L14

Licogi 14 ·HNX ·2026Q1

▼ Under pressure

Pre-tax profit relies materially on non-core sources Net financial result/PBT 44.76%

Price

21,900

Latest close

03 Jun 2026

P/E 44.61x

P/B 1.51x

EPS 491

BVPS 14,540

ROE 3.4%

ROA 2.4%

Profit Margin 16.6%

Asset Turnover 0.15x

Equity Mult. 1.40x

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

What Is Changing

On a TTM 2026Q1 basis, L14 is in an offsetting state — revenue softened slightly but margins improved — earnings have been recovering gradually over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 91bn
	                                
−37.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
−30.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    44.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	94.7	136.0	134.6	173.5	166.7
Growth	-30%	+1%	-22%	+4%	—
Net Income	22.1	17.2	24.2	19.0	371.9
Net Margin	23.38%	12.62%	17.99%	10.95%	223.15%

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	28.2	46.0	1.1	15.9	31.7	71.5	20.8	21.5	22.2	67.5	22.9	13.1
Growth	-39%	+4130%	-93%	-50%	-56%	+244%	-4%	-3%	-67%	+194%	+76%	—
Net Income	1.5	1.1	7.5	5.0	8.5	1.1	7.2	4.8	4.0	8.6	7.3	5.0
Net Margin	5.35%	2.43%	689.70%	31.66%	26.76%	1.56%	34.65%	22.41%	18.13%	12.75%	31.96%	38.29%

Drivers of L14's profit

TTM

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

Finance costs ↓ 24.9bn

Selling expenses ↓ 6.1bn

Tax ↓ 4.5bn

Administrative expenses ↓ 1.3bn

Gross profit ↓ 39.5bn

Financial income ↓ 0.8bn

TTM

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

Selling expenses ↓ 3.3bn

Tax ↓ 2.7bn

Gross profit ↓ 9.7bn

Finance costs ↑ 3.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 5.0% = 14.9% × 0.23 × 1.47

2026Q1 3.4% = 16.6% × 0.15 × 1.40

ROE fell from 5.0% to 3.4% — asset turnover weakened the most, though net margin still provided support.

Net margin: 16.6% +1.8pp Asset turnover: 0.15x -0.08x Leverage: 1.40x -0.07x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 16.62%, rising 1.8pp. Despite pressure from Gross margin fell 14.9pp and SG&A / Revenue rose 2.7pp, the offset came from Net financial result / Revenue rose 20.1pp.

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 16.62% +1.8pp

Gross Margin 32.89% −14.9pp

SG&A / Revenue 21.05% +2.7pp

Non-core / Revenue 9.41% +20.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 44.8% of PBT and lifted net margin by 20.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 4.1% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC fell to 4.08%, losing 1.6pp. That translates to 4.08 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.17x — capital is being absorbed faster than revenue is being generated; with invested capital holding roughly steady.

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

CAPITAL EFFICIENCY TREND

ROIC 4.08% −1.6pp

NOPAT Margin 17.19% +3.2pp

Capital Turnover 0.24x −0.17x

Average Invested Capital 384.5bn +24.5bn

Balance Sheet

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.43x equity, with a net cash position equivalent to 0.11x equity.

Development inventory ended the period at 199.3bn, about 31.2% of total assets — reflecting projects in progress awaiting handover.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 0.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.11x and interest coverage at 8.24x.

At present, short-term debt accounts for 95.5% of total debt, cash equals 610.2% of debt, and total debt stands at 9.8bn.

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

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 95.5% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.11x +0.04x

Interest Coverage 8.24x +7.24x

Cash / Debt 610.2% −10.4pp

Short-term Debt / Total Debt 95.5% +42.5pp

CFO / NI -1.61x −2.70x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.5bn in 2025, against investing cash flow of -18.0bn.

Post-investment cash flow was negative +17.5bn. Financing cash flow was negative +3.0bn.

CFO / net income was -1.61x.

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

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

Cash Conversion

CFO TTM 24.4bn −47.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is operating efficiency, with net margin improving 1.8 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 16.62% after expanding 1.8pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 44.8% of PBT and CFO / net income currently at -1.61x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	94.7	136.1	134.6	173.5	166.7
Revenue Deductions	—	0.1	0.0	0.0	0.0
Net Revenue	94.7	136.0	134.6	173.5	166.7
Cost of Goods Sold	55.0	78.1	117.1	75.5	0.0
Gross Profit	39.7	58.0	17.5	98.0	75.1
Financial Income	10.8	13.3	31.8	11.6	397.6
Financial Expenses	-0.7	26.9	8.3	45.2	-10.6
Interest Expense	1.0	3.0	2.4	1.4	-10.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	16.1	15.2	2.1	26.6	-21.5
General and Administrative Expenses	6.6	7.8	8.1	7.0	-7.4
Operating Profit	28.5	21.3	30.9	30.9	433.0
Other Income	—	1.9	0.0	0.8	0.0
Other Expenses	0.3	0.1	0.4	0.0	0.0
Other Profit	-0.3	1.8	-0.4	0.8	-0.4
Profit Before Tax	28.2	23.1	30.5	31.7	432.7
Current Income Tax Expense	6.1	5.5	6.7	8.1	-60.7
Deferred Income Tax Expense	—	0.4	-0.4	4.5	0.0
Net Income	22.1	17.2	24.2	19.0	371.9
Non-controlling Interest	—	0.0	0.0	0.0	157.3
Profit Attributable to Parent	22.1	17.2	24.2	19.0	214.7
Earnings per Share	717.00	556.00	785.00	585.00	8,000.12
Diluted EPS	717.16	556.29	784.86	615.33	8,000.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	523.6	501.9	540.9	451.3	1,098.3
I. Cash and cash equivalents	79.2	99.7	130.1	164.3	84.7
1. Cash	41.2	43.7	85.1	48.3	0.0
2. Cash equivalents	38.0	56.0	45.0	116.0	0.0
II. Short-term financial investments	161.1	117.6	103.4	63.2	0.0
1. Available for sale securities	86.9	69.7	13.5	14.2	0.0
2. Provision for diminution in value of available for sale securities (*)	-15.3	-18.5	-0.5	-1.4	0.0
3. Held to maturity investments	89.4	66.4	90.4	50.4	0.0
III. Short-term receivables	83.6	83.7	107.8	53.9	143.8
1. Short-term trade accounts receivable	24.3	33.0	61.2	10.3	0.0
2. Short-term prepayments to suppliers	7.0	5.5	6.6	8.7	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	52.3	46.4	41.1	36.1	0.0
7. Provision for short-term doubtful debts (*)	—	-1.2	-1.2	-1.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	199.3	200.7	198.5	166.5	122.7
1. Inventories	199.3	200.7	198.5	166.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.1	1.1	3.3	1.3
1. Short-term prepayments	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	2.8	0.0
3. Taxes and other receivables from state authorities	0.4	0.0	1.0	0.4	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)	115.8	121.1	125.1	115.6	64.6
I. Long-term receivables	0.9	0.9	0.9	1.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.1
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	0.9	0.9	0.9	1.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	29.0	33.2	36.1	27.2	27.3
1. Tangible fixed assets	29.0	33.2	36.1	27.2	21.3
- Cost	101.5	101.5	113.0	101.0	0.0
- Accumulated depreciation	-72.5	-68.3	-76.9	-73.9	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	5.9
- Cost	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.1	-0.1	-0.1	0.0
III. Investment properties	23.8	24.5	25.1	25.8	26.4
- Cost	27.3	27.3	27.3	27.3	0.0
- Accumulated depreciation	-3.5	-2.9	-2.2	-1.6	0.0
IV. Long-term assets in progress	5.7	4.9	3.8	2.9	2.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	5.7	4.9	3.8	2.9	0.0
V. Long-term financial investments	56.1	56.1	56.1	56.1	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	56.1	56.1	56.1	56.1	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	0.3	1.5	3.1	2.5	0.0
1. Long-term prepayments	0.3	1.5	2.7	2.5	0.0
2. Deferred income tax assets	—	0.0	0.4	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	7.5
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)	639.4	623.0	666.0	566.8	1,163.0
A. LIABILITIES (300=210+330)	192.2	197.1	237.6	162.7	409.8
I. Short -term liabilities	190.4	190.0	225.1	152.0	402.1
1. Short-term trade accounts payable	10.3	17.6	21.8	4.3	8.8
2. Short-term advances from customers	62.4	51.9	63.4	33.6	60.6
3. Taxes and other payables to state authorities	3.9	8.9	3.4	0.0	0.0
4. Payable to employees	—	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.0	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	22.7	19.6	15.7	13.1	11.2
9. Other short-term payables	57.2	58.2	56.7	58.2	0.0
10. Short-term borrowings and financial leases	12.6	10.3	38.8	14.3	164.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	21.3	23.4	25.4	28.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.8	7.1	12.5	10.6	7.7
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	1.8	7.1	12.5	10.6	7.7
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)	447.2	425.9	428.4	404.2	753.2
I. Owner's equity	447.2	425.9	428.4	404.2	0.0
1. Owner's capital	308.6	308.6	308.6	308.6	753.2
- Common stock with voting right	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	268,348,410,000.00
- 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	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	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	46.4	45.5	44.3	44.3	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	92.2	71.8	75.5	51.3	225.8
- Accumulated retained earning at the end of the previous period	70.1	54.7	51.3	34.2	35.1
- Undistributed earnings in this period	22.1	17.2	24.2	17.1	190.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	207.3
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)	639.4	623.0	666.0	566.8	1,163.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	28.2	23.1	30.5	31.7	0.0
Depreciation of Fixed Assets and Investment Property	4.9	4.6	3.7	3.2	0.0
Provision (Increase)/Reversal	-4.4	17.9	-0.8	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.3	-4.5	-9.0	-5.2	0.0
Interest Expense	1.0	3.0	2.4	1.4	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	23.4	44.1	26.7	31.8	0.0
Increase/(Decrease) in Receivables	1.2	25.5	-51.1	-4.1	0.0
Increase/(Decrease) in Inventory	1.4	-2.3	-32.0	-46.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.2	-8.1	47.0	-35.4	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	0.4	0.4	1.2	0.0
Changes in Trading Securities	-17.2	0.0	0.0	0.0	0.0
Interest Paid	-1.0	-3.0	-2.4	-1.4	0.0
Corporate Income Tax Paid	-7.8	-3.4	-3.2	-7.7	0.0
Other Operating Receipts	—	0.0	0.0	0.7	0.0
Other Operating Payments	-0.9	-4.9	-1.9	-4.7	0.0
Net Cash Flow from Operating Activities	0.5	48.3	-16.4	-66.5	0.9
Payments for Fixed Assets and Other Long-term Assets	-1.1	-2.2	-13.3	-11.9	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-165.0	-98.0	-185.0	-103.2	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	142.0	122.0	145.0	261.6	0.0
Investments in Other Entities	—	-56.1	0.6	-14.2	-741.2
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	6.1	4.9	8.6	6.7	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	-18.0	-29.5	-44.1	139.0	-11.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	100,000,000,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	4.5	5.7	52.2	17.5	0.0
Repayment of Borrowings	-7.5	-39.6	-25.9	-3.4	-17.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-15.4	0.0	0.0	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	-3.0	-49.3	26.3	14.1	82.2
Net Cash Flow During the Period	-20.5	-30.4	-34.2	86.6	56.6
Cash and Cash Equivalents at Beginning of Period	99.7	130.1	164.3	77.7	11.1
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	79.2	99.7	130.1	164.3	83.2

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	28.2	46.0	1.1	15.9	31.7	71.6	20.8	21.5	22.2	67.5	22.9	13.1
Revenue Deductions	—	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	28.2	46.0	1.1	15.9	31.7	71.5	20.8	21.5	22.2	67.5	22.9	13.1
Cost of Goods Sold	20.9	31.9	0.4	8.1	14.7	49.8	8.5	3.1	16.7	61.0	18.0	9.0
Gross Profit	7.4	14.1	0.7	7.8	17.0	21.7	12.3	18.4	5.5	6.5	4.9	4.1
Financial Income	1.7	3.0	3.5	2.7	1.6	2.3	2.4	5.4	3.2	9.4	11.6	5.4
Financial Expenses	4.4	7.2	-5.8	-3.4	1.4	12.7	1.0	12.2	1.1	0.9	4.8	0.8
Interest Expense	0.2	0.3	0.2	0.2	0.3	0.4	0.6	0.9	1.0	1.0	0.6	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.4	5.8	0.0	5.6	4.7	6.3	3.0	5.0	0.9	0.9	0.7	0.4
General and Administrative Expenses	1.4	2.4	0.6	2.0	1.6	2.3	1.7	2.2	1.7	2.8	1.8	2.0
Operating Profit	1.8	1.8	9.4	6.4	11.0	2.8	9.1	4.5	5.0	11.3	9.2	6.3
Other Income	—	—	—	—	—	0.0	0.0	1.9	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.2	—	0.0	0.1	0.0	0.0	0.1	0.0	0.4	0.0	0.0
Other Profit	-0.0	-0.2	—	-0.0	-0.1	-0.0	0.0	1.8	0.0	-0.4	0.0	0.0
Profit Before Tax	1.8	1.6	9.4	6.3	10.9	2.8	9.1	6.2	5.0	10.9	9.2	6.3
Current Income Tax Expense	0.3	0.4	1.9	1.0	3.0	1.7	1.9	1.6	1.0	2.7	2.8	1.3
Deferred Income Tax Expense	—	—	—	0.3	-0.6	0.0	0.0	-0.2	0.0	-0.4	-0.9	0.0
Net Income	1.5	1.1	7.5	5.0	8.5	1.1	7.2	4.8	4.0	8.6	7.3	5.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.5	1.1	7.5	5.0	8.5	1.1	7.2	4.8	4.0	8.6	7.3	5.0
Earnings per Share	48.94	36.24	242.87	162.84	275.22	36.10	233.33	156.41	130.45	278.93	237.55	162.09
Diluted EPS	48.94	36.24	242.87	162.84	275.22	36.10	233.33	156.41	130.45	278.93	237.55	162.09

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)	494.5	523.6	527.1	518.0	507.4	501.9	499.5	531.8	523.4	541.0	457.3	437.2
I. Cash and cash equivalents	59.8	79.2	64.6	43.8	76.5	99.7	80.8	111.3	127.5	130.1	42.0	35.9
1. Cash	34.8	41.2	12.6	17.8	48.5	43.7	28.8	64.3	57.5	85.1	32.0	22.9
2. Cash equivalents	25.0	38.0	52.0	26.0	28.0	56.0	52.0	47.0	70.1	45.0	10.0	13.0
II. Short-term financial investments	160.6	161.1	172.5	197.5	160.9	117.6	137.9	125.7	89.1	103.4	176.2	166.5
1. Available for sale securities	85.5	86.9	85.9	85.1	79.0	69.7	75.0	55.1	30.9	13.5	56.3	32.3
2. Provision for diminution in value of available for sale securities (*)	-17.3	-15.3	-8.8	-15.0	-19.5	-18.5	-7.5	-7.8	-0.2	-0.5	-2.4	-0.2
3. Held to maturity investments	92.4	89.4	95.4	127.4	101.4	66.4	70.4	78.4	58.4	90.4	122.4	134.4
III. Short-term receivables	81.5	83.6	77.0	73.2	68.5	84.7	57.2	70.0	101.2	107.8	52.2	62.2
1. Short-term trade accounts receivable	21.2	24.3	15.2	17.9	17.9	33.0	7.8	24.2	56.1	61.2	6.1	14.3
2. Short-term prepayments to suppliers	7.1	7.0	5.8	3.8	4.9	5.9	10.2	7.7	9.8	6.6	6.3	9.4
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	53.1	52.3	56.0	52.6	46.9	47.0	40.4	39.2	36.5	41.1	41.0	39.6
7. Provision for short-term doubtful debts (*)	—	—	—	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	191.9	199.3	212.3	202.9	201.5	199.8	223.4	224.1	204.7	198.5	185.3	171.4
1. Inventories	191.9	199.3	212.3	202.9	201.5	199.8	223.4	224.1	204.7	198.5	185.3	171.4
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	0.7	0.4	0.7	0.6	0.0	0.1	0.3	0.8	0.8	1.2	1.5	1.2
1. Short-term prepayments	0.0	0.0	0.3	0.6	0.0	0.0	0.3	0.5	0.8	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.4	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.7	0.6
3. Taxes and other receivables from state authorities	0.7	0.4	—	—	—	0.0	0.0	0.0	0.0	1.1	0.8	0.5
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)	114.5	115.8	116.5	117.7	120.4	121.1	121.8	123.3	123.3	125.1	126.8	114.2
I. Long-term receivables	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	27.9	29.0	30.1	31.2	32.2	33.2	34.3	35.3	35.1	36.0	37.0	25.9
1. Tangible fixed assets	27.9	29.0	30.1	31.2	32.2	33.2	34.2	35.2	35.1	36.0	37.0	25.9
- Cost	101.5	—	—	—	—	101.5	101.5	101.5	113.0	112.9	112.9	101.1
- Accumulated depreciation	-73.6	—	—	—	—	-68.3	-67.2	-66.2	-77.9	-76.9	-75.9	-75.3
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	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	23.6	23.8	24.0	24.1	24.3	24.5	24.6	24.8	24.9	25.1	25.3	25.4
- Cost	27.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	5.7	5.7	4.8	4.7	5.0	4.9	4.1	3.9	3.7	3.8	3.8	4.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	5.7	5.7	4.8	4.7	5.0	4.9	4.1	3.9	3.7	3.8	3.8	4.1
V. Long-term financial investments	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1
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	0.2	0.3	0.6	0.6	1.9	1.5	1.7	2.3	2.4	3.2	3.8	1.8
1. Long-term prepayments	0.2	0.3	0.3	0.3	1.3	1.5	1.7	2.1	2.4	2.8	2.8	1.8
2. Deferred income tax assets	—	—	0.3	0.3	0.6	0.0	0.0	0.2	0.0	0.4	0.9	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)	608.9	639.4	643.6	635.7	627.8	623.0	621.3	655.1	646.7	666.1	584.1	551.4
A. LIABILITIES (300=210+330)	160.2	192.2	196.6	196.3	193.4	197.1	196.4	222.1	214.3	237.7	164.3	138.9
I. Short -term liabilities	159.8	190.6	193.9	192.4	187.6	189.8	187.6	212.9	202.9	225.2	150.1	130.6
1. Short-term trade accounts payable	4.0	10.3	13.4	12.5	15.3	17.6	18.8	19.0	14.0	21.9	5.0	2.9
2. Short-term advances from customers	45.9	62.4	68.3	65.5	57.4	51.9	46.9	57.9	55.7	63.4	24.1	18.8
3. Taxes and other payables to state authorities	0.3	3.9	6.2	5.6	4.6	8.9	6.0	3.4	1.4	3.4	4.8	2.0
4. Payable to employees	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1
5. Short-term acrrued expenses	—	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	22.4	22.7	22.8	23.1	23.2	19.6	17.4	17.6	17.8	15.7	13.5	12.7
9. Other short-term payables	56.9	57.2	56.9	57.2	57.7	58.2	58.1	58.2	56.0	56.7	56.4	56.2
10. Short-term borrowings and financial leases	9.4	12.8	5.4	5.9	6.5	10.1	16.6	32.2	33.5	38.7	19.7	10.6
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	20.8	21.3	20.9	22.6	22.9	23.4	23.9	24.5	24.5	25.4	26.6	27.4
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	0.4	1.6	2.8	3.9	5.8	7.3	8.8	9.2	11.3	12.5	14.2	8.3
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	0.4	1.6	2.8	3.9	5.8	7.3	8.8	9.2	11.3	12.5	14.2	8.3
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)	448.7	447.2	446.9	439.4	434.4	425.9	424.8	433.0	432.4	428.4	419.8	412.5
I. Owner's equity	448.7	447.2	446.9	439.4	434.4	425.9	424.8	433.0	432.4	428.4	419.8	412.5
1. Owner's capital	308.6	308.6	308.6	308.6	308.6	308.6	308.6	308.6	308.6	308.6	308.6	308.6
- Common stock with voting right	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00	308,595,150,000.00
- 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	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00	-2,000,000.00
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	46.4	46.4	45.5	45.5	45.5	45.5	45.5	45.5	44.3	44.3	44.3	44.3
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	93.7	92.2	92.8	85.3	80.3	71.8	70.7	78.9	79.5	75.5	66.9	59.6
- Accumulated retained earning at the end of the previous period	92.2	70.1	71.8	71.8	71.8	54.7	54.7	70.1	75.5	51.3	51.3	51.3
- Undistributed earnings in this period	1.5	22.1	21.0	13.5	8.5	17.2	16.1	8.9	4.0	24.2	15.6	8.3
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)	608.9	639.4	643.6	635.7	627.8	623.0	621.3	655.1	646.7	666.1	584.1	551.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	11.0	—	17.2	—	0.0	-11.3	11.3	0.0	30.5	-10.4	10.4
Depreciation of Fixed Assets and Investment Property	—	2.6	—	2.3	—	0.0	-2.3	2.3	0.0	3.7	-1.7	1.7
Provision (Increase)/Reversal	—	-0.9	—	-3.5	—	0.0	-7.2	7.2	0.0	-0.8	1.2	-1.2
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-3.4	—	-2.9	—	0.0	8.6	-8.6	0.0	-9.0	5.1	-5.1
Interest Expense	—	0.5	—	0.6	—	0.0	-2.0	2.0	0.0	2.4	-0.8	0.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	9.7	—	13.7	—	0.0	-14.2	14.2	0.0	26.7	-6.6	6.6
Increase/(Decrease) in Receivables	—	-10.0	—	11.2	—	0.0	-38.4	38.4	0.0	-51.1	4.8	-4.8
Increase/(Decrease) in Inventory	—	3.6	—	-2.2	—	0.0	25.6	-25.6	0.0	-32.0	4.9	-4.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-9.6	—	9.8	—	0.0	7.9	-7.9	0.0	47.0	19.5	-19.5
Increase/(Decrease) in Prepaid Expenses	—	0.8	—	0.5	—	0.0	-0.2	0.2	0.0	0.4	-0.7	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	41.5	-41.5	0.0	0.0	18.1	-18.1
Interest Paid	—	-0.5	—	-0.6	—	0.0	2.0	-2.0	0.0	-2.4	0.8	-0.8
Corporate Income Tax Paid	-3.6	-1.0	0.1	-1.6	-5.3	0.0	0.0	0.0	-3.4	-3.2	0.3	0.0
Other Operating Receipts	8.0	—	—	—	—	5.9	22.0	-19.2	19.2	0.0	0.0	-45.2
Other Operating Payments	-15.4	50.7	-34.0	—	-17.6	-19.7	-80.5	24.9	-26.0	-1.9	0.5	16.2
Net Cash Flow from Operating Activities	-11.5	2.1	-11.8	-3.1	13.3	25.8	-8.4	-7.2	-21.7	-16.4	41.5	-85.8
Payments for Fixed Assets and Other Long-term Assets	—	-1.1	—	—	—	0.0	1.3	-1.3	0.0	-13.3	0.8	-0.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-66.0	—	-99.0	—	0.0	50.0	-50.0	0.0	-185.0	106.0	-106.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	104.0	—	38.0	—	0.0	-62.0	62.0	0.0	145.0	-22.0	22.0
Investments in Other Entities	-68.0	—	—	—	—	-62.0	-251.1	100.1	-100.1	0.6	0.0	176.2
Proceeds from Investments in Other Entities	103.0	—	161.0	—	116.0	66.0	316.1	-177.1	177.1	0.0	0.0	-228.2
Dividends and Interest Income Received	—	4.2	-0.6	1.8	0.7	0.5	-7.5	8.5	0.7	8.6	-3.9	2.6
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	35.0	-46.8	87.4	-80.2	21.7	4.5	46.8	-57.8	77.7	-44.1	80.9	-134.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	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
Proceeds from Borrowings	—	-5.8	—	10.3	—	0.1	-50.8	51.2	0.2	52.2	-6.8	6.8
Repayment of Borrowings	-4.6	-1.2	11.5	-15.7	-2.1	-11.5	33.2	-53.8	-7.4	-25.9	12.7	-1.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-4.6	3.3	1.2	-5.4	-2.1	-11.4	-17.6	-2.6	-7.3	26.3	6.0	5.0
Net Cash Flow During the Period	18.9	-41.4	76.8	-88.8	32.8	18.9	20.8	-67.5	48.8	-34.2	128.4	-215.0
Cash and Cash Equivalents at Beginning of Period	40.9	64.6	43.8	76.5	43.7	78.8	78.8	130.1	78.8	164.3	0.0	164.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	59.8	79.2	64.6	43.8	76.5	99.7	80.8	111.3	127.5	130.1	0.0	35.9

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