TOT

Transimex Logistics ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 9.25%, +1.02pp YoY

Price

17,000

Latest close

05 Jun 2026

P/E 5.12x

P/B 1.04x

EPS 3,320

BVPS 16,272

ROE 21.2%

ROA 11.5%

Profit Margin 9.2%

Asset Turnover 1.24x

Equity Mult. 1.85x

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

What Is Changing

On a TTM 2026Q1 basis, TOT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 331bn
	                                
+28.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+44.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	290.2	255.1	248.4	160.6	47.9
Growth	+14%	+3%	+55%	+235%	—
Net Income	24.3	23.1	22.1	13.0	1.1
Net Margin	8.37%	9.06%	8.91%	8.11%	2.23%

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	98.6	84.5	76.1	71.5	58.2	64.6	65.6	68.6	60.9	68.7	67.4	57.9
Growth	+17%	+11%	+6%	+23%	-10%	-2%	-4%	+13%	-11%	+2%	+16%	—
Net Income	8.7	6.6	6.9	8.4	2.8	4.6	6.6	7.2	5.2	4.4	6.7	5.9
Net Margin	8.77%	7.86%	9.05%	11.75%	4.80%	7.08%	10.06%	10.46%	8.54%	6.40%	9.97%	10.21%

Drivers of TOT's profit

TTM

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

Gross profit ↑ 12.5bn

Financial income ↑ 2.1bn

Tax ↑ 2.4bn

Finance costs ↑ 1.4bn

TTM

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

Gross profit ↑ 7.9bn

Other profit ↑ 1.1bn

Tax ↑ 1.5bn

Administrative expenses ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.0% = 8.2% × 1.21 × 1.61

2026Q1 21.2% = 9.2% × 1.24 × 1.85

ROE rose from 16.0% to 21.2% — all three components improved, with leverage contributing the most.

Net margin: 9.2% +1.0pp Asset turnover: 1.24x +0.04x Leverage: 1.85x +0.23x

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 9.25%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.1pp are enough to offset pressure from Gross margin fell 0.9pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.3pp remained a drag).

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

Profitability trend

Net Margin 9.25% +1.0pp

Gross Margin 20.27% −0.9pp

SG&A / Revenue 9.04% −2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 12.6 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 14.38%, rising 1.9pp. That translates to 14.38 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.2pp, with capital turnover broadly stable; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 14.38% +1.9pp

NOPAT Margin 8.74% +1.2pp

Capital Turnover 1.65x −0.01x

Average Invested Capital 200.9bn +46.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.88x equity, net debt at 0.50x equity.

Over the last 12 months, working capital absorbed 31.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −44.5bn

Inventories increased → lower CFO: −0.3bn

Payables increased → higher CFO: +13.4bn

Working Capital Efficiency

Cash conversion cycle lengthened by 12.6 days versus the same period last year. The main moves came from DIO fell 0.2 days, DSO fell 0.9 days, and DPO fell 13.7 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +12.6 days, indicating weaker working-capital turnover versus the prior year.

Working Capital Efficiency

Receivables 53.3 days −0.9 days

Inventory 0.6 days −0.2 days

Payables 64.8 days −13.7 days

Cash Conversion Cycle -10.9 days +12.6 days

Is financial risk significant?

Leverage is safe but FCF is negative at 19.1bn due to capex of 43.0bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.50x and interest coverage at 9.91x.

At present, short-term debt accounts for 69.4% of total debt, cash equals 6.1% of debt, and total debt stands at 79.1bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 69.4% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 6.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.50x +0.21x

Interest Coverage 9.91x −0.66x

Cash / Debt 6.1% −11.3pp

Short-term Debt / Total Debt 69.4% +19.7pp

CFO / NI 0.78x −1.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.6bn in 2025, against investing cash flow of -25.0bn.

Post-investment cash flow was negative +5.4bn. Financing cash flow was positive +0.9bn.

CFO / net income was 0.78x.

After spending +43.0bn on fixed-asset investment, the business generated trailing free cash flow of −19.1bn.

Cash Conversion

CFO TTM 23.9bn −20.8bn

Cash Capex 43.0bn —

FCF TTM −19.1bn —

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. The residual risk still sits in leverage and liquidity, with interest coverage at 9.91x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.25% after expanding 1.0pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.50x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	290.2	255.1	248.4	160.6	47.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	290.2	255.1	248.4	160.6	47.9
Cost of Goods Sold	232.1	203.4	194.5	126.1	0.0
Gross Profit	58.1	51.7	53.9	34.5	7.4
Financial Income	2.7	0.0	0.0	0.0	0.0
Financial Expenses	3.2	1.9	2.0	0.7	-0.2
Interest Expense	3.2	1.9	2.0	0.6	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.1	0.1	0.0	-0.0
General and Administrative Expenses	27.2	27.9	24.0	18.1	-5.8
Operating Profit	29.6	21.9	27.9	15.8	1.4
Other Income	1.0	7.5	0.1	0.5	0.0
Other Expenses	0.0	0.3	0.1	0.0	0.0
Other Profit	1.0	7.2	-0.1	0.5	-0.0
Profit Before Tax	30.6	29.1	27.8	16.3	1.3
Current Income Tax Expense	6.3	6.0	5.6	3.3	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.3	23.1	22.1	13.0	1.1
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	24.3	23.1	22.1	13.0	1.1
Earnings per Share	2,639.00	2,620.00	3,261.00	2,109.00	194.73
Diluted EPS	2,639.00	2,620.00	3,261.00	2,109.00	194.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	145.4	98.9	85.6	86.3	37.3
I. Cash and cash equivalents	8.8	13.2	17.8	6.8	8.6
1. Cash	8.8	11.2	17.8	6.8	0.0
2. Cash equivalents	—	2.0	0.0	0.0	0.0
II. Short-term financial investments	37.0	31.0	0.0	0.0	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	37.0	31.0	0.0	0.0	0.0
III. Short-term receivables	97.3	51.9	64.1	76.2	26.1
1. Short-term trade accounts receivable	65.1	36.9	33.9	24.4	0.0
2. Short-term prepayments to suppliers	0.7	0.3	4.7	7.0	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	32.1	15.2	26.1	45.4	0.0
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.3	0.3	0.4	0.3	0.4
1. Inventories	0.3	0.3	0.4	0.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.0	2.5	3.2	3.0	2.2
1. Short-term prepayments	2.0	2.5	3.2	3.0	0.0
2. Value added tax to be reclaimed	—	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)	119.7	127.2	97.9	66.4	37.6
I. Long-term receivables	1.0	0.8	0.9	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	1.0	0.8	0.9	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	109.4	123.4	93.1	65.4	36.5
1. Tangible fixed assets	109.4	123.3	93.1	65.3	36.5
- Cost	186.5	181.1	169.6	128.7	0.0
- Accumulated depreciation	-77.1	-57.7	-76.5	-63.3	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	0.1	0.1	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	7.1	0.0	3.5	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.1	0.0	3.5	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	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	2.2	3.0	0.4	0.8	0.0
1. Long-term prepayments	2.2	3.0	0.4	0.8	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	0.8
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)	265.2	226.1	183.5	152.7	74.9
A. LIABILITIES (300=210+330)	124.0	90.8	93.1	81.9	11.9
I. Short -term liabilities	106.3	60.7	90.5	80.1	11.9
1. Short-term trade accounts payable	45.1	40.2	72.3	45.2	5.1
2. Short-term advances from customers	0.3	0.1	0.1	0.0	0.0
3. Taxes and other payables to state authorities	6.6	5.1	3.4	2.2	0.0
4. Payable to employees	0.1	0.1	0.0	2.7	0.0
5. Short-term acrrued expenses	13.3	6.3	0.9	1.9	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	1.1	0.8	0.9	0.9	0.0
10. Short-term borrowings and financial leases	39.8	8.1	10.1	26.8	3.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	2.8	0.4	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	17.7	30.1	2.6	1.9	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	17.7	30.1	2.6	1.9	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)	141.2	135.3	90.5	70.7	63.0
I. Owner's equity	141.2	135.3	90.5	70.7	0.0
1. Owner's capital	92.1	92.1	60.4	55.0	63.0
- Common stock with voting right	92,078,420,000.00	92,078,420,000.00	60,444,860,000.00	54,950,000,000.00	54,950,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	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	42.3	36.4	30.0	15.8	8.1
- Accumulated retained earning at the end of the previous period	18.0	13.3	10.3	4.2	4.1
- Undistributed earnings in this period	24.3	23.1	19.7	11.6	4.0
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)	265.2	226.1	183.5	152.7	74.9

Item	2025	2024	2023	2022	2021
Profit Before Tax	30.6	29.1	27.8	16.3	0.9
Depreciation of Fixed Assets and Investment Property	20.6	21.0	16.3	9.2	1.9
Provision (Increase)/Reversal	—	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.5	-7.5	0.1	-0.5	0.0
Interest Expense	3.2	1.9	2.0	0.6	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	50.8	44.4	46.1	25.5	2.9
Increase/(Decrease) in Receivables	-33.2	8.4	15.3	-47.8	0.0
Increase/(Decrease) in Inventory	-0.0	0.1	-0.2	0.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.3	5.3	3.6	13.1	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	-0.5	0.2	-0.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.2	-2.8	-1.2	-0.3	0.0
Corporate Income Tax Paid	-4.2	-5.3	-4.6	-1.9	0.0
Other Operating Receipts	—	0.0	2.2	0.0	0.0
Other Operating Payments	—	-2.8	-2.3	-1.8	0.0
Net Cash Flow from Operating Activities	19.6	46.9	59.2	-14.0	10.2
Payments for Fixed Assets and Other Long-term Assets	-30.9	-59.4	-32.8	-10.3	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	9.5	21.7	0.6	0.6	-0.3
Loans and Purchases of Debt Instruments	-98.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	92.0	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	2.3	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	-31.0	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	-25.0	-68.6	-32.2	-9.7	-0.3
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	109.7	62.0	54.8	26.0	0.0
Repayment of Borrowings	-90.5	-36.4	-70.7	-0.4	-3.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.4	-8.4	0.0	-3.8	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	0.9	17.2	-16.0	21.8	-3.0
Net Cash Flow During the Period	-4.5	-4.6	11.1	-1.8	7.0
Cash and Cash Equivalents at Beginning of Period	13.2	17.8	6.8	8.6	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.8	13.2	17.8	6.8	9.1

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
Revenue	98.6	84.5	76.1	71.5	58.2	64.6	65.6	68.6	60.9	68.7	67.4	57.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	98.6	84.5	76.1	71.5	58.2	64.6	65.6	68.6	60.9	68.7	67.4	57.9
Cost of Goods Sold	80.9	67.5	60.5	54.7	48.3	55.8	49.7	48.6	46.9	56.0	52.1	41.2
Gross Profit	17.7	17.0	15.5	16.7	9.8	8.7	16.0	20.0	14.0	12.7	15.3	16.8
Financial Income	0.7	0.6	0.7	0.8	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.2	0.8	0.7	0.9	0.8	0.7	0.5	0.3	0.3	0.2	0.5	0.6
Interest Expense	1.2	0.8	0.7	0.9	0.8	0.0	0.0	0.3	0.3	0.0	0.5	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.3	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	7.1	8.2	7.1	6.3	6.2	7.6	7.0	7.9	7.2	6.9	6.7	8.8
Operating Profit	9.7	8.3	7.9	10.3	3.5	0.5	8.4	11.8	6.5	5.5	8.1	7.4
Other Income	1.1	0.0	1.8	7.9	0.1	17.2	0.1	0.0	0.0	0.0	0.3	0.0
Other Expenses	—	—	1.0	7.7	0.1	12.0	0.2	2.8	0.0	0.0	0.0	0.0
Other Profit	1.1	0.0	0.8	0.2	0.0	5.3	-0.2	-2.8	0.0	-0.0	0.3	-0.0
Profit Before Tax	10.9	8.4	8.7	10.5	3.5	5.7	8.3	9.0	6.5	5.5	8.4	7.4
Current Income Tax Expense	2.2	1.7	1.8	2.1	0.7	1.2	1.7	1.8	1.3	1.1	1.7	1.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.7	6.6	6.9	8.4	2.8	4.6	6.6	7.2	5.2	4.4	6.7	5.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.7	6.6	6.9	8.4	2.8	4.6	6.6	7.2	5.2	4.4	6.7	5.9
Earnings per Share	939.52	721.19	747.61	912.06	303.38	496.06	717.02	857.86	621.17	726.87	1,112.04	1,076.23
Diluted EPS	939.52	721.19	747.61	912.06	303.38	496.06	717.02	857.86	621.17	726.87	1,112.04	1,076.23

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)	178.4	145.5	128.8	133.4	113.7	101.4	90.6	97.6	87.9	86.0	88.0	80.8
I. Cash and cash equivalents	4.8	8.8	3.2	25.8	8.3	13.2	11.2	11.8	9.8	17.8	10.8	5.7
1. Cash	4.8	8.8	3.2	25.8	8.3	11.2	11.2	5.8	9.8	17.8	10.8	5.7
2. Cash equivalents	—	—	—	—	—	2.0	0.0	6.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	52.0	37.0	45.0	44.0	42.0	31.0	0.0	0.0	0.0	0.0	0.0	0.0
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	52.0	37.0	45.0	44.0	42.0	31.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	116.7	97.4	76.4	60.1	58.8	54.4	73.7	81.1	72.1	64.5	71.8	70.6
1. Short-term trade accounts receivable	58.1	59.2	51.7	39.2	38.5	34.7	44.8	43.0	37.9	32.5	37.2	32.7
2. Short-term prepayments to suppliers	15.7	12.7	1.1	0.6	2.3	0.3	0.4	4.2	3.1	4.7	1.0	0.9
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	43.5	26.0	24.1	20.9	18.6	19.9	29.1	34.4	31.7	27.9	34.2	37.6
7. Provision for short-term doubtful debts (*)	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5	-0.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.6	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.6	0.4	0.3	0.5
1. Inventories	0.6	0.3	0.3	0.3	0.3	0.3	0.3	0.4	0.6	0.4	0.3	0.5
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	4.3	2.0	4.0	3.4	4.1	2.4	5.5	4.3	5.4	3.2	5.1	4.0
1. Short-term prepayments	4.3	2.0	4.0	3.4	4.1	2.4	4.2	3.8	5.4	3.2	4.6	4.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	1.3	0.0	0.0	0.0	0.5	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.5	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)	118.2	119.7	112.1	117.9	121.6	127.2	145.3	112.7	102.5	97.9	98.6	84.9
I. Long-term receivables	1.0	1.0	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.3	0.2
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	1.0	1.0	0.8	0.8	0.8	0.9	0.9	0.9	0.9	0.9	0.3	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	112.4	109.4	108.7	108.3	118.2	123.4	123.3	96.6	99.1	92.8	82.0	65.8
1. Tangible fixed assets	112.3	109.4	108.7	108.3	118.1	123.3	123.3	96.6	99.0	92.7	81.9	65.7
- Cost	193.7	—	—	—	—	181.1	198.0	165.9	180.5	169.2	153.5	135.0
- Accumulated depreciation	-81.3	—	—	—	—	-57.7	-74.7	-69.3	-81.5	-76.5	-71.7	-69.3
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	0.1	0.1	0.1	0.1	0.1
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	3.0	7.1	0.1	6.4	—	0.1	17.9	11.7	2.2	3.8	15.7	10.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	3.0	7.1	0.1	6.4	—	0.1	17.9	11.7	2.2	3.8	15.7	10.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	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	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	1.9	2.2	2.4	2.3	2.6	2.9	3.2	3.6	0.3	0.4	0.6	8.5
1. Long-term prepayments	1.9	2.2	2.4	2.3	2.6	2.9	3.2	3.6	0.3	0.4	0.6	8.5
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)	296.6	265.2	240.9	251.4	235.3	228.6	235.9	210.3	190.4	183.9	186.5	165.7
A. LIABILITIES (300=210+330)	146.8	123.6	105.9	123.3	97.2	93.3	105.2	77.5	64.7	93.0	99.5	84.0
I. Short -term liabilities	122.6	103.3	85.3	104.6	73.0	55.2	76.4	61.0	57.2	90.4	96.7	80.0
1. Short-term trade accounts payable	49.7	45.0	41.9	46.5	44.0	42.7	58.4	47.2	43.1	72.7	68.0	52.1
2. Short-term advances from customers	0.1	0.4	0.1	0.1	0.1	0.1	1.1	0.1	0.7	0.1	0.1	0.2
3. Taxes and other payables to state authorities	3.2	6.6	5.7	3.9	1.4	5.2	4.8	3.0	2.2	3.5	2.8	3.3
4. Payable to employees	1.0	3.7	2.4	1.9	1.0	2.4	2.3	1.5	0.8	0.0	0.3	0.0
5. Short-term acrrued expenses	11.9	9.4	5.9	3.1	1.9	4.0	2.6	0.3	1.2	0.4	1.6	0.1
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	1.9	1.1	1.7	19.9	0.9	0.8	1.0	0.7	0.7	0.9	0.9	1.0
10. Short-term borrowings and financial leases	54.9	37.2	27.6	29.2	23.8	0.0	6.2	8.2	8.5	10.1	21.4	22.9
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	2.8	1.6	0.4
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	24.2	20.3	20.6	18.7	24.1	38.2	28.8	16.5	7.5	2.6	2.9	4.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	24.2	20.3	20.6	18.7	24.1	38.2	28.8	16.5	7.5	2.6	2.9	4.0
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)	149.8	141.6	135.0	128.1	138.1	135.3	130.7	132.9	125.7	90.9	87.0	81.6
I. Owner's equity	149.8	141.6	135.0	128.1	138.1	135.3	130.7	132.9	125.7	90.9	87.0	81.6
1. Owner's capital	92.1	92.1	92.1	92.1	92.1	92.1	92.1	83.7	83.7	60.4	60.4	55.0
- Common stock with voting right	92,078,420,000.00	92,078,420,000.00	92,078,420,000.00	92,078,420,000.00	92,078,420,000.00	92,078,420,000.00	92,078,420,000.00	83,707,950,000.00	83,707,950,000.00	60,444,860,000.00	60,444,860,000.00	54,950,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	6.8	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	50.9	42.7	36.1	29.2	39.2	36.4	31.8	42.4	35.2	30.5	26.6	26.7
- Accumulated retained earning at the end of the previous period	42.3	18.0	18.0	18.0	36.4	30.0	13.3	30.0	30.0	15.8	15.8	15.8
- Undistributed earnings in this period	8.7	24.7	18.1	11.2	2.8	6.4	18.5	12.3	5.2	14.7	10.8	10.9
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)	296.6	265.2	240.9	251.4	235.3	228.6	235.9	210.3	190.4	183.9	186.5	165.7

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
Profit Before Tax	10.9	7.9	8.7	10.5	3.5	5.7	8.3	8.6	6.5	5.0	8.4	7.2
Depreciation of Fixed Assets and Investment Property	5.4	5.2	5.1	5.1	5.1	5.6	5.4	5.1	5.0	4.8	4.2	3.9
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	-1.9	-0.5	-1.4	-0.9	-0.6	-10.0	4.4	-2.1	-0.0	-0.0	-0.3	-0.0
Interest Expense	1.2	0.8	0.8	0.9	0.8	0.7	0.5	0.3	0.3	0.2	0.5	0.6
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	15.7	13.3	13.1	15.5	8.8	2.1	18.6	11.9	11.8	10.0	12.7	11.7
Increase/(Decrease) in Receivables	-18.3	-8.4	-17.5	-0.3	-7.0	32.7	-0.8	-9.6	-7.1	11.6	-3.0	8.6
Increase/(Decrease) in Inventory	-0.3	-0.0	-0.0	0.1	-0.0	-0.0	0.2	0.1	-0.1	-0.2	0.2	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.8	4.0	0.3	4.3	-0.4	-15.5	11.0	2.0	1.9	-0.0	2.3	0.7
Increase/(Decrease) in Prepaid Expenses	5.0	2.1	2.3	-1.9	-1.3	10.6	-8.5	-1.6	-2.1	1.5	-0.4	10.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.2	-0.8	-0.7	-0.9	-0.8	-1.0	-0.6	-0.2	-1.0	-0.2	-0.4	-0.3
Corporate Income Tax Paid	-5.8	-0.4	0.0	0.0	-3.8	-2.2	0.0	-0.0	-3.0	-0.8	-1.8	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	2.2	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	-2.8	-1.5	0.0	-0.1
Net Cash Flow from Operating Activities	-0.1	9.8	-2.5	16.8	-4.4	26.8	19.7	2.7	-2.4	22.7	9.6	30.7
Payments for Fixed Assets and Other Long-term Assets	-12.2	-20.8	-4.5	-5.5	—	-14.3	-30.7	-14.2	-8.9	-4.2	-2.0	-21.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.0	-0.9	2.5	7.8	0.1	17.4	0.0	4.9	0.0	0.2	0.2	0.0
Loans and Purchases of Debt Instruments	-25.0	-37.0	-17.0	-33.0	-11.0	-31.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	45.0	16.0	31.0	—	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	0.7	0.2	1.2	0.3	0.6	0.0	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	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	-25.4	-13.5	-1.9	0.6	-10.3	-27.9	-30.7	-9.4	-8.9	-4.0	-1.8	-21.4
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	58.4	41.5	27.7	24.9	15.7	12.1	20.8	16.8	12.5	8.9	13.4	18.7
Repayment of Borrowings	-36.7	-32.2	-27.4	-24.9	-5.9	-9.0	-10.4	-8.1	-9.2	-20.5	-16.0	-27.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.1	-18.4	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	21.6	9.3	-18.1	-0.0	9.8	3.1	10.4	8.7	3.3	-11.7	-2.6	-9.3
Net Cash Flow During the Period	-4.0	5.5	-22.5	17.4	-4.9	2.1	-0.6	2.0	-8.1	7.0	5.2	0.1
Cash and Cash Equivalents at Beginning of Period	8.8	3.2	25.8	8.3	13.2	17.8	17.8	17.8	17.8	6.8	6.8	6.8
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	4.8	8.8	3.2	25.8	8.3	13.2	11.2	11.8	9.8	17.8	10.8	5.7

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TOT

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow