VAF

Phân lân Nung chảy Văn Điển ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.61%, +7.27pp YoY

Price

23,500

Latest close

29 May 2026

P/E 0.01x

P/B 1.24x

EPS 1,958,085

BVPS 18,990

ROE 31.9%

ROA 20.3%

Profit Margin 12.6%

Asset Turnover 1.61x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, VAF has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,606bn
	                                
+13.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 202bn
	                                
+167.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,613.9	1,220.3	1,001.6	913.0	839.0
Growth	+32%	+22%	+10%	+9%	—
Net Income	170.4	60.9	63.2	37.9	28.0
Net Margin	10.56%	4.99%	6.31%	4.15%	3.33%

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	674.3	293.0	292.3	346.5	682.1	172.4	238.1	327.7	482.1	177.0	162.3	262.1
Growth	+130%	+0%	-16%	-49%	+296%	-28%	-27%	-32%	+172%	+9%	-38%	—
Net Income	73.6	62.4	26.0	40.5	34.0	18.6	13.1	10.1	15.2	29.1	4.8	9.6
Net Margin	10.92%	21.29%	8.91%	11.67%	4.98%	10.80%	5.49%	3.10%	3.15%	16.46%	2.98%	3.65%

Drivers of VAF's profit

TTM

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

Gross profit ↑ 190.9bn

Tax ↑ 26.2bn

Selling expenses ↑ 25.3bn

Administrative expenses ↑ 24.4bn

TTM

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

Gross profit ↑ 89.0bn

Selling expenses ↑ 36.2bn

Tax ↑ 9.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 14.1% = 5.3% × 1.91 × 1.38

2026Q1 31.9% = 12.6% × 1.61 × 1.57

ROE rose from 14.1% to 31.9% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 12.6% +7.3pp Asset turnover: 1.61x -0.30x Leverage: 1.57x +0.19x

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 expanded to 12.61%, rising 7.3pp. Core operating signals are improving as Gross margin rose 9.4pp are enough to offset pressure from SG&A / Revenue rose 1.4pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.0pp remained a drag).

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

Profitability trend

Net Margin 12.61% +7.3pp

Gross Margin 30.85% +9.4pp

SG&A / Revenue 16.30% +1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 32.1 days.

Is capital being deployed efficiently?

ROIC expanded to 93.82%, rising 64.9pp. That translates to 93.82 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 7.3pp and capital turnover rose 2.11x, while invested capital contracted by 54bn — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 93.82% +64.9pp

NOPAT Margin 12.91% +7.3pp

Capital Turnover 7.26x +2.11x

Average Invested Capital 221.1bn −54.3bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.84x equity, with a net cash position equivalent to 0.61x equity.

Inventory ended the period at 288.0bn, roughly 23.8% of total assets.

Over the last 12 months, working capital released 106.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −20.2bn

Inventories increased → lower CFO: −21.4bn

Payables increased → higher CFO: +148.5bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 35.2 days versus the same period last year. The main moves came from DIO fell 19.3 days, DSO fell 6.5 days, and DPO rose 9.4 days.

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

Working Capital Efficiency

Receivables 2.2 days −6.5 days

Inventory 54.2 days −19.3 days

Payables 24.3 days +9.4 days

Cash Conversion Cycle 32.1 days −35.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 8.2bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.61x and interest coverage at 207.20x.

At present, short-term debt accounts for 27.8% of total debt, cash equals 68070.2% of debt, and total debt stands at 0.6bn.

Leverage and liquidity trend

Net Debt / Equity -0.61x +0.10x

Interest Coverage 207.20x +180.20x

Cash / Debt 68070.2% +22428.5pp

Short-term Debt / Total Debt 27.8% +7.8pp

CFO / NI 0.12x −6.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.2bn in 2025, against investing cash flow of 45.6bn.

Post-investment cash flow was positive +53.8bn. Financing cash flow was negative +37.9bn.

CFO / net income was 0.12x.

After spending +1.8bn on fixed-asset investment, the business generated trailing free cash flow of +22.3bn.

Cash Conversion

CFO TTM 24.1bn −443.1bn

Cash Capex 1.8bn —

FCF TTM +22.3bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 7.3 pp. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 12.61% after expanding 7.3pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,620.0	1,220.3	1,001.6	913.0	839.0
Revenue Deductions	6.1	0.0	0.0	0.0	0.0
Net Revenue	1,613.9	1,220.3	1,001.6	913.0	839.0
Cost of Goods Sold	1,205.2	940.2	752.3	654.1	0.0
Gross Profit	408.7	280.1	249.3	259.0	190.4
Financial Income	20.4	7.8	4.8	5.3	3.3
Financial Expenses	1.1	4.1	2.6	2.0	-1.0
Interest Expense	0.1	0.1	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	159.3	174.9	171.1	164.7	-128.5
General and Administrative Expenses	55.3	32.8	25.3	49.7	-29.2
Operating Profit	213.4	76.1	55.0	47.8	35.0
Other Income	0.3	0.0	21.2	0.1	0.0
Other Expenses	0.6	0.0	0.1	0.5	0.0
Other Profit	-0.3	0.0	21.0	-0.3	-0.0
Profit Before Tax	213.2	76.1	76.0	47.4	35.0
Current Income Tax Expense	38.2	11.4	15.8	15.5	-7.0
Deferred Income Tax Expense	4.5	3.9	-3.0	-5.9	0.0
Net Income	170.4	60.9	63.2	37.9	28.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	170.4	60.9	63.2	37.9	28.0
Earnings per Share	4,525.00	1,617.00	1,678.00	1,005.00	12,926.00
Diluted EPS	4,524.59	1,616.74	1,677.87	1,005.36	742.87

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	901.9	1,032.1	551.2	505.0	564.0
I. Cash and cash equivalents	415.2	399.2	87.1	119.6	135.3
1. Cash	285.2	169.2	67.1	99.6	0.0
2. Cash equivalents	130.0	230.0	20.0	20.0	0.0
II. Short-term financial investments	140.0	165.7	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	140.0	165.7	0.0	0.0	0.0
III. Short-term receivables	11.2	12.4	23.8	19.1	16.0
1. Short-term trade accounts receivable	2.1	1.9	22.0	16.9	0.0
2. Short-term prepayments to suppliers	4.5	7.6	2.9	10.2	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	6.4	4.9	0.8	0.8	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.9	-1.9	-8.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	288.0	440.9	428.2	348.4	326.3
1. Inventories	288.0	440.9	428.2	348.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	47.5	13.8	12.1	17.8	26.3
1. Short-term prepayments	10.0	13.4	8.0	13.0	0.0
2. Value added tax to be reclaimed	37.5	0.3	4.1	4.9	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)	310.3	39.9	109.3	107.7	102.7
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	6.8	8.7	11.7	11.6	12.2
1. Tangible fixed assets	5.8	7.4	10.1	11.5	11.9
- Cost	188.8	190.3	189.7	189.7	0.0
- Accumulated depreciation	-183.0	-182.9	-179.6	-178.2	0.0
2. Financial leased fixed assets	1.0	1.3	1.6	0.0	0.0
- Cost	1.5	1.6	1.6	0.0	0.0
- Accumulated depreciation	-0.5	-0.3	-0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.2	0.3
- Cost	34.7	34.7	34.7	34.8	0.0
- Accumulated depreciation	-34.7	-34.7	-34.6	-34.6	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	25.1	25.0	24.5	24.4	24.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	25.1	25.0	24.5	24.4	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	278.4	6.2	73.1	71.7	0.0
1. Long-term prepayments	278.4	1.7	64.7	65.7	0.0
2. Deferred income tax assets	—	4.5	8.4	5.9	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	66.0
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,212.2	1,072.0	660.5	612.7	666.6
A. LIABILITIES (300=210+330)	554.5	550.8	155.6	137.4	203.3
I. Short -term liabilities	554.1	550.1	147.7	130.4	203.3
1. Short-term trade accounts payable	53.4	17.5	44.3	39.3	57.9
2. Short-term advances from customers	98.0	33.2	31.6	13.4	77.8
3. Taxes and other payables to state authorities	17.8	2.0	14.4	8.0	0.0
4. Payable to employees	57.3	24.1	13.8	14.3	0.0
5. Short-term acrrued expenses	6.7	5.1	3.0	5.5	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	302.4	452.6	28.5	34.9	0.0
10. Short-term borrowings and financial leases	0.2	0.2	0.2	0.0	0.0
11. Provision for short-term liabilities	15.9	12.8	10.4	14.0	0.0
12.. Bonus and welfare fund	2.2	2.6	1.5	1.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.5	0.7	7.9	7.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	0.5	0.7	0.9	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	7.0	7.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	657.6	521.2	504.9	475.3	463.3
I. Owner's equity	657.6	521.2	504.9	475.3	0.0
1. Owner's capital	376.7	376.7	376.7	376.7	463.3
- Common stock with voting right	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	95.7	77.5	57.3	54.6	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	3.3	3.3	3.3	3.3	0.0
11. Undistributed earnings after tax	182.0	63.8	67.7	40.8	29.8
- Accumulated retained earning at the end of the previous period	11.5	2.9	4.5	2.9	1.8
- Undistributed earnings in this period	170.4	60.9	63.2	37.9	28.0
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)	1,212.2	1,072.0	660.5	612.7	666.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	213.2	76.1	76.0	47.4	35.0
Depreciation of Fixed Assets and Investment Property	2.7	3.6	4.1	4.0	3.9
Provision (Increase)/Reversal	-0.0	2.3	-6.9	9.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	-0.1	0.0	0.1	0.0
Gain/Loss from Investment Activities	-20.6	-5.5	-22.7	-4.3	0.0
Interest Expense	0.1	0.1	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	—	-7.0	0.0	7.0	0.0
Operating Profit Before Changes in Working Capital	195.3	69.5	50.6	63.6	35.7
Increase/(Decrease) in Receivables	-33.2	17.6	3.2	-9.6	0.0
Increase/(Decrease) in Inventory	152.9	-12.7	-77.9	-22.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.0	411.2	14.1	-82.0	0.0
Increase/(Decrease) in Prepaid Expenses	-272.8	57.6	5.7	9.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.1	-0.0	0.0	0.0
Corporate Income Tax Paid	-26.9	-23.4	-10.4	-10.6	0.0
Other Operating Receipts	0.7	0.0	0.0	0.0	0.0
Other Operating Payments	-6.8	-5.8	-3.5	-2.8	0.0
Net Cash Flow from Operating Activities	8.2	513.9	-18.1	-54.5	157.3
Payments for Fixed Assets and Other Long-term Assets	-0.5	-1.2	-3.1	-3.2	-5.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	19.3	0.0	0.0
Loans and Purchases of Debt Instruments	-390.0	-215.7	-40.0	-30.0	-90.0
Receipts from Loan Repayments and Sale of Debt Instruments	415.7	50.0	40.0	91.1	50.0
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	20.4	3.0	3.4	5.3	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	45.6	-164.0	19.5	63.3	-42.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	-0.2	-0.2	-0.0	0.0	0.0
Dividends Paid	-37.7	-37.7	-33.9	-24.5	-20.7
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	-37.9	-37.9	-33.9	-24.5	-20.7
Net Cash Flow During the Period	15.9	312.0	-32.5	-15.6	7.2
Cash and Cash Equivalents at Beginning of Period	399.2	87.1	119.6	135.3	41.1
FX Difference from Revaluation	0.1	0.1	-0.0	-0.1	-0.1
Cash and Cash Equivalents at End of Period	415.2	399.2	87.1	119.6	135.3

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	674.5	295.4	295.9	346.6	682.1	172.4	238.1	327.7	482.1	177.0	162.3	262.1
Revenue Deductions	0.2	2.4	3.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	674.3	293.0	292.3	346.5	682.1	172.4	238.1	327.7	482.1	177.0	162.3	262.1
Cost of Goods Sold	456.6	184.3	204.8	264.9	553.4	111.4	189.1	261.9	377.8	114.5	142.4	207.0
Gross Profit	217.7	108.7	87.5	81.6	128.7	61.0	49.0	65.9	104.2	62.5	19.9	55.0
Financial Income	5.1	3.3	5.4	7.4	4.3	2.4	2.5	1.4	1.4	0.8	1.4	1.7
Financial Expenses	0.9	-0.2	0.2	0.2	0.7	1.8	0.3	0.8	1.2	1.0	0.4	0.4
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	106.3	19.7	40.8	29.4	70.1	29.1	27.0	44.8	74.1	36.7	9.0	39.0
General and Administrative Expenses	23.4	14.7	18.7	8.8	19.8	4.4	7.9	9.1	11.4	-3.1	10.9	10.6
Operating Profit	92.3	77.8	33.1	50.6	42.5	28.1	16.3	12.7	19.0	28.6	1.0	6.7
Other Income	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.0	5.0	5.2
Other Expenses	0.2	0.1	0.5	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Other Profit	-0.2	0.2	-0.5	0.0	0.0	0.0	0.0	0.0	0.0	4.8	5.0	5.2
Profit Before Tax	92.0	78.0	32.5	50.6	42.5	28.1	16.4	12.7	19.0	33.4	6.0	12.0
Current Income Tax Expense	18.4	11.1	6.5	10.1	8.5	5.6	3.3	2.5	3.8	7.3	1.2	1.4
Deferred Income Tax Expense	—	4.5	—	—	—	3.9	0.0	0.0	0.0	-3.0	0.0	1.0
Net Income	73.6	62.4	26.0	40.5	34.0	18.6	13.1	10.1	15.2	29.1	4.8	9.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	73.6	62.4	26.0	40.5	34.0	18.6	13.1	10.1	15.2	29.1	4.8	9.6
Earnings per Share	1,954,664.00	1,655.96	691.04	1,074.10	90,174.00	494.00	347.34	269.00	403.58	77,351.00	128.45	25,396.00
Diluted EPS	1,954.66	1,655.96	691.04	1,074.10	901.74	494.11	347.34	269.42	403.58	773.51	128.45	253.96

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)	846.5	899.2	684.5	892.1	796.7	1,032.1	631.6	559.6	539.4	551.2	525.7	565.1
I. Cash and cash equivalents	434.9	415.2	279.4	371.8	394.8	399.2	126.2	83.9	131.6	87.1	69.5	129.0
1. Cash	144.9	285.2	109.4	171.8	204.8	169.2	66.2	83.9	131.6	67.1	59.5	89.0
2. Cash equivalents	290.0	130.0	170.0	200.0	190.0	230.0	60.0	0.0	0.0	20.0	10.0	40.0
II. Short-term financial investments	190.0	140.0	190.0	365.7	225.7	165.7	135.7	100.0	50.0	0.0	40.0	40.0
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	190.0	140.0	190.0	365.7	225.7	165.7	135.7	100.0	50.0	0.0	40.0	40.0
III. Short-term receivables	18.4	8.4	23.1	21.8	20.0	12.4	48.3	75.7	59.6	23.8	68.8	93.0
1. Short-term trade accounts receivable	7.3	2.1	5.8	9.9	11.9	1.9	43.1	67.9	55.3	22.0	64.4	88.4
2. Short-term prepayments to suppliers	5.3	4.3	12.4	5.2	4.8	7.6	4.8	8.0	3.8	2.9	5.6	4.5
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	7.7	3.9	6.7	8.5	5.2	4.9	2.3	1.7	2.4	0.8	0.8	2.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	-1.8	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	174.5	288.0	160.4	132.1	155.6	440.9	310.9	283.5	293.8	428.2	334.9	297.7
1. Inventories	174.5	288.0	160.4	132.1	155.6	440.9	310.9	283.5	293.8	428.2	334.9	297.7
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	28.6	47.5	31.6	0.8	0.7	13.8	10.5	16.4	4.4	12.1	12.5	5.5
1. Short-term prepayments	0.7	10.0	1.3	0.4	0.4	13.4	6.4	12.3	0.3	8.0	8.3	1.3
2. Value added tax to be reclaimed	28.0	37.5	30.3	0.3	0.3	0.3	4.1	4.1	4.1	4.1	4.1	4.1
3. Taxes and other receivables from state authorities	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	310.9	309.7	325.7	41.0	39.0	39.9	49.5	107.8	108.5	109.3	106.2	100.7
I. Long-term receivables	—	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	—	0.2	0.2	—	—	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	—	—	—	—	—	0.0	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	7.2	6.5	6.6	7.3	8.0	8.7	8.9	9.2	10.1	11.7	8.7	9.6
1. Tangible fixed assets	6.2	5.5	5.6	6.1	6.7	7.4	7.5	7.8	8.6	10.1	8.6	9.5
- Cost	189.8	—	—	—	—	190.3	189.7	189.1	189.1	189.7	187.2	187.1
- Accumulated depreciation	-183.6	—	—	—	—	-182.9	-182.2	-181.3	-180.5	-179.6	-178.6	-177.6
2. Financial leased fixed assets	0.9	1.0	1.1	1.2	1.2	1.3	1.4	1.4	1.5	1.6	0.0	0.0
- Cost	1.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
- Cost	34.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-34.7	—	—	—	—	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	25.5	24.8	36.5	27.7	25.0	25.0	30.5	25.8	25.4	24.5	32.5	25.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	25.5	24.8	36.5	27.7	25.0	25.0	30.5	25.8	25.4	24.5	32.5	25.9
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	278.3	278.1	282.3	6.0	6.0	6.2	10.2	72.9	73.0	73.1	65.0	65.1
1. Long-term prepayments	278.3	278.1	277.8	1.4	1.4	1.7	1.8	64.5	64.6	64.7	65.0	65.1
2. Deferred income tax assets	—	—	4.5	4.5	4.5	4.5	8.4	8.4	8.4	8.4	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)	1,157.4	1,208.8	1,010.1	933.1	835.8	1,072.0	681.1	667.4	647.9	660.5	631.8	665.8
A. LIABILITIES (300=210+330)	442.1	568.9	432.5	381.5	280.6	554.7	182.4	181.8	127.8	155.6	160.3	199.1
I. Short -term liabilities	441.7	568.4	432.1	380.9	279.9	553.9	174.6	174.0	120.8	147.7	153.3	192.1
1. Short-term trade accounts payable	108.3	53.4	86.8	53.1	39.5	17.5	47.4	57.4	51.3	44.3	41.2	38.3
2. Short-term advances from customers	151.2	98.0	76.1	205.3	131.9	33.2	5.5	2.4	3.9	31.6	14.9	1.4
3. Taxes and other payables to state authorities	28.5	13.1	20.9	19.6	10.7	5.9	8.2	2.8	6.1	14.4	10.4	8.1
4. Payable to employees	34.1	68.7	76.1	62.0	41.1	24.1	38.0	29.4	14.8	13.8	27.9	29.1
5. Short-term acrrued expenses	42.7	4.9	22.3	12.0	26.6	5.1	12.9	34.2	25.6	3.0	32.8	41.8
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	5.0	10.0
9. Other short-term payables	49.7	311.9	30.3	11.5	11.7	452.6	46.2	33.0	4.1	28.5	3.8	47.9
10. Short-term borrowings and financial leases	0.2	0.2	100.2	0.2	0.2	0.1	0.2	0.2	1.1	0.2	0.0	0.0
11. Provision for short-term liabilities	15.9	15.9	13.2	10.4	16.9	12.8	11.9	8.3	12.6	10.4	13.9	12.2
12.. Bonus and welfare fund	11.0	2.2	6.2	6.7	1.2	2.6	4.3	6.3	1.3	1.5	3.3	3.4
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	0.5	0.5	0.5	0.6	0.7	0.8	7.7	7.8	7.0	7.9	7.0	7.0
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	0.5	0.5	0.5	0.6	0.7	0.8	0.7	0.8	0.0	0.9	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	7.0	7.0	7.0	7.0	7.0	7.0
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)	715.3	640.0	577.6	551.6	555.1	517.3	498.7	485.6	520.1	504.9	471.6	466.7
I. Owner's equity	715.3	640.0	577.6	551.6	555.1	517.3	498.7	485.6	520.1	504.9	471.6	466.7
1. Owner's capital	376.7	376.7	376.7	376.7	376.7	376.7	376.7	376.7	376.7	376.7	376.7	376.7
- Common stock with voting right	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00	376,653,480,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	95.7	95.7	95.7	95.7	77.5	77.5	77.5	77.5	57.3	57.3	57.3	57.3
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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
11. Undistributed earnings after tax	239.6	164.3	101.9	75.9	97.7	59.9	41.3	28.2	82.9	67.7	34.4	29.5
- Accumulated retained earning at the end of the previous period	166.0	1.5	1.5	1.5	63.8	2.9	2.9	2.9	67.7	4.5	0.3	0.3
- Undistributed earnings in this period	73.6	162.8	100.4	74.4	34.0	57.0	38.4	25.3	15.2	63.2	34.1	29.2
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)	1,157.4	1,208.8	1,010.1	933.1	835.8	1,072.0	681.1	667.4	647.9	660.5	631.8	665.8

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	92.0	87.6	32.5	50.6	42.5	28.1	16.4	12.7	19.0	33.4	6.0	12.0
Depreciation of Fixed Assets and Investment Property	0.7	0.7	0.7	0.7	0.7	0.8	0.9	0.9	1.0	1.1	1.0	1.0
Provision (Increase)/Reversal	—	2.3	—	-2.4	—	-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	-0.1	-0.1	0.1	0.1	-0.1	-0.0
Gain/Loss from Investment Activities	-4.7	-3.8	-5.1	-7.4	-4.3	0.0	-4.3	-0.5	-0.6	-6.5	-4.6	-10.7
Interest Expense	—	0.0	—	0.0	—	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	88.0	84.5	30.4	41.5	38.8	28.8	12.9	13.0	19.5	28.1	2.4	2.3
Increase/(Decrease) in Receivables	5.5	-22.5	-6.1	3.0	-7.5	35.4	27.0	-16.4	-34.6	56.2	12.2	-15.0
Increase/(Decrease) in Inventory	113.5	-127.7	-28.3	21.1	287.8	-130.1	-27.4	10.4	134.4	-91.4	-37.2	-5.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-123.6	166.0	16.9	89.2	-273.1	367.9	1.3	50.5	-17.8	-14.0	-26.1	25.3
Increase/(Decrease) in Prepaid Expenses	9.4	-8.8	-277.2	-0.0	13.3	-7.0	68.6	-11.9	7.9	0.3	-6.9	-1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	—	5.6	-5.6	-5.8	-17.5	-0.0	-0.0	13.7	-13.7	7.8
Corporate Income Tax Paid	-15.9	-16.6	-4.6	-5.6	—	-0.0	17.6	-3.8	-13.8	-10.4	7.8	-7.8
Other Operating Receipts	—	—	—	—	—	4.1	-4.1	0.0	0.0	1.6	-1.6	0.0
Other Operating Payments	-7.2	-4.0	-0.4	-2.3	—	4.1	-2.0	-2.1	0.0	-3.5	1.6	-1.6
Net Cash Flow from Operating Activities	69.6	71.5	-269.4	152.3	53.7	293.4	80.4	39.6	95.5	-19.4	-61.6	4.7
Payments for Fixed Assets and Other Long-term Assets	-1.4	11.0	-8.8	-2.7	—	4.8	-5.3	0.2	-0.9	-3.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.0	19.4
Loans and Purchases of Debt Instruments	-50.0	-140.0	-50.0	-140.0	-60.0	-30.0	-185.7	50.0	-50.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	190.0	225.7	—	—	0.0	150.0	-100.0	0.0	40.0	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	1.5	3.3	10.2	5.0	1.9	4.9	2.8	0.1	0.0	0.2	2.1	0.1
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	-49.8	64.3	177.1	-137.7	-58.1	-20.3	-38.2	-49.7	-50.9	37.0	2.1	19.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-0.1	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-37.7	—	0.0	-0.0	-37.7	0.0	-0.0	0.0	-33.9
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.1	0.0	-0.1	-37.7	-0.1	-0.1	-0.1	-37.7	-0.1	-0.0	0.0	-33.9
Net Cash Flow During the Period	19.8	135.8	-92.4	-23.1	-4.5	273.0	42.2	-47.8	44.6	17.6	-59.5	-9.6
Cash and Cash Equivalents at Beginning of Period	415.2	279.4	371.8	394.8	399.2	87.1	87.1	87.1	87.1	119.6	119.6	119.6
FX Difference from Revaluation	0.0	0.1	0.1	0.1	0.0	0.0	0.1	0.1	-0.1	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	434.9	415.2	279.4	371.8	394.8	399.2	126.2	83.9	131.6	87.1	69.5	129.0

Explore Other Stocks In The Same Sector

DCM, DPM, DDV, BFC, VFG, LAS, NFC, SFG, PCE, VPS, PSE, PMB, PSW, AVG, SPC, DHB, CPC, DOC, BT1, HSI, QBS, ABS

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

VAF

What Is Changing

Drivers of VAF's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲▲

Is capital being used efficiently?

Is capital being deployed efficiently? ▲▲

Balance Sheet ▼

Working Capital Efficiency ▲▲

Is financial risk significant?

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