TOP

Phân phối Top One ·UPCOM ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin −152.92%, −140.22pp YoY

Price

—

Latest close

P/E —

P/B —

EPS -5

BVPS 6,402

ROE -0.1%

ROA -0.1%

Profit Margin -152.9%

Asset Turnover 0.00x

Equity Mult. 1.00x

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

What Is Changing

On a TTM 2026Q1 basis, TOP is under pressure on both revenue and margins simultaneously — the growth momentum has held across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 0bn
	                                
−98.3%YoY

	                            
	                                NET MARGIN
	                            
	                                    −152.92%
	                                
−140.2ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 0bn
	                                
+79.4%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    45.5%

Metric	2025	2024	2022	2021	2020
Revenue	0.1	0.0	0.0	6.5	5.2
Growth	+229%	—	-100%	+25%	—
Net Income	-0.2	0.2	-0.6	-0.8	-88.0
Net Margin	-228.91%	764.40%	—	-12.18%	-1697.15%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Revenue	0.0	0.0	0.0	0.0	0.0	0.2	2.5	2.2	1.6	0.0	5.1
Growth	-36%	+106%	-21%	+171%	-97%	-91%	+15%	+34%	+4537%	-99%	—
Net Income	-0.0	-0.1	0.0	0.0	-0.0	-0.3	-0.0	-0.2	-0.2	-77.5	-10.0
Net Margin	-45.42%	-406.77%	9.89%	18.90%	-627.50%	-147.71%	-1.40%	-9.00%	-13.26%	-223311.35%	-193.57%

Drivers of TOP's profit

TTM

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

Financial income ↑ 0.2bn

Administrative expenses ↑ 1.1bn

Gross profit ↓ 0.3bn

TTM

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

Financial income ↑ 0.0bn

Administrative expenses ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -0.4% = -12.7% × 0.03 × 1.02

2026Q1 -0.1% = -152.9% × 0.00 × 1.00

ROE is broadly flat at -0.1% — the components are offsetting one another.

Net margin: -152.9% -140.2pp Asset turnover: 0.00x -0.03x Leverage: 1.00x -0.02x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to -152.92%, losing 140.2pp. The main pressure is SG&A / Revenue rose 838.7pp, outweighing the improvement in Gross margin rose 0.4pp (with additional support from Net financial result / Revenue rose 587.6pp).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin -152.92% −140.2pp

Gross Margin 5.71% +0.4pp

SG&A / Revenue 820.85% +838.7pp

Non-core / Revenue 662.22% +587.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 45.5% of PBT and lifted net margin by 587.6pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.00x equity, with a net cash position equivalent to 0.00x 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

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

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

Working Capital Efficiency

Receivables — —

Inventory — —

Payables 210.9 days −20179.1 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.00x and interest coverage only at -327.32x.

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.

Watchpoints

Interest coverage is thin

Interest coverage is -327.32x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.00x —

Interest Coverage -327.32x +19183.09x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.03x −16.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.0bn in 2025, against investing cash flow of 0.0bn.

Post-investment cash flow was negative +0.0bn. Financing cash flow was positive 0.0bn.

CFO / net income was 0.03x.

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

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

Cash Conversion

CFO TTM 0.0bn +10.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 140.2 pp. The next watchpoint is the earnings mix, when non-core contribution is -387.6%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -387.6% of PBT and CFO / net income currently at 0.03x.

Key risk: profitability remains under pressure, with trailing-12M net margin at -152.92% after a 140.2pp decline versus the same period last year.

Statement Data

Item	2025	2024	2022	2021	2020
Revenue	0.1	0.0	0.0	6.5	5.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	0.1	0.0	0.0	6.5	5.2
Cost of Goods Sold	0.1	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.3	-1.8
Financial Income	0.5	0.5	0.0	0.3	0.3
Financial Expenses	0.0	0.0	0.0	0.0	-84.2
Interest Expense	—	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.0	0.0	-0.5	-0.6
General and Administrative Expenses	0.6	0.4	0.5	-1.0	-1.6
Operating Profit	-0.2	0.1	-0.5	-0.8	-87.9
Other Income	0.1	0.1	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0
Other Profit	0.0	0.1	-0.1	0.0	-0.1
Profit Before Tax	-0.2	0.2	-0.6	-0.8	-88.0
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-0.2	0.2	-0.6	-0.8	-88.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.2	0.2	-0.6	-0.8	-88.0
Earnings per Share	-6.40	6.49	-24.00	-31.09	-3,469.70
Diluted EPS	-6.40	6.49	-23.76	-31.09	-3,469.70

Item	2025	2024	2022	2021	2020
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3.9	3.9	3.6	4.3	10.7
I. Cash and cash equivalents	0.2	0.2	0.2	4.3	2.1
1. Cash	0.2	0.2	0.2	0.0	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.1	0.1	0.0	0.0	0.0
1. Available for sale securities	0.1	0.1	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	3.6	3.5	3.4	0.0	8.4
1. Short-term trade accounts receivable	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.1	0.0	0.0	0.0	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	3.4	3.4	3.4	0.0	0.0
6. Other short-term receivables	0.0	0.1	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	0.0	0.0	0.0
1. Inventories	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	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
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)	158.6	158.6	159.1	159.4	159.6
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	1.1	1.2	1.7	1.9	2.2
1. Tangible fixed assets	—	0.0	0.4	0.6	0.8
- Cost	—	0.0	1.5	0.0	0.0
- Accumulated depreciation	—	0.0	-1.1	0.0	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	1.1	1.2	1.3	1.4	1.4
- Cost	1.7	1.7	1.7	0.0	0.0
- Accumulated depreciation	-0.5	-0.5	-0.4	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	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	157.4	157.4	157.4	157.4	157.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	157.4	157.4	157.4	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	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	0.0
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)	162.5	162.5	162.7	163.7	170.3
A. LIABILITIES (300=210+330)	0.1	0.0	0.0	0.4	6.2
I. Short -term liabilities	0.1	0.0	0.0	0.4	6.2
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0	0.0
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	—	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	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
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	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	—	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)	162.3	162.5	162.7	163.3	164.1
I. Owner's equity	162.3	162.5	162.7	0.0	0.0
1. Owner's capital	253.5	253.5	253.5	163.3	164.1
- Common stock with voting right	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	-91.2	-91.0	-90.8	-90.2	-89.4
- Accumulated retained earning at the end of the previous period	-91.1	-91.2	-90.2	-89.4	-1.5
- Undistributed earnings in this period	-0.1	0.2	-0.6	-0.8	-88.0
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)	162.5	162.5	162.7	163.7	170.3

Item	2025	2024	2022	2021	2020
Profit Before Tax	—	0.0	-0.6	-0.8	-88.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.2	0.3	0.3
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	-0.4	-0.8	-3.8
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	-0.4	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	—	0.0	0.0	0.0	0.0
Other Operating Receipts	0.2	0.3	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.2	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.0	0.2	-0.7	-5.6	7.2
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-3.4	-18.0	-7.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	25.4	0.0
Investments in Other Entities	—	-0.1	0.0	0.0	-34.6
Proceeds from Investments in Other Entities	—	0.1	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	—	0.0	-3.4	7.8	-5.6
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	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.0	0.2	-4.1	2.2	2.0
Cash and Cash Equivalents at Beginning of Period	0.2	0.0	4.3	2.1	0.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	0.2	0.2	4.3	2.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Revenue	0.0	0.0	0.0	0.0	0.0	0.2	2.5	2.2	1.6	0.0	5.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	0.0	0.0	0.0	0.0	0.2	2.5	2.2	1.6	0.0	5.1
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gross Profit	0.0	0.0	0.0	0.0	-0.0	0.0	0.2	0.1	0.1	1.7	-3.6
Financial Income	0.1	0.1	0.1	0.1	0.1	0.0	0.1	0.1	0.2	0.0	0.0
Financial Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-84.2	0.0
Interest Expense	—	—	—	—	—	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
Selling Expenses	—	0.1	0.0	—	—	-0.2	-0.1	-0.1	-0.1	-0.1	-0.2
General and Administrative Expenses	0.2	0.2	0.1	0.2	0.1	-0.2	-0.2	-0.2	-0.4	5.1	-6.1
Operating Profit	-0.0	-0.1	-0.0	-0.0	-0.0	-0.4	-0.0	-0.2	-0.2	-77.5	-9.9
Other Income	0.0	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.0	—	0.0	-0.0	0.0	-0.0	-0.0	-0.1
Profit Before Tax	-0.0	-0.1	0.0	0.0	-0.0	-0.3	-0.0	-0.2	-0.2	-77.5	-10.0
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.0	-0.1	0.0	0.0	-0.0	-0.3	-0.0	-0.2	-0.2	-77.5	-10.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	9.9	-9.9
Profit Attributable to Parent	-0.0	-0.1	0.0	0.0	-0.0	-0.3	-0.0	-0.2	-0.2	-87.4	-0.1
Earnings per Share	-0.35	-4.88	0.06	0.14	-1.71	-13.67	-1.36	-7.63	-8.42	-3,447.35	-3.69
Diluted EPS	-0.35	-4.88	0.06	0.14	-1.71	-13.67	-1.36	-7.63	-8.42	-3,447.35	-3.69

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	3.8	3.9	3.9	3.9	3.9	4.3	11.8	11.1	11.3	10.9	32.6
I. Cash and cash equivalents	0.2	0.2	0.1	0.3	0.2	4.3	2.1	0.3	6.7	3.9	1.9
1. Cash	0.2	0.2	0.1	0.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	3.4	0.1	0.2	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.1	0.2	—	0.1	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
3. Held to maturity investments	3.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	0.2	3.6	3.5	3.5	3.5	0.0	9.6	10.8	4.5	6.9	30.0
1. Short-term trade accounts receivable	—	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	3.4	3.4	3.4	3.4	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.0	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.4
1. Inventories	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.4
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	158.5	158.6	158.6	158.6	158.6	159.4	159.5	159.6	159.7	159.9	217.6
I. Long-term receivables	—	—	—	—	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
6. Other long-term receivables	—	—	—	—	—	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
II. Fixed assets	1.1	1.1	1.1	1.1	1.2	1.9	2.0	2.1	2.1	2.3	3.1
1. Tangible fixed assets	—	—	—	—	—	0.6	0.6	0.7	0.7	0.9	1.0
- Cost	—	—	—	—	—	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
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.1	1.1	1.1	1.1	1.2	1.4	1.4	1.4	1.4	1.5	2.1
- Cost	1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	157.4	157.4	157.4	157.4	157.4	157.4	157.4	157.4	157.4	157.4	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	157.4	157.4	157.4	157.4	157.4	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.1	0.1	0.2	214.5
5. Goodwill	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	162.4	162.5	162.5	162.5	162.5	163.7	171.2	170.7	171.0	170.8	250.2
A. LIABILITIES (300=210+330)	0.1	0.1	0.0	0.1	0.0	0.4	7.6	7.0	7.1	6.3	6.9
I. Short -term liabilities	0.1	0.1	0.0	0.1	0.0	0.4	7.6	7.0	7.1	6.3	6.9
1. Short-term trade accounts payable	0.1	0.0	0.0	0.0	0.0	0.0	1.4	0.8	0.9	0.1	0.1
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.1	—	—	—	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
7. Construction contract progress payments due to suppliers	—	—	—	—	—	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
9. Other short-term payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	—	—	—	—	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
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	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
2. Long-term advances from customers	—	—	—	—	—	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
4. Inter-company payables on business capital	—	—	—	—	—	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
6. Long-term unearned revenue	—	—	—	—	—	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
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	162.3	162.3	162.4	162.4	162.4	163.3	163.6	163.7	163.9	164.5	243.3
I. Owner's equity	162.3	162.3	162.4	162.4	162.4	0.0	0.0	0.0	0.0	0.0	0.0
1. Owner's capital	253.5	253.5	253.5	253.5	253.5	163.3	163.6	163.7	163.9	164.5	243.3
- Common stock with voting right	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00	253,500,000,000.00
- Preferred stock	—	—	—	—	—	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
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	—	—	—	—	—	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
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	-91.2	-91.2	-91.1	-91.1	-91.1	-90.2	-89.9	-89.8	-89.6	-89.0	-11.3
- Accumulated retained earning at the end of the previous period	-91.2	-91.1	-91.1	-91.1	-91.0	-89.4	-89.4	-89.4	-89.4	-1.5	-1.5
- Undistributed earnings in this period	-0.0	-0.1	0.0	0.0	-0.0	-0.8	-0.4	-0.4	-0.2	-87.5	-9.9
12. Reserves for investment in construction	—	—	—	—	—	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	1.1
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	162.4	162.5	162.5	162.5	162.5	163.7	171.2	170.7	171.0	170.8	250.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'21	Q3'21	Q2'21	Q1'21	Q2'20	Q1'20
Profit Before Tax	—	—	—	—	—	-0.3	-0.0	-0.2	-0.2	-77.5	-10.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	—	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
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	—	—	—	-0.3	-0.0	-0.4	-0.1	6.8	-9.9
Increase/(Decrease) in Receivables	—	—	—	—	—	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
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	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
Changes in Trading Securities	—	—	—	—	—	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
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.2	-0.1	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.0	0.0	-0.2	0.1	-0.0	-5.9	-0.3	-4.1	4.6	4.2	1.4
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	-10.0	2.0	-10.0	0.0	-3.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	18.0	0.0	7.5	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-34.6	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	—	—	—	—	—	8.0	2.1	-2.4	0.0	-2.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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
Proceeds from Borrowings	—	—	—	—	—	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
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.0	0.0	-0.2	0.1	-0.0	2.2	1.8	-6.5	4.6	2.0	1.4
Cash and Cash Equivalents at Beginning of Period	0.2	0.1	0.3	0.2	0.2	2.1	0.3	6.7	2.1	1.9	0.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.2	0.2	0.1	0.3	0.2	4.3	2.1	0.3	6.7	3.9	1.9

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TOP

What Is Changing

Drivers of TOP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow