CCC

Xây dựng CDC ·HOSE ·2025Q3

● Maintaining

Price

7,890

Latest close

02 Jun 2026

P/E 8.04x

P/B 0.53x

EPS 981

BVPS 14,932

ROE 8.1%

ROA 2.1%

Profit Margin 1.9%

Asset Turnover 1.09x

Equity Mult. 3.83x

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

What Is Changing

On a Năm 2024 basis, CCC has not moved the needle on revenue, but profitability has edged up slightly — margins have just broken out to a notably higher level. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,189bn
	                                
−7.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 42bn
	                                
+10.8%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -12.24x
	                                
negative cash flow vs profit

Metric	Q3'25	Q2'25	Q1'25	Q2'24
Revenue	846.9	585.2	558.6	431.9
Growth	+45%	+5%	+29%	—
Net Income	9.7	9.8	10.9	9.2
Net Margin	1.14%	1.67%	1.94%	2.13%

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 1.93% +0.3pp

Gross Margin 3.96% —

SG&A / Revenue 2.08% —

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.50% —

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC for construction contractors swings with project progress and handover cycles — the balance sheet below adds perspective. Capital structure is typical for construction contractors — liabilities at 2.54x equity, net debt at 0.96x equity.

Inventory ended the period at 541.6bn, roughly 26.0% of total assets.

Over the last 12 months, working capital absorbed 529.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −607.9bn

Inventories increased → lower CFO: −114.9bn

Payables increased → higher CFO: +193.7bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

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

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Leverage is safe but FCF is negative at 527.5bn due to capex of 43.8bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.96x and interest coverage only at 1.99x.

At present, short-term debt accounts for 99.6% of total debt, cash equals 21.1% of debt, and total debt stands at 732.3bn.

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

Watchpoints

Interest coverage is thin

Interest coverage is 1.99x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 99.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.96x —

Interest Coverage 1.99x —

Cash / Debt 21.1% —

Short-term Debt / Total Debt 99.6% —

CFO / NI -12.24x —

TTM YoY · Prior -> 2025Q3

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 59.8bn in 2024, against investing cash flow of 104.5bn.

Post-investment cash flow was positive +164.3bn. Financing cash flow was negative +4.0bn.

CFO / net income was -12.24x.

After spending +43.8bn on fixed-asset investment, the business generated trailing free cash flow of −527.5bn.

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

Cash Conversion

CFO TTM 483.7bn —

Cash Capex 43.8bn —

FCF TTM −527.5bn —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is earnings conversion is confirmed, with CFO/NI at -12.24x. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 1.99x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -12.24x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.99x.

Statement Data

Item	2024	2023	2022
Revenue	2,189.1	2,360.3	2,360.3
Revenue Deductions	0.0	0.0	0.0
Net Revenue	2,189.1	2,360.3	2,360.3
Cost of Goods Sold	2,104.4	2,269.1	2,269.1
Gross Profit	84.6	91.2	91.2
Financial Income	27.3	24.0	24.0
Financial Expenses	17.0	22.6	22.6
Interest Expense	17.0	22.1	22.1
Share of Associates and Joint Ventures	0.0	0.0	0.0
Selling Expenses	0.0	0.0	0.0
General and Administrative Expenses	42.0	45.1	45.1
Operating Profit	52.9	47.5	47.5
Other Income	0.7	0.7	0.7
Other Expenses	0.3	0.2	0.2
Other Profit	0.5	0.5	0.5
Profit Before Tax	53.4	48.1	48.1
Current Income Tax Expense	11.1	9.9	9.9
Deferred Income Tax Expense	0.0	0.0	0.0
Net Income	42.3	38.2	38.2
Non-controlling Interest	0.0	0.0	0.0
Profit Attributable to Parent	42.3	38.2	38.2
Earnings per Share	1,050.00	1,091.00	1,058.00
Diluted EPS	1,050.65	1,090.65	1,090.65

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,895.2	1,799.9	1,799.9
I. Cash and cash equivalents	257.6	101.0	101.0
1. Cash	257.6	101.0	101.0
2. Cash equivalents	0.0	0.0	0.0
II. Short-term financial investments	53.0	359.5	359.5
1. Available for sale securities	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	0.0	0.0	0.0
3. Held to maturity investments	53.0	359.5	359.5
III. Short-term receivables	1,042.7	841.1	841.1
1. Short-term trade accounts receivable	930.9	773.9	773.9
2. Short-term prepayments to suppliers	109.4	53.9	53.9
3. Short-term inter-company receivables	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	0.0	0.0	0.0
5. Short-term loan receivables	0.0	0.0	0.0
6. Other short-term receivables	3.8	13.2	13.2
7. Provision for short-term doubtful debts (*)	-1.5	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	541.6	497.8	497.8
1. Inventories	541.6	497.8	497.8
2. Provision for decline in value of inventories	0.0	0.0	0.0
V. Other short-term assets	0.4	0.5	0.5
1. Short-term prepayments	0.3	0.1	0.1
2. Value added tax to be reclaimed	0.1	0.4	0.4
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
4. Government bonds	0.0	0.0	0.0
5. Other short-term assets	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	188.7	135.3	135.3
I. Long-term receivables	0.0	0.0	0.0
1. Long-term trade receivables	0.0	0.0	0.0
2. Long-term prepayments to suppliers	0.0	0.0	0.0
3. Capital at inter-company	0.0	0.0	0.0
4. Long-term inter-company receivables	0.0	0.0	0.0
5. Long-term loan receivables	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	76.5	80.4	80.4
1. Tangible fixed assets	68.1	71.9	71.9
- Cost	104.5	93.3	93.3
- Accumulated depreciation	-36.4	-21.4	-21.4
2. Financial leased fixed assets	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
3. Intangible fixed assets	8.3	8.5	8.5
- Cost	8.6	8.6	8.6
- Accumulated depreciation	-0.3	-0.1	-0.1
III. Investment properties	0.0	0.0	0.0
- Cost	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.3	0.3
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	0.3	0.3	0.3
V. Long-term financial investments	96.5	52.8	52.8
1. Investments in subsidiaries	0.0	0.0	0.0
2. Investments in associates, joint-ventures	66.5	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0
5. Held to maturity investments	30.0	52.8	52.8
6. Other long-term investments	0.0	0.0	0.0
VI. Other long-term assets	15.4	1.8	1.8
1. Long-term prepayments	15.4	1.8	1.8
2. Deferred income tax assets	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	0.0	0.0	0.0
4. Other long-term assets	0.0	0.0	0.0
5. Goodwill	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,083.9	1,935.2	1,935.2
A. LIABILITIES (300=210+330)	1,495.8	1,475.0	1,475.0
I. Short -term liabilities	1,436.0	1,340.2	1,340.2
1. Short-term trade accounts payable	609.1	543.7	543.7
2. Short-term advances from customers	520.2	392.0	392.0
3. Taxes and other payables to state authorities	5.3	10.6	10.6
4. Payable to employees	5.6	5.1	5.1
5. Short-term acrrued expenses	14.5	5.5	5.5
6. Short-term inter-company payables	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0
9. Other short-term payables	3.6	3.8	3.8
10. Short-term borrowings and financial leases	273.5	377.4	377.4
11. Provision for short-term liabilities	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	2.1	2.1
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	59.8	134.8	134.8
1. Long-term trade payables	28.2	104.3	104.3
2. Long-term advances from customers	0.0	0.0	0.0
3. Long-term acrrued expenses	0.0	0.0	0.0
4. Inter-company payables on business capital	0.0	0.0	0.0
5. Long-term inter-company payables	0.0	0.0	0.0
6. Long-term unearned revenue	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0
8. Long-term borrowings and financial leases	25.1	30.5	30.5
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	0.0	0.0
12. Provision for long-term liabilities	6.5	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	588.1	460.2	460.2
I. Owner's equity	588.1	460.2	460.2
1. Owner's capital	402.5	350.0	350.0
- Common stock with voting right	402,500,000,000.00	350,000,000,000.00	350,000,000,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	18.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
6. Assets revaluation differences	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0
8. Investment and development fund	2.7	1.4	1.4
9. Fund to support corporate restructuring	0.0	0.0	0.0
10. Other funds from owner's equity	0.0	0.0	0.0
11. Undistributed earnings after tax	164.8	108.8	108.8
- Accumulated retained earning at the end of the previous period	122.5	70.6	70.6
- Undistributed earnings in this period	42.3	38.2	38.2
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0
14. Financial reserves	0.0	0.0	0.0
II. Other resources and funds	0.0	0.0	0.0
1. Subsidized not-for-profit funds	0.0	0.0	0.0
2. Funds invested in fixed assets	0.0	0.0	0.0
C. MINORITY'S INTEREST	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,083.9	1,935.2	1,935.2

Item	2024	2023	2022
Profit Before Tax	53.4	48.1	48.1
Depreciation of Fixed Assets and Investment Property	8.0	7.1	7.1
Provision (Increase)/Reversal	8.0	-0.5	-0.5
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.0	0.0
Gain/Loss from Investment Activities	-19.4	-24.1	-24.1
Interest Expense	17.0	22.1	22.1
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	67.0	52.7	52.7
Increase/(Decrease) in Receivables	-285.3	-6.1	-6.1
Increase/(Decrease) in Inventory	-12.3	-33.8	-33.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	317.5	-61.9	-61.9
Increase/(Decrease) in Prepaid Expenses	1.3	-1.5	-1.5
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-16.9	-21.7	-21.7
Corporate Income Tax Paid	-11.4	-7.3	-7.3
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	59.8	-79.7	-79.7
Payments for Fixed Assets and Other Long-term Assets	-1.7	-4.1	-4.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	0.2
Loans and Purchases of Debt Instruments	-105.0	-515.8	-515.8
Receipts from Loan Repayments and Sale of Debt Instruments	255.3	305.9	305.9
Investments in Other Entities	-66.5	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0
Dividends and Interest Income Received	22.4	14.8	14.8
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0
Acquisition of Non-controlling Interests	0.0	0.0	0.0
Other Investing Receipts	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0
Net Cash Flow from Investing Activities	104.5	-198.9	-198.9
Proceeds from Equity Issuance and Capital Contributions	70,875,000,000.00	0.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	1,043.7	931.1	931.1
Repayment of Borrowings	-1,110.4	-696.2	-696.2
Repayment of Finance Leases	0.0	0.0	0.0
Dividends Paid	-8.1	-3.9	-3.9
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-4.0	231.0	231.0
Net Cash Flow During the Period	160.4	-47.6	-47.6
Cash and Cash Equivalents at Beginning of Period	97.2	148.5	148.5
FX Difference from Revaluation	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	257.6	101.0	101.0

Item	Q3'25	Q2'25	Q1'25	Q2'24
Revenue	846.9	585.2	558.6	431.9
Revenue Deductions	—	—	—	0.0
Net Revenue	846.9	585.2	558.6	431.9
Cost of Goods Sold	821.1	558.7	536.5	410.4
Gross Profit	25.8	26.5	22.2	21.5
Financial Income	5.9	5.0	6.7	5.4
Financial Expenses	8.0	5.9	4.4	4.6
Interest Expense	8.0	5.9	4.4	4.6
Share of Associates and Joint Ventures	—	—	—	0.0
Selling Expenses	—	—	—	0.0
General and Administrative Expenses	15.6	13.2	10.9	10.6
Operating Profit	8.1	12.4	13.6	11.6
Other Income	4.1	0.0	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	4.1	-0.0	0.1	-0.0
Profit Before Tax	12.2	12.3	13.7	11.6
Current Income Tax Expense	2.5	2.6	2.8	2.4
Deferred Income Tax Expense	—	—	—	0.0
Net Income	9.7	9.8	10.9	9.2
Non-controlling Interest	—	—	—	0.0
Profit Attributable to Parent	9.7	9.8	10.9	9.2
Earnings per Share	240.00	243.09	269.84	228.44
Diluted EPS	240.16	243.09	269.84	228.44

Item	Q3'25	Q2'25	Q1'25	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,308.1	2,115.2	1,950.8	1,995.9
I. Cash and cash equivalents	154.6	166.4	191.0	165.5
1. Cash	154.6	166.4	191.0	165.5
2. Cash equivalents	—	—	—	0.0
II. Short-term financial investments	220.0	58.0	55.0	158.3
1. Available for sale securities	—	—	—	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	0.0
3. Held to maturity investments	220.0	58.0	55.0	158.3
III. Short-term receivables	1,294.0	1,258.7	1,112.1	1,124.0
1. Short-term trade accounts receivable	971.6	921.5	876.4	1,058.8
2. Short-term prepayments to suppliers	308.8	295.4	229.3	62.1
3. Short-term inter-company receivables	—	—	—	0.0
4. Construction contract progress receipts due from customers	—	—	—	0.0
5. Short-term loan receivables	8.0	—	—	0.0
6. Other short-term receivables	5.5	43.3	7.9	4.5
7. Provision for short-term doubtful debts (*)	—	-1.5	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	0.0
IV. Inventories	638.5	629.5	591.9	547.3
1. Inventories	638.5	629.5	591.9	547.3
2. Provision for decline in value of inventories	—	—	—	0.0
V. Other short-term assets	1.0	2.6	0.8	0.7
1. Short-term prepayments	0.9	1.2	0.6	0.3
2. Value added tax to be reclaimed	0.1	1.4	0.2	0.4
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	0.0
5. Other short-term assets	—	—	—	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	215.9	177.2	184.0	120.0
I. Long-term receivables	—	—	—	0.0
1. Long-term trade receivables	—	—	—	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0
3. Capital at inter-company	—	—	—	0.0
4. Long-term inter-company receivables	—	—	—	0.0
5. Long-term loan receivables	—	—	—	0.0
6. Other long-term receivables	—	—	—	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0
II. Fixed assets	75.2	75.7	74.6	75.9
1. Tangible fixed assets	65.8	67.4	66.3	67.5
- Cost	—	—	—	100.0
- Accumulated depreciation	—	—	—	-32.5
2. Financial leased fixed assets	—	—	—	0.0
- Cost	—	—	—	0.0
- Accumulated depreciation	—	—	—	0.0
3. Intangible fixed assets	9.3	8.3	8.3	8.4
- Cost	—	—	—	0.0
- Accumulated depreciation	—	—	—	0.0
III. Investment properties	—	—	—	0.0
- Cost	—	—	—	0.0
- Accumulated depreciation	—	—	—	0.0
IV. Long-term assets in progress	39.3	0.3	0.3	1.5
1. Long-term production in progress	—	—	—	0.0
2. Construction in progress	39.3	0.3	0.3	1.5
V. Long-term financial investments	94.2	91.5	96.5	30.0
1. Investments in subsidiaries	—	—	—	0.0
2. Investments in associates, joint-ventures	69.2	66.5	66.5	0.0
3. Investments in other entities	—	—	—	0.0
4. Provision for diminution in value of long-term investments	—	—	—	0.0
5. Held to maturity investments	25.0	25.0	30.0	30.0
6. Other long-term investments	—	—	—	0.0
VI. Other long-term assets	7.2	9.8	12.6	12.6
1. Long-term prepayments	7.2	9.8	12.6	12.6
2. Deferred income tax assets	—	—	—	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0
4. Other long-term assets	—	—	—	0.0
5. Goodwill	—	—	—	0.0
VII. Goodwill (before 2015)	—	—	—	0.0
TOTAL ASSETS (280=100+200)	2,524.1	2,292.5	2,134.8	2,115.9
A. LIABILITIES (300=210+330)	1,923.0	1,685.0	1,535.9	1,542.0
I. Short -term liabilities	1,882.9	1,621.3	1,475.5	1,457.1
1. Short-term trade accounts payable	553.5	580.0	578.7	720.9
2. Short-term advances from customers	543.0	502.6	579.4	285.9
3. Taxes and other payables to state authorities	6.3	4.6	5.2	5.3
4. Payable to employees	8.9	8.2	7.1	5.0
5. Short-term acrrued expenses	15.3	7.2	8.3	4.6
6. Short-term inter-company payables	—	—	—	0.0
7. Construction contract progress payments due to suppliers	—	—	—	0.0
8. Short-term unearned revenue	—	—	—	0.0
9. Other short-term payables	21.3	4.6	3.6	4.5
10. Short-term borrowings and financial leases	729.2	508.8	289.1	426.7
11. Provision for short-term liabilities	—	—	—	0.0
12.. Bonus and welfare fund	5.4	5.4	4.1	4.1
13. Price stabilization fund	—	—	—	0.0
14. Government bonds	—	—	—	0.0
II. Long-term liabilities	40.1	63.7	60.4	84.9
1. Long-term trade payables	33.1	36.0	30.2	57.6
2. Long-term advances from customers	—	—	—	0.0
3. Long-term acrrued expenses	—	—	—	0.0
4. Inter-company payables on business capital	—	—	—	0.0
5. Long-term inter-company payables	—	—	—	0.0
6. Long-term unearned revenue	—	—	—	0.0
7. Other long-term liabilities	—	—	—	0.0
8. Long-term borrowings and financial leases	3.1	23.6	24.0	27.4
9. Convertible bonds	—	—	—	0.0
10. Preferred stock (Debts)	—	—	—	0.00
11. Deferred income tax liabilities	—	—	—	0.0
12. Provision for long-term liabilities	3.9	4.0	6.2	0.0
13. Fund for technology development	—	—	—	0.0
14. Provision for severance allowances	—	—	—	0.0
B. OWNER'S EQUITY (400=410+430)	601.0	607.4	598.9	573.8
I. Owner's equity	601.0	607.4	598.9	573.8
1. Owner's capital	402.5	402.5	402.5	402.5
- Common stock with voting right	402,500,000,000.00	402,500,000,000.00	402,500,000,000.00	402,500,000,000.00
- Preferred stock	—	—	—	0.00
2. Share premium	18.0	18.0	18.0	18.0
3. Convertible bond option	—	—	—	0.0
4. Other capital of owners	—	—	—	0.0
5. Treasury shares	—	—	—	0.00
6. Assets revaluation differences	—	—	—	0.0
7. Foreign exchange differences	—	—	—	0.0
8. Investment and development fund	3.6	3.6	2.7	2.7
9. Fund to support corporate restructuring	—	—	—	0.0
10. Other funds from owner's equity	—	—	—	0.0
11. Undistributed earnings after tax	176.9	183.3	175.6	150.6
- Accumulated retained earning at the end of the previous period	146.6	162.7	164.8	130.5
- Undistributed earnings in this period	30.3	20.6	10.9	20.0
12. Reserves for investment in construction	—	—	—	0.0
13. Minority's interest	—	—	—	0.0
14. Financial reserves	—	—	—	0.0
II. Other resources and funds	—	—	—	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0
2. Funds invested in fixed assets	—	—	—	0.0
C. MINORITY'S INTEREST	—	—	—	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,524.1	2,292.5	2,134.8	2,115.9

Item	Q3'25	Q2'25	Q1'25	Q2'24
Profit Before Tax	12.2	12.3	13.7	25.2
Depreciation of Fixed Assets and Investment Property	2.0	2.0	1.9	4.1
Provision (Increase)/Reversal	-1.6	-2.2	-0.3	1.5
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0
Gain/Loss from Investment Activities	-5.9	-4.7	-4.5	-10.4
Interest Expense	8.0	5.9	4.4	8.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0
Interest Income and Dividends	—	—	—	0.0
Amortization of Goodwill	—	—	—	0.0
Other Adjustments	—	—	—	0.0
Operating Profit Before Changes in Working Capital	14.8	13.4	15.2	28.9
Increase/(Decrease) in Receivables	-65.0	-107.4	-69.2	-366.3
Increase/(Decrease) in Inventory	-9.0	-37.6	-50.3	-18.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	20.6	-69.2	25.9	216.5
Increase/(Decrease) in Prepaid Expenses	2.9	2.2	2.5	4.0
Changes in Trading Securities	—	—	—	0.0
Interest Paid	-7.7	-5.9	-4.4	-8.4
Corporate Income Tax Paid	-1.0	-3.2	-2.7	-5.2
Other Operating Receipts	—	—	—	0.0
Other Operating Payments	—	—	—	0.0
Net Cash Flow from Operating Activities	-44.5	-207.7	-83.0	-148.5
Payments for Fixed Assets and Other Long-term Assets	-2.8	-40.5	-0.1	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0
Loans and Purchases of Debt Instruments	-170.0	-3.0	-2.0	-105.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	5.0	—	150.0
Investments in Other Entities	—	—	—	0.0
Proceeds from Investments in Other Entities	—	—	—	0.0
Dividends and Interest Income Received	5.7	4.9	4.1	12.6
Increase/(Decrease) in Term Deposits	—	—	—	0.0
Acquisition of Non-controlling Interests	—	—	—	0.0
Other Investing Receipts	—	—	—	0.0
Other Investing Payments	—	—	—	0.0
Net Cash Flow from Investing Activities	-167.1	-36.3	2.1	57.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	70,875,000,000.00
Share Repurchases	—	—	—	0.00
Proceeds from Borrowings	540.4	365.0	319.9	508.7
Repayment of Borrowings	-340.5	-145.6	-305.5	-420.0
Repayment of Finance Leases	—	—	—	0.0
Dividends Paid	—	—	—	0.0
Other Financing Receipts	—	—	—	0.0
Other Financing Payments	—	—	—	0.0
Net Cash Flow from Financing Activities	199.9	219.4	14.4	159.6
Net Cash Flow During the Period	-11.7	-24.6	-66.5	68.4
Cash and Cash Equivalents at Beginning of Period	166.4	191.0	257.6	97.2
FX Difference from Revaluation	—	—	—	0.0
Cash and Cash Equivalents at End of Period	154.6	166.4	191.0	165.5

Explore Other Stocks In The Same Sector

VCG, SJG, PC1, LLM, CTD, DPG, SCG, L40, HBC, CC1, DSH, L18, DC4, LHC, ICN, SJE, LCG, S55, HMS, TED, CIG, TCD, S99, PVV, FCN, C4G, DCF, HAN, TTL, HEC, SDT, C47, ACC, GTS, HVH, SC5, L10, VSI, VC6, CHS, PQN, LIG, CMS, TSA, TA9, G36, XMC, VIW, SRF, SD5, MST, PHC, BMK, DLR, VCC, ICG, HTN, VC2, DIH, DRH, LM8, CDC, ALV, PPS, PXS, HC1, V12, DC1, XLV, GH3, HFB, SD2, VC1, DC2, NDX, CT6, CH5, HU1, VE1, L12, E29, SJM, QTC, VE9, TV6, VSE, LMI, RCC, HTE, PXT, C92, PEN, PTD, CID, PVX, TA6, CDR, RCD, QCC, SCI, TL4, CDO, L63, PTO, VC9, TEL, LG9, CX8, CT3, PXI, CI5, TS3, ICI, MES, LM3, ACS, LCD, H11, VE4, VE3, CIP, MCO, PVA, S12, SDP, L35, VCE, SD7, VE2, CLG, LUT, HU3, HAS, LO5, L43, SD4, TST, VW3, E12, L45, PVH, VMC, MCG, SDD, LCS, VXB, VE8, LM7, MEC, UDC, SD6, L61, SHG, L62, VVN, TKC, DFF, C12, L44, NTB, S96, SD8, SDB, TNM, VC5

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

CCC

What Is Changing

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