MH3

Khu Công nghiệp Cao su Bình Long ·UPCOM ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 43.36%, −6.97pp YoY

Price

27,000

Latest close

19 May 2026

P/E 14.96x

P/B 1.14x

EPS 1,805

BVPS 23,769

ROE 7.4%

ROA 3.6%

Profit Margin 43.4%

Asset Turnover 0.08x

Equity Mult. 2.06x

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

What Is Changing

On a TTM 2026Q1 basis, MH3 is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 100bn
	                                
+5.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 43bn
	                                
−9.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    72.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	97.8	93.6	154.5	82.3	72.6
Growth	+4%	-39%	+88%	+13%	—
Net Income	42.8	45.8	45.2	48.9	41.5
Net Margin	43.72%	48.90%	29.25%	59.34%	57.11%

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	24.7	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5
Growth	+5%	-8%	-3%	+16%	-10%	+10%	-6%	+14%	-77%	+312%	+4%	—
Net Income	11.2	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4
Net Margin	45.39%	33.55%	47.51%	46.19%	46.56%	39.26%	26.21%	87.79%	50.07%	13.69%	52.64%	57.89%

Drivers of MH3's profit

TTM

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

Financial income ↑ 1.9bn

Administrative expenses ↓ 1.5bn

Tax ↓ 0.9bn

Other profit ↑ 0.5bn

Gross profit ↓ 9.1bn

TTM

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

Financial income ↑ 1.1bn

Gross profit ↑ 0.4bn

Other profit ↓ 0.4bn

Tax ↑ 0.2bn

Administrative expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.0% = 50.3% × 0.08 × 2.09

2026Q1 7.4% = 43.4% × 0.08 × 2.06

ROE fell from 8.0% to 7.4% — net margin weakened the most, though asset turnover still provided support.

Net margin: 43.4% -7.0pp Asset turnover: 0.08x +0.01x Leverage: 2.06x -0.03x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 43.36%, losing 7.0pp. The main pressure is Gross margin fell 11.4pp, outweighing the improvement in SG&A / Revenue fell 2.5pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 43.36% −7.0pp

Gross Margin 32.34% −11.4pp

SG&A / Revenue 18.46% −2.5pp

Non-core / Revenue 40.69% +0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (74.6% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 42.46% −7.3pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.03x equity, with a net cash position equivalent to 0.00x 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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.4 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 7.2 days, and DPO fell 5.7 days.

Working capital cycle is flat — components are offsetting each other.

Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.

Watchpoints

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 94.7 days −7.2 days

Inventory 1.3 days +0.1 days

Payables 26.7 days −5.7 days

Cash Conversion Cycle 69.3 days −1.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 8.1bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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

Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.

Leverage and liquidity trend

Net Debt / Equity -0.00x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.11x +0.41x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.1bn in 2025, against investing cash flow of 38.6bn.

Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +38.7bn.

CFO / net income was 0.11x.

After spending +1.9bn on fixed-asset investment, the business generated trailing free cash flow of +2.7bn.

FCF and CFO in this industry should be read alongside investment cycles and business model specifics.

Cash Conversion

CFO TTM 4.6bn +18.9bn

Cash Capex 1.9bn —

FCF TTM +2.7bn —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.0 pp. The next watchpoint is the earnings mix, when non-core contribution is 72.5%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.00x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.00x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.5% of PBT and CFO / net income currently at 0.11x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 43.36% after a 7.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	97.8	93.6	154.5	82.3	72.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	97.8	93.6	154.5	82.3	72.6
Cost of Goods Sold	66.3	56.4	117.6	46.1	0.0
Gross Profit	31.5	37.3	36.8	36.2	30.5
Financial Income	38.5	39.4	41.1	30.8	29.6
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.1	0.1	0.1	0.1	-0.1
General and Administrative Expenses	17.7	19.8	22.5	8.9	-11.0
Operating Profit	52.2	56.8	55.3	58.0	49.0
Other Income	1.6	0.8	0.9	0.5	0.0
Other Expenses	0.0	0.1	0.0	0.2	0.0
Other Profit	1.5	0.7	0.9	0.3	-0.1
Profit Before Tax	53.8	57.4	56.2	58.3	49.0
Current Income Tax Expense	11.0	11.6	11.0	9.5	-7.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	42.8	45.8	45.2	48.9	41.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	42.8	45.8	45.2	48.9	41.5
Earnings per Share	1,713.00	1,842.00	2,786.00	4,071.00	3,456.00
Diluted EPS	1,781.49	1,908.24	1,882.98	4,070.95	3,455.63

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	848.3	838.3	909.0	612.6	581.7
I. Cash and cash equivalents	10.0	1.9	341.0	45.5	28.6
1. Cash	10.0	1.9	5.2	3.0	0.0
2. Cash equivalents	—	0.0	335.8	42.5	0.0
II. Short-term financial investments	807.6	810.2	532.4	533.2	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	807.6	810.2	532.4	533.2	0.0
III. Short-term receivables	30.4	23.7	32.9	32.5	44.3
1. Short-term trade accounts receivable	24.3	23.0	22.0	25.5	0.0
2. Short-term prepayments to suppliers	1.0	0.9	4.9	0.8	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	18.6	15.5	20.1	15.5	0.0
7. Provision for short-term doubtful debts (*)	-13.4	-15.6	-14.0	-9.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.1	0.4	0.2	0.1	0.3
1. Inventories	0.1	0.4	0.2	0.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	2.2	2.5	1.3	2.3
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	2.2	2.5	1.3	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)	352.5	368.6	382.1	379.9	364.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	88.3	94.1	99.4	68.3	73.7
1. Tangible fixed assets	88.3	94.1	99.4	68.3	73.7
- Cost	154.2	152.2	149.9	112.3	0.0
- Accumulated depreciation	-66.0	-58.1	-50.5	-44.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	122.0	133.3	133.3	105.4	109.4
- Cost	224.4	224.4	213.2	175.4	0.0
- Accumulated depreciation	-102.5	-91.2	-80.0	-69.9	0.0
IV. Long-term assets in progress	23.9	23.2	23.5	73.4	49.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	23.9	23.2	23.5	73.4	0.0
V. Long-term financial investments	—	0.0	7.0	13.5	15.4
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	7.0	13.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	118.4	118.1	119.0	119.3	0.0
1. Long-term prepayments	118.4	118.1	119.0	119.3	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	116.4
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)	1,200.8	1,206.9	1,291.1	992.6	946.0
A. LIABILITIES (300=210+330)	609.5	615.3	702.1	733.6	706.8
I. Short -term liabilities	46.3	30.7	96.2	52.4	59.9
1. Short-term trade accounts payable	5.8	4.9	3.9	7.2	23.0
2. Short-term advances from customers	—	0.0	6.1	0.0	0.0
3. Taxes and other payables to state authorities	11.0	2.2	60.8	1.8	0.0
4. Payable to employees	0.9	1.2	1.2	2.9	0.0
5. Short-term acrrued expenses	0.7	0.6	0.9	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	24.0	17.4	19.3	19.8	0.3
9. Other short-term payables	3.9	4.3	4.1	4.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	15.2	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.0	0.4	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	563.2	584.6	605.9	681.2	646.9
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	12.7	16.7	20.6	18.5	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	550.6	567.9	585.3	662.7	624.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	591.3	591.6	589.0	259.0	239.2
I. Owner's equity	559.2	556.6	550.9	218.0	0.0
1. Owner's capital	240.0	240.0	240.0	120.0	193.9
- Common stock with voting right	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	120,000,000,000.00	120,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	215.7	215.7	215.7	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	60.8	55.0	50.0	36.0	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	42.8	45.9	45.2	62.0	49.9
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.0	13.1	8.5
- Undistributed earnings in this period	42.8	45.8	45.2	48.9	41.5
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	32.1	35.1	38.0	41.0	45.2
1. Subsidized not-for-profit funds	10.9	10.9	10.9	10.9	0.0
2. Funds invested in fixed assets	21.2	24.2	27.1	30.1	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,200.8	1,206.9	1,291.1	992.6	946.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.9	-13.7	-9.0	-9.9	0.0
Other Operating Receipts	34.9	2.3	1.1	0.9	0.0
Other Operating Payments	-45.1	-55.5	-20.0	-39.7	0.0
Net Cash Flow from Operating Activities	8.1	-73.1	12.0	66.8	-5.1
Payments for Fixed Assets and Other Long-term Assets	-2.1	-10.9	-33.6	-37.2	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-276.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	243.1
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	35.9	43.6	36.2	28.5	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	38.6	-227.3	10.0	-20.8	-33.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	335,713,888,362.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	15.2	0.0
Repayment of Borrowings	—	0.0	-15.2	-7.7	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-38.7	-38.8	-47.0	-23.7	-44.4
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	-38.7	-38.8	273.5	-16.2	-44.4
Net Cash Flow During the Period	8.1	-339.2	295.5	29.9	0.0
Cash and Cash Equivalents at Beginning of Period	1.9	341.0	45.5	15.6	94.5
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	10.0	1.9	341.0	45.5	0.0

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
Revenue	24.7	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	24.7	23.5	25.5	26.2	22.5	25.1	22.8	24.4	21.4	92.0	22.3	21.5
Cost of Goods Sold	16.8	15.8	18.3	16.7	15.0	16.2	15.7	6.5	14.7	76.2	14.8	12.2
Gross Profit	7.9	7.7	7.2	9.5	7.5	8.9	7.2	17.8	6.7	15.9	7.5	9.2
Financial Income	10.4	9.9	9.8	9.5	9.3	9.5	4.1	14.8	11.0	12.2	10.3	9.8
Financial Expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.9	7.6	2.0	4.9	3.8	6.5	3.8	5.7	4.4	11.8	4.0	4.1
Operating Profit	14.4	10.0	15.0	14.1	13.0	11.9	7.5	26.9	13.2	16.2	13.8	14.9
Other Income	0.1	0.1	0.2	1.1	0.2	0.5	0.2	0.0	0.2	0.2	0.6	0.0
Other Expenses	0.4	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.3	0.0	0.2	1.1	0.2	0.5	0.1	-0.0	0.2	0.2	0.6	0.0
Profit Before Tax	14.1	10.0	15.2	15.2	13.2	12.3	7.5	26.9	13.4	16.4	14.4	14.9
Current Income Tax Expense	2.9	2.2	3.1	3.1	2.7	2.5	1.5	5.4	2.7	3.8	2.6	2.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.2	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.2	7.9	12.1	12.1	10.5	9.8	6.0	21.4	10.7	12.6	11.8	12.4
Earnings per Share	467.00	328.00	505.00	505.00	437.00	410.00	250.00	1,784.00	446.00	525.00	980.00	1,036.00
Diluted EPS	467.16	328.50	505.39	505.04	437.15	410.01	249.54	891.95	445.54	525.09	495.91	1,035.75

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)	848.5	847.6	858.4	858.1	848.8	838.5	836.1	895.0	908.6	904.1	903.4	591.7
I. Cash and cash equivalents	1.8	10.0	19.9	5.4	3.1	1.9	7.7	363.3	366.1	341.0	332.9	8.5
1. Cash	1.8	10.0	19.9	5.4	3.1	1.9	7.7	4.6	20.3	5.2	332.9	2.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	358.7	345.8	335.8	0.0	6.5
II. Short-term financial investments	830.8	807.6	809.6	819.9	810.0	810.2	799.2	492.7	501.6	527.4	530.1	543.3
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	830.8	807.6	809.6	819.9	810.0	810.2	799.2	492.7	501.6	527.4	530.1	543.3
III. Short-term receivables	15.5	29.7	28.5	31.4	33.9	23.9	27.1	36.3	38.4	33.0	39.1	38.3
1. Short-term trade accounts receivable	25.3	24.3	27.2	24.9	26.6	23.0	26.7	28.5	26.3	22.0	28.9	27.7
2. Short-term prepayments to suppliers	1.9	1.0	1.1	0.9	0.9	0.9	1.7	1.8	2.5	4.9	1.0	0.9
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	18.6	13.9	21.2	22.0	15.7	13.6	21.5	23.6	20.1	18.4	18.9
7. Provision for short-term doubtful debts (*)	-13.4	-14.1	-13.6	-15.6	-15.6	-15.6	-14.9	-15.4	-14.0	-14.0	-9.3	-9.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.2	0.1	0.2	0.2	0.2	0.4	0.2	0.1	0.1	0.2	0.2	0.2
1. Inventories	0.2	0.1	0.2	0.2	0.2	0.4	0.2	0.1	0.1	0.2	0.2	0.2
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	0.1	0.2	0.2	1.2	1.5	2.2	1.9	2.6	2.3	2.5	1.2	1.4
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.2	0.2	1.2	1.5	2.2	1.9	2.6	2.3	2.5	1.2	1.4
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)	348.8	353.1	357.1	361.1	365.4	371.5	376.8	383.3	381.4	387.1	389.8	393.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	86.3	88.3	90.0	92.0	94.0	94.1	93.9	95.6	97.5	99.4	64.1	65.5
1. Tangible fixed assets	86.3	88.3	90.0	92.0	94.0	94.1	93.9	95.6	97.5	99.4	64.1	65.5
- Cost	154.2	—	—	—	—	152.2	150.0	149.9	149.9	149.9	112.3	112.3
- Accumulated depreciation	-68.0	—	—	—	—	-58.1	-56.1	-54.2	-52.4	-50.5	-48.2	-46.8
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	—	—	—	—	—	0.0	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
III. Investment properties	119.2	122.0	124.8	127.6	130.4	133.3	125.2	127.9	130.6	133.3	136.0	138.3
- Cost	224.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-105.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	23.9	23.9	23.6	23.4	23.2	23.2	34.4	34.4	28.0	23.5	59.0	58.7
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	23.9	23.9	23.6	23.4	23.2	23.2	34.4	34.4	28.0	23.5	59.0	58.7
V. Long-term financial investments	—	—	—	—	—	0.0	5.0	7.0	7.0	12.0	12.0	12.0
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	—	—	—	—	—	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	5.0	7.0	7.0	12.0	12.0	12.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	119.5	119.0	118.7	118.1	117.8	121.0	118.3	118.5	118.4	119.0	118.8	118.8
1. Long-term prepayments	119.5	119.0	118.7	118.1	117.8	121.0	118.3	118.5	118.4	119.0	118.8	118.8
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)	1,197.3	1,200.7	1,215.5	1,219.2	1,214.1	1,210.1	1,213.0	1,278.3	1,290.0	1,291.2	1,293.3	984.9
A. LIABILITIES (300=210+330)	626.9	609.5	631.4	646.6	612.8	615.8	627.8	698.9	691.1	702.1	724.1	752.7
I. Short -term liabilities	36.7	46.3	76.5	72.6	32.5	13.2	55.5	106.6	89.6	96.1	36.6	42.8
1. Short-term trade accounts payable	4.9	5.8	5.3	5.4	5.0	4.9	7.5	4.7	4.4	3.9	3.8	4.0
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	6.1	0.0	0.0
3. Dividends and profits payable	1.8	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.0	10.9	8.9	6.2	3.1	2.9	1.9	54.6	59.6	60.7	2.7	2.5
4. Payable to employees	1.5	0.9	0.8	0.9	0.1	1.2	0.8	0.1	0.8	1.2	0.9	0.8
5. Short-term acrrued expenses	—	0.7	14.7	—	0.6	0.0	18.7	0.0	0.4	0.9	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	24.4	24.0	27.0	17.4	21.0	0.0	21.3	20.7	21.2	19.3	25.0	7.4
9. Other short-term payables	2.0	3.9	19.7	42.5	4.0	4.1	5.1	26.0	4.1	4.1	4.2	27.4
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-0.8	0.0	0.0	0.2	-1.4	0.1	0.2	0.6	-1.0	0.0	0.1	0.6
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	590.2	563.2	554.9	573.9	580.3	602.6	572.3	592.3	601.5	605.9	687.5	709.9
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	12.7	12.7	—	14.7	16.7	17.3	0.0	18.7	20.6	20.6	16.9	16.2
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	546.2	550.6	554.9	559.2	563.6	585.3	572.3	573.6	580.9	585.3	670.6	693.7
7. Other long-term liabilities	31.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	570.5	591.2	584.0	572.7	601.4	594.3	585.2	579.4	598.9	589.1	569.1	232.3
I. Owner's equity	570.5	559.1	551.2	539.1	567.1	559.2	549.4	542.9	561.6	551.0	530.3	192.7
1. Owner's capital	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	240.0	237.1	120.0
- Common stock with voting right	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	240,000,000,000.00	237,050,480,000.00	120,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	215.7	215.7	215.7	215.7	215.7	215.7	215.7	215.7	0.0	215.7	210.5	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	215.7	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	60.8	60.8	60.8	60.8	55.0	55.0	55.0	55.0	50.0	50.0	50.0	50.0
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	54.0	42.6	34.7	22.6	56.3	48.5	38.7	32.1	55.9	45.3	32.7	22.7
- Accumulated retained earning at the end of the previous period	42.8	0.0	0.0	0.0	45.9	0.1	0.1	0.1	45.2	0.0	0.0	0.0
- Undistributed earnings in this period	11.2	42.6	34.7	22.6	10.5	48.5	38.6	32.1	10.7	45.3	32.7	22.7
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	—	32.1	32.8	33.6	34.3	35.1	35.8	36.5	37.3	38.0	38.8	39.5
1. Subsidized not-for-profit funds	—	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9	10.9
2. Funds invested in fixed assets	—	21.2	21.9	22.7	23.4	24.2	24.9	25.6	26.4	27.1	27.9	28.6
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)	1,197.3	1,200.7	1,215.5	1,219.2	1,214.1	1,210.1	1,213.0	1,278.3	1,290.0	1,291.2	1,293.3	984.9

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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.9	-0.1	0.0	-0.0	-1.8	-1.5	-5.6	-2.7	-3.9	-2.6	-2.3	-2.2
Other Operating Receipts	11.4	—	—	—	—	7.4	13.3	26.0	0.3	-25.4	26.2	-3.6
Other Operating Payments	-4.6	-38.7	-0.5	-1.3	-4.6	-3.6	-15.7	-37.6	-11.2	16.1	-27.9	42.9
Net Cash Flow from Operating Activities	-2.5	-32.4	26.9	12.5	1.1	-0.6	6.1	-20.9	-13.9	20.5	-26.3	71.8
Payments for Fixed Assets and Other Long-term Assets	0.1	-1.7	-0.1	-0.4	—	-0.3	-0.1	-0.3	-0.1	-33.4	23.0	-23.2
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	—	—	—	—	—	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
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	0.0	35.9	0.0	0.0	0.0	0.0	0.0	-8.2	8.2	10.4	10.1	15.7
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	-5.7	38.5	10.2	-10.3	0.2	-6.3	-304.6	0.4	38.9	-20.3	6.3	-26.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	7,941,356,000.00	327,772,532,362.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	1,100,000.00	-1,100,000.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-16.0	-22.7	—	-0.0	1.0	-57.1	17.7	0.0	-0.0	-23.4	-47.0
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	-0.0	-16.0	-22.7	—	-0.0	1.0	-57.1	17.7	0.0	7.9	304.4	-47.0
Net Cash Flow During the Period	-8.2	-9.9	14.5	2.3	1.2	-5.9	-355.5	-2.8	25.1	8.1	284.4	-1.7
Cash and Cash Equivalents at Beginning of Period	10.0	19.9	5.4	3.1	1.9	341.0	341.0	341.0	341.0	45.5	45.5	45.5
FX Difference from Revaluation	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	1.8	10.0	19.9	5.4	3.1	1.9	7.7	363.3	366.1	341.0	332.9	48.5

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MH3

What Is Changing

Drivers of MH3'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