LSG

Bất động sản Sài Gòn Vina ·UPCOM ·2026Q1

▲ Showing improvement

Price

33,000

Latest close

03 Jun 2026

P/E 140.83x

P/B 2.75x

EPS 234

BVPS 11,987

ROE 2.0%

ROA 0.9%

Profit Margin 208.7%

Asset Turnover 0.00x

Equity Mult. 2.12x

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

What Is Changing

On a TTM 2026Q1 basis, LSG is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 10bn
	                                
+195.0%YoY

	                            
	                                NET MARGIN
	                            
	                                    208.70%
	                                
+574.9ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 21bn
	                                
+268.1%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    337.7%

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	2.1	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4
Growth	-41%	+23%	+72%	—	—	—	—	—	-100%	-62%	0%	—
Net Income	-11.3	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6
Net Margin	-543.49%	1833.86%	-579.37%	-929.86%	—	108.83%	—	—	—	125.99%	533.32%	401.33%

Drivers of LSG's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 43.4bn

Other profit ↑ 16.2bn

Financial income ↓ 24.9bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 9.4bn

Administrative expenses ↓ 1.2bn

Financial income ↓ 7.4bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 208.70% +574.9pp

Gross Margin 47.89% —

SG&A / Revenue 117.58% —

Non-core / Revenue 322.39% —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Margin support from other income remains high (337.7% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.98x equity, net debt at 0.43x 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: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.43x and interest coverage only at -0.44x.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Watchpoints

Interest coverage is thin

Interest coverage is -0.44x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 0.43x +0.16x

Interest Coverage -0.44x +0.01x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -3.61x −14.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -74.1bn in 2025, against investing cash flow of 368.7bn.

Post-investment cash flow was positive +294.6bn. Financing cash flow was negative +318.4bn.

CFO / net income was -3.61x.

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 76.1bn +58.6bn

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 next item to monitor is the earnings mix, when non-core contribution is -210.1%. The main risk still sits in leverage and liquidity, with interest coverage at -0.44x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -210.1% of PBT and CFO / net income currently at -3.61x.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.44x.

Statement Data

Item	2025	2024	2023	2022
Revenue	8.0	3.4	0.9	0.0
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	8.0	3.4	0.9	0.0
Cost of Goods Sold	4.4	1.0	0.6	0.0
Gross Profit	3.6	2.4	0.4	0.0
Financial Income	95.8	107.4	113.9	137.5
Financial Expenses	146.8	164.2	95.0	120.9
Interest Expense	146.8	104.2	95.0	121.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	13.1	11.9	11.9	12.6
Operating Profit	-60.4	-66.3	7.3	4.0
Other Income	86.2	70.0	0.3	0.2
Other Expenses	0.0	0.1	0.0	0.7
Other Profit	86.2	70.0	0.3	-0.4
Profit Before Tax	25.8	3.6	7.6	3.6
Current Income Tax Expense	5.3	0.9	1.6	1.0
Deferred Income Tax Expense	-0.0	-0.0	0.0	-0.0
Net Income	20.5	2.7	6.0	2.6
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	20.5	2.7	6.0	2.6
Earnings per Share	228.00	30.00	66.00	29.00
Diluted EPS	228.00	30.00	66.00	29.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	717.1	486.4	945.8	2,079.2
I. Cash and cash equivalents	48.6	72.4	22.4	14.5
1. Cash	2.6	2.4	17.4	12.5
2. Cash equivalents	46.0	70.0	5.0	2.0
II. Short-term financial investments	—	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0
III. Short-term receivables	625.2	370.1	879.5	948.0
1. Short-term trade accounts receivable	1.7	1.6	0.0	0.3
2. Short-term prepayments to suppliers	4.6	4.6	4.6	1.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	587.0	340.0	841.0	892.9
6. Other short-term receivables	31.8	23.9	33.9	54.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	-0.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	1,073.5
1. Inventories	—	0.0	0.0	1,073.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	43.4	43.9	43.9	43.1
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	43.4	43.9	43.9	43.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,436.6	1,869.0	1,382.8	223.6
I. Long-term receivables	86.9	526.1	48.6	48.6
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	471.0	0.0	0.0
6. Other long-term receivables	86.9	55.1	48.6	48.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.2	0.4	0.5	0.7
1. Tangible fixed assets	0.2	0.4	0.5	0.7
- Cost	1.5	1.6	1.6	1.6
- Accumulated depreciation	-1.2	-1.2	-1.1	-0.9
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	1,265.8	1,261.4	1,256.6	101.6
1. Long-term production in progress	1,157.2	1,154.6	1,151.9	0.0
2. Construction in progress	108.6	106.8	104.7	101.6
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	3.0	3.0	3.0	3.0
4. Provision for diminution in value of long-term investments	-3.0	-3.0	-3.0	-3.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	83.7	81.1	77.0	72.7
1. Long-term prepayments	83.0	80.5	76.4	72.0
2. Deferred income tax assets	0.7	0.7	0.7	0.7
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,153.7	2,355.4	2,328.6	2,302.8
A. LIABILITIES (300=210+330)	1,063.5	1,312.4	1,287.4	1,266.7
I. Short -term liabilities	1,010.3	368.2	757.2	736.5
1. Short-term trade accounts payable	0.2	0.2	0.2	4.1
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	11.1	1.4	1.6	0.3
4. Payable to employees	1.7	0.8	0.7	0.0
5. Short-term acrrued expenses	30.6	24.0	21.2	14.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	965.2	22.5	570.7	234.1
10. Short-term borrowings and financial leases	—	318.0	161.7	481.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	1.5	1.3	1.1	2.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	53.2	944.2	530.2	530.2
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	53.2	944.2	0.2	0.2
8. Long-term borrowings and financial leases	—	0.0	530.0	530.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,090.2	1,043.0	1,041.2	1,036.1
I. Owner's equity	1,090.2	1,043.0	1,041.2	1,036.1
1. Owner's capital	900.0	900.0	900.0	900.0
- Common stock with voting right	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	188.6	141.5	139.6	134.5
- Accumulated retained earning at the end of the previous period	168.1	138.7	133.6	131.9
- Undistributed earnings in this period	20.5	2.7	6.0	2.6
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,153.7	2,355.4	2,328.6	2,302.8

Item	2025	2024	2023	2022
Profit Before Tax	25.8	3.6	7.6	3.6
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.2
Provision (Increase)/Reversal	—	0.0	-0.2	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-95.8	-107.4	-113.9	-137.2
Interest Expense	146.8	164.2	95.0	121.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	77.0	60.6	-11.3	-12.5
Increase/(Decrease) in Receivables	-6.8	-1.6	-4.0	357.9
Increase/(Decrease) in Inventory	-4.4	-4.9	-78.3	-60.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.6	-17.5	67.6	54.7
Increase/(Decrease) in Prepaid Expenses	-2.5	-4.1	-4.4	-3.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-141.0	-161.4	-204.9	-231.8
Corporate Income Tax Paid	-2.4	-1.3	-0.3	-4.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-1.6	-0.7	-2.6	-1.8
Net Cash Flow from Operating Activities	-74.1	-130.8	-238.3	98.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-3.0	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-15.0	-811.0	-363.0	-50.0
Receipts from Loan Repayments and Sale of Debt Instruments	239.0	841.0	414.9	271.1
Investments in Other Entities	—	-530.0	-146.8	-332.1
Proceeds from Investments in Other Entities	53.0	944.0	530.0	0.0
Dividends and Interest Income Received	91.7	110.9	133.9	219.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	368.7	554.9	566.0	105.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	60.0	680.3
Repayment of Borrowings	-318.0	-373.7	-379.3	-886.1
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.4	-0.4	-0.4	-0.4
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-318.4	-374.2	-319.8	-206.2
Net Cash Flow During the Period	-23.8	50.0	7.9	-2.1
Cash and Cash Equivalents at Beginning of Period	72.4	22.4	14.5	16.6
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	48.6	72.4	22.4	14.5

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	2.1	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2.1	3.5	2.9	1.7	—	3.4	0.0	0.0	0.0	0.1	0.4	0.4
Cost of Goods Sold	0.9	2.2	1.4	0.8	—	1.0	0.0	0.0	0.0	0.1	0.2	0.2
Gross Profit	1.2	1.3	1.5	0.8	—	2.4	0.0	0.0	0.0	0.0	0.2	0.2
Financial Income	19.2	20.1	20.1	24.4	26.6	26.9	29.0	26.1	25.3	25.7	30.1	34.8
Financial Expenses	30.3	33.6	35.6	38.0	39.7	90.8	26.2	24.1	23.0	22.2	26.3	29.7
Interest Expense	30.3	33.6	35.6	38.0	39.7	90.8	26.2	24.1	23.0	22.2	26.3	0.0
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	1.4	5.2	2.5	2.8	2.6	3.9	2.8	2.6	2.5	2.7	2.1	2.1
Operating Profit	-11.3	-17.3	-16.6	-15.5	-15.7	-65.4	0.1	-0.6	-0.2	0.8	1.9	3.2
Other Income	0.1	86.0	0.1	0.1	0.1	70.0	0.0	0.0	0.0	0.0	0.3	0.0
Other Expenses	—	—	0.0	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	86.0	0.1	0.1	0.1	70.0	0.0	-0.0	0.0	0.0	0.3	0.0
Profit Before Tax	-11.3	68.8	-16.5	-15.5	-15.7	4.6	0.1	-0.6	-0.2	0.8	2.2	3.2
Current Income Tax Expense	—	4.4	—	—	—	0.9	0.0	0.0	0.0	0.6	0.0	1.6
Deferred Income Tax Expense	0.1	-0.0	—	-0.0	0.1	-0.0	0.0	-0.0	0.1	-0.0	0.0	-0.0
Net Income	-11.3	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-11.3	64.4	-16.5	-15.4	-15.7	3.7	0.1	-0.6	-0.2	0.2	2.1	1.6
Earnings per Share	-125.91	715.20	-183.47	-171.51	-174.73	41.41	0.90	-6.94	-2.50	2.10	23.70	17.84
Diluted EPS	-125.91	715.20	-183.47	-171.51	-174.73	41.41	0.90	-6.94	-2.50	2.10	23.70	17.84

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)	689.3	715.2	756.3	772.7	466.7	492.9	435.9	1,091.7	933.3	945.8	927.3	2,520.9
I. Cash and cash equivalents	17.2	48.6	96.1	25.7	43.5	72.4	30.8	65.0	9.4	22.4	11.3	3.5
1. Cash	1.0	2.6	3.1	1.7	2.5	2.4	0.5	7.5	0.9	17.4	2.3	0.5
2. Cash equivalents	16.2	46.0	93.0	24.0	41.0	70.0	30.3	57.5	8.5	5.0	9.0	3.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	627.9	623.2	616.0	702.5	378.8	376.6	360.8	982.6	879.9	879.5	872.0	1,357.7
1. Short-term trade accounts receivable	1.4	1.7	1.2	1.2	—	1.6	0.0	0.0	0.0	0.0	0.0	0.3
2. Short-term prepayments to suppliers	1.5	4.6	4.8	4.7	4.6	4.6	4.6	5.0	4.6	4.6	4.6	4.9
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	—	587.0	587.0	641.5	340.0	340.0	340.0	949.0	841.0	841.0	846.0	1,240.9
6. Other short-term receivables	625.1	29.8	23.1	55.1	34.2	30.3	16.2	28.6	34.3	33.9	21.4	111.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.5	—	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1,115.8
1. Inventories	0.5	—	0.4	0.5	0.5	0.0	0.0	0.0	0.0	0.0	0.0	1,115.8
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	43.8	43.4	43.8	43.9	44.0	43.9	44.3	44.1	44.1	43.9	44.0	43.9
1. Short-term prepayments	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	43.7	43.4	43.8	43.9	44.0	43.9	44.3	44.1	44.0	43.9	44.0	43.9
3. Taxes and other receivables from state authorities	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,443.3	1,398.3	1,395.9	1,394.6	1,873.5	1,862.6	1,910.0	1,427.8	1,402.6	1,385.9	1,364.5	228.2
I. Long-term receivables	86.9	48.6	48.6	48.6	528.9	519.6	519.6	56.3	48.6	48.6	48.6	48.6
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	—	—	—	—	471.0	471.0	471.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	86.9	48.6	48.6	48.6	57.9	48.6	48.6	56.3	48.6	48.6	48.6	48.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6	0.6
1. Tangible fixed assets	0.2	0.2	0.3	0.3	0.3	0.4	0.4	0.4	0.5	0.5	0.6	0.6
- Cost	1.5	—	—	—	—	1.6	1.6	1.6	1.6	1.6	1.6	1.6
- Accumulated depreciation	-1.3	—	—	—	—	-1.2	-1.2	-1.2	-1.1	-1.1	-1.0	-1.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	1,267.8	1,265.8	1,264.3	1,263.3	1,262.5	1,261.4	1,310.0	1,292.3	1,275.6	1,259.7	1,239.5	104.2
1. Long-term production in progress	1,158.3	1,157.2	1,156.3	1,155.7	1,155.2	1,154.6	1,203.9	1,186.6	1,170.3	1,153.5	1,134.4	0.0
2. Construction in progress	109.5	108.6	108.0	107.6	107.3	106.8	106.1	105.7	105.3	106.1	105.1	104.2
V. Long-term financial investments	—	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
4. Provision for diminution in value of long-term investments	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0	-3.0
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	88.4	83.7	82.7	82.4	81.9	81.1	80.0	78.8	77.9	77.0	75.8	74.8
1. Long-term prepayments	87.8	83.0	82.1	81.7	81.3	80.5	79.4	78.2	77.3	76.4	75.2	74.1
2. Deferred income tax assets	0.6	0.7	0.6	0.6	0.6	0.7	0.6	0.6	0.6	0.7	0.6	0.7
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)	2,132.6	2,113.5	2,152.1	2,167.3	2,340.2	2,355.4	2,345.9	2,519.5	2,335.9	2,331.7	2,291.8	2,749.0
A. LIABILITIES (300=210+330)	1,053.8	1,055.5	1,158.6	1,157.2	1,312.9	1,312.4	1,306.6	1,480.1	1,295.0	1,288.0	1,248.3	1,707.7
I. Short -term liabilities	1,000.5	58.3	214.3	213.0	368.7	50.2	44.4	205.5	764.7	757.8	718.1	1,177.4
1. Short-term trade accounts payable	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	5.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.0	3.1	0.1	0.1	0.1	1.4	0.1	0.1	0.0	2.2	1.3	1.7
4. Payable to employees	—	1.7	—	—	—	0.8	0.0	0.0	0.0	0.7	0.0	0.0
5. Short-term acrrued expenses	34.7	30.6	31.8	30.3	28.5	24.0	12.7	16.9	21.7	21.2	21.7	20.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	959.0	21.2	21.3	21.2	21.4	22.5	30.1	25.2	580.2	570.7	567.0	647.4
10. Short-term borrowings and financial leases	—	—	159.0	159.0	318.0	0.0	0.0	161.7	161.7	161.7	126.7	506.1
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	1.5	2.0	2.3	0.5	1.3	1.4	1.4	0.9	1.1	1.1	1.6
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	53.2	997.2	944.2	944.2	944.2	1,262.2	1,262.2	1,274.6	530.2	530.2	530.2	530.2
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	53.2	997.2	944.2	944.2	944.2	944.2	944.2	956.6	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	—	—	—	—	—	318.0	318.0	318.0	530.0	530.0	530.0	530.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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)	1,078.8	1,057.9	993.6	1,010.1	1,027.3	1,043.0	1,039.3	1,039.4	1,041.0	1,043.7	1,043.5	1,041.4
I. Owner's equity	1,078.8	1,057.9	993.6	1,010.1	1,027.3	1,043.0	1,039.3	1,039.4	1,041.0	1,043.7	1,043.5	1,041.4
1. Owner's capital	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0	900.0
- Common stock with voting right	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00	900,000,000,000.00
- 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	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	177.3	156.4	92.0	108.5	125.7	141.5	137.7	137.9	139.4	142.1	141.9	139.8
- Accumulated retained earning at the end of the previous period	188.6	139.7	139.7	139.7	141.5	138.7	138.7	138.7	139.6	133.6	133.6	133.6
- Undistributed earnings in this period	-11.3	16.7	-47.7	-31.2	-15.7	2.7	-1.0	-0.8	-0.2	8.5	8.3	6.2
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)	2,132.6	2,113.5	2,152.1	2,167.3	2,340.2	2,355.4	2,345.9	2,519.5	2,335.9	2,331.7	2,291.8	2,749.0

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	—	57.0	—	-31.1	—	0.0	1.1	-1.1	0.0	7.6	-7.8	7.8
Depreciation of Fixed Assets and Investment Property	—	0.1	—	0.1	—	0.0	-0.1	0.1	0.0	0.1	-0.1	0.1
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	-44.9	—	-51.0	—	0.0	51.4	-51.4	0.0	-113.9	58.0	-58.0
Interest Expense	—	69.2	—	77.7	—	0.0	-47.2	47.2	0.0	95.0	-46.5	46.5
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	—	81.3	—	-4.4	—	0.0	5.1	-5.1	0.0	-11.3	3.8	-3.8
Increase/(Decrease) in Receivables	—	-7.0	—	0.3	—	0.0	0.7	-0.7	0.0	-4.0	4.6	-4.6
Increase/(Decrease) in Inventory	—	-1.9	—	-2.4	—	0.0	34.6	-34.6	0.0	-78.3	42.2	-42.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	9.1	—	-1.5	—	0.0	-32.1	32.1	0.0	67.6	-31.5	31.5
Increase/(Decrease) in Prepaid Expenses	—	-1.2	—	-1.3	—	0.0	1.8	-1.8	0.0	-4.4	2.1	-2.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-68.8	—	-72.2	—	0.0	87.3	-87.3	0.0	-204.9	45.4	-45.4
Corporate Income Tax Paid	-10.9	-1.5	0.0	0.0	-0.9	0.0	0.0	0.0	-1.3	0.0	-0.3	0.0
Other Operating Receipts	0.3	—	—	—	—	70.0	0.2	-0.0	0.0	-1.6	1.6	-0.1
Other Operating Payments	-1.5	2.4	-3.2	0.8	-1.7	-1.8	-3.8	1.4	-2.0	-0.2	-0.4	-1.7
Net Cash Flow from Operating Activities	-44.1	44.5	-35.4	-41.1	-42.1	29.0	-60.2	-61.4	-38.0	-38.7	-130.8	-36.9
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	1.0	-1.0	0.0	-3.0	2.5	-2.5
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	—	-15.0	—	—	—	0.0	471.0	-471.0	0.0	-363.0	500.0	-500.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	69.5	—	169.5	—	0.0	-363.0	363.0	0.0	414.9	-152.0	152.0
Investments in Other Entities	—	—	—	—	—	0.0	530.0	-530.0	0.0	-146.8	278.9	-278.9
Proceeds from Investments in Other Entities	—	53.0	—	—	—	0.0	-944.0	944.0	0.0	530.0	-662.0	662.0
Dividends and Interest Income Received	12.7	-35.6	101.0	13.1	13.1	12.6	48.6	24.2	25.0	13.3	120.4	0.2
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	12.7	67.4	105.5	182.6	13.1	12.6	-226.4	329.2	25.0	398.4	134.7	32.8
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	—	—	—	—	—	0.0	944.0	0.0	0.0	-627.0	662.0	0.0
Repayment of Borrowings	—	-159.0	0.0	-159.0	—	0.0	-691.7	-212.0	0.0	278.9	-658.2	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.2	—	-0.2	—	0.0	0.2	-0.2	0.0	-0.4	0.2	-0.2
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	—	-159.4	0.2	-159.2	—	0.0	252.5	-212.2	0.0	-348.6	4.0	-0.2
Net Cash Flow During the Period	-31.4	-47.5	70.3	-17.7	-29.0	41.6	-34.2	55.6	-13.0	11.1	7.9	-4.3
Cash and Cash Equivalents at Beginning of Period	48.6	96.1	25.7	43.5	72.4	22.4	22.4	22.4	22.4	14.5	14.5	14.5
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	17.2	48.6	96.1	25.7	43.5	72.4	30.8	65.0	9.4	22.4	11.3	3.5

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Metric	2025	2024	2023	2022
Revenue	8.0	3.4	0.9	0.0
Growth	+134%	+261%	—	—
Net Income	20.5	2.7	6.0	2.6
Net Margin	255.68%	79.76%	629.56%	—

LSG