TTD

Bệnh viện tim Tâm Đức ·UPCOM ·2026Q1

● Maintaining

Price

102,500

Latest close

08 May 2026

P/E 18.60x

P/B 4.49x

EPS 5,511

BVPS 22,828

ROE 27.3%

ROA 22.2%

Profit Margin 10.9%

Asset Turnover 2.03x

Equity Mult. 1.23x

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

What Is Changing

On a TTM 2026Q1 basis, TTD posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — profit is at an all-time high. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 848bn
	                                
+8.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 93bn
	                                
+6.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	835.8	778.2	741.2	723.0	430.0
Growth	+7%	+5%	+3%	+68%	—
Net Income	95.7	84.3	83.1	92.2	11.0
Net Margin	11.45%	10.83%	11.21%	12.75%	2.55%

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	191.7	224.7	211.0	220.3	179.8	212.0	199.6	189.2	177.4	188.4	193.1	184.6
Growth	-15%	+6%	-4%	+23%	-15%	+6%	+5%	+7%	-6%	-2%	+5%	—
Net Income	13.4	25.6	24.8	28.7	16.6	26.1	24.3	20.0	13.8	18.6	21.8	22.4
Net Margin	6.98%	11.41%	11.76%	13.04%	9.22%	12.32%	12.18%	10.58%	7.80%	9.86%	11.28%	12.12%

Drivers of TTD's profit

TTM

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

Gross profit ↑ 7.9bn

Financial income ↑ 2.2bn

Other profit ↑ 1.4bn

Selling expenses ↓ 1.2bn

Administrative expenses ↑ 6.1bn

Tax ↑ 1.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Other profit ↑ 1.5bn

Tax ↓ 0.4bn

Administrative expenses ↑ 2.6bn

Gross profit ↓ 1.8bn

Financial income ↓ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.0% = 11.1% × 2.04 × 1.23

2026Q1 27.3% = 10.9% × 2.03 × 1.23

ROE fell from 28.0% to 27.3% — asset turnover weakened the most, though leverage still provided support.

Net margin: 10.9% -0.2pp Asset turnover: 2.03x -0.01x Leverage: 1.23x +0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 10.92%, 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 10.92% −0.2pp

Gross Margin 21.47% −0.8pp

SG&A / Revenue 10.30% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 10.57% −0.4pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.23x equity, with a net cash position equivalent to 0.07x equity.

Inventory ended the period at 46.6bn, roughly 10.5% of total assets.

Over the last 12 months, working capital absorbed 6.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +1.2bn

Inventories increased → lower CFO: −14.6bn

Payables increased → higher CFO: +7.0bn

Working Capital Efficiency

Cash conversion cycle lengthened by 2.8 days versus the same period last year. The main moves came from DIO rose 3.4 days, DSO fell 0.2 days, and DPO rose 0.3 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.8 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +3.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 1.9 days −0.2 days

Inventory 28.8 days +3.4 days

Payables 34.5 days +0.3 days

Cash Conversion Cycle -3.7 days +2.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 112.5bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.07x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.03x −0.16x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 112.5bn in 2025, against investing cash flow of -77.9bn.

Post-investment cash flow was positive +34.6bn. Financing cash flow was negative +53.9bn.

CFO / net income was 1.03x.

After spending +28.8bn on fixed-asset investment, the business generated trailing free cash flow of +66.1bn.

Cash Conversion

CFO TTM 94.9bn −8.3bn

Cash Capex 28.8bn +18.1bn

FCF TTM +66.1bn −26.4bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.03x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.03x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	835.9	778.4	741.8	723.8	430.4
Revenue Deductions	0.1	0.2	0.6	0.8	0.0
Net Revenue	835.8	778.2	741.2	723.0	430.0
Cost of Goods Sold	652.0	607.1	576.0	548.9	0.0
Gross Profit	183.8	171.1	165.1	174.2	65.9
Financial Income	7.1	4.3	6.3	2.4	1.3
Financial Expenses	—	0.0	0.0	0.0	-0.0
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	13.6	15.8	15.5	14.7	-11.1
General and Administrative Expenses	70.9	66.8	63.6	60.1	-44.6
Operating Profit	106.4	92.8	92.3	101.8	11.5
Other Income	3.2	2.9	2.2	2.6	0.0
Other Expenses	1.3	0.7	0.7	0.5	0.0
Other Profit	1.9	2.2	1.5	2.1	1.2
Profit Before Tax	108.2	95.0	93.8	104.0	12.7
Current Income Tax Expense	12.5	10.7	10.7	11.8	-1.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	95.7	84.3	83.1	92.2	11.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	95.7	84.3	83.1	92.2	11.0
Earnings per Share	5,709.00	4,999.00	5,021.00	5,619.00	544.00
Diluted EPS	5,709.00	4,999.00	5,021.00	5,619.00	704.28

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	278.0	237.0	207.4	175.8	95.1
I. Cash and cash equivalents	57.6	76.8	50.7	68.4	29.3
1. Cash	27.6	31.8	15.7	37.7	0.0
2. Cash equivalents	30.0	45.0	35.0	30.8	0.0
II. Short-term financial investments	157.6	97.1	86.5	46.5	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	157.6	97.1	86.5	46.5	0.0
III. Short-term receivables	14.0	22.3	25.2	20.0	14.8
1. Short-term trade accounts receivable	4.0	4.1	5.0	4.5	0.0
2. Short-term prepayments to suppliers	0.4	6.5	1.4	2.3	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	11.2	13.0	20.1	14.5	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.3	-1.3	-1.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	46.6	39.3	43.3	38.4	33.7
1. Inventories	46.6	39.3	43.3	38.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.1	1.6	1.7	2.3	1.5
1. Short-term prepayments	2.1	1.6	1.7	2.3	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)	164.8	155.8	176.4	164.5	172.5
I. Long-term receivables	0.2	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	0.2	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	155.0	145.4	161.8	155.4	165.1
1. Tangible fixed assets	150.2	140.7	156.9	150.3	159.7
- Cost	405.7	393.4	390.5	368.1	0.0
- Accumulated depreciation	-255.5	-252.7	-233.7	-217.8	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	4.8	4.7	4.9	5.2	5.4
- Cost	9.0	8.8	8.8	8.8	0.0
- Accumulated depreciation	-4.2	-4.0	-3.8	-3.6	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	—	0.0	0.0	0.0	1.9
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	—	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	9.6	10.3	14.6	9.1	0.0
1. Long-term prepayments	9.6	10.3	14.6	9.1	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	5.5
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)	442.8	392.7	383.9	340.3	267.6
A. LIABILITIES (300=210+330)	83.1	68.6	81.2	66.2	49.7
I. Short -term liabilities	83.1	68.6	81.2	66.2	49.7
1. Short-term trade accounts payable	57.0	43.1	53.0	40.9	32.3
2. Short-term advances from customers	2.1	1.5	2.9	3.0	3.5
3. Taxes and other payables to state authorities	5.6	4.9	4.0	3.5	0.0
4. Payable to employees	12.1	11.3	10.5	9.8	0.0
5. Short-term acrrued expenses	2.5	3.5	5.3	4.2	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	3.6	4.1	5.5	3.4	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	0.1	0.1	0.0	1.4	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	0.0	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	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)	359.7	324.1	302.6	274.1	217.9
I. Owner's equity	359.7	324.1	302.6	274.1	0.0
1. Owner's capital	155.5	155.5	155.5	155.5	217.9
- Common stock with voting right	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4
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	16.6	16.6	16.6	16.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.6	1.9	1.8	2.2	0.0
11. Undistributed earnings after tax	183.5	148.7	127.3	98.3	43.8
- Accumulated retained earning at the end of the previous period	111.1	87.4	65.6	27.3	35.5
- Undistributed earnings in this period	72.4	61.4	61.7	71.0	8.3
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)	442.8	392.7	383.9	340.3	267.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	108.2	95.0	93.8	104.0	12.7
Depreciation of Fixed Assets and Investment Property	20.6	19.8	19.0	18.0	17.7
Provision (Increase)/Reversal	0.3	0.1	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.2	-0.1	-0.1	-0.1	0.0
Gain/Loss from Investment Activities	-6.8	-4.3	-6.1	-2.5	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	122.1	110.5	106.6	119.5	29.2
Increase/(Decrease) in Receivables	8.2	-3.1	-6.2	-4.7	0.0
Increase/(Decrease) in Inventory	-7.4	4.0	-4.9	-4.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.8	-0.9	19.2	15.6	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	4.4	-4.9	-5.1	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	-12.0	-10.0	-10.2	-8.9	0.0
Other Operating Receipts	—	1.1	0.0	0.3	0.0
Other Operating Payments	-6.4	-10.3	-6.8	-1.9	0.0
Net Cash Flow from Operating Activities	112.5	95.8	92.9	110.1	31.6
Payments for Fixed Assets and Other Long-term Assets	-23.9	-9.7	-27.6	-10.3	-14.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	-60.5	-10.5	-40.0	-30.7	-0.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.5	4.2	6.2	2.4	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-77.9	-16.0	-61.4	-38.4	-14.2
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	-53.9	-53.8	-49.4	-32.5	-36.2
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	-53.9	-53.8	-49.4	-32.5	-36.2
Net Cash Flow During the Period	-19.3	26.0	-17.9	39.1	20.3
Cash and Cash Equivalents at Beginning of Period	76.8	50.7	68.4	29.2	48.2
FX Difference from Revaluation	0.2	0.1	0.1	0.1	-0.0
Cash and Cash Equivalents at End of Period	57.6	76.8	50.7	68.4	29.3

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	191.8	224.7	211.1	220.3	179.9	212.0	199.7	189.3	177.4	188.5	193.2	184.7
Revenue Deductions	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.1	0.0	0.1	0.1	0.2
Net Revenue	191.7	224.7	211.0	220.3	179.8	212.0	199.6	189.2	177.4	188.4	193.1	184.6
Cost of Goods Sold	155.9	175.7	164.6	169.5	142.2	162.2	153.2	148.8	142.8	148.7	150.5	143.1
Gross Profit	35.8	49.0	46.4	50.8	37.6	49.8	46.3	40.4	34.6	39.7	42.6	41.4
Financial Income	0.2	3.1	0.8	2.6	0.6	1.8	0.5	1.5	0.5	2.6	0.8	2.7
Financial Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.3	3.5	3.4	3.7	3.0	4.1	3.8	4.2	3.7	4.1	3.9	4.0
General and Administrative Expenses	19.5	19.6	16.8	17.6	16.9	18.5	16.0	16.0	16.3	17.8	15.3	15.3
Operating Profit	13.3	29.0	27.1	32.0	18.3	29.0	27.0	21.8	15.0	20.4	24.2	24.8
Other Income	2.4	1.5	0.9	0.4	0.4	0.8	0.5	0.9	0.6	1.0	0.4	0.4
Other Expenses	0.6	1.0	0.2	0.2	0.1	0.4	0.1	0.2	0.1	0.2	0.1	0.1
Other Profit	1.8	0.5	0.8	0.3	0.3	0.5	0.4	0.8	0.6	0.8	0.3	0.3
Profit Before Tax	15.1	29.5	27.9	32.3	18.6	29.5	27.4	22.6	15.6	21.2	24.5	25.2
Current Income Tax Expense	1.7	3.8	3.1	3.6	2.0	3.4	3.1	2.5	1.8	2.6	2.7	2.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.4	25.6	24.8	28.7	16.6	26.1	24.3	20.0	13.8	18.6	21.8	22.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.4	25.6	24.8	28.7	16.6	26.1	24.3	20.0	13.8	18.6	21.8	22.4
Earnings per Share	829.00	1,532.00	1,482.00	1,668.00	1,027.00	1,562.00	1,450.00	1,128.00	858.00	1,120.00	1,319.00	1,323.00
Diluted EPS	829.00	1,532.00	1,482.00	1,668.00	1,027.00	4,999.00	1,450.00	1,128.00	858.00	1,120.00	1,319.00	1,323.00

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)	267.9	278.0	249.2	258.8	236.4	237.0	225.6	199.9	187.5	207.7	203.1	186.6
I. Cash and cash equivalents	26.1	57.6	107.1	100.7	87.5	76.8	69.9	65.0	65.4	50.7	45.1	48.6
1. Cash	26.1	27.6	37.1	25.7	52.5	31.8	39.9	25.0	25.4	15.7	20.1	28.6
2. Cash equivalents	—	30.0	70.0	75.0	35.0	45.0	30.0	40.0	40.0	35.0	25.0	20.0
II. Short-term financial investments	167.6	157.6	67.1	87.1	87.1	97.1	86.5	71.5	66.5	86.5	86.0	81.0
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	167.6	157.6	67.1	87.1	87.1	97.1	86.5	71.5	66.5	86.5	86.0	81.0
III. Short-term receivables	12.9	14.0	25.2	26.4	15.4	22.3	23.5	21.1	14.5	25.5	24.2	12.2
1. Short-term trade accounts receivable	4.8	4.0	3.5	3.7	4.2	4.3	6.7	6.1	4.9	5.0	5.1	5.7
2. Short-term prepayments to suppliers	1.3	0.4	1.7	1.2	1.3	6.5	0.9	0.5	0.9	1.4	5.8	1.2
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	8.4	11.2	21.3	22.8	11.3	12.8	17.3	15.7	9.9	20.4	14.5	6.5
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3	-1.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	59.9	46.6	48.4	43.4	45.2	39.3	44.7	40.7	39.3	43.3	47.2	43.9
1. Inventories	59.9	46.6	48.4	43.4	45.2	39.3	44.7	40.7	39.3	43.3	47.2	43.9
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	2.1	1.4	1.2	1.2	1.6	0.9	1.5	1.7	1.7	0.7	1.0
1. Short-term prepayments	1.5	2.1	1.4	1.2	1.2	1.6	0.9	1.5	1.7	1.7	0.7	1.0
2. Value added tax to be reclaimed	—	—	—	—	—	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
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)	160.8	164.8	167.3	167.3	170.3	155.8	161.0	167.0	171.1	176.4	161.7	162.9
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	151.5	155.0	156.8	157.6	160.7	145.4	150.0	154.5	157.8	161.8	151.2	153.7
1. Tangible fixed assets	146.7	150.2	152.3	153.0	156.0	140.7	145.2	149.6	152.9	156.9	146.2	148.6
- Cost	407.6	—	—	—	—	393.4	393.6	393.1	391.5	390.5	375.7	375.4
- Accumulated depreciation	-260.8	—	—	—	—	-252.7	-248.4	-243.5	-238.6	-233.7	-229.5	-226.8
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	4.7	4.8	4.6	4.6	4.7	4.7	4.8	4.8	4.9	4.9	5.0	5.0
- Cost	9.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.3	—	—	—	—	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	—	—	—	—	—	0.0	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	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	9.1	9.6	10.2	9.4	9.3	10.3	11.0	12.6	13.3	14.6	10.5	9.2
1. Long-term prepayments	9.1	9.6	10.2	9.4	9.3	10.3	11.0	12.6	13.3	14.6	10.5	9.2
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)	428.8	442.8	416.5	426.1	406.7	392.7	386.6	366.9	358.6	384.1	364.7	349.5
A. LIABILITIES (300=210+330)	73.7	83.1	81.8	99.5	83.6	68.6	85.3	73.2	59.7	81.1	78.8	68.9
I. Short -term liabilities	73.7	83.1	81.8	99.5	83.6	68.6	85.3	73.2	59.7	81.1	78.8	68.9
1. Short-term trade accounts payable	57.9	57.0	54.8	71.9	67.9	43.3	62.0	51.0	45.6	52.7	56.8	44.5
2. Short-term advances from customers	3.1	2.1	2.7	2.7	2.5	1.5	2.6	3.9	2.4	2.9	3.0	4.2
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.6	5.6	8.7	7.5	2.5	4.9	7.1	4.0	3.4	3.9	7.5	7.1
4. Payable to employees	2.6	12.1	8.0	5.3	2.6	11.3	6.7	4.0	1.3	10.5	4.1	2.7
5. Short-term acrrued expenses	3.1	2.5	3.6	7.8	3.4	3.3	2.6	5.5	3.0	5.5	2.8	6.3
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	4.4	3.6	3.9	4.1	4.7	4.1	4.3	4.1	4.0	5.5	3.9	3.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.1	0.2	0.2	—	0.1	0.1	0.6	0.0	0.0	0.6	0.6
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	0.0	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	355.0	359.7	334.6	326.6	323.1	324.1	301.3	293.7	298.9	303.0	286.0	280.6
I. Owner's equity	355.0	359.7	334.6	326.6	323.1	324.1	301.3	293.7	298.9	303.0	286.0	280.6
1. Owner's capital	155.5	155.5	155.5	155.5	155.5	155.5	155.5	155.5	155.5	155.5	155.5	155.5
- Common stock with voting right	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00	155,520,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
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	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6	16.6
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	1.5	2.6	2.3	1.8	1.2	1.9	1.9	1.4	1.1	1.9	2.7	2.3
11. Undistributed earnings after tax	180.0	183.5	158.8	151.2	148.3	148.7	125.8	118.8	124.2	127.7	109.7	104.8
- Accumulated retained earning at the end of the previous period	167.1	111.1	111.1	111.1	132.4	87.4	89.6	89.6	110.9	65.6	65.6	65.6
- Undistributed earnings in this period	12.9	72.4	47.7	40.2	16.0	61.4	36.2	29.1	13.3	62.1	44.2	39.3
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)	428.8	442.8	416.5	426.1	406.7	392.7	386.6	366.9	358.6	384.1	364.7	349.5

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	15.1	29.5	27.9	32.3	18.6	29.5	27.4	22.6	15.6	20.8	24.5	25.5
Depreciation of Fixed Assets and Investment Property	5.3	5.3	5.2	5.2	4.9	4.9	5.0	5.0	4.9	4.8	4.8	4.9
Provision (Increase)/Reversal	—	0.3	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	-0.2	—	0.0	0.0	-0.1	0.0	-0.1	0.0	-0.0
Gain/Loss from Investment Activities	-0.2	-3.1	-0.8	-2.3	-0.6	-1.7	-0.5	-1.4	-0.5	-2.4	-0.7	-2.6
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	20.2	32.0	32.3	35.0	22.9	32.8	31.9	26.0	20.1	23.2	28.5	27.7
Increase/(Decrease) in Receivables	-0.3	12.6	0.7	-11.7	6.7	-4.6	-4.0	-5.2	10.7	-2.0	-12.0	-5.3
Increase/(Decrease) in Inventory	-13.2	1.8	-5.0	1.8	-5.9	5.5	-4.0	-1.5	4.0	3.9	-3.2	4.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	-6.3	-14.6	30.7	-2.0	-0.7	11.2	10.5	-21.8	3.7	16.7	-1.3
Increase/(Decrease) in Prepaid Expenses	1.1	-0.2	-1.0	-0.0	1.3	0.0	2.2	1.0	1.3	-5.2	-0.9	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.8	-6.6	-2.0	0.0	-3.4	-5.6	0.0	-1.8	-2.7	-5.5	-2.5	0.0
Other Operating Receipts	0.6	—	—	—	—	-1.4	0.2	2.1	0.1	-0.4	0.3	0.1
Other Operating Payments	-1.3	-0.8	-0.4	0.7	-5.9	-3.1	-0.9	-5.4	-0.9	-2.1	-0.4	-2.3
Net Cash Flow from Operating Activities	0.4	32.3	10.0	52.1	18.0	22.9	36.5	25.7	10.8	15.5	26.5	24.4
Payments for Fixed Assets and Other Long-term Assets	-6.3	6.0	-8.3	-20.2	-1.4	-7.1	-0.6	-1.5	-0.4	-11.7	-9.5	-4.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	0.0	0.0	—	-0.2	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-10.0	-70.5	—	—	10.0	-10.5	0.0	-20.0	20.0	-0.6	-5.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	20.0	10.0	—	0.0	-15.0	15.0	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	2.7	0.8	2.4	0.6	1.8	0.5	1.4	0.5	2.5	0.8	2.6
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	-15.6	-81.8	12.5	-17.8	9.2	-15.9	-15.2	-5.1	20.0	-9.7	-13.7	-6.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-16.4	0.0	-16.2	-21.3	-16.5	-0.1	-16.5	-21.1	-16.1	-0.3	-16.3	-16.4
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	-16.4	0.0	-16.2	-21.3	-16.5	-0.1	-16.5	-21.1	-16.1	-0.3	-16.3	-16.4
Net Cash Flow During the Period	-31.6	-49.4	6.4	13.0	10.7	6.9	4.8	-0.5	14.8	5.5	-3.5	1.4
Cash and Cash Equivalents at Beginning of Period	57.6	107.1	100.7	87.5	76.8	50.7	50.7	50.7	50.7	68.4	68.4	68.4
FX Difference from Revaluation	—	0.2	0.2	0.2	—	-0.0	0.0	0.1	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	26.1	57.6	107.1	100.7	87.5	76.8	69.9	65.0	65.4	50.7	45.1	48.6

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TTD

What Is Changing

Drivers of TTD's profit

Financial Highlights

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What is driving the margin? ●

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Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow