PPE

Tư vấn đầu tư PP Enterprise ·HNX ·2026Q1

▼ Slightly negative

Capital structure should be read with cycle risk in mind Debt/equity 0.12x

Price

12,500

Latest close

02 Jun 2026

P/E 14.03x

P/B 1.26x

EPS 891

BVPS 9,903

ROE 12.2%

ROA 7.0%

Profit Margin 56.9%

Asset Turnover 0.15x

Equity Mult. 2.47x

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

What Is Changing

On a TTM 2026Q1 basis, PPE posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 324bn
	                                
+6462.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
+39.2%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.30x
	                                
negative cash flow vs profit

Metric	2025	2024	2023	2022	2021
Revenue	209.3	4.9	4.4	1.8	5.4
Growth	+4143%	+13%	+142%	-66%	—
Net Income	1.9	3.1	0.7	1.9	0.7
Net Margin	0.89%	62.23%	17.08%	103.54%	12.62%

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	114.4	141.5	67.8	—	0.0	0.0	3.7	1.2	0.0	4.4	0.0	0.0
Growth	-19%	+109%	—	—	—	-100%	+209%	—	-100%	—	—	—
Net Income	2.2	1.5	0.2	-0.0	0.1	2.2	0.5	-0.1	0.4	0.0	0.2	0.2
Net Margin	1.93%	1.07%	0.27%	—	—	—	13.95%	-4.84%	—	0.57%	—	—

Drivers of PPE's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by the main positive driver. Supporting and offsetting drivers:

Financial income ↓ 1.0bn

Administrative expenses ↑ 1.0bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by the main positive driver. Supporting and offsetting drivers:

Financial income ↓ 0.3bn

Administrative expenses ↑ 0.2bn

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 0.89% −55.7pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.26x equity, net debt at 0.12x equity.

Over the last 12 months, working capital absorbed 3.1bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +3.5bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −6.6bn

Working Capital Efficiency

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

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

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity 0.12x −0.41x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.30x −1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.5bn in 2025, against investing cash flow of -16.2bn.

Post-investment cash flow was negative +14.8bn. Financing cash flow was positive +15.7bn.

CFO / net income was -0.30x.

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

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.9bn −2.9bn

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 leverage pressure is easing, with net debt/equity down to 0.12x. The next item to monitor is capital structure should be read with cycle risk in mind.

Improvement: leverage pressure is easing, with net debt / equity down 0.41x to 0.12x while interest coverage holds at None.

Watchpoint: Capital structure should be read with cycle risk in mind.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	209.6	5.8	5.4	1.8	5.4
Revenue Deductions	0.3	0.9	1.0	0.0	0.0
Net Revenue	209.3	4.9	4.4	1.8	5.4
Cost of Goods Sold	206.3	4.9	4.3	0.0	0.0
Gross Profit	3.0	0.1	0.0	1.8	0.3
Financial Income	0.7	1.7	1.0	0.4	0.0
Financial Expenses	0.2	0.7	0.0	0.0	-0.0
Interest Expense	0.2	0.1	0.0	0.0	-0.0
Share of Associates and Joint Ventures	0.5	0.0	0.0	0.0	-0.0
Selling Expenses	0.3	0.0	0.0	0.0	-0.0
General and Administrative Expenses	1.3	0.6	0.3	0.3	0.4
Operating Profit	2.3	0.4	0.7	1.9	0.7
Other Income	0.0	3.3	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.1	0.0
Other Profit	0.0	3.2	-0.0	-0.1	-0.0
Profit Before Tax	2.3	3.6	0.7	1.9	0.7
Current Income Tax Expense	0.4	0.6	0.0	0.0	-0.0
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	1.9	3.1	0.7	1.9	0.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.9	3.1	0.7	1.9	0.7
Earnings per Share	596.00	1,535.00	372.00	932.00	338.00
Diluted EPS	519.22	1,534.52	372.05	931.87	337.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	15.9	11.5	11.1	18.3	18.4
I. Cash and cash equivalents	4.5	3.6	3.4	0.1	0.5
1. Cash	2.7	2.7	0.0	0.1	0.0
2. Cash equivalents	1.8	0.9	3.4	0.0	0.0
II. Short-term financial investments	—	7.3	0.0	0.0	0.0
1. Available for sale securities	—	2.3	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	—	5.0	0.0	0.0	0.0
III. Short-term receivables	11.3	0.6	7.7	18.2	17.9
1. Short-term trade accounts receivable	7.0	0.0	4.5	2.0	0.0
2. Short-term prepayments to suppliers	4.2	0.0	1.2	0.0	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	0.2	0.2	0.0
5. Short-term loan receivables	—	0.6	0.0	15.8	0.0
6. Other short-term receivables	0.0	0.0	2.0	0.4	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.0	0.0	0.1
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26.2	5.2	5.0	0.0	0.0
I. Long-term receivables	—	5.2	5.0	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	—	5.2	5.0	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	0.3	0.0	0.0	0.0	0.0
1. Tangible fixed assets	0.3	0.0	0.0	0.0	0.0
- Cost	0.4	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.0	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.0	0.0	0.0	0.0
V. Long-term financial investments	25.3	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	25.3	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.2	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	0.0	0.0	0.0	0.0
2. Deferred income tax assets	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
4. Other long-term assets	—	0.0	0.0	0.0	0.0
5. Goodwill	0.2	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)	42.1	16.8	16.1	18.3	18.4
A. LIABILITIES (300=210+330)	8.7	2.5	4.9	7.9	9.9
I. Short -term liabilities	8.7	2.5	4.9	7.9	9.9
1. Short-term trade accounts payable	0.1	0.0	3.0	3.1	4.3
2. Short-term advances from customers	6.0	1.3	1.6	1.6	1.6
3. Taxes and other payables to state authorities	1.0	0.6	0.0	0.1	0.0
4. Payable to employees	0.2	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	1.1	0.7	0.0	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.0	0.3	3.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	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)	33.4	14.2	11.2	10.4	8.6
I. Owner's equity	33.4	14.2	11.2	10.4	0.0
1. Owner's capital	36.0	20.0	20.0	20.0	8.6
- Common stock with voting right	36,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.3	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	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	-4.5	-5.9	-9.0	-9.7	-11.6
- Accumulated retained earning at the end of the previous period	-5.9	-9.0	-9.7	-11.6	-12.3
- Undistributed earnings in this period	1.4	3.1	0.7	1.9	0.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.1	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	42.1	16.8	16.1	18.3	18.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	2.3	3.6	0.7	1.9	0.7
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	-0.0	0.0	0.0	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	-0.5	-1.0	-0.4	0.0
Interest Expense	0.2	0.1	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	1.5	3.2	-0.3	1.1	2.0
Increase/(Decrease) in Receivables	0.6	7.3	-5.7	15.8	0.0
Increase/(Decrease) in Inventory	0.6	0.0	0.0	0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.8	-3.0	-3.0	-1.8	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	-0.0	0.0	0.0
Changes in Trading Securities	2.3	-2.3	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	0.0	0.0	0.0
Corporate Income Tax Paid	-0.6	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.5	5.2	-8.9	15.4	0.4
Payments for Fixed Assets and Other Long-term Assets	-0.4	0.0	0.0	0.0	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	—	-10.2	-5.0	-15.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.2	5.0	15.8	0.0	0.0
Investments in Other Entities	-69.3	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	42.4	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.9	0.3	1.5	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-16.2	-5.0	12.3	-15.8	0.0
Proceeds from Equity Issuance and Capital Contributions	15,718,440,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	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	15.7	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	0.9	0.2	3.3	-0.4	-0.6
Cash and Cash Equivalents at Beginning of Period	3.6	3.4	0.1	0.5	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.5	3.6	3.4	0.1	0.5

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	114.6	141.7	67.9	—	0.0	0.0	4.6	1.2	0.0	5.4	0.0	0.0
Revenue Deductions	0.2	0.2	0.1	—	0.0	0.0	0.9	0.0	0.0	1.0	0.0	0.0
Net Revenue	114.4	141.5	67.8	—	0.0	0.0	3.7	1.2	0.0	4.4	0.0	0.0
Cost of Goods Sold	112.9	139.5	66.8	—	0.0	0.0	3.7	1.2	0.0	4.3	0.0	0.0
Gross Profit	1.5	2.0	1.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Income	0.0	0.0	0.1	0.3	0.3	0.3	0.6	0.2	0.6	0.0	0.3	0.3
Financial Expenses	—	—	0.0	0.2	0.0	0.4	0.1	0.2	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	1.4	0.5	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.2	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.3	0.5	0.6	0.1	0.1	0.2	0.2	0.1	0.2	0.1	0.1	0.1
Operating Profit	2.5	1.8	0.3	-0.0	0.2	-0.3	0.4	-0.1	0.4	0.0	0.2	0.2
Other Income	—	0.0	—	—	0.0	3.1	0.2	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.0	—	—	0.0	3.0	0.2	-0.0	-0.0	-0.0	0.0	-0.0
Profit Before Tax	2.5	1.8	0.3	-0.0	0.2	2.8	0.5	-0.1	0.4	0.0	0.2	0.2
Current Income Tax Expense	0.3	0.3	0.1	—	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.2	1.5	0.2	-0.0	0.1	2.2	0.5	-0.1	0.4	0.0	0.2	0.2
Non-controlling Interest	0.4	0.4	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.8	1.2	0.0	-0.0	0.1	2.2	0.5	-0.1	0.4	0.0	0.2	0.2
Earnings per Share	513.00	364.00	17.00	-3.00	72.00	1,101.00	260.00	-29.00	200.00	12.00	116.00	114.00
Diluted EPS	512.86	323.56	17.22	-2.59	72.17	1,100.91	259.96	-29.21	200.43	12.37	115.75	113.87

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)	11.7	15.9	23.1	15.8	5.3	11.5	11.5	16.4	11.4	11.1	16.2	15.9
I. Cash and cash equivalents	3.5	4.5	11.4	10.4	0.1	3.6	5.8	8.6	7.3	3.4	0.0	0.0
1. Cash	1.9	2.8	0.9	10.4	0.1	2.7	4.6	2.6	0.2	0.0	0.0	0.0
2. Cash equivalents	1.6	1.8	10.5	—	0.0	0.9	1.2	5.9	7.1	3.4	0.0	0.0
II. Short-term financial investments	—	—	—	5.0	5.1	7.3	5.5	2.1	2.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.1	2.3	0.5	2.1	2.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	-0.0	5.0	-0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	5.0	5.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	8.1	11.3	11.6	0.3	0.1	0.6	0.1	5.7	2.1	7.7	16.2	15.9
1. Short-term trade accounts receivable	3.5	7.0	10.9	—	0.0	0.0	0.0	0.0	0.0	4.5	0.0	0.0
2. Short-term prepayments to suppliers	3.9	4.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0	1.2	0.0	0.0
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.2	0.2	0.2	0.2	0.2	0.2
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	5.0	0.0	0.0	15.0	15.0
6. Other short-term receivables	0.7	0.0	0.5	0.2	0.1	0.6	0.1	0.7	2.1	2.0	1.2	0.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	—	0.0	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	0.0
5. Other short-term assets	—	—	—	—	0.0	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)	27.6	26.2	0.6	—	42.4	5.2	5.2	0.0	5.0	5.0	0.0	0.0
I. Long-term receivables	—	—	—	—	0.0	5.2	5.2	0.0	5.0	5.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	5.2	5.2	0.0	5.0	5.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	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	0.0
II. Fixed assets	0.3	0.3	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Tangible fixed assets	0.3	0.3	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.4	—	—	—	0.0	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	0.0	0.0
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	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
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.4	0.4	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.4	0.4	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	26.7	25.3	—	—	42.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	26.7	25.3	—	—	42.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	0.2	0.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	0.0	0.0	0.0	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	0.2	0.2	0.2	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	39.3	42.1	23.7	15.8	47.7	16.8	16.7	16.4	16.4	16.1	16.2	15.9
A. LIABILITIES (300=210+330)	3.6	8.7	7.2	1.4	33.3	2.5	4.7	4.9	4.8	4.9	5.1	5.0
I. Short -term liabilities	3.6	8.7	7.2	1.4	25.7	2.5	4.7	4.9	4.8	4.9	5.1	5.0
1. Short-term trade accounts payable	0.3	0.1	4.2	—	0.0	0.0	3.0	3.0	3.0	3.0	3.1	3.1
2. Short-term advances from customers	2.1	6.0	1.6	1.3	1.3	1.3	1.3	1.5	1.5	1.6	1.6	1.6
3. Taxes and other payables to state authorities	0.3	1.0	0.6	0.0	0.0	0.6	0.0	0.0	0.0	0.0	0.0	0.0
4. Payable to employees	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
5. Short-term acrrued expenses	0.2	1.1	0.8	0.1	0.0	0.7	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	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	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	0.0
9. Other short-term payables	0.6	0.3	0.0	0.0	24.4	0.0	0.3	0.3	0.3	0.3	0.4	0.3
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	7.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	7.6	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	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	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	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	35.7	33.4	16.5	14.4	14.4	14.2	12.0	11.5	11.6	11.2	11.1	10.9
I. Owner's equity	35.7	33.4	16.5	14.4	14.4	14.2	12.0	11.5	11.6	11.2	11.1	10.9
1. Owner's capital	36.0	36.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0	20.0
- Common stock with voting right	36,000,000,000.00	36,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00	20,000,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.3	-0.3	—	—	0.0	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	0.0
4. Other capital of owners	—	—	—	—	0.0	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	0.00
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	-2.7	-4.5	-5.7	-5.8	-5.8	-5.9	-8.1	-8.6	-8.6	-9.0	-9.0	-9.2
- Accumulated retained earning at the end of the previous period	-4.5	-5.9	-5.9	-5.9	-5.9	-9.0	-9.0	-9.0	-9.0	-9.7	-9.7	-9.7
- Undistributed earnings in this period	1.8	1.4	0.2	0.1	0.1	3.1	0.9	0.3	0.4	0.7	0.7	0.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.5	2.1	2.0	—	0.0	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	0.0
II. Other resources and funds	—	—	—	—	0.0	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	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	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	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	39.3	42.1	23.7	15.8	47.7	16.8	16.7	16.4	16.4	16.1	16.2	15.9

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	2.5	1.8	0.3	-0.0	0.2	2.8	0.5	-0.1	0.4	0.0	0.2	0.2
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	—	0.0	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	-0.2	-0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.4	-0.5	-0.1	-0.3	-0.2	-0.2	-0.2	-0.1	-0.1	-0.0	-0.3	-0.3
Interest Expense	—	0.0	0.0	0.2	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	1.2	1.3	0.3	-0.1	0.0	2.3	0.4	-0.1	0.3	-0.0	-0.1	-0.1
Increase/(Decrease) in Receivables	3.2	-0.4	0.5	0.1	0.3	-0.1	0.4	1.5	5.7	-7.7	-0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.5	1.4	-3.4	-0.2	-0.7	-3.2	-0.2	-0.0	-0.1	-0.2	0.1	-0.9
Increase/(Decrease) in Prepaid 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
Changes in Trading Securities	—	—	—	—	0.0	-1.8	1.6	-0.2	-2.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.2	0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.9	-0.0	0.0	0.0	-0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.0	2.3	-2.0	-0.2	1.3	-2.7	2.2	1.2	3.9	-7.8	-0.0	-1.0
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.2	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	-10.2	2.0	-2.0	-5.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	5.0	0.0	5.2	0.0	5.0	-2.0	2.0	15.0	0.0	0.8
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	-0.2	0.0	42.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.3	0.3	0.0	0.3	0.0	0.3	-0.0	0.0	1.2	0.0	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.0	-25.0	2.9	18.2	-12.5	0.0	-4.9	-0.0	0.0	11.2	0.0	1.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	7.6	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	0.0
Repayment of Finance Leases	—	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	—	0.0	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	8.1	—	—	7.6	0.5	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-1.1	-6.9	1.0	10.4	-3.5	-2.2	-2.8	1.2	4.0	3.4	-0.0	0.0
Cash and Cash Equivalents at Beginning of Period	4.5	11.4	10.4	0.1	3.6	3.4	3.4	3.4	3.4	0.1	0.1	0.1
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	3.5	4.5	11.4	10.4	0.1	3.6	5.8	8.6	7.3	3.4	0.0	0.0

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PPE

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

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Cash Flow