TSA

Đầu tư và Xây lắp Trường Sơn ·HOSE ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.11x

Price

15,150

Latest close

02 Jun 2026

P/E 19.45x

P/B 1.37x

EPS 779

BVPS 11,045

ROE 7.2%

ROA 5.1%

Profit Margin 3.9%

Asset Turnover 1.33x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2026Q1 basis, TSA is growing strongly on the back of scale expansion, while margins have only improved slightly — margins have been expanding consistently over multiple periods. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 818bn
	                                
+24.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
+26.1%YoY

Metric	2025	2024	2023	2022
Revenue	713.3	652.7	369.2	469.6
Growth	+9%	+77%	-21%	—
Net Income	27.5	23.5	10.0	3.1
Net Margin	3.85%	3.61%	2.71%	0.66%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	180.0	271.3	153.4	212.9	75.7	315.9	107.4	159.6
Growth	-34%	+77%	-28%	+181%	-76%	+194%	-33%	—
Net Income	7.1	10.6	5.2	8.5	3.1	13.4	3.2	5.2
Net Margin	3.97%	3.92%	3.38%	4.01%	4.15%	4.23%	3.01%	3.28%

Drivers of TSA's profit

TTM

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

Gross profit ↑ 16.7bn

Finance costs ↓ 0.8bn

Financial income ↑ 0.7bn

Administrative expenses ↑ 9.9bn

Tax ↑ 1.6bn

TTM

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

Gross profit ↑ 9.3bn

Financial income ↑ 0.5bn

Finance costs ↓ 0.4bn

Administrative expenses ↑ 5.3bn

Tax ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

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 stands at 3.85%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

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

Profitability trend

Net Margin 3.85% +0.1pp

Gross Margin 9.44% +0.3pp

SG&A / Revenue 4.35% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for construction contractors should be read alongside project progress and receivables collection from developers — ROIC of 7.3% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC currently stands at 7.26%. Track NOPAT margin and capital turnover to assess capital efficiency.

For construction contractors, ROIC moves with backlog and project acceptance timing — this is a reference signal and should be read alongside working-capital cycles.

CAPITAL EFFICIENCY TREND

ROIC 7.26% —

NOPAT Margin 3.83% +0.1pp

Capital Turnover 1.90x —

Average Invested Capital 431.4bn —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is notably light for construction contractors — liabilities at 0.55x equity, with a net cash position equivalent to 0.07x equity.

Over the last 12 months, working capital absorbed 21.0bn of cash, mainly because of higher receivables and lower payables. Part of that drag was offset by lower inventories.

Working Capital Drivers

Receivables increased → lower CFO: −70.9bn

Inventories decreased → higher CFO: +62.3bn

Payables decreased → lower CFO: −12.3bn

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.

For construction contractors, DSO/DIO/DPO/CCC can be distorted by project progress, work-in-progress receivables, and milestone acceptance timing — these metrics should be read alongside developer payment cycles.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 93.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 70.2 days —

Inventory 62.9 days —

Payables 39.8 days —

Cash Conversion Cycle 93.3 days —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 59.0bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.07x and interest coverage at 10.02x.

At present, short-term debt accounts for 83.9% of total debt, cash equals 237.4% of debt, and total debt stands at 22.5bn.

Leverage for construction contractors fluctuates with project working capital, performance guarantees, and progress receivables — should be read alongside receivables quality and developer payment cycles.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 83.9% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.07x −0.10x

Interest Coverage 10.02x +3.50x

Cash / Debt 237.4% +163.7pp

Short-term Debt / Total Debt 83.9% −3.7pp

CFO / NI 1.11x +0.91x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 59.0bn in 2025, against investing cash flow of -27.2bn.

Post-investment cash flow was positive +31.7bn. Financing cash flow was positive +1.1bn.

CFO / net income was 1.11x.

After spending +51.0bn on fixed-asset investment, the business generated trailing free cash flow of −15.9bn.

For construction contractors, FCF swings sharply with project progress and payment cycles — should be read alongside backlog and receivables quality.

Cash Conversion

CFO TTM 35.1bn +30.0bn

Cash Capex 51.0bn +39.3bn

FCF TTM −15.9bn −9.3bn

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.11x. The next item to monitor is capital efficiency, with ROIC at 7.3%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.11x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	714.7	654.2	369.6	470.1
Revenue Deductions	1.4	1.6	0.4	0.5
Net Revenue	713.3	652.7	369.2	469.6
Cost of Goods Sold	645.5	593.3	325.9	425.4
Gross Profit	67.9	59.4	43.3	44.2
Financial Income	1.0	0.5	0.3	0.1
Financial Expenses	4.3	5.2	9.3	9.2
Interest Expense	4.3	5.2	9.3	9.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	6.4	6.8	8.1	11.8
General and Administrative Expenses	24.0	18.7	13.1	19.1
Operating Profit	34.2	29.2	13.1	4.3
Other Income	0.3	0.4	0.4	0.0
Other Expenses	0.0	0.0	0.5	0.0
Other Profit	0.2	0.3	-0.1	0.0
Profit Before Tax	34.5	29.6	13.0	4.3
Current Income Tax Expense	7.0	6.0	3.0	1.1
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	27.5	23.5	10.0	3.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	27.5	23.5	10.0	3.1
Earnings per Share	704.00	668.00	283.00	89.00
Diluted EPS	704.00	607.00	257.00	89.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	473.4	449.3	381.4	350.0
I. Cash and cash equivalents	156.0	123.2	65.9	34.6
1. Cash	45.5	123.2	65.9	34.6
2. Cash equivalents	110.5	0.0	0.0	0.0
II. Short-term financial investments	7.2	3.1	3.0	2.8
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	7.2	3.1	3.0	2.8
III. Short-term receivables	266.7	234.7	219.8	212.3
1. Short-term trade accounts receivable	220.9	232.6	206.4	204.5
2. Short-term prepayments to suppliers	45.2	5.3	14.5	5.2
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	9.1	0.5	0.1	3.2
7. Provision for short-term doubtful debts (*)	-8.5	-3.7	-1.1	-0.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	43.3	86.4	92.5	99.5
1. Inventories	43.3	86.4	92.5	99.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.1	1.9	0.2	0.8
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.6
3. Taxes and other receivables from state authorities	0.1	1.9	0.2	0.2
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	208.3	193.8	203.9	211.2
I. Long-term receivables	5.4	8.6	9.8	10.2
1. Long-term trade receivables	5.4	8.6	9.8	10.2
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	138.3	148.1	157.2	167.2
1. Tangible fixed assets	138.3	148.1	157.2	167.2
- Cost	298.8	300.1	290.2	285.1
- Accumulated depreciation	-160.5	-151.9	-133.0	-117.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	58.8	32.5	32.3	31.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	58.8	32.5	32.3	31.5
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	5.8	4.6	4.6	2.4
1. Long-term prepayments	5.8	4.6	4.6	2.4
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	681.7	643.1	585.2	561.2
A. LIABILITIES (300=210+330)	242.4	246.9	212.4	198.2
I. Short -term liabilities	242.4	240.8	203.4	183.2
1. Short-term trade accounts payable	80.5	128.5	53.6	74.3
2. Short-term advances from customers	88.0	32.4	45.6	8.7
3. Taxes and other payables to state authorities	3.0	3.0	5.0	1.1
4. Payable to employees	2.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	0.3	0.2	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.3	0.0	0.0	9.2
10. Short-term borrowings and financial leases	68.2	76.7	98.9	90.0
11. Provision for short-term liabilities	—	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
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	6.1	9.0	15.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	6.1	9.0	15.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	439.3	396.2	372.9	363.0
I. Owner's equity	439.3	396.2	372.9	363.0
1. Owner's capital	404.2	350.0	350.0	350.0
- Common stock with voting right	404,249,940,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.1	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	35.2	46.2	22.9	13.0
- Accumulated retained earning at the end of the previous period	7.7	22.9	13.0	9.9
- Undistributed earnings in this period	27.5	23.4	9.9	3.0
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	681.7	643.1	585.2	561.2

Item	2025	2024	2023	2022
Profit Before Tax	34.5	29.6	13.0	4.3
Depreciation of Fixed Assets and Investment Property	21.5	20.6	20.9	20.6
Provision (Increase)/Reversal	4.9	2.5	0.6	0.1
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.2	-0.7	5.1	-0.1
Interest Expense	4.3	5.2	9.3	9.2
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	63.9	57.1	48.9	34.0
Increase/(Decrease) in Receivables	-32.0	-17.9	-7.1	-30.2
Increase/(Decrease) in Inventory	43.1	6.1	7.1	36.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.8	57.3	9.0	9.9
Increase/(Decrease) in Prepaid Expenses	-1.2	-0.1	-2.2	0.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-4.0	-5.3	-9.0	-9.2
Corporate Income Tax Paid	-7.0	-5.8	-1.3	-1.4
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	59.0	91.5	45.4	40.2
Payments for Fixed Assets and Other Long-term Assets	-24.3	-9.7	-17.7	-4.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.4	0.6	0.0
Loans and Purchases of Debt Instruments	-4.1	-22.2	0.0	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	22.1	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	0.5	0.1	0.1
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-27.2	-9.0	-17.0	-4.5
Proceeds from Equity Issuance and Capital Contributions	34,874,000,000.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	152.6	167.4	230.8	202.8
Repayment of Borrowings	-167.1	-192.5	-227.9	-229.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-19.2	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	1.1	-25.1	2.9	-26.9
Net Cash Flow During the Period	32.8	57.3	31.3	8.7
Cash and Cash Equivalents at Beginning of Period	123.2	65.9	34.6	25.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	156.0	123.2	65.9	34.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	180.2	272.7	153.4	212.9	75.7	317.0	107.7	159.8
Revenue Deductions	0.1	1.4	—	0.0	—	1.0	0.3	0.2
Net Revenue	180.0	271.3	153.4	212.9	75.7	315.9	107.4	159.6
Cost of Goods Sold	159.9	246.8	141.6	192.2	64.9	290.7	98.1	144.4
Gross Profit	20.2	24.6	11.8	20.7	10.8	25.2	9.3	15.1
Financial Income	0.8	0.4	0.2	0.0	0.3	0.1	0.1	0.2
Financial Expenses	0.5	1.2	1.0	1.2	0.9	1.2	1.0	1.7
Interest Expense	0.5	1.2	1.0	1.2	0.9	1.2	1.0	1.7
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0
Selling Expenses	1.3	1.7	1.2	2.1	1.4	2.1	1.2	1.5
General and Administrative Expenses	10.3	8.9	3.4	6.8	5.0	5.5	3.4	5.5
Operating Profit	9.0	13.2	6.4	10.7	4.0	16.6	3.8	6.6
Other Income	0.0	0.1	0.1	0.1	0.0	0.1	0.3	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.1	0.1	0.1	-0.0	0.1	0.2	-0.0
Profit Before Tax	9.0	13.3	6.5	10.7	4.0	16.7	4.1	6.6
Current Income Tax Expense	1.8	2.7	1.3	2.2	0.8	3.4	0.8	1.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Net Income	7.1	10.6	5.2	8.5	3.1	13.4	3.2	5.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0
Profit Attributable to Parent	7.1	10.6	5.2	8.5	3.1	13.4	3.2	5.2
Earnings per Share	177.00	263.00	128.00	211.00	90.00	382.00	92.00	150.00
Diluted EPS	177.00	263.00	128.00	211.00	90.00	678.00	92.00	150.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	386.2	473.5	421.4	468.1	411.7	449.5	390.6	425.7
I. Cash and cash equivalents	53.3	156.0	66.9	101.4	36.3	123.2	32.3	51.6
1. Cash	24.4	45.5	60.5	101.4	36.3	123.2	15.0	34.3
2. Cash equivalents	28.9	110.5	6.4	—	—	0.0	17.3	17.2
II. Short-term financial investments	7.2	7.2	3.2	3.2	3.1	3.1	3.0	3.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0
3. Held to maturity investments	7.2	7.2	3.2	3.2	3.1	3.1	3.0	3.0
III. Short-term receivables	222.0	266.7	205.4	194.8	203.8	234.9	221.1	243.5
1. Short-term trade accounts receivable	160.2	221.0	169.7	145.6	140.3	232.6	196.4	214.0
2. Short-term prepayments to suppliers	57.6	45.2	29.0	45.7	40.1	5.3	19.9	24.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0
6. Other short-term receivables	12.9	9.1	12.3	9.8	27.1	0.5	6.8	6.6
7. Provision for short-term doubtful debts (*)	-8.7	-8.5	-5.7	-6.3	-3.7	-3.5	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0
IV. Inventories	95.5	43.3	138.9	160.7	159.9	86.4	130.3	125.1
1. Inventories	95.5	43.3	138.9	160.7	159.9	86.4	130.3	125.1
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	8.1	0.1	7.0	8.0	8.6	1.9	3.8	2.5
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	6.6	—	3.4	5.3	6.1	0.0	2.7	1.6
3. Taxes and other receivables from state authorities	1.5	0.1	3.6	2.7	2.4	1.9	1.1	0.9
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	236.4	208.3	192.0	189.4	192.8	193.8	196.1	196.4
I. Long-term receivables	5.4	5.4	8.6	8.6	8.6	8.6	9.8	9.8
1. Long-term trade receivables	5.4	5.4	8.6	8.6	8.6	8.6	9.8	9.8
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	133.3	138.3	141.8	140.1	144.7	148.1	144.1	148.2
1. Tangible fixed assets	133.3	138.3	141.8	140.1	144.7	148.1	144.1	148.2
- Cost	298.6	—	—	—	—	300.1	291.9	291.6
- Accumulated depreciation	-165.3	—	—	—	—	-151.9	-147.8	-143.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	91.8	58.8	35.9	35.4	34.9	32.5	37.5	33.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	91.8	58.8	35.9	35.4	34.9	32.5	37.5	33.9
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	6.0	5.8	5.7	5.4	4.6	4.6	4.8	4.5
1. Long-term prepayments	6.0	5.8	5.7	5.4	4.6	4.6	4.8	4.5
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	622.6	681.7	613.3	657.6	604.4	643.3	586.8	622.1
A. LIABILITIES (300=210+330)	176.1	242.4	184.6	234.0	170.2	246.9	203.7	242.2
I. Short -term liabilities	172.5	242.4	181.4	230.8	164.1	240.8	197.5	236.1
1. Short-term trade accounts payable	86.3	80.5	50.8	108.3	75.2	128.5	62.7	58.1
2. Short-term advances from customers	60.2	88.0	30.1	37.1	42.3	32.4	79.9	93.5
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.1	3.0	4.6	3.3	1.1	3.0	1.6	1.5
4. Payable to employees	4.5	2.0	1.7	—	1.9	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.2	—	0.2	0.1	0.3	0.0	0.2
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0
9. Other short-term payables	0.4	0.3	0.3	0.3	0.3	0.0	0.3	0.2
10. Short-term borrowings and financial leases	18.8	68.2	93.9	81.5	43.2	76.7	53.1	82.5
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	3.6	—	3.2	3.2	6.1	6.1	6.1	6.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.6	—	3.2	3.2	6.1	6.1	6.1	6.1
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	446.5	439.4	428.7	423.6	434.2	396.4	383.1	379.9
I. Owner's equity	446.5	439.4	428.7	423.6	434.2	396.4	383.1	379.9
1. Owner's capital	404.2	404.2	404.2	404.2	385.0	350.0	350.0	350.0
- Common stock with voting right	404,249,940,000.00	404,249,940,000.00	404,249,940,000.00	404,249,940,000.00	385,000,000,000.00	350,000,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0
11. Undistributed earnings after tax	42.4	35.2	24.6	19.4	49.3	46.4	33.1	29.9
- Accumulated retained earning at the end of the previous period	35.2	7.7	7.7	7.7	46.2	22.9	22.9	22.8
- Undistributed earnings in this period	7.1	27.5	16.9	11.7	3.1	23.5	10.2	7.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	622.6	681.7	613.3	657.6	604.4	643.3	586.8	622.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	9.0	13.3	6.5	10.7	4.0	16.7	4.1	9.0
Depreciation of Fixed Assets and Investment Property	5.3	5.3	5.4	5.4	5.4	5.2	5.1	10.3
Provision (Increase)/Reversal	0.1	2.9	-0.7	2.7	—	1.5	0.0	0.8
FX Gain/Loss from Revaluation of Monetary Items	—	-0.1	—	—	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.8	-0.9	0.1	-0.0	-0.3	-0.1	-0.4	-0.2
Interest Expense	0.5	1.2	1.0	1.2	0.9	1.2	1.0	3.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	14.1	21.7	12.3	19.9	9.9	24.5	9.7	22.9
Increase/(Decrease) in Receivables	-18.4	-54.2	-8.9	10.6	20.5	-21.2	28.1	-26.8
Increase/(Decrease) in Inventory	-54.7	141.6	-24.2	-0.4	-73.9	43.6	-8.5	-32.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-48.0	25.0	-17.4	28.2	-39.5	24.3	-11.7	50.5
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.2	-0.3	-0.8	0.1	0.1	-0.3	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0
Interest Paid	-0.5	-0.9	-1.0	-1.2	-0.9	-1.0	-1.0	-3.1
Corporate Income Tax Paid	-3.0	-4.0	0.0	0.0	-3.0	-1.7	-1.0	-3.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.1	0.0	-0.1
Net Cash Flow from Operating Activities	-110.6	129.0	-39.5	56.2	-86.8	68.7	15.4	7.7
Payments for Fixed Assets and Other Long-term Assets	-28.6	-11.0	-4.2	-7.1	-2.0	-1.2	-5.6	-2.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.2	—	—	-0.3	0.3	0.0
Loans and Purchases of Debt Instruments	-78.9	-4.1	—	90.0	-90.0	-22.2	0.0	-0.0
Receipts from Loan Repayments and Sale of Debt Instruments	160.5	—	—	—	90.0	22.1	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	0.3	0.3	-0.0	0.3	0.1	0.1	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	53.7	-14.7	-3.7	-7.2	-1.6	-1.5	-5.2	-2.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	3.6	20.3	53.2	59.4	19.7	56.4	27.4	83.6
Repayment of Borrowings	-49.4	-45.5	-44.5	-23.9	-53.2	-32.8	-56.8	-102.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-19.2	—	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-45.8	-25.2	8.7	16.1	1.5	23.6	-29.4	-19.3
Net Cash Flow During the Period	-102.7	89.1	-34.5	65.1	-86.9	90.9	-19.2	-14.3
Cash and Cash Equivalents at Beginning of Period	156.0	66.9	101.4	36.3	123.2	65.9	65.9	65.9
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	53.3	156.0	66.9	101.4	36.3	123.2	32.3	51.6

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TSA

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Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow