CCL

Đầu tư và Phát triển Đô thị Dầu khí Cửu Long ·HOSE ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 7.03%, −7.85pp YoY

Price

4,300

Latest close

03 Jun 2026

P/E 11.79x

P/B 0.35x

EPS 365

BVPS 12,218

ROE 3.0%

ROA 1.8%

Profit Margin 7.0%

Asset Turnover 0.26x

Equity Mult. 1.64x

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

What Is Changing

On a TTM 2026Q1 basis, CCL is retaining some revenue, but margins are collapsing sharply — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 309bn
	                                
+7.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 22bn
	                                
−49.0%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -1.56x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	306.9	301.5	316.6	516.2	974.0
Growth	+2%	-5%	-39%	-47%	—
Net Income	28.4	42.4	57.7	56.1	78.0
Net Margin	9.26%	14.05%	18.22%	10.87%	8.01%

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	69.3	28.4	79.4	131.9	67.3	51.3	79.0	88.7	82.5	78.6	99.9	60.2
Growth	+144%	-64%	-40%	+96%	+31%	-35%	-11%	+8%	+5%	-21%	+66%	—
Net Income	8.2	-5.9	7.2	12.2	13.9	3.0	13.3	12.5	13.8	9.4	23.5	11.9
Net Margin	11.85%	-20.94%	9.11%	9.27%	20.68%	5.83%	16.77%	14.03%	16.68%	12.00%	23.50%	19.69%

Drivers of CCL's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Finance costs ↓ 4.1bn

Gross profit ↓ 34.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Gross profit ↓ 5.5bn

Finance costs ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.1% = 14.9% × 0.25 × 1.65

2026Q1 3.0% = 7.0% × 0.26 × 1.64

ROE fell from 6.1% to 3.0% — net margin weakened the most, though asset turnover still provided support.

Net margin: 7.0% -7.9pp Asset turnover: 0.26x +0.01x Leverage: 1.64x -0.00x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 7.03%, losing 7.9pp. The main pressure is Gross margin fell 13.9pp, outweighing the improvement in SG&A / Revenue fell 1.4pp (with additional support from Net financial result / Revenue rose 2.4pp and Other profit / Revenue rose 0.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 7.03% −7.9pp

Gross Margin 22.68% −13.9pp

SG&A / Revenue 2.95% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC fluctuates with handover cycles.

Is capital being deployed efficiently?

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

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.29x +0.01x

Average Invested Capital 1,062.5bn +48.3bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.65x equity, net debt at 0.52x equity.

Development inventory ended the period at 327.7bn, about 27.5% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.52x and interest coverage only at 0.98x.

At present, short-term debt accounts for 38.4% of total debt, cash equals 3.0% of debt, and total debt stands at 392.4bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is 0.98x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 3.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.52x +0.09x

Interest Coverage 0.98x −0.63x

Cash / Debt 3.0% +0.9pp

Short-term Debt / Total Debt 38.4% −13.5pp

CFO / NI -1.56x −1.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -37.2bn in 2025, against investing cash flow of -34.1bn.

Post-investment cash flow was negative +71.3bn. Financing cash flow was positive +70.2bn.

CFO / net income was -1.56x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 33.9bn −21.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.9 pp. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 7.03% after a 7.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	311.4	306.9	327.0	558.8	976.2
Revenue Deductions	4.5	5.3	10.4	42.6	0.0
Net Revenue	306.9	301.5	316.6	516.2	974.0
Cost of Goods Sold	231.3	195.9	196.4	389.7	0.0
Gross Profit	75.6	105.6	120.2	126.5	183.6
Financial Income	1.4	0.3	6.0	8.1	6.3
Financial Expenses	29.8	35.6	33.7	30.5	-27.2
Interest Expense	17.9	30.4	32.3	29.0	-27.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.2	6.2	13.2	21.5	-55.1
General and Administrative Expenses	7.6	7.7	8.4	13.3	-8.9
Operating Profit	38.5	56.6	70.9	69.2	98.8
Other Income	0.0	0.2	0.1	2.4	0.0
Other Expenses	2.4	3.2	0.1	1.1	0.0
Other Profit	-2.4	-3.1	0.0	1.3	-0.6
Profit Before Tax	36.1	53.5	71.0	70.5	98.1
Current Income Tax Expense	7.7	11.1	13.3	12.8	-20.1
Deferred Income Tax Expense	—	0.0	0.0	1.6	0.0
Net Income	28.4	42.4	57.7	56.1	78.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	28.4	42.4	57.7	56.1	78.0
Earnings per Share	429.00	640.00	968.38	1,014.00	916.00
Diluted EPS	429.00	711.04	968.38	1,014.00	1,642.25

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	728.0	927.9	962.2	1,147.3	1,120.9
I. Cash and cash equivalents	9.9	11.0	2.2	8.3	13.6
1. Cash	9.9	11.0	2.2	8.3	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.1	0.0	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	0.1	0.0	0.0	0.0	0.0
III. Short-term receivables	390.3	662.3	685.8	854.7	828.3
1. Short-term trade accounts receivable	86.1	167.1	130.8	279.6	0.0
2. Short-term prepayments to suppliers	268.1	389.6	369.4	370.2	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	43.0	65.8	0.0
6. Other short-term receivables	36.1	105.5	142.6	139.1	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	327.7	254.6	274.2	284.3	278.7
1. Inventories	327.7	254.6	274.2	284.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
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)	462.2	203.7	176.9	213.6	124.8
I. Long-term receivables	406.7	62.8	62.8	62.2	0.0
1. Long-term trade receivables	113.8	0.1	0.1	0.1	0.2
2. Long-term prepayments to suppliers	136.0	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	94.3	0.0	0.0	0.0	0.0
6. Other long-term receivables	62.7	62.7	62.7	62.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	7.5	8.1	8.9	14.0	14.8
1. Tangible fixed assets	5.1	5.7	6.5	8.6	9.4
- Cost	16.1	16.0	15.9	17.4	0.0
- Accumulated depreciation	-11.0	-10.3	-9.4	-8.8	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	2.3	2.3	2.3	5.3	5.3
- Cost	2.4	2.4	2.4	5.4	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	28.6	30.2	30.6	30.0	22.6
- Cost	43.4	43.4	42.3	40.2	0.0
- Accumulated depreciation	-14.8	-13.2	-11.7	-10.2	0.0
IV. Long-term assets in progress	19.4	102.6	73.8	101.6	77.5
1. Long-term production in progress	16.8	102.6	73.8	101.6	0.0
2. Construction in progress	2.5	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.6	0.7	0.7
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	0.6	0.7	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.3	5.2	0.0
1. Long-term prepayments	0.0	0.1	0.3	5.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.0
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)	1,190.2	1,131.6	1,139.1	1,360.9	1,245.7
A. LIABILITIES (300=210+330)	470.4	409.1	453.2	720.9	656.2
I. Short -term liabilities	235.5	276.9	256.6	511.6	544.5
1. Short-term trade accounts payable	4.2	7.5	1.7	53.1	119.2
2. Short-term advances from customers	24.4	2.5	59.8	124.6	32.9
3. Taxes and other payables to state authorities	10.2	22.4	18.5	31.9	0.0
4. Payable to employees	1.5	1.8	1.8	2.2	0.0
5. Short-term acrrued expenses	0.6	0.3	0.5	0.9	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	—	28.8	0.1	0.0	0.0
9. Other short-term payables	3.3	21.3	28.5	57.6	0.0
10. Short-term borrowings and financial leases	153.5	156.8	112.7	213.9	210.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	37.6	35.7	33.1	27.3	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	235.0	132.1	196.6	209.4	111.7
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	4.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	231.0	129.8	191.6	202.3	97.5
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	—	2.3	5.0	7.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	719.8	722.5	685.9	640.0	589.5
I. Owner's equity	719.8	722.5	685.9	640.0	0.0
1. Owner's capital	595.8	595.8	595.8	532.0	589.5
- Common stock with voting right	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	531,995,790,000.00	474,998,850,000.00
- 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	50.9	48.1	43.8	38.0	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	73.1	78.7	46.2	67.4	79.5
- Accumulated retained earning at the end of the previous period	50.3	44.8	0.1	22.5	17.0
- Undistributed earnings in this period	22.7	33.9	46.2	44.9	62.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	2.5	2.5
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)	1,190.2	1,131.6	1,139.1	1,360.9	1,245.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-14.4	-15.3	-21.2	-12.6	0.0
Other Operating Receipts	137.0	173.4	399.8	598.2	0.0
Other Operating Payments	-152.7	-137.8	-330.9	-297.5	0.0
Net Cash Flow from Operating Activities	-37.2	-17.5	-54.1	-113.9	38.5
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-2.1	-8.7	-2.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-26.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	9.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	38.0	0.0	0.0
Dividends and Interest Income Received	1.4	0.3	5.6	3.5	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	-34.1	43.9	41.5	0.2	-18.0
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	331.8	215.5	219.1	588.6	546.0
Repayment of Borrowings	-233.9	-233.1	-209.1	-480.3	-527.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-27.7	0.0	0.0	0.0	-44.1
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	70.2	-17.6	9.9	108.3	-25.9
Net Cash Flow During the Period	-1.1	8.8	-2.7	-5.3	-9.8
Cash and Cash Equivalents at Beginning of Period	11.0	2.2	4.8	13.6	18.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	9.9	11.0	2.2	8.3	13.6

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	70.8	32.9	79.4	131.9	67.3	53.5	79.0	91.8	82.5	81.9	99.9	65.9
Revenue Deductions	1.5	4.5	—	—	—	2.2	0.0	3.1	0.0	3.3	0.0	5.7
Net Revenue	69.3	28.4	79.4	131.9	67.3	51.3	79.0	88.7	82.5	78.6	99.9	60.2
Cost of Goods Sold	47.2	29.5	58.3	103.8	39.8	33.7	49.4	58.8	54.0	52.0	57.3	37.4
Gross Profit	22.1	-1.1	21.1	28.0	27.6	17.6	29.6	29.9	28.5	26.7	42.6	22.9
Financial Income	0.1	0.3	0.7	0.1	0.3	0.1	0.1	0.1	0.0	-1.1	0.1	5.8
Financial Expenses	9.3	1.7	10.2	10.1	7.7	10.1	8.4	9.3	7.6	8.6	7.2	9.2
Interest Expense	6.5	—	7.5	7.6	5.6	8.0	6.9	8.2	7.1	7.9	6.9	8.9
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	—	0.5	0.2	0.3	1.1	0.1	3.4	1.7	3.7	4.4	2.0
General and Administrative Expenses	2.0	2.3	1.7	1.9	2.0	2.3	1.8	1.7	1.9	2.7	1.9	2.7
Operating Profit	10.3	-4.8	9.4	16.0	17.9	4.3	19.5	15.6	17.3	10.7	29.3	14.8
Other Income	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	—	1.2	0.3	0.6	0.4	0.8	2.3	0.0	0.1	0.1	0.0	0.0
Other Profit	0.0	-1.1	-0.3	-0.6	-0.4	-0.6	-2.3	-0.0	-0.1	-0.1	0.1	0.0
Profit Before Tax	10.3	-5.9	9.1	15.4	17.5	3.7	17.2	15.6	17.2	10.6	29.4	14.8
Current Income Tax Expense	2.1	—	1.9	3.2	3.6	0.7	3.9	3.1	3.5	1.2	5.9	3.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.2	-5.9	7.2	12.2	13.9	3.0	13.3	12.5	13.8	9.4	23.5	11.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.2	-5.9	7.2	12.2	13.9	3.0	13.3	12.5	13.8	9.4	23.5	11.9
Earnings per Share	138.00	-99.75	121.34	205.09	234.00	50.17	222.42	208.99	230.92	158.39	441.54	222.92
Diluted EPS	138.00	-99.75	121.34	205.09	233.73	50.17	222.42	208.99	230.92	158.39	441.54	222.92

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)	735.5	563.0	878.6	838.0	969.0	927.9	1,002.5	1,003.5	988.9	962.2	950.4	910.8
I. Cash and cash equivalents	11.7	9.9	22.3	12.2	6.4	11.0	6.8	9.2	2.1	2.2	3.1	3.9
1. Cash	11.7	9.9	22.3	12.2	6.4	11.0	6.8	9.2	2.1	2.2	3.1	3.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.1	5.8	11.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.1	5.8	11.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	396.0	390.3	648.3	612.4	704.1	662.3	744.3	724.1	710.6	685.8	674.1	624.1
1. Short-term trade accounts receivable	91.5	86.1	259.3	243.7	190.9	167.1	170.5	163.4	134.2	130.8	122.7	109.3
2. Short-term prepayments to suppliers	264.8	268.1	255.6	225.7	410.9	389.6	408.8	400.5	398.2	369.4	366.6	371.6
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	43.0	43.0	43.0	43.0	43.0	43.0
6. Other short-term receivables	39.8	36.1	133.4	143.0	102.2	105.5	122.0	117.2	135.2	142.6	141.8	100.2
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	327.8	162.7	202.2	202.0	258.5	254.6	251.4	270.2	276.1	274.2	273.1	282.7
1. Inventories	327.8	162.7	202.2	202.0	258.5	254.6	251.4	270.2	276.1	274.2	273.1	282.7
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	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	479.3	627.2	304.1	320.0	178.1	203.7	176.0	177.1	180.5	176.9	183.2	204.5
I. Long-term receivables	317.4	413.4	62.8	62.8	62.8	62.8	62.8	62.8	62.8	62.8	62.8	62.1
1. Long-term trade receivables	110.7	113.8	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
2. Long-term prepayments to suppliers	144.0	142.7	—	—	—	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	—	94.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	62.7	62.7	62.7	62.7	62.7	62.7	62.7	62.7	62.7	62.7	62.7	62.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	7.3	7.5	7.4	7.6	7.8	8.1	8.3	8.4	8.7	8.9	9.1	9.6
1. Tangible fixed assets	5.0	5.1	5.1	5.3	5.5	5.7	6.0	6.1	6.3	6.5	6.8	7.3
- Cost	16.1	—	—	—	—	16.0	16.0	15.9	15.9	15.9	15.9	16.3
- Accumulated depreciation	-11.2	—	—	—	—	-10.3	-10.1	-9.8	-9.6	-9.4	-9.2	-9.0
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
- Cost	2.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	28.2	187.0	29.0	29.4	29.8	30.2	29.5	29.8	30.2	30.6	31.0	31.4
- Cost	43.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	27.7	19.4	204.9	220.2	77.6	102.6	75.2	75.3	78.0	73.8	77.0	94.3
1. Long-term production in progress	24.9	16.8	204.5	219.8	77.6	102.6	75.2	75.3	78.0	73.8	77.0	94.3
2. Construction in progress	2.8	2.5	0.4	0.4	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	98.7	—	—	—	—	0.0	0.0	0.6	0.6	0.6	0.6	0.6
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	98.7	—	—	—	—	0.0	0.0	0.6	0.6	0.6	0.6	0.6
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.3	2.8	6.4
1. Long-term prepayments	0.0	0.0	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.3	2.8	6.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,214.8	1,190.2	1,182.7	1,158.0	1,147.1	1,131.6	1,178.5	1,180.6	1,169.4	1,139.0	1,133.6	1,115.3
A. LIABILITIES (300=210+330)	486.8	470.4	458.5	440.3	439.0	407.6	457.2	471.2	469.8	453.0	456.1	458.9
I. Short -term liabilities	241.1	239.4	249.9	263.5	285.3	253.3	285.8	286.5	269.3	225.1	270.9	277.8
1. Short-term trade accounts payable	7.2	4.2	3.9	4.6	2.5	7.5	8.1	7.4	3.4	1.7	1.6	5.6
2. Short-term advances from customers	27.2	24.4	22.5	6.0	2.3	2.5	54.3	70.0	58.2	59.8	90.1	82.6
3. Taxes and other payables to state authorities	12.4	10.2	19.3	23.7	25.0	22.4	15.3	24.9	20.8	18.6	35.9	33.2
4. Payable to employees	1.4	1.5	1.0	1.0	1.3	1.8	1.3	1.0	0.8	1.8	0.7	0.8
5. Short-term acrrued expenses	—	0.6	0.5	0.9	—	0.3	1.0	0.7	0.5	0.3	0.5	2.4
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	—	—	—	26.7	29.6	28.8	0.0	0.0	0.0	0.1	0.0	0.0
9. Other short-term payables	4.9	7.3	10.5	9.6	25.8	19.8	67.6	45.3	34.8	28.5	28.3	32.0
10. Short-term borrowings and financial leases	150.6	153.5	153.5	153.2	163.4	134.5	102.8	103.2	119.3	81.3	81.8	91.3
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	37.4	37.6	38.6	38.0	35.4	35.7	35.4	34.0	31.4	33.1	32.1	29.8
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	245.7	231.0	208.6	176.7	153.6	154.4	171.5	184.7	200.5	227.9	185.1	181.1
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	4.0	—	2.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	241.8	231.0	204.1	174.9	151.4	152.1	166.4	179.6	195.4	222.9	178.0	174.0
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	—	—	1.8	1.8	2.3	2.3	5.0	5.0	5.0	5.0	7.1	7.1
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	728.0	719.7	724.2	717.7	708.1	724.0	721.3	709.4	699.6	686.0	677.5	656.4
I. Owner's equity	728.0	719.7	724.2	717.7	708.1	724.0	721.3	709.4	699.6	686.0	677.5	656.4
1. Owner's capital	595.8	595.8	595.8	595.8	595.8	595.8	595.8	595.8	595.8	595.8	532.0	532.0
- Common stock with voting right	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	595,814,180,000.00	531,995,790,000.00	531,995,790,000.00
- 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	50.9	50.9	51.4	50.7	48.1	48.1	47.8	46.4	43.8	43.8	42.9	40.5
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	81.3	73.0	77.0	71.2	64.2	80.1	77.7	67.2	60.0	46.4	102.6	83.9
- Accumulated retained earning at the end of the previous period	73.1	50.3	48.9	50.3	50.3	46.2	46.2	46.2	46.2	0.1	63.9	63.9
- Undistributed earnings in this period	8.2	22.7	28.1	20.9	13.9	33.9	31.5	21.0	13.8	46.3	38.8	20.0
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)	1,214.8	1,190.2	1,182.7	1,158.0	1,147.1	1,131.6	1,178.5	1,180.6	1,169.4	1,139.0	1,133.6	1,115.3

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
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	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	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-6.8	-7.1	-0.5	0.0	-15.3	0.0	0.0	-19.6	-1.6	0.0
Other Operating Receipts	4.4	—	—	—	—	34.5	57.6	53.6	27.8	233.4	16.9	111.9
Other Operating Payments	-8.5	-33.9	-12.4	-57.0	-49.4	-65.1	-25.6	-27.4	-19.7	-88.4	-97.8	-116.7
Net Cash Flow from Operating Activities	-2.0	-9.8	-25.8	3.7	-5.3	-56.3	10.5	38.9	-10.6	-43.6	8.9	-32.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	-2.1	1.6	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	-38.0	38.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	32.7	-32.7	38.0
Dividends and Interest Income Received	0.1	0.3	0.7	0.1	0.3	0.1	0.1	0.1	0.0	5.6	-11.2	10.8
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	-4.2	-29.4	6.4	-11.3	0.3	43.1	0.7	0.1	0.0	-1.8	-4.2	47.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	-46,124,093,645.00	46,124,093,645.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	94.5	73.4	102.3	89.8	66.2	189.1	-57.6	30.1	53.9	104.5	50.9	-41.3
Repayment of Borrowings	-86.6	-46.6	-72.7	-76.5	-38.1	-125.6	-2.1	-62.0	-43.4	-60.1	-56.4	27.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-27.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.9	26.8	29.6	13.3	0.5	17.4	-13.6	-31.9	10.5	44.4	-5.5	-14.0
Net Cash Flow During the Period	1.8	-12.4	10.1	5.7	-4.5	4.2	-2.4	7.1	-0.1	-1.0	-0.8	0.4
Cash and Cash Equivalents at Beginning of Period	9.9	22.3	12.2	6.4	11.0	2.2	2.2	2.2	2.2	4.8	4.8	4.8
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	11.7	9.9	22.3	12.2	6.4	11.0	6.8	9.2	2.1	2.2	3.1	3.9

Explore Other Stocks In The Same Sector

VHM, KDH, NLG, HDC, PDR, VPI, AGG, SJS, NDN, CRV, HPX, TDH, HQC, RGG, NTL, CNT, API, HD2, NBB, UDJ, HD8, DTA, FIR, VRC, SLD, PXA, TTB, MBT, VNI, PPI, HTT, VPH, STL

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

CCL