IST

ICD Tân Cảng Sóng Thần ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 16.92%, +2.76pp YoY

Price

34,400

Latest close

04 Jun 2026

P/E 7.47x

P/B 1.76x

EPS 4,607

BVPS 19,572

ROE 32.7%

ROA 16.8%

Profit Margin 16.9%

Asset Turnover 0.99x

Equity Mult. 1.95x

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

What Is Changing

On a TTM 2026Q1 basis, IST has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.

	                            
	                                TTM REVENUE
	                            
	                                    VND 526bn
	                                
+11.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 89bn
	                                
+33.0%YoY

Metric	2025	2024	2023	2022	2021
Revenue	512.3	455.4	417.2	381.9	338.5
Growth	+12%	+9%	+9%	+13%	—
Net Income	82.5	65.5	54.9	50.0	41.9
Net Margin	16.10%	14.39%	13.16%	13.10%	12.39%

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	132.0	129.1	128.0	137.2	118.0	123.7	113.2	118.1	100.4	113.6	87.1	91.2
Growth	+2%	+1%	-7%	+16%	-5%	+9%	-4%	+18%	-12%	+30%	-5%	—
Net Income	23.5	13.3	25.0	27.2	16.9	13.5	17.3	19.3	15.5	14.1	17.3	8.5
Net Margin	17.79%	10.31%	19.56%	19.83%	14.35%	10.89%	15.25%	16.32%	15.42%	12.41%	19.84%	9.28%

Drivers of IST's profit

TTM

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

Gross profit ↑ 29.3bn

Tax ↑ 5.1bn

Selling expenses ↑ 2.4bn

TTM

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

Gross profit ↑ 9.7bn

Tax ↑ 1.6bn

Administrative expenses ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.1% = 14.2% × 0.94 × 2.10

2026Q1 32.7% = 16.9% × 0.99 × 1.95

ROE rose from 28.1% to 32.7% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 16.9% +2.8pp Asset turnover: 0.99x +0.05x Leverage: 1.95x -0.16x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 16.92%, rising 2.8pp. The main driver is Gross margin rose 2.7pp and SG&A / Revenue fell 0.3pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.5pp added support while Other profit / Revenue fell 0.2pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 16.92% +2.8pp

Gross Margin 30.68% +2.7pp

SG&A / Revenue 10.63% −0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC expanded to 39.80%, rising 5.6pp. That translates to 39.80 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.9pp, with capital turnover fell 0.09x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 39.80% +5.6pp

NOPAT Margin 16.89% +2.9pp

Capital Turnover 2.36x −0.09x

Average Invested Capital 223.3bn +30.2bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.97x equity, with a net cash position equivalent to 0.11x 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

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

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

Watchpoints

Receivables collection is slowing

DSO increased by +3.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 47.5 days +3.9 days

Inventory — —

Payables 41.1 days −4.6 days

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 49.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.11x and interest coverage at 118.50x.

At present, short-term debt accounts for 37.3% of total debt, cash equals 377.9% of debt, and total debt stands at 11.8bn.

Leverage and liquidity trend

Net Debt / Equity -0.11x +0.15x

Interest Coverage 118.50x +80.14x

Cash / Debt 377.9% +38.7pp

Short-term Debt / Total Debt 37.3% −40.0pp

CFO / NI 0.25x −1.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 49.3bn in 2025, against investing cash flow of -16.1bn.

Post-investment cash flow was positive +33.2bn. Financing cash flow was negative +50.8bn.

CFO / net income was 0.25x.

After spending +23.1bn on fixed-asset investment, the business generated trailing free cash flow of −0.8bn.

Cash Conversion

CFO TTM 22.4bn −74.6bn

Cash Capex 23.1bn +2.5bn

FCF TTM −0.8bn −77.2bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.8 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 16.92% after expanding 2.8pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 0.8bn.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	512.3	455.4	417.2	381.9	338.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	512.3	455.4	417.2	381.9	338.5
Cost of Goods Sold	359.9	325.7	303.1	274.5	0.0
Gross Profit	152.4	129.8	114.2	107.4	105.0
Financial Income	6.2	4.4	3.7	2.8	0.5
Financial Expenses	1.1	2.4	4.5	5.9	-6.7
Interest Expense	1.1	2.4	4.5	5.7	-6.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	5.9	3.5	2.6	3.1	-2.9
General and Administrative Expenses	49.1	46.9	41.9	41.8	-44.0
Operating Profit	102.4	81.4	68.8	59.4	51.9
Other Income	0.6	1.0	0.2	4.5	0.0
Other Expenses	0.0	0.2	0.6	0.6	0.0
Other Profit	0.6	0.8	-0.4	4.0	0.2
Profit Before Tax	103.0	82.2	68.4	63.3	52.0
Current Income Tax Expense	20.5	16.7	13.5	13.3	-10.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	82.5	65.5	54.9	50.0	41.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	82.5	65.5	54.9	50.0	41.9
Earnings per Share	4,475.00	3,487.00	3,625.00	3,296.00	2,782.00
Diluted EPS	4,475.00	3,487.00	3,625.00	3,296.00	3,490.73

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	156.2	168.2	125.3	154.6	128.1
I. Cash and cash equivalents	72.5	90.1	48.7	55.8	36.8
1. Cash	12.5	15.1	23.7	45.8	0.0
2. Cash equivalents	60.0	75.0	25.0	10.0	0.0
II. Short-term financial investments	—	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	72.3	78.1	76.3	86.6	91.1
1. Short-term trade accounts receivable	58.2	56.3	55.0	66.5	0.0
2. Short-term prepayments to suppliers	3.3	1.3	0.4	1.1	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	12.7	22.4	27.3	21.8	0.0
7. Provision for short-term doubtful debts (*)	-1.9	-1.9	-6.5	-2.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.3
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	11.4	0.0	0.3	12.3	0.0
1. Short-term prepayments	9.2	0.0	0.3	12.3	0.0
2. Value added tax to be reclaimed	2.1	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)	385.9	355.6	334.8	336.9	370.0
I. Long-term receivables	24.9	25.6	26.8	31.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	38.0
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	24.9	25.6	26.8	31.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	115.3	125.5	134.9	167.3	201.2
1. Tangible fixed assets	114.8	125.5	134.9	167.3	201.0
- Cost	485.7	460.5	435.5	432.0	0.0
- Accumulated depreciation	-370.9	-335.0	-300.6	-264.7	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.4	0.0	0.0	0.0	0.1
- Cost	5.9	5.5	5.5	5.5	0.0
- Accumulated depreciation	-5.5	-5.5	-5.5	-5.4	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	1.4	0.0	0.0	0.0	0.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.4	0.0	0.0	0.0	0.0
V. Long-term financial investments	18.8	18.8	18.8	18.8	18.8
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.4	12.4	12.4	12.4	0.0
3. Investments in other entities	6.5	6.5	6.5	6.5	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	225.5	185.6	154.2	119.0	0.0
1. Long-term prepayments	225.5	185.6	154.2	119.0	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	111.9
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)	542.1	523.7	460.1	491.5	498.1
A. LIABILITIES (300=210+330)	267.3	286.2	247.5	291.7	323.2
I. Short -term liabilities	167.2	183.3	126.6	148.8	153.3
1. Short-term trade accounts payable	57.5	57.0	40.4	63.4	72.0
2. Short-term advances from customers	0.3	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.7	4.7	3.8	3.2	0.0
4. Payable to employees	17.9	26.1	12.3	11.3	0.0
5. Short-term acrrued expenses	57.6	53.0	38.7	43.8	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.6	0.8	1.3	0.0	0.0
9. Other short-term payables	13.7	14.4	6.0	4.5	0.0
10. Short-term borrowings and financial leases	4.4	21.3	19.5	19.5	14.6
11. Provision for short-term liabilities	—	0.1	0.0	0.0	0.0
12.. Bonus and welfare fund	8.5	5.9	4.4	3.2	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	100.0	103.0	120.9	142.9	170.0
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	90.3	90.2	96.5	98.9	0.0
8. Long-term borrowings and financial leases	8.5	11.6	24.4	43.9	68.3
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	1.2	1.2	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)	274.8	237.5	212.6	199.8	174.9
I. Owner's equity	274.8	237.5	212.6	199.8	0.0
1. Owner's capital	150.1	150.1	120.1	120.1	174.9
- Common stock with voting right	150,084,920,000.00	150,084,920,000.00	120,086,720,000.00	120,086,720,000.00	120,086,720,000.00
- 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	80.6	52.6	65.4	46.4	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	44.2	34.8	27.1	33.4	32.5
- Accumulated retained earning at the end of the previous period	1.8	0.0	0.0	8.9	0.0
- Undistributed earnings in this period	42.4	34.8	27.1	24.5	32.5
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	542.1	523.7	460.1	491.5	498.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	103.0	82.2	68.4	63.3	0.0
Depreciation of Fixed Assets and Investment Property	37.7	34.5	35.9	37.1	0.0
Provision (Increase)/Reversal	—	-3.3	3.6	1.1	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	-6.5	-4.4	-3.6	-1.7	0.0
Interest Expense	1.1	2.4	4.5	5.7	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	135.3	111.4	108.9	105.6	0.0
Increase/(Decrease) in Receivables	5.3	4.0	11.6	11.4	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-5.9	43.4	-29.7	-17.0	0.0
Increase/(Decrease) in Prepaid Expenses	-49.2	-31.1	-23.3	-7.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-2.4	-4.6	-5.7	0.0
Corporate Income Tax Paid	-19.8	-14.7	-11.8	-14.0	0.0
Other Operating Receipts	0.3	0.0	0.0	0.0	0.0
Other Operating Payments	-15.7	-11.6	-10.1	-10.8	0.0
Net Cash Flow from Operating Activities	49.3	99.1	41.0	61.9	67.9
Payments for Fixed Assets and Other Long-term Assets	-22.6	-23.4	-1.4	-2.3	-3.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	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
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.1	4.4	3.6	1.8	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	-16.1	-19.0	2.2	-0.5	-3.4
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	12.9	8.9	0.0	0.0	0.0
Repayment of Borrowings	-32.8	-20.0	-19.5	-19.5	-19.5
Repayment of Finance Leases	—	0.0	-30.8	0.0	0.0
Dividends Paid	-30.8	-27.6	0.0	-22.8	-40.8
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	-50.8	-38.7	-50.3	-42.3	-60.3
Net Cash Flow During the Period	-17.6	41.4	-7.1	19.0	0.7
Cash and Cash Equivalents at Beginning of Period	90.1	48.7	55.8	36.8	32.6
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	72.5	90.1	48.7	55.8	36.8

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	132.0	129.1	128.0	137.2	118.0	123.7	113.2	118.1	100.4	113.6	87.1	91.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	132.0	129.1	128.0	137.2	118.0	123.7	113.2	118.1	100.4	113.6	87.1	91.2
Cost of Goods Sold	90.1	91.0	88.1	95.6	85.8	84.1	83.1	87.8	70.6	77.9	56.6	74.7
Gross Profit	41.9	38.1	39.9	41.6	32.2	39.6	30.1	30.3	29.8	35.7	30.4	16.5
Financial Income	0.6	1.3	3.5	0.9	0.4	0.4	3.0	0.8	0.2	2.0	0.3	1.3
Financial Expenses	0.2	0.0	0.3	0.4	0.4	0.5	0.6	0.6	0.6	0.8	1.0	1.3
Interest Expense	0.2	0.0	0.3	0.4	0.4	0.5	0.6	0.6	0.6	0.8	1.0	1.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	4.3	0.7	0.2	0.7	1.7	0.9	0.2	0.7	1.2	0.3	0.4
General and Administrative Expenses	12.4	18.5	11.2	8.0	10.8	21.3	10.1	6.1	9.3	18.2	7.9	5.5
Operating Profit	29.3	16.5	31.3	33.9	20.7	16.4	21.5	24.2	19.3	17.5	21.5	10.6
Other Income	0.0	0.1	0.0	0.1	0.4	0.9	0.1	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	0.0	0.1	0.4	0.8	0.1	-0.1	0.0	0.0	0.1	0.0
Profit Before Tax	29.3	16.5	31.3	34.0	21.2	17.2	21.6	24.1	19.3	17.5	21.6	10.6
Current Income Tax Expense	5.9	3.2	6.3	6.8	4.2	3.7	4.3	4.8	3.9	3.4	4.3	2.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	23.5	13.3	25.0	27.2	16.9	13.5	17.3	19.3	15.5	14.1	17.3	8.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	23.5	13.3	25.0	27.2	16.9	13.5	17.3	19.3	15.5	14.1	17.3	8.5
Earnings per Share	1,259.00	681.00	1,373.00	1,294.00	929.00	898.00	1,160.00	1,294.00	1,039.00	905.00	1,153.00	565.00
Diluted EPS	1,259.00	886.58	1,668.10	1,812.68	1,128.54	897.71	1,438.05	1,605.32	1,288.41	1,174.25	1,438.78	704.63

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)	155.8	156.4	180.8	195.8	167.1	168.2	154.4	168.9	139.9	125.6	123.3	136.9
I. Cash and cash equivalents	44.5	72.5	99.8	113.9	93.3	90.1	89.8	84.2	63.5	48.7	53.8	58.6
1. Cash	19.5	12.5	16.8	28.9	23.3	15.1	44.8	34.2	33.5	23.7	33.8	48.6
2. Cash equivalents	25.0	60.0	83.0	85.0	70.0	75.0	45.0	50.0	30.0	25.0	20.0	10.0
II. Short-term financial investments	10.0	—	—	—	—	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	10.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	90.9	72.5	75.7	78.6	73.5	78.1	63.8	84.1	75.8	76.6	68.7	71.6
1. Short-term trade accounts receivable	79.0	58.2	57.0	63.0	58.0	56.3	45.7	58.0	54.9	55.0	46.8	52.9
2. Short-term prepayments to suppliers	1.1	3.5	2.9	2.0	0.4	1.3	4.5	9.9	4.7	0.7	2.5	1.1
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	12.7	12.7	17.7	15.5	17.0	22.4	15.6	18.3	22.4	27.3	22.3	20.3
7. Provision for short-term doubtful debts (*)	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-2.0	-6.1	-6.5	-2.8	-2.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	10.4	11.4	5.2	3.2	0.3	0.0	0.8	0.6	0.6	0.3	0.8	6.7
1. Short-term prepayments	10.4	9.2	5.2	3.0	0.3	0.0	0.3	0.4	0.6	0.3	0.8	6.7
2. Value added tax to be reclaimed	—	2.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	0.2	—	0.0	0.5	0.2	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	374.9	385.8	350.9	357.9	362.6	355.6	355.7	333.1	333.1	334.8	339.1	328.2
I. Long-term receivables	23.9	24.7	24.7	24.8	25.6	25.6	25.7	25.0	25.6	26.8	28.1	29.3
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	23.9	24.7	24.7	24.8	25.6	25.6	25.7	25.0	25.6	26.8	28.1	29.3
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	107.2	115.3	106.7	112.5	117.6	125.5	112.2	118.1	126.8	134.9	140.3	149.3
1. Tangible fixed assets	106.5	114.8	106.7	112.5	117.6	125.5	112.2	118.1	126.8	134.9	140.3	149.3
- Cost	486.1	—	—	—	—	460.5	439.1	436.4	436.4	435.5	432.0	432.0
- Accumulated depreciation	-379.6	—	—	—	—	-335.0	-326.9	-318.3	-309.5	-300.6	-291.7	-282.7
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	0.7	0.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	6.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-5.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.8	1.4	0.2	—	3.4	0.0	14.6	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	1.4	0.2	—	3.4	0.0	14.6	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	18.8	18.8	18.8	18.8	18.8	18.8	18.8	18.8	18.8	18.8	18.8	18.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4	12.4
3. Investments in other entities	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
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	222.2	225.5	200.4	201.8	197.2	185.6	184.3	171.1	161.8	154.2	151.8	130.8
1. Long-term prepayments	222.2	225.5	200.4	201.8	197.2	185.6	184.3	171.1	161.8	154.2	151.8	130.8
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)	530.8	542.1	531.7	553.7	529.7	523.7	510.1	502.0	473.0	460.4	462.4	465.1
A. LIABILITIES (300=210+330)	237.0	267.3	269.9	312.5	278.3	286.0	283.0	261.2	248.0	247.9	260.7	265.3
I. Short -term liabilities	140.6	167.2	177.9	215.2	180.5	183.0	174.2	156.3	134.9	126.9	135.1	134.8
1. Short-term trade accounts payable	31.1	57.5	29.5	41.6	51.0	57.0	33.4	32.2	34.3	39.9	21.1	23.4
2. Short-term advances from customers	0.0	0.3	0.0	0.0	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.3	6.7	8.5	8.1	3.9	4.8	5.5	5.5	4.1	4.0	12.4	6.6
4. Payable to employees	11.1	17.9	13.6	13.2	16.1	26.0	12.0	11.0	7.8	12.3	10.0	4.1
5. Short-term acrrued expenses	66.7	57.6	64.6	61.0	57.5	53.0	55.4	47.3	44.7	39.4	47.4	53.0
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	—	0.6	1.6	2.4	—	0.8	2.7	7.9	9.6	1.3	4.0	5.6
9. Other short-term payables	15.6	13.7	14.1	46.2	15.4	14.4	12.2	13.3	7.5	6.0	17.2	21.0
10. Short-term borrowings and financial leases	4.4	4.4	16.4	16.4	21.3	21.3	19.5	19.5	19.5	19.5	19.5	19.5
11. Provision for short-term liabilities	—	—	20.5	18.6	10.9	0.1	27.7	16.0	5.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	8.5	9.2	7.6	4.4	5.6	5.6	3.4	2.4	4.4	3.6	1.5
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	96.4	100.0	92.0	97.3	97.8	103.0	108.8	104.9	113.0	120.9	125.6	130.5
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	87.8	90.3	90.3	90.3	90.3	90.2	90.2	90.3	93.5	96.5	96.3	96.3
8. Long-term borrowings and financial leases	7.4	8.5	0.4	5.8	6.2	11.6	18.6	14.7	19.5	24.4	29.3	34.2
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	1.2	1.2	1.2	1.2	1.2	1.2	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)	293.7	274.8	261.8	241.2	251.4	237.8	227.1	240.8	225.0	212.5	201.7	199.8
I. Owner's equity	293.7	274.8	261.8	241.2	251.4	237.8	227.1	240.8	225.0	212.5	201.7	199.8
1. Owner's capital	150.1	150.1	150.1	150.1	150.1	150.1	120.1	120.1	120.1	120.1	120.1	120.1
- Common stock with voting right	150,084,920,000.00	150,084,920,000.00	150,084,920,000.00	150,084,920,000.00	150,084,920,000.00	150,084,920,000.00	120,086,720,000.00	120,086,720,000.00	120,086,720,000.00	120,086,720,000.00	120,086,720,000.00	120,086,720,000.00
- 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	89.9	80.6	75.5	68.0	57.6	52.6	79.0	74.7	69.6	65.4	61.2	56.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	53.8	44.2	36.2	23.1	43.7	35.1	28.1	46.0	35.4	27.0	20.4	23.8
- Accumulated retained earning at the end of the previous period	44.2	1.8	0.0	0.0	34.8	0.0	0.0	27.3	27.1	0.0	0.0	12.0
- Undistributed earnings in this period	9.6	42.4	36.2	23.1	8.9	35.1	28.1	18.7	8.3	27.0	20.4	11.7
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)	530.8	542.1	531.7	553.7	529.7	523.7	510.1	502.0	473.0	460.4	462.4	465.1

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	—	47.8	55.2	—	0.0	-43.4	43.4	0.0	68.4	-29.3	29.3	0.0
Depreciation of Fixed Assets and Investment Property	—	18.7	18.9	—	0.0	-17.8	17.8	0.0	35.9	-18.0	18.0	0.0
Provision (Increase)/Reversal	—	—	18.6	—	0.0	-11.6	11.6	0.0	3.6	0.1	-0.1	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	—	-4.8	-1.7	—	0.0	1.0	-1.0	0.0	-3.6	1.5	-1.5	0.0
Interest Expense	—	0.3	0.8	—	0.0	-1.3	1.3	0.0	4.5	-2.6	2.6	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	—	43.6	91.8	—	0.0	-73.1	73.1	0.0	108.9	-48.4	48.4	0.0
Increase/(Decrease) in Receivables	—	5.2	0.1	—	0.0	-6.5	6.5	0.0	11.6	-18.6	18.6	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)	—	10.9	-16.8	—	0.0	-7.1	7.1	0.0	-29.7	31.0	-31.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	-30.0	-19.2	—	0.0	17.0	-17.0	0.0	-23.3	6.3	-6.3	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.3	-0.8	—	0.0	1.3	-1.3	0.0	-4.6	2.7	-2.7	0.0
Corporate Income Tax Paid	-5.6	-11.4	-3.5	-4.9	-3.5	-3.9	-3.4	-3.8	-3.4	-1.7	-3.1	-3.6
Other Operating Receipts	10.2	—	—	—	10.9	41.4	-13.9	13.9	-18.2	18.2	-5.0	5.0
Other Operating Payments	-36.2	-7.5	10.5	-18.7	-20.0	-56.1	16.2	-23.8	27.5	-31.2	5.7	-12.1
Net Cash Flow from Operating Activities	-26.9	10.6	30.3	8.4	6.7	36.7	27.6	26.0	10.8	16.1	34.2	-20.1
Payments for Fixed Assets and Other Long-term Assets	-0.6	-16.7	-5.3	-0.6	-10.4	-1.6	-2.1	-6.5	-1.4	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	-0.0	0.4	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	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	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	0.6	4.8	0.9	0.4	0.4	3.0	0.1	0.1	2.6	0.6	0.2	0.2
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	0.1	-11.9	-4.4	0.1	-10.0	1.4	-1.9	-6.3	1.2	0.6	0.2	0.2
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	-1.1	12.9	—	—	8.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-22.2	-5.3	-5.3	-5.3	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9	-4.9
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	-30.8	0.0	0.0	0.0
Dividends Paid	—	-30.8	—	—	0.0	-27.6	0.0	0.0	18.7	-16.7	-1.9	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	-1.1	-40.1	-5.3	-5.3	3.5	-32.5	-4.9	-4.9	-17.0	-21.6	-6.8	-4.9
Net Cash Flow During the Period	-28.0	-41.4	20.6	3.2	0.3	5.5	20.8	14.8	-5.0	-4.9	27.6	-24.8
Cash and Cash Equivalents at Beginning of Period	72.5	90.1	93.3	90.1	48.7	48.7	48.7	48.7	55.8	55.8	55.8	55.8
FX Difference from Revaluation	—	-0.0	0.0	—	0.0	-0.0	0.0	0.0	-0.1	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	44.5	72.5	113.9	93.3	90.1	89.8	84.2	63.5	48.7	53.8	58.6	31.0

Explore Other Stocks In The Same Sector

MVN, GMD, TOS, PHP, VSC, VGR, PDN, TMS, SGP, CDN, DVP, STG, TCL, QNP, CQN, TCW, CLL, SFI, MAC, PNP, PSN, QSP, STS, CCR, HMH, NAP, CMP, TNP, VFR, ILS, TR1, GIC, VMS, VIN, PSP, DNL, TUG, DS3, SAL, VLG, SAC, SCO, CCT, CCP, CPI, DDH, CAG, PAP

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

IST

What Is Changing

Drivers of IST'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