.7	9.1	12.0	4.3	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.0	1.0	1.0	1.0	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.8
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	1.0	1.0	1.0	1.0	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.8
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)	240.0	238.6	227.5	222.0	243.6	272.9	277.7	265.5	253.2	241.1	234.1	222.7
I. Owner's equity	240.0	238.6	227.5	222.0	243.6	272.9	277.7	265.5	253.2	241.1	234.1	222.7
1. Owner's capital	158.6	158.6	158.6	158.6	158.6	158.6	158.6	158.6	158.6	158.6	158.6	158.6
- Common stock with voting right	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00	158,631,330,000.00
- 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	36.6	36.6	36.6	32.8	24.3	24.3	24.3	9.1	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	44.8	43.3	32.3	30.6	60.6	89.9	94.8	97.8	94.6	82.4	75.5	64.1
- Accumulated retained earning at the end of the previous period	43.3	21.9	21.9	25.7	62.9	27.0	41.6	65.4	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	1.5	21.4	10.4	4.9	-2.3	62.9	53.2	32.4	94.6	82.4	75.5	64.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	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)	259.9	275.7	277.7	269.9	262.7	307.3	316.8	294.4	278.1	273.2	261.0	250.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.0	-6.6	-0.0	0.0	-3.1	-11.2	-12.1	-0.0	-0.9	-2.8	-2.9	-0.0
Other Operating Receipts	113.3	—	—	—	—	99.4	53.0	-9.9	12.3	26.0	186.6	-53.4
Other Operating Payments	-87.0	39.0	-56.8	-15.3	-123.0	-114.3	-63.1	-8.7	-24.3	-32.4	-194.6	38.0
Net Cash Flow from Operating Activities	29.1	43.5	-22.5	32.1	-40.2	4.1	-3.0	20.4	10.1	15.3	17.3	22.5
Payments for Fixed Assets and Other Long-term Assets	-17.1	-21.9	-11.7	-11.7	-10.6	-12.1	0.9	-1.4	-5.2	-1.6	-4.6	0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.2	—	0.0	0.1	0.2	-0.1	0.1	-0.2	0.2	-0.1
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	0.2	2.3	-1.2	1.7	0.6	8.5	1.8	0.7	0.0	0.4	0.0	2.3
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	-16.9	-4.8	-2.6	-10.1	25.1	40.5	-1.1	-14.8	-11.1	-16.4	-19.4	-25.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	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	—	-17.6	—	-27.0	—	-14.6	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
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-17.6	—	-27.0	—	-14.6	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	12.3	-5.9	1.9	-4.9	-15.0	29.9	-4.2	5.6	-1.1	-1.1	-2.1	-2.4
Cash and Cash Equivalents at Beginning of Period	13.9	19.8	17.9	22.8	37.9	7.5	7.5	7.5	7.5	23.2	23.2	23.2
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	26.2	13.9	19.8	17.9	22.8	37.9	7.9	12.1	6.5	7.5	8.6	10.7

Explore Other Stocks In The Same Sector

BWE, DNW, BWS, DNP, DNN, TDM, VAV, HPW, HWS, PMW, KHW, CTW, LDW, DWC, VLW, NNT, NQN, THN, TDW, CLW, NBT, DWS, HDW, BTW, GDW, QNW, BDW, TOW, BNW, TBW, NBW, NDW, LAW, PWS, PJS, NAW, NS2, CMW, TNW, NTW, BGW, NLS, NVP, GLW, NQB, LKW, THW, DVW, SII, TAW, VPW, NSL, TQW, DKW, BWA

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

STW

What Is Changing

Drivers of STW'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