TCW

Kho Vận Tân Cảng ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.20x

Price

32,000

Latest close

04 Jun 2026

P/E 6.90x

P/B 1.47x

EPS 4,639

BVPS 21,830

ROE 29.6%

ROA 18.3%

Profit Margin 9.6%

Asset Turnover 1.91x

Equity Mult. 1.61x

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

What Is Changing

On a TTM 2026Q1 basis, TCW is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,280bn
	                                
+19.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 130bn
	                                
+26.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,209.6	1,059.6	929.1	930.4	619.8
Growth	+14%	+14%	-0%	+50%	—
Net Income	119.4	102.6	97.4	87.7	70.1
Net Margin	9.87%	9.68%	10.48%	9.43%	11.31%

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	333.1	326.7	311.3	308.8	262.7	279.5	268.6	260.5	251.0	245.9	233.0	229.4
Growth	+2%	+5%	+1%	+18%	-6%	+4%	+3%	+4%	+2%	+6%	+2%	—
Net Income	41.5	21.7	34.9	31.8	30.2	18.3	28.6	25.2	30.3	17.4	32.0	20.9
Net Margin	12.45%	6.64%	11.21%	10.30%	11.51%	6.54%	10.65%	9.67%	12.09%	7.06%	13.75%	9.11%

Drivers of TCW's profit

TTM

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

Gross profit ↑ 38.8bn

Financial income ↑ 3.0bn

Selling expenses ↑ 7.3bn

Tax ↑ 6.7bn

TTM

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

Gross profit ↑ 18.7bn

Selling expenses ↑ 6.0bn

Tax ↑ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 26.3% = 9.6% × 1.78 × 1.55

2026Q1 31.4% = 10.1% × 1.91 × 1.61

ROE rose from 26.3% to 31.4% — all three components improved, with asset turnover contributing the most.

Net margin: 10.1% +0.6pp Asset turnover: 1.91x +0.13x Leverage: 1.61x +0.07x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 10.14%, rising 0.6pp. Core operating signals are improving as SG&A / Revenue fell 1.3pp are enough to offset pressure from Gross margin fell 0.8pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 10.14% +0.6pp

Gross Margin 22.94% −0.8pp

SG&A / Revenue 10.44% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 31.4 days.

Is capital being deployed efficiently?

ROIC expanded to 35.44%, rising 7.1pp. That translates to 35.44 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.50x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 35.44% +7.1pp

NOPAT Margin 10.24% +0.7pp

Capital Turnover 3.46x +0.50x

Average Invested Capital 369.8bn +7.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.81x equity, with a net cash position equivalent to 0.12x equity.

Over the last 12 months, working capital released 30.7bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −37.3bn

Inventories increased → lower CFO: −1.4bn

Payables increased → higher CFO: +69.3bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 11.1 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 1.4 days, and DPO rose 9.4 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 60.3 days −1.4 days

Inventory 3.4 days −0.2 days

Payables 32.3 days +9.4 days

Cash Conversion Cycle 31.4 days −11.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 150.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.12x and interest coverage at 174.41x.

At present, short-term debt accounts for 40.0% of total debt, cash equals 1063.4% of debt, and total debt stands at 5.3bn.

Leverage and liquidity trend

Net Debt / Equity -0.12x −0.02x

Interest Coverage 174.41x +76.06x

Cash / Debt 1063.4% +666.6pp

Short-term Debt / Total Debt 40.0% −17.5pp

CFO / NI 1.20x +0.08x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 150.3bn in 2025, against investing cash flow of -56.4bn.

Post-investment cash flow was positive +94.0bn. Financing cash flow was negative +59.8bn.

CFO / net income was 1.20x.

After spending +21.7bn on fixed-asset investment, the business generated trailing free cash flow of +125.0bn.

Cash Conversion

CFO TTM 146.7bn +39.5bn

Cash Capex 21.7bn +1.0bn

FCF TTM +125.0bn +38.6bn

Investment Takeaway

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

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.20x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,209.6	1,059.6	929.1	930.4	619.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,209.6	1,059.6	929.1	930.4	619.8
Cost of Goods Sold	934.8	806.3	707.0	719.2	0.0
Gross Profit	274.8	253.3	222.0	211.2	129.2
Financial Income	10.1	8.3	12.3	8.5	4.9
Financial Expenses	1.0	1.6	2.8	5.1	-4.8
Interest Expense	0.8	1.4	2.7	4.7	-4.7
Share of Associates and Joint Ventures	-0.2	0.1	-0.3	-0.7	-0.0
Selling Expenses	40.7	41.0	33.3	28.1	-5.4
General and Administrative Expenses	86.9	83.8	75.8	69.7	-34.8
Operating Profit	156.1	135.3	122.2	116.0	89.0
Other Income	1.0	0.4	7.6	0.8	0.0
Other Expenses	2.6	1.2	3.1	1.7	0.0
Other Profit	-1.6	-0.8	4.5	-0.9	-1.0
Profit Before Tax	154.5	134.5	126.7	115.1	88.0
Current Income Tax Expense	35.3	32.2	29.0	27.4	-17.9
Deferred Income Tax Expense	-0.2	-0.2	0.3	0.0	0.0
Net Income	119.4	102.6	97.4	87.7	70.1
Non-controlling Interest	6.8	6.0	7.9	6.2	3.1
Profit Attributable to Parent	112.6	96.5	89.5	81.5	67.0
Earnings per Share	3,609.00	2,629.00	2,750.00	2,634.00	2,501.00
Diluted EPS	3,609.00	2,629.00	2,750.00	2,634.00	0.00

Item	2025	2024	2023	2022	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	556.1	449.5	409.9	392.3	402.1
I. Cash and cash equivalents	114.9	80.8	151.3	128.6	165.0
1. Cash	61.9	45.8	46.3	46.6	0.0
2. Cash equivalents	53.0	35.0	105.0	82.0	0.0
II. Short-term financial investments	205.3	160.5	135.0	125.7	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	205.3	160.5	135.0	125.7	0.0
III. Short-term receivables	213.7	186.4	99.4	119.7	153.6
1. Short-term trade accounts receivable	206.9	178.6	88.8	102.1	0.0
2. Short-term prepayments to suppliers	3.0	2.4	5.8	12.9	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	11.7	12.6	11.8	10.3	0.0
7. Provision for short-term doubtful debts (*)	-7.9	-7.2	-7.0	-5.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	8.6	7.8	7.8	5.7	3.7
1. Inventories	8.6	7.8	7.8	5.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.7	13.9	16.4	12.6	11.7
1. Short-term prepayments	12.0	11.9	12.9	12.6	0.0
2. Value added tax to be reclaimed	1.5	2.0	3.5	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	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)	180.5	204.0	206.5	191.8	250.2
I. Long-term receivables	17.0	16.0	15.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	13.5
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	17.0	16.0	15.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	135.7	155.7	166.3	169.1	203.3
1. Tangible fixed assets	124.5	141.6	153.6	161.0	199.3
- Cost	785.3	770.4	753.4	749.5	0.0
- Accumulated depreciation	-660.8	-628.7	-599.8	-588.5	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	11.2	14.1	12.7	8.2	4.0
- Cost	37.3	32.7	25.7	17.7	0.0
- Accumulated depreciation	-26.1	-18.6	-13.0	-9.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.1	0.1	0.7	27.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.1	0.1	0.7	0.0
V. Long-term financial investments	6.0	6.2	2.6	2.9	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.0	6.2	2.6	2.9	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	21.5	26.0	22.6	19.1	0.0
1. Long-term prepayments	20.4	25.1	21.9	18.1	0.0
2. Deferred income tax assets	1.2	1.0	0.7	1.0	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	6.0
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)	736.7	653.5	616.4	584.1	652.3
A. LIABILITIES (300=210+330)	329.4	281.3	251.4	231.4	295.4
I. Short -term liabilities	325.6	266.7	225.8	181.2	211.9
1. Short-term trade accounts payable	149.4	97.3	70.6	53.1	85.4
2. Short-term advances from customers	0.0	0.0	0.0	0.1	0.1
3. Taxes and other payables to state authorities	19.0	17.0	14.2	7.4	0.0
4. Payable to employees	78.8	67.6	50.1	45.3	0.0
5. Short-term acrrued expenses	9.8	10.0	6.6	5.7	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	25.1	13.5	13.7	12.6	0.0
10. Short-term borrowings and financial leases	2.1	9.8	14.8	16.6	28.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	41.4	51.5	55.8	40.4	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	3.7	14.6	25.6	50.1	83.5
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	—	8.8	8.9	8.6	0.0
8. Long-term borrowings and financial leases	3.7	5.9	16.8	41.5	74.6
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)	407.3	372.2	365.0	352.7	356.9
I. Owner's equity	407.3	372.2	365.0	352.7	0.0
1. Owner's capital	199.9	199.9	199.9	199.9	356.9
- Common stock with voting right	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00
- 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	123.5	91.5	81.6	71.3	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	51.6	49.1	50.8	50.5	85.9
- Accumulated retained earning at the end of the previous period	5.1	6.9	5.6	6.2	42.7
- Undistributed earnings in this period	46.5	42.2	45.2	44.3	43.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	32.3	31.6	32.7	31.0	29.6
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)	736.7	653.5	616.4	584.1	652.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	154.5	134.5	126.7	115.1	88.0
Depreciation of Fixed Assets and Investment Property	37.3	35.3	37.4	42.4	40.8
Provision (Increase)/Reversal	0.8	0.2	1.3	-0.5	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.0	-0.0	0.3	0.0
Gain/Loss from Investment Activities	-9.8	-7.9	-18.6	-7.3	0.0
Interest Expense	0.8	1.4	2.7	4.7	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	183.6	163.6	149.4	154.8	129.1
Increase/(Decrease) in Receivables	-20.4	-88.0	0.5	32.2	0.0
Increase/(Decrease) in Inventory	-0.8	-0.0	-2.1	-1.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	62.9	45.0	23.4	-2.1	0.0
Increase/(Decrease) in Prepaid Expenses	4.6	-2.2	-4.1	-8.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-1.4	-2.7	-4.8	0.0
Corporate Income Tax Paid	-34.6	-30.2	-20.2	-31.9	0.0
Other Operating Receipts	0.0	0.0	0.0	0.1	0.0
Other Operating Payments	-44.3	-50.3	-21.2	-34.5	0.0
Net Cash Flow from Operating Activities	150.3	36.4	122.9	104.4	113.4
Payments for Fixed Assets and Other Long-term Assets	-21.1	-20.4	-35.3	-15.0	-18.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	-0.0	7.2	0.0	0.0
Loans and Purchases of Debt Instruments	-311.3	-302.0	-205.0	-73.7	-34.0
Receipts from Loan Repayments and Sale of Debt Instruments	266.5	276.5	195.7	55.0	0.0
Investments in Other Entities	—	-3.6	0.0	-3.6	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	9.0	8.1	12.0	7.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-56.4	-41.4	-25.4	-30.0	-46.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	10.7	7.4	10.1
Repayment of Borrowings	-9.8	-15.9	-37.3	-31.5	-21.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-50.1	-49.6	-48.2	-43.9	-45.0
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	-59.8	-65.5	-74.8	-68.0	-56.6
Net Cash Flow During the Period	34.1	-70.5	22.7	6.4	0.0
Cash and Cash Equivalents at Beginning of Period	80.8	151.3	128.6	122.6	165.0
FX Difference from Revaluation	-0.1	0.0	0.0	-0.3	-0.1
Cash and Cash Equivalents at End of Period	114.9	80.8	151.3	128.6	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	333.1	326.7	311.3	308.8	262.7	279.5	268.6	260.5	251.0	245.9	233.0	229.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	333.1	326.7	311.3	308.8	262.7	279.5	268.6	260.5	251.0	245.9	233.0	229.4
Cost of Goods Sold	254.1	250.4	243.8	238.0	202.4	205.4	209.7	199.1	191.7	182.0	180.8	177.0
Gross Profit	79.0	76.3	67.4	70.9	60.3	74.1	58.9	61.4	59.3	63.9	52.2	52.3
Financial Income	1.4	4.2	1.0	4.0	0.9	3.3	0.8	2.7	1.6	4.7	1.6	4.9
Financial Expenses	0.3	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.6	0.5	0.7
Interest Expense	0.1	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.6	0.4	0.7
Share of Associates and Joint Ventures	0.9	0.6	-0.0	-0.8	-0.0	-0.7	-0.3	0.3	0.1	0.4	0.1	-0.6
Selling Expenses	12.9	13.4	10.5	10.0	6.9	12.9	9.1	10.6	8.4	11.0	6.0	8.9
General and Administrative Expenses	16.1	32.0	15.3	23.5	16.2	35.2	13.1	21.3	14.1	32.0	12.6	19.4
Operating Profit	52.1	35.4	42.4	40.4	37.8	28.3	36.7	32.1	38.0	25.4	34.8	27.7
Other Income	0.1	0.7	0.1	0.2	0.1	0.1	0.1	0.1	0.1	2.0	5.2	0.3
Other Expenses	0.4	2.2	0.2	0.2	0.1	0.4	0.5	0.1	0.2	0.3	1.2	1.1
Other Profit	-0.3	-1.5	-0.1	-0.0	-0.0	-0.3	-0.4	-0.0	-0.1	1.7	4.0	-0.8
Profit Before Tax	51.8	33.9	42.4	40.4	37.8	28.0	36.3	32.1	37.9	27.1	38.8	26.9
Current Income Tax Expense	10.3	2.7	7.5	18.3	7.5	0.9	7.7	15.9	7.6	2.5	6.7	12.9
Deferred Income Tax Expense	—	9.5	—	-9.7	—	8.8	0.0	-9.1	0.0	7.2	0.0	-6.9
Net Income	41.5	21.7	34.9	31.8	30.2	18.3	28.6	25.2	30.3	17.4	32.0	20.9
Non-controlling Interest	1.9	1.7	1.8	2.0	1.4	1.6	1.7	1.6	11.1	2.8	2.7	1.1
Profit Attributable to Parent	39.5	20.0	33.1	29.8	28.9	16.7	26.9	23.5	19.2	14.5	29.3	19.8
Earnings per Share	1,368.00	920.00	1,225.00	1,126.00	916.00	670.00	1,048.00	757.00	994.00	685.00	1,041.00	670.00
Diluted EPS	1,368.00	920.00	1,225.00	1,126.00	916.00	2,625.00	1,048.00	757.00	994.00	685.00	1,041.00	670.00

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)	547.3	555.8	544.4	498.0	424.5	450.4	474.2	424.3	382.5	409.9	434.4	384.8
I. Cash and cash equivalents	56.7	94.9	57.8	36.0	49.8	80.8	38.0	51.9	41.8	151.3	118.5	88.3
1. Cash	48.7	61.9	54.8	33.0	30.8	45.8	25.0	28.9	21.8	46.3	32.5	37.3
2. Cash equivalents	8.0	33.0	3.0	3.0	19.0	35.0	13.0	23.0	20.0	105.0	86.0	51.0
II. Short-term financial investments	232.4	225.3	187.9	173.0	161.5	160.5	139.5	143.5	142.0	135.0	125.0	108.0
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	232.4	225.3	187.9	173.0	161.5	160.5	139.5	143.5	142.0	135.0	125.0	108.0
III. Short-term receivables	237.2	213.6	282.1	269.5	194.2	187.6	274.3	213.9	181.5	99.4	176.0	172.8
1. Short-term trade accounts receivable	232.9	206.9	267.4	262.8	190.2	179.1	267.0	205.6	172.2	88.8	163.2	154.2
2. Short-term prepayments to suppliers	1.5	3.0	9.3	1.4	1.4	3.0	4.4	4.2	6.7	5.8	9.4	12.1
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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.8	11.7	12.5	12.5	9.8	12.6	10.0	11.2	9.4	11.8	10.1	13.1
7. Provision for short-term doubtful debts (*)	-7.9	-8.0	-7.2	-7.3	-7.2	-7.2	-7.1	-7.1	-6.8	-7.0	-6.6	-6.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	9.9	8.6	7.4	8.3	8.5	7.8	7.7	6.8	7.6	7.8	5.4	5.5
1. Inventories	9.9	8.6	7.4	8.3	8.5	7.8	7.7	6.8	7.6	7.8	5.4	5.5
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	11.2	13.5	9.2	11.2	10.5	13.7	14.8	8.2	9.6	16.4	9.5	10.2
1. Short-term prepayments	10.8	11.8	9.1	11.1	10.4	11.7	14.7	8.1	9.6	12.9	9.4	10.2
2. Value added tax to be reclaimed	—	1.5	—	—	—	2.0	0.0	0.0	0.0	3.5	0.0	-0.0
3. Taxes and other receivables from state authorities	0.4	0.2	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	174.1	180.9	185.6	197.0	191.5	203.4	207.4	213.8	205.7	206.5	203.4	203.2
I. Long-term receivables	17.0	17.0	17.0	16.0	16.0	16.0	16.0	16.0	16.0	15.0	15.0	15.0
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	17.0	17.0	17.0	16.0	16.0	16.0	16.0	16.0	16.0	15.0	15.0	15.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	128.0	135.7	132.8	143.1	145.3	155.7	154.7	161.0	163.7	166.5	158.9	156.5
1. Tangible fixed assets	118.9	124.5	121.1	129.4	132.9	141.6	142.1	146.9	152.2	153.6	151.3	148.1
- Cost	788.1	—	—	—	—	770.4	765.7	764.5	761.0	753.4	752.2	758.3
- Accumulated depreciation	-669.2	—	—	—	—	-628.7	-623.6	-617.6	-608.8	-599.8	-600.9	-610.2
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	9.1	11.2	11.7	13.7	12.3	14.1	12.6	14.1	11.5	12.9	7.6	8.4
- Cost	37.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-28.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.7	0.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.7	0.5
V. Long-term financial investments	6.9	6.0	5.4	5.5	6.2	5.6	6.2	3.0	2.7	2.6	2.2	2.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.9	6.0	5.4	5.5	6.2	5.6	6.2	3.0	2.7	2.6	2.2	2.1
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	—	—	—	—	—	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	21.9	21.9	30.3	32.4	23.9	26.0	30.4	33.8	23.2	22.4	26.6	29.1
1. Long-term prepayments	20.7	20.7	19.6	21.7	22.9	25.1	20.6	24.0	22.5	21.7	18.7	21.2
2. Deferred income tax assets	1.2	1.2	10.7	10.7	1.0	1.0	9.8	9.8	0.7	0.7	7.9	7.9
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)	721.4	736.8	730.0	695.0	616.0	653.8	681.6	638.1	588.2	616.4	637.8	588.0
A. LIABILITIES (300=210+330)	285.0	329.6	330.3	321.4	224.2	281.7	311.3	287.2	202.3	251.4	278.2	252.3
I. Short -term liabilities	281.8	317.3	317.3	307.8	210.1	267.1	295.9	268.3	179.6	224.2	248.4	223.8
1. Short-term trade accounts payable	114.3	149.4	80.4	78.7	60.3	97.9	56.4	49.3	42.0	70.6	35.5	44.6
2. Short-term advances from customers	0.3	0.0	0.2	0.0	0.1	0.6	0.1	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	2.6	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	14.7	19.8	26.3	25.1	13.1	17.0	25.0	23.3	12.6	14.2	21.2	18.8
4. Payable to employees	43.0	78.8	81.9	64.3	27.2	66.9	74.7	62.5	33.7	50.1	67.5	52.3
5. Short-term acrrued expenses	42.3	9.9	66.1	55.0	39.4	10.0	62.4	48.9	29.9	6.6	54.0	38.9
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	23.0	16.5	23.7	41.7	13.2	13.5	23.8	29.3	13.5	13.7	11.1	10.7
10. Short-term borrowings and financial leases	2.1	2.1	4.5	4.7	7.2	9.8	12.2	12.0	11.6	13.1	14.9	13.5
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	39.5	40.7	34.1	38.2	49.7	51.4	41.3	42.9	36.4	55.8	44.2	45.0
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	3.2	12.4	13.0	13.6	14.1	14.6	15.4	18.9	22.7	27.2	29.8	28.5
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	—	8.6	8.7	8.8	8.8	8.8	8.8	8.8	8.9	8.9	8.6	8.8
8. Long-term borrowings and financial leases	3.2	3.7	4.3	4.8	5.3	5.9	6.6	10.1	13.9	18.4	21.2	19.7
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)	436.4	407.2	399.7	373.6	391.8	372.1	370.3	351.0	385.8	365.0	359.5	335.8
I. Owner's equity	436.4	407.2	399.7	373.6	391.8	372.1	370.3	351.0	385.8	365.0	359.5	335.8
1. Owner's capital	199.9	199.9	199.9	199.9	199.9	199.9	199.9	199.9	199.9	199.9	199.9	199.9
- Common stock with voting right	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00	199,910,200,000.00
- 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	127.9	123.3	118.9	109.9	94.8	91.5	89.7	87.1	84.5	81.6	79.7	76.6
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	74.5	51.7	49.3	33.9	64.1	49.1	50.0	34.8	67.8	50.8	49.1	30.8
- Accumulated retained earning at the end of the previous period	22.9	5.1	5.1	5.1	49.1	6.9	6.9	6.9	50.8	5.6	5.6	5.6
- Undistributed earnings in this period	51.6	46.5	44.2	28.8	15.0	42.1	43.0	27.9	17.0	45.2	43.4	25.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	34.1	32.3	31.6	29.9	32.9	31.6	30.7	29.1	33.7	32.7	30.9	28.4
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)	721.4	736.8	730.0	695.0	616.0	653.8	681.6	638.1	588.2	616.4	637.8	588.0

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
Profit Before Tax	51.8	34.0	42.4	40.4	37.8	28.0	36.3	32.1	37.9	27.1	38.8	26.9
Depreciation of Fixed Assets and Investment Property	9.5	9.6	9.4	9.2	9.1	8.8	8.7	8.9	8.8	8.4	8.4	10.1
Provision (Increase)/Reversal	-0.0	0.7	-0.0	0.1	—	0.1	0.0	0.4	-0.2	0.3	0.0	0.8
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.1	-0.1	0.0	-0.0	-0.0	0.1	-0.1	0.0	-0.0	0.0	-0.1
Gain/Loss from Investment Activities	-2.2	-5.3	-0.9	-2.8	-0.8	-2.1	-0.8	-2.9	-1.4	-12.0	-1.5	-4.2
Interest Expense	0.1	0.2	0.2	0.2	0.2	0.3	0.4	0.4	0.4	0.6	0.5	0.7
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	59.2	39.3	51.0	47.1	46.2	35.1	44.7	38.7	45.6	24.3	46.1	34.2
Increase/(Decrease) in Receivables	-15.6	66.6	-13.3	-75.0	1.3	85.5	-61.7	-32.8	-77.1	72.1	-3.5	-3.3
Increase/(Decrease) in Inventory	-1.3	-1.2	0.9	0.2	-0.7	-0.1	-0.9	0.8	0.2	-2.4	0.1	1.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.3	8.5	31.9	67.2	-44.7	-23.4	31.6	55.8	-18.5	-30.2	27.4	38.2
Increase/(Decrease) in Prepaid Expenses	0.8	-3.6	4.1	0.5	3.6	-1.5	-3.2	-0.1	2.7	-6.6	3.2	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.2	-0.2	-0.2	-0.2	-0.3	-0.4	-0.4	-0.4	-0.6	-0.5	-0.8
Corporate Income Tax Paid	-14.7	-9.3	-5.5	-6.3	-13.6	-7.1	-5.7	-5.8	-11.6	-7.1	-4.5	-5.7
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-14.3	-7.6	-13.0	-11.2	-12.5	-6.4	-10.8	-4.0	-29.0	-0.2	-9.0	-2.9
Net Cash Flow from Operating Activities	-24.2	92.6	55.9	22.4	-20.6	81.9	-6.4	52.2	-88.2	49.3	59.3	61.1
Payments for Fixed Assets and Other Long-term Assets	-9.4	-7.8	-2.6	-1.9	-8.8	-4.8	-6.6	-0.6	-11.5	-11.6	-17.9	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	—	—	—	0.0	0.0	0.0	0.0	7.2	0.0	0.0
Loans and Purchases of Debt Instruments	-92.0	-84.4	-64.9	-74.0	-88.0	-70.5	-91.0	-49.5	-91.0	-54.0	-66.0	-18.0
Receipts from Loan Repayments and Sale of Debt Instruments	64.9	67.0	50.0	62.5	87.0	49.5	95.0	48.0	84.0	44.0	49.0	21.7
Investments in Other Entities	—	—	—	—	—	0.0	-3.6	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	3.1	2.3	2.2	2.1	2.4	1.4	2.2	1.2	3.2	2.6	3.9	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	-33.4	-22.4	-15.3	-11.3	-7.4	-24.4	-4.0	-0.9	-15.3	-11.7	-31.0	3.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	10.7	0.0
Repayment of Borrowings	-0.5	-2.9	-0.7	-3.1	-3.1	-3.2	-3.3	-3.3	-6.0	-4.6	-7.8	-14.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	48.1	-1.0	-47.1
Dividends Paid	-0.0	-10.1	-18.2	-21.8	-0.0	-11.5	-0.1	-38.0	-0.0	-48.2	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	-0.6	-13.0	-18.9	-24.9	-3.1	-14.7	-3.4	-41.3	-6.1	-4.7	1.9	-61.1
Net Cash Flow During the Period	-58.2	57.2	21.8	-13.8	-31.0	42.8	-13.8	10.0	-109.6	32.9	30.2	3.5
Cash and Cash Equivalents at Beginning of Period	114.9	57.8	36.0	49.8	80.8	151.3	151.3	151.3	151.3	128.6	128.6	128.6
FX Difference from Revaluation	0.0	-0.1	0.1	0.0	0.0	0.1	-0.2	0.1	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	56.7	114.9	57.8	36.0	49.8	80.8	38.0	51.9	41.8	151.3	118.5	88.3

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TCW

What Is Changing

Drivers of TCW's profit

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Balance Sheet ●

Working Capital Efficiency ▲

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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