GSM

Thủy điện Hương Sơn ·UPCOM ·2026Q1

▲ Slightly positive

Earnings conversion is confirmed CFO/NPAT 2.15x

Price

30,500

Latest close

03 Jun 2026

P/E 7.71x

P/B 1.48x

EPS 3,954

BVPS 20,549

ROE 20.2%

ROA 14.8%

Profit Margin 48.6%

Asset Turnover 0.30x

Equity Mult. 1.37x

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

What Is Changing

On a TTM 2026Q1 basis, GSM is showing a few mildly positive signals versus the same period, though the magnitude is narrow — margins have been expanding consistently over multiple periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 233bn
	                                
+27.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 113bn
	                                
+24.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	230.4	156.7	124.4	174.3	150.0
Growth	+47%	+26%	-29%	+16%	—
Net Income	114.2	69.6	36.2	65.6	55.1
Net Margin	49.59%	44.42%	29.14%	37.62%	36.75%

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	51.1	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7
Growth	-31%	+41%	-3%	+12%	-37%	+110%	+96%	-16%	-56%	+100%	+73%	—
Net Income	21.0	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5
Net Margin	41.11%	55.54%	42.07%	52.26%	45.62%	62.47%	45.70%	14.56%	5.43%	54.03%	19.92%	-37.41%

Drivers of GSM's profit

TTM

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

Gross profit ↑ 31.9bn

Tax ↑ 5.3bn

Finance costs ↑ 4.8bn

TTM

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

Gross profit ↑ 2.7bn

Finance costs ↓ 0.7bn

Financial income ↑ 0.2bn

Tax ↑ 4.1bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.6% = 49.6% × 0.25 × 1.45

2026Q1 20.2% = 48.6% × 0.30 × 1.37

ROE rose from 17.6% to 20.2% — mainly driven by asset turnover, despite net margin and leverage moving in the opposite direction.

Net margin: 48.6% -1.1pp Asset turnover: 0.30x +0.06x Leverage: 1.37x -0.08x

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 narrowed to 48.55%, falling 1.1pp. SG&A / Revenue fell 1.1pp and Gross margin rose 0.8pp improved but not enough to offset the weakness in Net financial result / Revenue fell 1.1pp.

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 48.55% −1.1pp

Gross Margin 61.36% +0.8pp

SG&A / Revenue 3.64% −1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 15.3% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 15.26%, rising 2.6pp. That translates to 15.26 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.06x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 0.9pp; with invested capital holding roughly steady.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 15.26% +2.6pp

NOPAT Margin 48.56% −0.9pp

Capital Turnover 0.31x +0.06x

Average Invested Capital 740.3bn +26.2bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.32x equity, net debt at 0.26x equity.

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: —

Working Capital Efficiency

Cash conversion cycle lengthened by 21.3 days versus the same period last year. The main moves came from DIO fell 0.5 days, DSO rose 4.6 days, and DPO fell 17.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 105.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 128.6 days +4.6 days

Inventory 1.9 days −0.5 days

Payables 25.3 days −17.1 days

Cash Conversion Cycle 105.1 days +21.3 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.26x and interest coverage at 9.35x.

At present, short-term debt accounts for 7.1% of total debt, cash equals 4.5% of debt, and total debt stands at 162.9bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 4.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.26x −0.12x

Interest Coverage 9.35x −1.99x

Cash / Debt 4.5% +1.9pp

Short-term Debt / Total Debt 7.1% −14.5pp

CFO / NI 2.15x +2.33x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 206.8bn in 2025, against investing cash flow of -34.6bn.

Post-investment cash flow was positive +172.2bn. Financing cash flow was negative +120.7bn.

CFO / net income was 2.15x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 242.3bn +258.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 2.15x. The next item to monitor is capital efficiency, with ROIC at 15.3%. The main risk still sits in leverage and liquidity, with interest coverage at 9.35x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.15x.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.26x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	230.4	156.7	124.4	174.3	150.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	230.4	156.7	124.4	174.3	150.0
Cost of Goods Sold	90.4	71.0	72.5	80.7	0.0
Gross Profit	139.9	85.7	51.8	93.5	78.7
Financial Income	1.7	1.6	3.8	0.3	0.3
Financial Expenses	13.8	5.9	8.3	10.6	-14.1
Interest Expense	13.8	5.9	8.3	10.6	-14.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	7.7	7.6	8.9	9.0	-8.7
Operating Profit	120.1	73.8	38.4	74.2	56.2
Other Income	0.2	0.1	0.0	0.3	0.0
Other Expenses	0.0	0.0	0.1	5.1	0.0
Other Profit	0.2	0.1	-0.1	-4.8	1.8
Profit Before Tax	120.3	73.9	38.2	69.4	58.0
Current Income Tax Expense	6.0	4.3	2.0	3.9	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	114.2	69.6	36.2	65.6	55.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	114.2	69.6	36.2	65.6	55.1
Earnings per Share	4,000.00	2,437.00	1,269.00	2,295.00	1,930.00
Diluted EPS	3,999.77	2,437.19	1,268.71	2,295.37	1,929.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.3	131.7	127.6	167.6	145.8
I. Cash and cash equivalents	68.9	17.4	15.4	78.6	8.2
1. Cash	17.9	15.3	13.3	76.6	0.0
2. Cash equivalents	51.0	2.1	2.1	2.0	0.0
II. Short-term financial investments	0.0	2.6	47.4	2.3	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	0.0	2.6	47.4	2.3	0.0
III. Short-term receivables	57.7	111.2	62.4	86.0	133.1
1. Short-term trade accounts receivable	57.0	109.8	55.2	32.3	0.0
2. Short-term prepayments to suppliers	0.4	0.7	5.3	53.1	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	0.4	0.8	2.0	0.6	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	0.5	0.5	0.5	0.5	0.5
1. Inventories	0.5	0.5	0.5	0.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	1.9	0.2	0.2
1. Short-term prepayments	0.1	0.1	0.2	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	1.7	0.0	0.0
3. Taxes and other receivables from state authorities	0.0	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)	621.6	631.5	602.4	511.4	496.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	578.2	623.3	373.7	408.9	448.9
1. Tangible fixed assets	578.2	623.3	373.7	408.9	448.9
- Cost	1,088.8	1,085.1	797.7	797.1	0.0
- Accumulated depreciation	-510.5	-461.8	-424.0	-388.2	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	—	0.0	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	1.3	1.2	218.8	83.3	22.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	1.2	218.8	83.3	0.0
V. Long-term financial investments	34.4	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	34.4	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	7.8	7.1	9.9	19.2	0.0
1. Long-term prepayments	7.8	7.1	9.9	19.2	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	25.0
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)	748.9	763.3	730.0	679.0	642.0
A. LIABILITIES (300=210+330)	183.0	254.5	233.6	190.3	206.1
I. Short -term liabilities	31.6	87.7	70.8	54.3	68.3
1. Short-term trade accounts payable	6.2	8.5	7.3	3.3	3.1
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.5	9.0	4.1	4.8	0.0
4. Payable to employees	1.4	1.8	0.8	0.6	0.0
5. Short-term acrrued expenses	0.2	0.3	0.3	0.2	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	0.4	0.1	1.3	1.1	0.0
10. Short-term borrowings and financial leases	15.4	63.7	51.7	38.9	54.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	4.3	5.4	5.4	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	151.4	166.7	162.8	136.0	137.8
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	151.4	166.7	162.8	136.0	137.8
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	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)	565.9	508.8	496.3	488.7	435.9
I. Owner's equity	565.9	508.8	496.3	488.7	0.0
1. Owner's capital	285.6	285.6	285.6	285.6	435.9
- Common stock with voting right	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00
- 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	—	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	153.6	153.6	174.5	95.2	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	126.7	69.6	36.2	107.8	55.1
- Accumulated retained earning at the end of the previous period	12.5	0.0	0.0	42.3	31.1
- Undistributed earnings in this period	114.2	69.6	36.2	65.6	24.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	748.9	763.3	730.0	679.0	642.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	120.3	73.9	38.2	69.4	58.2
Depreciation of Fixed Assets and Investment Property	48.7	38.1	35.9	35.9	36.0
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	0.0
Gain/Loss from Investment Activities	-1.7	-1.7	-3.7	4.8	0.0
Interest Expense	13.8	5.9	8.3	10.6	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	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	181.1	116.2	78.8	120.7	108.0
Increase/(Decrease) in Receivables	53.2	-53.0	-13.3	84.3	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	2.4	-0.5	-3.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.7	2.9	9.3	5.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-13.9	-5.7	-8.3	-10.6	0.0
Corporate Income Tax Paid	-9.1	-1.8	-1.7	-3.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.7	-1.0	-0.0	-0.1	0.0
Net Cash Flow from Operating Activities	206.8	59.9	64.3	193.6	-15.7
Payments for Fixed Assets and Other Long-term Assets	-4.4	-64.5	-96.1	-97.2	-5.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-20.0	-50.0	-0.4	-0.8
Receipts from Loan Repayments and Sale of Debt Instruments	2.5	65.0	5.0	0.0	0.0
Investments in Other Entities	-34.4	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	1.7	2.7	2.5	0.2	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	-34.6	-16.7	-138.7	-97.4	-6.2
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	20.0	67.6	78.5	37.1	0.0
Repayment of Borrowings	-83.7	-51.7	-38.9	-54.8	0.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-57.0	-57.1	-28.6	-10.0	0.0
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	-120.7	-41.2	11.1	-27.7	0.5
Net Cash Flow During the Period	51.5	2.0	-63.3	68.5	-7.8
Cash and Cash Equivalents at Beginning of Period	17.4	15.4	78.6	10.1	29.5
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	68.9	17.4	15.4	78.6	8.2

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	51.1	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	51.1	74.4	52.7	54.4	48.8	78.1	37.1	19.0	22.7	51.1	25.5	14.7
Cost of Goods Sold	19.6	25.7	25.1	19.5	20.0	20.1	17.3	14.8	17.2	19.1	16.8	18.4
Gross Profit	31.5	48.7	27.6	35.0	28.8	57.9	19.8	4.2	5.5	31.9	8.7	-3.6
Financial Income	0.2	0.4	0.8	0.6	0.0	-0.1	0.4	1.2	0.0	1.3	0.2	2.3
Financial Expenses	2.9	3.3	3.2	3.8	3.6	2.9	0.8	1.1	1.2	1.6	1.9	2.5
Interest Expense	2.9	3.3	3.2	3.8	3.6	2.9	0.8	1.1	1.2	1.6	1.9	2.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.5	2.4	1.8	1.8	2.0	3.7	1.6	1.4	3.0	2.5	1.7	1.5
Operating Profit	26.2	43.5	23.4	30.0	23.2	51.3	17.9	2.9	1.3	29.1	5.4	-5.4
Other Income	—	0.0	—	—	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
Other Profit	—	-0.0	-0.0	-0.0	0.2	0.1	-0.0	-0.0	0.0	0.0	-0.0	-0.1
Profit Before Tax	26.2	43.5	23.4	29.9	23.4	51.3	17.9	2.9	1.3	29.1	5.4	-5.5
Current Income Tax Expense	5.2	2.2	1.2	1.5	1.2	2.6	0.9	0.2	0.1	1.5	0.3	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	21.0	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	21.0	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	5.1	-5.5
Earnings per Share	735.00	1,446.00	777.00	996.00	779.00	1,707.00	594.00	97.00	43.00	966.00	178.00	-193.00
Diluted EPS	735.01	1,446.32	776.78	996.17	779.46	1,707.17	594.19	96.72	43.13	966.21	178.07	-193.16

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)	158.2	127.3	141.7	155.9	141.4	132.1	67.4	115.4	124.8	136.8	121.5	148.9
I. Cash and cash equivalents	7.3	17.9	21.7	3.0	5.5	15.2	12.5	13.7	17.1	13.3	6.5	38.4
1. Cash	7.3	17.9	21.7	3.0	5.5	15.2	12.5	13.7	17.1	13.3	6.5	38.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	93.5	51.0	75.5	59.4	24.7	4.7	22.7	79.7	79.5	49.5	49.5	54.5
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	93.5	51.0	75.5	59.4	24.7	4.7	22.7	79.7	79.5	49.5	49.5	54.5
III. Short-term receivables	56.7	57.8	43.9	92.9	110.6	111.6	31.5	20.9	26.8	72.6	63.4	53.8
1. Short-term trade accounts receivable	55.2	57.0	42.3	91.6	108.7	108.6	28.3	14.5	15.5	55.2	36.5	18.1
2. Short-term prepayments to suppliers	1.2	0.4	0.9	0.6	1.4	2.2	2.2	4.5	9.3	15.2	25.9	32.7
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	0.4	0.3	0.3	0.3	0.4	0.7	0.7	0.7	0.7	0.7	0.8	0.8
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	—	0.1	0.4	0.4	0.1	0.1	0.3	1.2	1.2	1.6	0.2	2.2
IV. Inventories	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Inventories	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.2	0.1	0.2	0.2	0.2	0.1	0.2	0.7	0.9	1.0	1.7	1.8
1. Short-term prepayments	0.1	0.1	0.2	0.2	0.2	0.1	0.2	0.0	0.1	0.0	0.1	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.6	0.6	1.0	1.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.0	0.0	1.8
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)	608.6	621.6	633.1	611.4	620.8	630.6	612.3	613.5	602.8	593.5	563.9	551.7
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	566.1	577.4	589.6	601.3	611.7	619.3	348.2	356.0	365.0	373.7	382.7	390.8
1. Tangible fixed assets	566.1	577.4	589.6	601.3	611.7	619.3	348.2	356.0	365.0	373.7	382.7	390.8
- Cost	1,088.8	—	—	—	—	1,081.0	799.3	798.0	798.0	797.7	797.6	796.7
- Accumulated depreciation	-522.8	—	—	—	—	-461.7	-451.1	-442.0	-433.0	-424.0	-414.9	-405.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	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	1.3	1.3	1.3	1.0	2.4	1.2	255.5	251.2	229.7	209.9	172.3	148.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.3	1.3	1.3	1.0	2.4	1.2	255.5	251.2	229.7	209.9	172.3	148.7
V. Long-term financial investments	34.4	34.4	34.4	—	—	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	34.4	34.4	34.4	—	—	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	6.9	8.6	7.9	9.1	6.7	10.1	8.5	6.3	8.1	9.9	8.9	12.2
1. Long-term prepayments	6.9	8.6	7.9	9.1	6.7	10.1	8.5	6.3	8.1	9.9	8.9	12.2
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)	766.8	748.9	774.9	767.4	762.2	762.7	679.6	728.9	727.6	730.3	685.4	700.6
A. LIABILITIES (300=210+330)	179.9	183.2	193.1	207.8	231.1	253.7	219.3	228.6	230.0	233.8	216.5	208.5
I. Short -term liabilities	28.5	31.8	34.1	48.8	64.4	89.9	61.2	70.5	59.1	71.0	48.2	56.2
1. Short-term trade accounts payable	6.2	6.2	6.1	7.3	6.2	8.9	12.0	11.2	10.5	7.3	3.2	2.9
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	8.2	6.4	6.1	5.2	7.5	8.0	4.5	1.3	2.9	4.1	1.6	0.7
4. Payable to employees	1.5	1.6	1.2	1.7	0.5	1.7	0.5	0.4	0.9	0.8	0.4	0.5
5. Short-term acrrued expenses	—	0.2	0.1	0.8	—	0.3	0.0	0.2	0.0	0.3	0.0	0.2
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	0.3	0.4	0.6	0.2	0.3	0.1	0.1	0.4	0.6	1.5	0.3	0.0
10. Short-term borrowings and financial leases	11.5	15.4	17.6	30.5	45.7	66.7	38.8	51.7	38.8	51.7	37.5	46.6
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	0.7	1.6	2.3	3.0	4.1	4.3	5.3	5.3	5.4	5.4	5.4	5.4
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	151.4	151.4	159.0	159.0	166.7	163.7	158.1	158.1	170.9	162.8	168.3	152.2
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	151.4	151.4	159.0	159.0	166.7	163.7	158.1	158.1	170.9	162.8	168.3	152.2
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	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)	586.9	565.8	581.7	559.5	531.1	509.0	460.4	500.3	497.6	496.5	468.9	492.1
I. Owner's equity	586.9	565.8	581.7	559.5	531.1	509.0	460.4	500.3	497.6	496.5	468.9	492.1
1. Owner's capital	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6	285.6
- Common stock with voting right	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00	285,620,000,000.00
- 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	—	—	—	—	—	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	153.6	153.6	153.6	153.6	153.6	153.6	153.6	174.5	174.5	174.5	174.5	174.5
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	147.7	126.6	142.5	120.3	91.9	69.8	21.2	40.2	37.5	36.4	8.8	32.0
- Accumulated retained earning at the end of the previous period	126.7	85.3	120.3	91.9	69.6	21.1	4.2	37.5	36.2	8.8	0.0	28.6
- Undistributed earnings in this period	21.0	41.3	22.2	28.5	22.3	48.8	17.0	2.8	1.2	27.6	8.8	3.5
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)	766.8	748.9	774.9	767.4	762.2	762.7	679.6	728.9	727.6	730.3	685.4	700.6

Item	Q1'26	Q4'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	—	66.9	53.4	—	0.0	-4.3	4.3	0.0	38.2	-3.9	3.9	0.0
Depreciation of Fixed Assets and Investment Property	—	24.4	24.3	—	0.0	-18.0	18.0	0.0	35.9	-17.9	17.9	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0	-0.0	0.0
Gain/Loss from Investment Activities	—	-1.0	-0.7	—	0.0	1.2	-1.2	0.0	-3.7	2.2	-2.2	0.0
Interest Expense	—	6.4	7.4	—	0.0	-2.3	2.3	0.0	8.3	-4.8	4.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	—	96.7	84.4	—	0.0	-23.3	23.3	0.0	78.8	-24.5	24.5	0.0
Increase/(Decrease) in Receivables	—	34.5	18.7	—	0.0	-43.3	43.3	0.0	-13.3	-13.9	13.9	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	1.4	-2.5	—	0.0	3.1	-3.1	0.0	-0.5	4.1	-4.1	0.0
Increase/(Decrease) in Prepaid Expenses	—	1.3	-2.0	—	0.0	-3.8	3.8	0.0	9.3	-7.5	7.5	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-7.1	-6.8	—	0.0	2.3	-2.3	0.0	-8.3	4.8	-4.8	0.0
Corporate Income Tax Paid	-1.2	-3.7	-3.5	-1.9	0.0	1.8	-0.1	-1.8	-1.7	1.7	-0.2	-1.4
Other Operating Receipts	0.0	—	—	—	3.7	0.0	-0.9	0.9	0.0	0.0	-56.8	56.8
Other Operating Payments	-14.1	-1.3	12.3	-13.6	-15.6	0.0	10.2	-10.2	-0.0	0.0	10.8	-10.8
Net Cash Flow from Operating Activities	35.5	121.7	54.8	30.3	-16.5	-63.1	15.8	47.3	64.3	-35.3	-32.3	67.6
Payments for Fixed Assets and Other Long-term Assets	—	-1.8	-0.5	-2.1	-1.1	29.3	-28.8	-0.5	-96.1	47.4	16.7	-64.1
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	20.0	-20.0	0.0	-50.0	50.0	-50.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.3	2.2	—	0.0	0.0	0.0	0.0	5.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	1.3	0.4	0.0	0.2	-1.4	1.4	0.0	2.5	-0.1	0.1	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-42.2	-34.6	22.1	-22.1	17.1	47.9	-17.4	-30.5	-138.7	97.4	16.7	-114.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	0.0	10.0	10.0	15.0	-21.1	21.1	0.0	78.5	-42.1	42.1	0.0
Repayment of Borrowings	-3.8	-22.8	-32.9	-27.9	-12.9	25.8	-12.9	-12.9	-38.9	18.2	-9.1	-9.1
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-57.0	—	—	0.0	0.0	0.0	0.0	-28.6	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-3.8	-79.9	-22.9	-17.9	2.1	4.8	8.1	-12.9	11.1	-23.9	33.0	-9.1
Net Cash Flow During the Period	-10.5	7.3	54.0	-9.8	2.7	-10.4	6.6	3.8	-63.3	38.1	17.4	-55.6
Cash and Cash Equivalents at Beginning of Period	17.9	17.4	5.5	15.3	12.6	0.0	15.4	13.3	78.6	0.0	78.6	76.6
FX Difference from Revaluation	—	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.3	68.9	61.6	5.5	15.2	0.0	25.8	17.1	15.4	0.0	40.5	21.0

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GSM

What Is Changing

Drivers of GSM'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