ECO

Nhựa sinh thái Việt Nam ·UPCOM ·2026Q1

▼ Under pressure

Capital efficiency remains weak ROE 2.81%

Price

25,000

Latest close

02 Jun 2026

P/E 43.10x

P/B 2.20x

EPS 580

BVPS 11,386

ROE 4.3%

ROA 2.7%

Profit Margin 2.7%

Asset Turnover 0.99x

Equity Mult. 1.62x

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

What Is Changing

On a TTM 2026Q1 basis, ECO is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 459bn
	                                
−0.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
−7.3%YoY

Metric	2025	2024	2023	2022
Revenue	467.3	454.1	276.5	141.5
Growth	+3%	+64%	+95%	—
Net Income	13.2	14.1	12.5	1.1
Net Margin	2.83%	3.11%	4.51%	0.76%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	99.7	109.9	116.2	133.1	108.0	133.5	112.6	106.0
Growth	-9%	-5%	-13%	+23%	-19%	+19%	+6%	—
Net Income	2.0	2.7	5.1	2.4	2.9	3.8	3.3	3.1
Net Margin	1.99%	2.45%	4.41%	1.79%	2.66%	2.88%	2.93%	2.96%

Drivers of ECO's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 10.6bn

Financial income ↑ 1.4bn

Finance costs ↑ 8.3bn

Selling expenses ↑ 1.9bn

Administrative expenses ↑ 1.6bn

Tax ↑ 0.6bn

TTM

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

Selling expenses ↓ 0.6bn

Gross profit ↑ 0.4bn

Tax ↓ 0.2bn

Financial income ↓ 0.9bn

Administrative expenses ↑ 0.6bn

Finance costs ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 2.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 2.66% −0.2pp

Gross Margin 8.51% +2.3pp

SG&A / Revenue 4.00% +0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 2.81%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 2.81% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.81% —

NOPAT Margin 2.52% −0.1pp

Capital Turnover 1.12x —

Average Invested Capital 410.8bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.86x equity, net debt at 0.40x equity.

Inventory ended the period at 84.6bn, roughly 19.0% of total assets.

Over the last 12 months, working capital absorbed 13.5bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +11.9bn

Inventories increased → lower CFO: −40.8bn

Payables increased → higher CFO: +15.4bn

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 95.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 26.6 days —

Inventory 84.5 days —

Payables 15.5 days —

Cash Conversion Cycle 95.6 days —

Is financial risk significant?

Leverage is safe but FCF is negative at 53.6bn due to capex of 70.7bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.40x and interest coverage only at 0.94x.

At present, short-term debt accounts for 57.6% of total debt, cash equals 19.6% of debt, and total debt stands at 168.1bn.

Watchpoints

Interest coverage is thin

Interest coverage is 0.94x, leaving limited room to absorb financing costs.

Cash buffer is thin relative to debt

Cash / debt stands at 19.6%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.40x −0.11x

Interest Coverage 0.94x −0.95x

Cash / Debt 19.6% +9.5pp

Short-term Debt / Total Debt 57.6% −16.9pp

CFO / NI 1.40x +10.96x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -44.3bn in 2025, against investing cash flow of -87.4bn.

Post-investment cash flow was negative +131.7bn. Financing cash flow was positive +117.8bn.

CFO / net income was 1.40x.

After spending +70.7bn on fixed-asset investment, the business generated trailing free cash flow of −53.6bn.

Cash Conversion

CFO TTM 17.1bn +143.0bn

Cash Capex 70.7bn —

FCF TTM −53.6bn —

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 capital efficiency remains weak remaining the main constraint, with ROIC at 2.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 1.40x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.40x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022
Revenue	468.0	454.3	276.5	141.5
Revenue Deductions	0.7	0.2	0.0	0.1
Net Revenue	467.3	454.1	276.5	141.5
Cost of Goods Sold	428.9	424.2	252.7	133.9
Gross Profit	38.4	29.9	23.9	7.6
Financial Income	11.9	8.7	3.8	1.3
Financial Expenses	16.0	7.6	3.7	3.3
Interest Expense	9.9	2.4	2.2	1.7
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0
Selling Expenses	10.0	7.7	4.8	2.7
General and Administrative Expenses	7.6	6.3	3.9	1.8
Operating Profit	16.8	17.0	15.3	1.1
Other Income	2.6	1.2	0.7	0.0
Other Expenses	2.0	0.4	0.3	0.0
Other Profit	0.5	0.8	0.4	-0.0
Profit Before Tax	17.4	17.8	15.7	1.1
Current Income Tax Expense	4.2	3.7	3.2	0.1
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	13.2	14.1	12.5	1.1
Non-controlling Interest	-0.1	-0.0	0.0	0.0
Profit Attributable to Parent	13.3	14.1	12.5	1.1
Earnings per Share	663.00	705.00	624.00	163.00
Diluted EPS	663.00	705.00	624.00	163.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	323.1	256.8	207.1	193.6
I. Cash and cash equivalents	38.6	52.4	10.9	55.7
1. Cash	37.9	11.8	10.9	5.7
2. Cash equivalents	0.7	40.6	0.0	50.0
II. Short-term financial investments	50.7	45.4	69.3	3.0
1. Available for sale securities	7.6	28.3	37.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.9	-0.9	0.0	0.0
3. Held to maturity investments	45.0	18.0	31.4	3.0
III. Short-term receivables	138.5	87.6	84.1	120.1
1. Short-term trade accounts receivable	44.3	29.6	17.3	8.5
2. Short-term prepayments to suppliers	70.6	52.9	47.9	68.9
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	12.5	0.0	18.0	34.5
6. Other short-term receivables	11.1	5.0	0.9	8.2
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	84.6	68.9	40.8	11.5
1. Inventories	84.6	68.9	40.8	11.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	10.8	2.6	2.0	3.3
1. Short-term prepayments	0.4	0.3	0.3	1.0
2. Value added tax to be reclaimed	10.4	2.3	1.7	2.4
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)	122.2	58.4	57.0	52.2
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	10.2	17.1	24.9	20.2
1. Tangible fixed assets	10.2	17.1	12.8	20.2
- Cost	89.7	89.8	79.1	79.1
- Accumulated depreciation	-79.6	-72.6	-66.3	-58.9
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	—	0.0	12.1	0.0
- Cost	—	0.0	12.1	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
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	41.2	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	41.2	0.0	0.0	0.0
V. Long-term financial investments	32.0	32.0	32.0	32.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.0	32.0	32.0	32.0
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	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	38.8	9.3	0.1	0.1
1. Long-term prepayments	38.8	9.3	0.1	0.1
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)	445.4	315.2	264.1	245.8
A. LIABILITIES (300=210+330)	205.8	90.8	53.8	48.0
I. Short -term liabilities	142.0	86.0	53.8	48.0
1. Short-term trade accounts payable	15.7	19.1	7.4	10.9
2. Short-term advances from customers	6.9	5.9	0.8	1.9
3. Taxes and other payables to state authorities	4.2	3.4	2.7	0.1
4. Payable to employees	1.7	1.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.0
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	0.4	0.4	0.3	0.1
10. Short-term borrowings and financial leases	113.0	56.1	42.6	34.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	63.7	4.8	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
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	63.7	4.8	0.0	0.0
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	—	0.0	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)	239.6	224.4	210.3	197.8
I. Owner's equity	239.6	224.4	210.3	197.8
1. Owner's capital	200.0	200.0	200.0	200.0
- Common stock with voting right	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	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	—	0.0	0.0	0.0
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	37.7	24.4	10.3	-2.2
- Accumulated retained earning at the end of the previous period	24.4	10.3	-2.2	-3.3
- Undistributed earnings in this period	13.3	14.1	12.5	1.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	1.9	-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)	445.4	315.2	264.1	245.8

Item	2025	2024	2023	2022
Profit Before Tax	17.4	17.8	15.7	1.1
Depreciation of Fixed Assets and Investment Property	7.2	6.4	7.3	9.4
Provision (Increase)/Reversal	1.0	0.9	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	0.2	0.1	-0.0
Gain/Loss from Investment Activities	-1.5	-1.9	-1.3	-0.2
Interest Expense	9.9	2.4	2.2	1.7
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	34.2	25.9	24.0	12.0
Increase/(Decrease) in Receivables	-47.9	-21.8	20.3	-69.2
Increase/(Decrease) in Inventory	-15.7	-28.1	-29.3	15.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.5	17.8	-4.5	8.2
Increase/(Decrease) in Prepaid Expenses	-29.6	-9.2	0.7	-0.0
Changes in Trading Securities	20.6	9.6	-37.9	0.0
Interest Paid	-9.9	-2.4	-2.2	-1.7
Corporate Income Tax Paid	-3.5	-3.0	-0.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-44.3	-11.3	-29.5	-35.2
Payments for Fixed Assets and Other Long-term Assets	-50.5	-10.7	-12.1	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	12.5	0.0	-34.5
Loans and Purchases of Debt Instruments	-50.5	-46.6	-111.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	11.0	78.1	99.7	0.0
Investments in Other Entities	—	0.0	0.0	-32.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	1.5	1.2	1.2	0.1
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	-87.4	34.5	-22.9	-67.0
Proceeds from Equity Issuance and Capital Contributions	2,000,000,000.00	0.00	0.00	170,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	339.3	179.7	135.8	92.8
Repayment of Borrowings	-223.5	-161.3	-128.1	-109.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	117.8	18.4	7.7	153.1
Net Cash Flow During the Period	-13.9	41.5	-44.7	50.9
Cash and Cash Equivalents at Beginning of Period	52.4	10.9	55.7	4.8
FX Difference from Revaluation	-0.0	-0.0	0.0	-0.1
Cash and Cash Equivalents at End of Period	38.6	52.4	10.9	55.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	99.7	110.6	116.2	133.1	108.0	133.5	112.6	106.2
Revenue Deductions	—	0.7	—	—	—	0.0	0.0	0.2
Net Revenue	99.7	109.9	116.2	133.1	108.0	133.5	112.6	106.0
Cost of Goods Sold	92.1	103.2	103.2	121.5	100.7	124.0	107.8	99.2
Gross Profit	7.7	6.7	13.0	11.7	7.3	9.5	4.8	6.8
Financial Income	2.0	4.9	2.1	2.0	2.9	2.4	2.5	1.9
Financial Expenses	3.1	3.5	4.4	5.3	2.8	2.8	0.4	2.0
Interest Expense	2.1	2.4	—	2.2	1.6	0.8	0.6	0.5
Share of Associates and Joint Ventures	0.1	-0.1	—	-0.0	—	0.0	0.0	0.0
Selling Expenses	1.7	2.4	2.6	3.2	2.3	2.6	1.7	1.5
General and Administrative Expenses	2.4	2.3	2.0	1.7	1.8	2.6	1.2	1.2
Operating Profit	2.6	3.4	6.1	3.3	3.4	4.0	4.0	3.9
Other Income	0.4	0.7	0.6	0.8	0.4	0.9	0.1	0.1
Other Expenses	0.2	0.4	0.2	0.9	0.0	0.1	0.0	0.0
Other Profit	0.2	0.3	0.5	-0.1	0.4	0.8	0.1	0.1
Profit Before Tax	2.7	3.7	6.6	3.2	3.8	4.8	4.0	3.9
Current Income Tax Expense	0.7	1.0	1.5	0.8	0.9	1.0	0.7	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Net Income	2.0	2.7	5.1	2.4	2.9	3.8	3.3	3.1
Non-controlling Interest	-0.0	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0
Profit Attributable to Parent	2.0	2.7	5.1	2.4	2.9	3.8	3.3	3.1
Earnings per Share	69.00	135.00	257.00	119.00	144.00	192.14	164.94	157.09
Diluted EPS	66.71	135.60	257.05	119.99	144.16	192.14	164.94	157.09

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	400.7	321.0	315.0	318.9	295.6	255.0	231.5	233.9
I. Cash and cash equivalents	32.9	37.9	11.7	91.4	12.9	52.4	10.0	22.0
1. Cash	32.2	37.9	11.1	40.6	12.3	11.8	9.4	9.0
2. Cash equivalents	0.7	—	0.7	50.8	0.7	40.6	0.7	13.0
II. Short-term financial investments	87.0	51.4	32.9	28.1	30.4	45.4	36.0	35.4
1. Available for sale securities	7.8	7.6	16.7	18.4	21.1	28.3	29.0	28.4
2. Provision for diminution in value of available for sale securities (*)	-2.4	-1.9	-1.2	-1.5	-1.7	-0.9	0.0	0.0
3. Held to maturity investments	81.5	45.6	17.4	11.2	11.0	18.0	7.0	7.0
III. Short-term receivables	152.7	136.4	180.3	124.3	167.9	92.2	129.3	120.8
1. Short-term trade accounts receivable	38.0	42.3	35.7	53.9	28.9	29.6	28.9	37.7
2. Short-term prepayments to suppliers	101.6	70.6	71.5	62.4	54.9	57.8	67.5	63.1
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	—	12.5	—	—	—	0.0	20.1	19.8
6. Other short-term receivables	13.1	11.1	73.1	8.1	84.1	4.8	12.7	0.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0
IV. Inventories	117.6	84.6	82.5	69.6	76.9	62.4	50.8	50.8
1. Inventories	117.6	84.6	82.5	69.6	76.9	62.4	50.8	50.8
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	10.5	10.8	7.6	5.4	7.6	2.6	5.4	5.0
1. Short-term prepayments	0.2	0.3	0.4	0.3	0.4	0.3	0.5	0.6
2. Value added tax to be reclaimed	10.3	10.4	7.2	5.1	7.1	2.3	5.0	4.4
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)	141.2	122.3	92.5	85.0	87.3	88.9	62.3	54.1
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	9.1	10.2	11.6	13.3	15.2	17.1	28.6	22.0
1. Tangible fixed assets	9.1	10.2	11.6	13.3	15.2	17.1	16.5	10.0
- Cost	89.7	—	—	—	—	89.8	87.3	79.8
- Accumulated depreciation	-80.6	—	—	—	—	-72.6	-70.7	-69.9
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	—	—	—	—	—	0.0	12.1	12.1
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
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	61.4	41.2	9.6	0.0	—	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	61.4	41.2	9.6	0.0	—	0.0	0.0	0.0
V. Long-term financial investments	32.1	32.0	32.1	32.0	32.0	32.0	32.0	32.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	32.1	32.0	32.1	32.0	32.0	32.0	32.0	32.0
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	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	38.6	38.8	39.2	39.7	40.0	39.8	1.7	0.0
1. Long-term prepayments	38.6	38.8	39.2	39.7	40.0	39.8	1.7	0.0
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)	541.9	443.3	407.5	403.8	382.9	343.9	293.9	288.0
A. LIABILITIES (300=210+330)	200.3	203.7	170.6	172.2	153.7	119.7	75.4	71.8
I. Short -term liabilities	129.1	137.3	122.6	129.8	121.0	113.5	69.3	71.8
1. Short-term trade accounts payable	20.7	15.7	10.0	16.8	15.0	17.5	16.0	22.1
2. Short-term advances from customers	4.1	4.8	3.0	2.9	5.6	5.9	8.1	6.1
3. Taxes and other payables to state authorities	4.8	4.2	3.1	4.5	3.6	3.3	2.0	1.8
4. Payable to employees	0.8	1.7	—	—	—	0.0	0.0	0.0
5. Short-term acrrued expenses	1.1	0.1	1.2	1.4	0.5	31.6	0.0	0.0
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	0.7	0.4	0.2	0.2	0.5	0.4	0.1	0.9
10. Short-term borrowings and financial leases	96.9	110.3	105.1	104.0	95.7	54.7	43.0	40.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	71.3	66.4	47.9	42.4	32.7	6.2	6.1	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0
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	71.3	66.4	47.9	42.4	32.7	6.2	6.1	0.0
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	—	—	—	—	—	0.0	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)	341.6	239.6	236.9	231.7	229.3	224.2	218.4	216.2
I. Owner's equity	341.6	239.6	236.9	231.7	229.3	224.2	218.4	216.2
1. Owner's capital	300.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	299,999,850,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00	200,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	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	—	—	—	—	—	0.0	0.0	0.0
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	39.7	37.7	35.0	29.7	27.3	24.2	18.4	16.2
- Accumulated retained earning at the end of the previous period	37.7	24.4	24.4	24.4	24.4	10.3	10.3	10.3
- Undistributed earnings in this period	2.0	13.3	10.6	5.3	2.9	14.0	8.1	5.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	1.9	1.9	2.0	2.0	2.0	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)	541.9	443.3	407.5	403.8	382.9	343.9	293.9	288.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	2.7	3.7	6.6	3.3	3.8	7.4	4.0	6.1
Depreciation of Fixed Assets and Investment Property	1.1	1.4	2.0	1.9	1.9	1.9	1.6	2.9
Provision (Increase)/Reversal	0.5	0.7	-0.2	-0.2	0.8	0.9	-0.8	0.8
FX Gain/Loss from Revaluation of Monetary Items	—	0.2	0.0	-0.1	—	0.2	-0.2	0.3
Gain/Loss from Investment Activities	-1.1	-0.3	-0.5	-0.6	-0.1	-1.7	0.7	-0.7
Interest Expense	2.1	3.9	2.1	2.2	1.6	0.8	0.6	1.1
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	5.3	7.7	12.0	4.6	10.0	9.5	5.9	10.4
Increase/(Decrease) in Receivables	-25.7	49.8	-58.9	46.6	-85.5	19.4	-7.9	-38.5
Increase/(Decrease) in Inventory	-33.0	-2.1	-12.8	7.2	-8.0	-11.6	-0.3	-9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.6	20.5	-7.0	-0.7	-5.3	30.9	-4.7	20.4
Increase/(Decrease) in Prepaid Expenses	0.4	0.4	0.4	0.5	-30.9	-37.9	-1.7	-0.2
Changes in Trading Securities	-0.2	—	—	—	—	0.7	-0.6	9.5
Interest Paid	-2.3	-4.8	-1.3	-2.7	-1.2	-0.7	-0.6	-1.1
Corporate Income Tax Paid	—	0.0	-2.9	0.0	-0.6	-0.3	-0.4	-2.3
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-52.9	80.6	-68.8	58.2	-114.3	10.0	-10.2	-11.5
Payments for Fixed Assets and Other Long-term Assets	-20.2	-39.5	-11.0	-0.0	—	-2.5	-7.4	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.1	1.3	0.0	0.0	12.5	0.0	0.0
Loans and Purchases of Debt Instruments	-24.0	-44.0	-6.4	—	—	-11.0	-8.8	-26.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	4.0	0.0	0.0	7.0	20.1	8.5	49.4
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	2.0	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.3	0.6	0.2	0.4	1.5	-1.2	1.3
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	-44.1	-79.4	-17.5	2.2	7.4	20.6	-9.0	23.2
Proceeds from Equity Issuance and Capital Contributions	99,999,850,000.00	—	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	101.2	61.8	63.7	101.9	111.9	17.3	66.7	79.0
Repayment of Borrowings	-109.9	-38.1	0.0	-83.9	2.0	-5.5	-58.5	-80.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	91.3	25.7	6.6	18.1	67.4	11.8	8.2	-1.7
Net Cash Flow During the Period	-5.7	26.9	-79.7	78.5	-39.5	42.4	-10.9	10.0
Cash and Cash Equivalents at Beginning of Period	38.6	11.7	91.4	12.9	52.4	10.9	10.9	10.9
FX Difference from Revaluation	—	-0.0	0.1	-0.0	—	0.0	-0.1	0.1
Cash and Cash Equivalents at End of Period	32.9	38.6	11.7	91.4	12.9	52.4	10.0	21.0

Explore Other Stocks In The Same Sector

GVR, DGC, NTP, RTB, PHR, AAA, APH, PAT, DPR, TRC, CSV, DRG, DRI, BRR, HPP, PRT, NHH, HVT, ADP, HII, VTZ, TNC, SBR, HRC, SIV, PLP, HDA, HSP, PBT, PCH, IRC, VNP, SFN, HNP, SDN, VTQ, DMS, DPC, PGN, PCM, DVG, VHG, NSG, KTT, BQP, NHP

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

ECO

What Is Changing

Drivers of ECO'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