BSH

Bia Sài Gòn - Hà Nội ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 6.49%, +1.06pp YoY

Price

16,800

Latest close

02 Jun 2026

P/E 8.36x

P/B 0.94x

EPS 2,010

BVPS 17,888

ROE 12.2%

ROA 9.7%

Profit Margin 6.5%

Asset Turnover 1.50x

Equity Mult. 1.26x

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

What Is Changing

On a TTM 2026Q1 basis, BSH has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 591bn
	                                
−4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 38bn
	                                
+14.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	568.3	638.4	609.1	628.6	564.3
Growth	-11%	+5%	-3%	+11%	—
Net Income	29.5	41.0	49.4	57.6	54.4
Net Margin	5.20%	6.42%	8.11%	9.16%	9.64%

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	131.0	164.4	158.0	137.3	108.6	153.4	172.7	182.4	130.0	150.5	180.2	159.4
Growth	-20%	+4%	+15%	+26%	-29%	-11%	-5%	+40%	-14%	-16%	+13%	—
Net Income	7.5	10.4	13.8	6.8	-1.4	7.5	12.8	14.6	6.1	7.2	12.9	15.5
Net Margin	5.69%	6.30%	8.73%	4.92%	-1.25%	4.89%	7.40%	8.01%	4.69%	4.79%	7.18%	9.72%

Drivers of BSH's profit

TTM

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

Gross profit ↑ 6.1bn

Financial income ↑ 1.1bn

Administrative expenses ↑ 1.6bn

Tax ↑ 1.0bn

TTM

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

Gross profit ↑ 10.5bn

Tax ↑ 1.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.9% = 5.4% × 1.42 × 1.41

2026Q1 12.2% = 6.5% × 1.50 × 1.26

ROE rose from 10.9% to 12.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 6.5% +1.1pp Asset turnover: 1.50x +0.08x Leverage: 1.26x -0.15x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 6.49%, rising 1.1pp. Core operating signals are improving as Gross margin rose 1.4pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Net financial result / Revenue rose 0.3pp 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 6.49% +1.1pp

Gross Margin 9.92% +1.4pp

SG&A / Revenue 3.57% +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 6.50% +1.1pp

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 0.28x equity, with a net cash position equivalent to 0.33x equity.

Inventory ended the period at 45.2bn, roughly 11.2% of total assets.

Over the last 12 months, working capital released 4.4bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −5.9bn

Inventories decreased → higher CFO: +8.6bn

Payables increased → higher CFO: +1.6bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 2.1 days versus the same period last year. The main moves came from DIO fell 2.8 days, DSO rose 5.5 days, and DPO rose 0.7 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +2.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5.5 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 20.5 days +5.5 days

Inventory 39.3 days −2.8 days

Payables 5.9 days +0.7 days

Cash Conversion Cycle 53.9 days +2.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 26.9bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.33x and interest coverage at 77.50x.

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 -0.33x —

Interest Coverage 77.50x —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.08x +0.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.9bn in 2025, against investing cash flow of -209.3bn.

Post-investment cash flow was negative +182.4bn. Financing cash flow was negative +18.0bn.

CFO / net income was 1.08x.

After spending +4.1bn on fixed-asset investment, the business generated trailing free cash flow of +37.4bn.

Cash Conversion

CFO TTM 41.5bn +7.1bn

Cash Capex 4.1bn —

FCF TTM +37.4bn —

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 1.1 pp. The next item to monitor is the earnings mix, when non-core contribution is 22.9%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 6.49% after expanding 1.1pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.08x. Even so, net financial result still accounts for 22.9% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	568.3	639.3	610.5	628.6	564.3
Revenue Deductions	—	0.9	1.4	0.0	0.0
Net Revenue	568.3	638.4	609.1	628.6	564.3
Cost of Goods Sold	520.2	576.9	542.9	551.6	0.0
Gross Profit	48.1	61.5	66.1	77.0	81.5
Financial Income	11.3	11.5	20.2	11.4	7.1
Financial Expenses	0.4	1.3	3.9	1.6	-1.0
Interest Expense	0.4	1.3	3.8	1.6	-0.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.5	3.0	2.5	3.5	-3.3
General and Administrative Expenses	18.5	17.0	16.9	16.3	-17.8
Operating Profit	38.0	51.8	63.1	66.9	66.6
Other Income	0.2	0.2	0.4	5.5	0.0
Other Expenses	0.3	0.1	0.5	0.6	0.0
Other Profit	-0.2	0.0	-0.1	4.9	2.3
Profit Before Tax	37.8	51.8	63.0	71.8	68.9
Current Income Tax Expense	8.2	10.8	13.5	14.1	-14.5
Deferred Income Tax Expense	0.1	-0.0	0.1	0.1	0.0
Net Income	29.5	41.0	49.4	57.6	54.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	29.5	41.0	49.4	57.6	54.4
Earnings per Share	1,401.00	2,050.00	2,521.00	2,960.00	3,021.86
Diluted EPS	1,641.15	2,277.45	2,743.96	3,199.19	3,021.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	340.5	322.7	389.3	405.5	281.1
I. Cash and cash equivalents	4.4	204.8	209.6	10.7	194.1
1. Cash	4.4	6.6	10.8	10.7	0.0
2. Cash equivalents	—	198.2	198.8	0.0	0.0
II. Short-term financial investments	228.2	10.0	89.1	305.8	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	228.2	10.0	89.1	305.8	0.0
III. Short-term receivables	60.3	31.9	32.8	28.1	15.9
1. Short-term trade accounts receivable	57.7	29.8	30.3	23.0	0.0
2. Short-term prepayments to suppliers	1.2	0.6	0.4	0.5	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	1.4	1.5	2.1	4.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	45.2	74.3	55.9	59.3	46.4
1. Inventories	54.6	84.1	65.7	69.4	0.0
2. Provision for decline in value of inventories	-9.4	-9.7	-9.8	-10.1	0.0
V. Other short-term assets	2.3	1.7	1.9	1.6	0.3
1. Short-term prepayments	1.4	1.7	1.9	1.2	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	0.9	0.0	0.0	0.5	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)	61.8	72.8	80.4	89.2	113.5
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	57.1	68.7	76.6	84.1	99.2
1. Tangible fixed assets	56.7	68.6	76.6	84.0	98.7
- Cost	719.9	718.4	711.9	704.8	0.0
- Accumulated depreciation	-663.1	-649.8	-635.3	-620.8	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	0.4	0.1	0.0	0.1	0.5
- Cost	1.9	1.5	1.4	1.4	0.0
- Accumulated depreciation	-1.5	-1.4	-1.4	-1.3	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	7.3
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	4.7	4.1	3.8	5.0	0.0
1. Long-term prepayments	2.7	2.1	1.8	3.0	0.0
2. Deferred income tax assets	2.0	2.0	2.0	2.1	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	7.0
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)	402.3	395.6	469.7	494.6	394.6
A. LIABILITIES (300=210+330)	87.4	88.5	164.6	199.6	98.9
I. Short -term liabilities	87.0	88.2	164.4	199.4	98.7
1. Short-term trade accounts payable	11.3	15.2	18.8	10.1	9.8
2. Short-term advances from customers	—	0.0	0.1	0.4	2.1
3. Taxes and other payables to state authorities	59.7	57.5	64.8	64.7	0.0
4. Payable to employees	2.3	2.2	2.3	4.3	0.0
5. Short-term acrrued expenses	1.4	1.4	2.0	1.8	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	7.7	7.8	24.8	5.8	0.0
10. Short-term borrowings and financial leases	—	0.0	47.6	108.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.6	4.2	4.1	4.3	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	0.3	0.2	0.2	0.2	0.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	0.3	0.2	0.2	0.2	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)	315.0	307.1	305.1	295.0	295.7
I. Owner's equity	315.0	307.1	305.1	295.0	0.0
1. Owner's capital	180.0	180.0	180.0	180.0	295.7
- Common stock with voting right	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	6.2	6.2	6.2	6.2	6.2
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	34.0	34.0	34.0	34.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	94.8	87.0	85.0	74.9	75.6
- Accumulated retained earning at the end of the previous period	69.8	68.2	57.6	39.7	25.1
- Undistributed earnings in this period	25.0	18.7	27.4	35.2	50.5
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)	402.3	395.6	469.7	494.6	394.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	37.8	51.8	63.0	71.8	68.9
Depreciation of Fixed Assets and Investment Property	14.3	14.5	14.7	15.3	24.3
Provision (Increase)/Reversal	-0.2	-0.0	-0.3	-0.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-11.3	0.0	-20.1	-11.3	0.0
Interest Expense	0.4	1.3	3.8	1.6	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	-11.5	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	41.0	56.0	61.1	76.8	86.2
Increase/(Decrease) in Receivables	-27.4	0.0	-6.5	-8.7	0.0
Increase/(Decrease) in Inventory	29.4	-18.4	3.7	-12.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.6	-18.1	7.3	-7.8	0.0
Increase/(Decrease) in Prepaid Expenses	-0.4	-0.1	0.4	1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-1.3	-3.9	-1.5	0.0
Corporate Income Tax Paid	-19.0	-3.7	-13.3	-14.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.0	-2.7	-3.4	-3.8	0.0
Net Cash Flow from Operating Activities	26.9	11.7	45.4	29.4	90.8
Payments for Fixed Assets and Other Long-term Assets	-2.4	-6.4	-7.3	-0.2	-5.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-532.2	0.0	-379.9	-522.3	-82.5
Receipts from Loan Repayments and Sale of Debt Instruments	314.0	0.0	596.6	248.3	50.7
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	11.2	12.2	22.6	7.3	0.0
Increase/(Decrease) in Term Deposits	—	79.1	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	-209.3	84.9	232.0	-266.9	-30.8
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	370.3	277.6	648.4	474.1	568.6
Repayment of Borrowings	-370.3	-325.2	-708.8	-366.1	-624.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-18.0	-53.8	-18.0	-53.9	-27.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.0	-101.4	-78.3	54.1	-82.8
Net Cash Flow During the Period	-200.4	-4.8	199.0	-183.5	-38.8
Cash and Cash Equivalents at Beginning of Period	204.8	209.6	10.7	194.1	216.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.4	204.8	209.6	10.7	194.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	131.0	164.4	158.0	137.3	108.6	153.4	173.6	182.4	130.0	151.0	180.9	159.7
Revenue Deductions	—	—	—	—	—	0.0	0.9	0.0	0.0	0.5	0.6	0.3
Net Revenue	131.0	164.4	158.0	137.3	108.6	153.4	172.7	182.4	130.0	150.5	180.2	159.4
Cost of Goods Sold	119.2	148.4	138.4	126.2	107.3	141.9	154.3	161.1	119.7	137.8	163.2	139.1
Gross Profit	11.8	16.0	19.6	11.1	1.3	11.5	18.4	21.3	10.3	12.8	17.1	20.3
Financial Income	2.7	3.3	3.2	2.6	2.1	3.1	2.6	2.8	3.0	4.2	5.9	5.5
Financial Expenses	0.3	0.2	0.1	0.0	—	0.0	0.0	0.6	0.7	0.3	0.9	1.3
Interest Expense	0.3	0.2	0.1	0.0	—	0.0	0.0	0.6	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	0.4	0.5	0.7	0.9	0.5	0.9	0.8	0.7	0.5	0.7	1.1	0.3
General and Administrative Expenses	4.5	5.0	4.6	4.6	4.3	4.2	4.0	4.5	4.3	4.6	4.7	4.8
Operating Profit	9.3	13.7	17.4	8.2	-1.3	9.4	16.2	18.3	7.8	11.3	16.2	19.4
Other Income	0.1	0.0	0.0	0.1	0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.3
Other Expenses	0.0	0.3	0.0	—	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.3
Other Profit	0.1	-0.3	0.0	0.1	-0.0	0.2	0.0	-0.1	0.0	0.0	-0.1	0.1
Profit Before Tax	9.4	13.4	17.4	8.3	-1.3	9.6	16.2	18.2	7.8	11.3	16.2	19.4
Current Income Tax Expense	2.0	2.9	3.7	1.5	0.0	2.1	3.4	3.7	1.7	4.1	3.1	4.0
Deferred Income Tax Expense	0.0	0.1	-0.1	0.0	0.0	-0.0	0.0	-0.0	0.0	-0.0	0.1	-0.1
Net Income	7.5	10.4	13.8	6.8	-1.4	7.5	12.8	14.6	6.1	7.2	12.9	15.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.5	10.4	13.8	6.8	-1.4	7.5	12.8	14.6	6.1	7.2	12.9	15.5
Earnings per Share	414.00	515.00	706.00	375.35	-75.66	417.03	710.23	811.57	338.62	400.99	718.55	860.47
Diluted EPS	414.00	575.39	766.07	375.35	-75.66	417.03	710.23	811.57	338.62	400.99	718.55	860.47

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)	346.9	340.5	363.3	340.1	314.5	322.7	377.0	402.1	408.4	389.3	433.1	453.8
I. Cash and cash equivalents	105.7	4.4	21.9	216.5	182.9	204.8	283.6	28.4	6.4	209.6	29.9	7.1
1. Cash	33.7	4.4	21.9	31.4	31.8	6.6	16.5	28.4	6.4	10.8	3.4	7.1
2. Cash equivalents	72.0	—	—	185.1	151.1	198.2	267.1	0.0	0.0	198.8	26.5	0.0
II. Short-term financial investments	156.5	228.2	281.0	55.0	47.0	10.0	10.0	285.3	318.4	89.1	318.3	336.8
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	156.5	228.2	281.0	55.0	47.0	10.0	10.0	285.3	318.4	89.1	318.3	336.8
III. Short-term receivables	40.0	60.3	9.1	24.7	31.5	31.9	33.2	37.5	23.7	32.8	37.3	54.9
1. Short-term trade accounts receivable	36.7	57.7	7.0	21.6	29.6	29.8	30.5	32.6	21.0	30.3	28.2	47.8
2. Short-term prepayments to suppliers	3.0	1.2	0.4	1.3	0.6	0.6	1.1	0.9	0.6	0.4	0.6	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	0.3	1.4	1.7	1.7	1.3	1.5	1.6	4.0	2.0	2.1	8.5	5.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	43.7	45.2	50.2	43.0	51.9	74.3	49.2	49.5	58.8	55.9	46.9	53.4
1. Inventories	53.0	54.6	60.2	52.6	61.6	84.1	59.0	59.4	68.6	65.7	56.5	63.6
2. Provision for decline in value of inventories	-9.3	-9.4	-10.1	-9.6	-9.7	-9.7	-9.7	-9.9	-9.8	-9.8	-9.7	-10.2
V. Other short-term assets	1.0	2.3	1.1	0.9	1.2	1.7	0.9	1.4	1.2	1.9	0.7	1.6
1. Short-term prepayments	0.9	1.4	1.1	0.9	1.1	1.7	0.8	1.4	1.1	1.9	0.7	1.6
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	0.1	0.9	—	—	0.1	0.0	0.1	0.0	0.1	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)	58.5	61.8	63.0	67.0	68.8	72.8	70.4	73.7	77.2	80.4	83.8	85.1
I. Long-term receivables	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 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	0.0	0.0	0.0	0.0	0.0	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	53.5	57.1	59.2	62.2	65.4	68.7	66.3	69.6	73.1	76.6	79.7	80.6
1. Tangible fixed assets	53.2	56.7	58.8	61.8	65.0	68.6	66.2	69.5	73.1	76.6	79.7	80.6
- Cost	719.9	—	—	—	—	718.4	712.4	712.2	712.1	711.9	711.4	708.7
- Accumulated depreciation	-666.7	—	—	—	—	-649.8	-646.2	-642.6	-639.0	-635.3	-631.7	-628.1
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.4	0.4	0.4	0.4	0.1	0.1	0.1	0.0	0.0	0.0	0.0
- Cost	1.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.5	—	—	—	—	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	5.0	4.7	3.8	4.8	3.4	4.1	4.1	4.1	4.0	3.8	4.0	4.4
1. Long-term prepayments	3.0	2.7	1.7	2.8	1.4	2.1	2.2	2.1	2.0	1.8	2.1	2.3
2. Deferred income tax assets	1.9	2.0	2.1	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.1
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)	405.4	402.3	426.3	407.1	383.3	395.6	447.4	475.8	485.6	469.7	516.8	538.9
A. LIABILITIES (300=210+330)	83.5	87.4	120.6	114.0	78.7	88.5	128.8	168.9	175.5	170.5	205.9	239.8
I. Short -term liabilities	83.1	87.0	120.2	113.7	78.4	88.2	128.5	168.7	175.3	170.3	205.6	239.6
1. Short-term trade accounts payable	7.6	11.3	14.6	10.4	9.5	15.2	8.4	17.2	6.6	18.8	21.1	24.7
2. Short-term advances from customers	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.4	0.1
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	60.6	59.7	88.7	87.2	53.0	57.5	100.1	86.2	44.5	64.7	111.9	96.8
4. Payable to employees	0.6	2.3	1.6	1.1	0.7	2.2	1.5	1.4	1.5	8.2	6.0	6.2
5. Short-term acrrued expenses	1.5	1.4	1.4	2.3	1.2	1.4	5.3	3.0	1.8	2.0	3.0	2.1
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	7.5	7.7	10.4	10.3	8.7	7.8	10.0	20.8	8.8	24.8	9.0	9.9
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	38.0	106.9	47.6	51.2	97.7
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	5.0	4.6	3.5	2.4	5.3	4.2	3.1	2.1	5.1	4.1	3.1	2.1
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	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	—	—	—	—	—	0.0	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	0.3	0.3	0.3	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	322.0	315.0	305.7	293.1	304.6	307.1	318.6	306.9	310.1	299.2	311.0	299.0
I. Owner's equity	322.0	315.0	305.7	293.1	304.6	307.1	318.6	306.9	310.1	299.2	311.0	299.0
1. Owner's capital	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0	180.0
- Common stock with voting right	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00	180,000,000,000.00
- 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	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2
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	34.0	34.0	34.0	34.0	34.0	34.0	34.0	34.0	34.0	34.0	34.0	34.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	101.9	94.8	85.6	72.9	84.5	87.0	98.5	86.8	90.0	79.0	90.8	78.9
- Accumulated retained earning at the end of the previous period	95.9	69.8	69.8	69.8	87.0	68.2	68.2	68.2	85.0	57.6	57.6	57.6
- Undistributed earnings in this period	6.0	25.0	15.8	3.1	-2.5	18.7	30.3	18.6	5.0	21.5	33.3	21.3
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)	405.4	402.3	426.3	407.1	383.3	395.6	447.4	475.8	485.6	469.7	516.8	538.9

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	9.4	13.4	17.4	8.3	-1.3	9.6	16.2	18.2	7.8	17.2	16.2	19.4
Depreciation of Fixed Assets and Investment Property	3.5	3.5	3.6	3.6	3.6	3.6	3.6	3.7	3.7	3.6	3.6	3.6
Provision (Increase)/Reversal	-0.1	-0.7	0.4	-0.1	0.1	0.0	-0.2	0.1	-0.0	0.1	-0.5	0.3
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.7	-3.3	-3.2	-2.6	-2.1	-3.1	-2.6	-2.8	-3.0	-4.1	-5.8	-5.5
Interest Expense	0.3	0.2	0.1	0.0	—	-0.0	0.0	0.6	0.7	0.3	0.9	1.3
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	10.5	13.2	18.4	9.2	0.2	10.1	17.1	19.8	9.1	17.2	14.3	19.2
Increase/(Decrease) in Receivables	21.7	-50.4	15.3	7.5	0.2	1.1	1.7	-11.6	9.0	-1.1	20.1	-23.0
Increase/(Decrease) in Inventory	1.7	5.6	-7.6	9.0	22.5	-25.1	0.4	9.2	-2.9	-9.1	7.1	4.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.3	-30.6	2.1	36.5	-1.3	-43.6	3.2	43.4	-21.1	-50.8	10.2	59.1
Increase/(Decrease) in Prepaid Expenses	0.2	-1.3	0.8	-1.2	1.3	-0.8	0.5	-0.4	0.5	-0.9	1.2	-0.5
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.2	-0.1	-0.0	—	0.0	-0.0	-0.7	-0.7	-0.3	-0.9	-1.2
Corporate Income Tax Paid	—	-9.0	0.0	0.0	-10.0	0.0	0.0	-0.2	-3.5	-8.0	-2.6	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	-3.0	—	0.0	0.0	-2.7	0.0	0.0	0.0	-3.4
Net Cash Flow from Operating Activities	27.5	-72.8	28.9	57.9	12.9	-58.3	22.9	56.8	-9.6	-53.1	49.2	55.1
Payments for Fixed Assets and Other Long-term Assets	-1.7	-1.0	-0.7	-0.6	—	-5.9	-0.2	-0.3	-0.2	-2.8	-1.7	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-130.5	-196.2	-281.0	-18.0	-37.0	-10.0	0.0	-10.0	-275.3	-43.1	-52.5	-254.8
Receipts from Loan Repayments and Sale of Debt Instruments	203.2	249.0	55.0	10.0	—	374.4	-89.1	43.1	46.0	272.3	324.3	-101.3
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-364.4	364.4	0.0	0.0	0.0	-259.8	259.8
Dividends and Interest Income Received	2.9	3.5	3.2	2.2	2.3	3.2	5.0	0.8	3.1	10.0	3.3	6.3
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	73.9	55.3	-223.5	-6.4	-34.7	-2.7	280.1	33.6	-226.4	236.4	13.6	-92.7
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	154.1	218.8	100.5	51.0	—	0.0	0.0	108.5	169.1	174.3	191.9	144.0
Repayment of Borrowings	-154.1	-218.8	-100.5	-51.0	—	0.0	-38.0	-177.4	-109.8	-177.9	-238.4	-84.4
Repayment of Finance Leases	—	—	—	—	—	0.0	26.1	-26.1	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-0.0	-18.0	-0.0	-17.9	-35.9	26.6	-26.6	0.1	-0.1	-18.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	-0.0	-18.0	-0.0	-17.9	-47.8	-68.4	32.7	-3.5	-46.6	41.6
Net Cash Flow During the Period	101.3	-17.5	-194.6	33.6	-21.9	-78.8	255.2	22.0	-203.3	179.8	16.2	4.0
Cash and Cash Equivalents at Beginning of Period	4.4	21.9	216.5	182.9	204.8	209.6	209.6	209.6	209.6	10.7	10.7	10.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	105.7	4.4	21.9	216.5	182.9	204.8	283.6	28.4	6.4	209.6	29.9	13.6

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BSH

What Is Changing

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Balance Sheet ▲

Working Capital Efficiency ●

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Cash Flow ●

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Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow