QPH

Thủy điện Quế Phong ·UPCOM ·2026Q1

● Maintaining

Financial result is supporting part of pre-tax profit Net financial result/PBT 20.37%

Price

34,800

Latest close

02 Jun 2026

P/E 8.04x

P/B 2.13x

EPS 4,326

BVPS 16,365

ROE 20.3%

ROA 16.8%

Profit Margin 60.8%

Asset Turnover 0.28x

Equity Mult. 1.21x

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

What Is Changing

On a TTM 2026Q1 basis, QPH 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. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 132bn
	                                
+22.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 80bn
	                                
+12.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	128.1	110.8	110.9	120.3	120.4
Growth	+16%	-0%	-8%	-0%	—
Net Income	77.2	70.9	72.3	74.0	70.4
Net Margin	60.26%	64.01%	65.21%	61.54%	58.44%

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	26.2	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5
Growth	-30%	+7%	+4%	+52%	-29%	-0%	+31%	-2%	-29%	+36%	-4%	—
Net Income	17.1	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1
Net Margin	65.19%	56.23%	59.68%	63.65%	67.64%	67.30%	62.00%	67.58%	71.39%	63.72%	61.32%	68.42%

Drivers of QPH's profit

TTM

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

Gross profit ↑ 23.4bn

Finance costs ↓ 1.3bn

Other profit ↑ 1.2bn

Tax ↑ 9.5bn

Financial income ↓ 7.2bn

TTM

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

Gross profit ↑ 5.9bn

Finance costs ↓ 0.6bn

Financial income ↓ 4.0bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 15.1% = 65.9% × 0.19 × 1.19

2026Q1 20.3% = 60.8% × 0.28 × 1.21

ROE rose from 15.1% to 20.3% — mainly driven by asset turnover, despite net margin moving in the opposite direction.

Net margin: 60.8% -5.1pp Asset turnover: 0.28x +0.08x Leverage: 1.21x +0.02x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 60.80%, losing 5.1pp. Gross margin rose 7.2pp and SG&A / Revenue fell 0.8pp improved but not enough to offset the weakness in Net financial result / Revenue fell 8.8pp (Other profit / Revenue rose 1.2pp still added support).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 60.80% −5.1pp

Gross Margin 65.33% +7.2pp

SG&A / Revenue 4.80% −0.8pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 18.9% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC expanded to 18.89%, rising 4.5pp. That translates to 18.89 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.09x — the business is generating more revenue per unit of capital, with NOPAT margin narrowed 6.1pp; while invested capital contracted by 77bn.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 18.89% +4.5pp

NOPAT Margin 60.91% −6.1pp

Capital Turnover 0.31x +0.09x

Average Invested Capital 426.4bn −77.3bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.32x equity, net debt at 0.02x equity.

Over the last 12 months, working capital absorbed 1.4bn of cash, mainly because of higher receivables and lower payables.

Working Capital Drivers

Receivables increased → lower CFO: −0.2bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −1.2bn

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.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 23.8 days −3.4 days

Inventory — —

Payables 79.6 days −114.1 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.02x and interest coverage at 29.89x.

At present, short-term debt accounts for 37.4% of total debt, cash equals 72.1% of debt, and total debt stands at 16.9bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.10x

Interest Coverage 29.89x +12.02x

Cash / Debt 72.1% +65.9pp

Short-term Debt / Total Debt 37.4% −3.9pp

CFO / NI 1.00x +0.58x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 49.7bn in 2025, against investing cash flow of 254.5bn.

Post-investment cash flow was positive +304.2bn. Financing cash flow was negative +298.4bn.

CFO / net income was 1.00x.

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

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 80.0bn +50.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is leverage pressure is easing, with net debt/equity down to 0.02x. The next item to monitor is the earnings mix, when non-core contribution is 20.4%. The main risk still sits in core profitability, with net margin down 5.1 pp.

Improvement: leverage pressure is easing, with net debt / equity down 0.10x to 0.02x while interest coverage holds at 29.89x.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 20.4% of PBT and CFO / net income currently at 1.00x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 60.80% after a 5.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	128.1	110.8	110.9	120.3	120.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	128.1	110.8	110.9	120.3	120.4
Cost of Goods Sold	49.4	46.9	48.7	47.9	0.0
Gross Profit	78.7	63.9	62.2	72.4	72.1
Financial Income	27.9	29.1	25.0	17.6	12.5
Financial Expenses	4.0	3.7	1.5	1.1	-1.5
Interest Expense	4.0	3.7	1.5	1.1	-1.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	6.2	6.1	5.8	6.2	-6.1
Operating Profit	96.4	83.1	79.8	82.7	76.9
Other Income	0.1	0.4	0.5	0.1	0.0
Other Expenses	0.5	1.8	0.1	1.6	0.0
Other Profit	-0.4	-1.4	0.4	-1.5	-1.0
Profit Before Tax	96.0	81.7	80.2	81.3	76.0
Current Income Tax Expense	18.8	10.8	7.8	7.2	-5.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	77.2	70.9	72.3	74.0	70.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	77.2	70.9	72.3	74.0	70.4
Earnings per Share	4,267.00	3,815.00	3,892.00	3,984.00	3,787.00
Diluted EPS	4,267.00	3,815.00	3,892.00	3,984.00	3,786.74

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	273.0	491.8	379.3	320.1	229.8
I. Cash and cash equivalents	21.6	15.8	4.0	3.2	4.6
1. Cash	21.6	15.8	4.0	3.2	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	251.4	476.0	375.4	316.4	224.8
1. Short-term trade accounts receivable	14.2	11.9	12.0	14.1	0.0
2. Short-term prepayments to suppliers	7.6	7.8	10.5	10.7	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	226.6	455.1	352.2	290.2	0.0
6. Other short-term receivables	3.0	1.3	0.7	1.5	0.0
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.4	0.4
1. Inventories	—	0.0	0.0	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
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
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	105.7	125.6	148.6	173.3	191.6
I. Long-term receivables	0.1	0.1	0.1	1.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.5
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	0.1	0.1	0.1	1.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	99.2	117.8	138.8	159.5	177.4
1. Tangible fixed assets	97.3	115.4	135.9	159.5	177.2
- Cost	472.9	472.6	472.6	475.9	0.0
- Accumulated depreciation	-375.6	-357.2	-336.8	-316.4	0.0
2. Financial leased fixed assets	2.0	2.4	2.9	0.0	0.0
- Cost	3.4	3.4	3.4	0.0	0.0
- Accumulated depreciation	-1.5	-1.0	-0.5	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0	0.2
- Cost	3.7	3.7	3.7	3.7	0.0
- Accumulated depreciation	-3.7	-3.7	-3.7	-3.7	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	1.9	0.2	0.2	0.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	1.9	0.2	0.2	0.2	0.0
V. Long-term financial investments	—	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	—	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	4.6	7.5	9.5	12.1	0.0
1. Long-term prepayments	4.6	7.5	9.5	12.1	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	12.7
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)	378.7	617.4	527.9	493.3	421.4
A. LIABILITIES (300=210+330)	91.7	142.7	86.2	121.7	84.2
I. Short -term liabilities	80.5	84.2	84.8	120.8	80.0
1. Short-term trade accounts payable	12.0	36.2	39.2	40.7	39.2
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	21.0	13.4	10.5	11.2	0.0
4. Payable to employees	2.1	1.9	2.1	1.8	0.0
5. Short-term acrrued expenses	7.5	7.5	7.5	7.5	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	4.9	0.7	1.9	37.8	0.0
10. Short-term borrowings and financial leases	16.0	9.7	11.0	11.4	10.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.9	14.8	12.7	10.4	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	11.2	58.5	1.4	0.9	4.2
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	0.5	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	—	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	11.2	58.5	1.4	0.4	3.4
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)	287.0	474.8	441.8	371.7	337.3
I. Owner's equity	287.0	474.8	441.8	371.7	0.0
1. Owner's capital	185.8	185.8	185.8	185.8	337.3
- Common stock with voting right	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	20.9	20.9	20.9	20.9	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	79.7	267.5	234.5	164.4	130.0
- Accumulated retained earning at the end of the previous period	0.2	196.6	162.2	90.4	51.2
- Undistributed earnings in this period	79.5	70.9	72.3	74.0	78.8
12. Reserves for investment in construction	0.5	0.5	0.5	0.5	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	378.7	617.4	527.9	493.3	421.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	96.0	81.7	80.2	81.3	76.0
Depreciation of Fixed Assets and Investment Property	18.9	21.0	20.5	21.1	21.9
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	-27.9	-29.1	-25.0	-17.8	0.0
Interest Expense	4.0	3.7	1.5	1.1	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	91.0	77.3	77.2	85.7	87.0
Increase/(Decrease) in Receivables	-3.9	2.2	5.0	-0.4	0.0
Increase/(Decrease) in Inventory	—	0.0	0.4	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-26.1	-3.5	-2.7	0.3	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	2.0	2.6	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-4.0	-3.7	-1.5	-1.1	0.0
Corporate Income Tax Paid	-10.2	-7.9	-7.2	-6.1	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	49.7	66.4	73.7	79.0	96.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	0.0	-0.3	-3.7	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.5	0.0
Loans and Purchases of Debt Instruments	-76.5	-148.3	-137.5	-122.7	-88.3
Receipts from Loan Repayments and Sale of Debt Instruments	305.1	45.4	75.4	31.1	63.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	27.9	29.1	25.0	17.5	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	254.5	-73.7	-37.3	-77.2	-18.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	97.1	22.5	18.2	14.3
Repayment of Borrowings	-40.3	-40.7	-22.0	-20.6	-24.2
Repayment of Finance Leases	-0.7	-0.6	0.0	0.0	0.0
Dividends Paid	-257.4	-36.5	-36.2	-0.8	-72.9
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	-298.4	19.2	-35.7	-3.2	-82.9
Net Cash Flow During the Period	5.8	11.8	0.7	-1.4	3.3
Cash and Cash Equivalents at Beginning of Period	15.8	4.0	3.2	4.6	9.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	21.6	15.8	4.0	3.2	4.6

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	26.2	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	26.2	37.5	34.9	33.6	22.1	31.2	31.2	23.9	24.5	34.6	25.5	26.5
Cost of Goods Sold	7.0	13.5	13.8	11.6	8.7	12.5	13.6	10.5	9.4	14.4	12.1	11.4
Gross Profit	19.3	24.0	21.1	22.0	13.4	18.6	17.6	13.4	15.1	20.2	13.3	15.1
Financial Income	4.1	4.7	7.5	7.5	8.1	7.7	7.8	7.4	6.2	5.9	5.7	6.5
Financial Expenses	0.5	0.7	0.9	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.4
Interest Expense	0.5	0.7	0.6	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.4
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	1.8	1.6	1.5	1.4	1.7	1.5	1.6	1.4	1.7	1.3	1.5
Operating Profit	21.4	26.2	26.0	26.8	19.0	23.3	22.7	18.2	19.7	24.2	17.4	19.7
Other Income	—	0.1	—	—	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.2	0.2	0.0	1.4	0.1	0.3	0.0	0.0	0.1
Other Profit	-0.0	0.0	-0.0	-0.2	-0.2	-0.0	-1.1	-0.1	-0.3	-0.0	-0.0	-0.1
Profit Before Tax	21.4	26.3	26.0	26.6	18.8	23.3	21.6	18.1	19.4	24.2	17.3	19.6
Current Income Tax Expense	4.3	5.2	5.2	5.3	3.8	2.3	2.3	2.0	1.9	2.1	1.7	1.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.1	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.1	21.1	20.8	21.4	14.9	21.0	19.3	16.2	17.5	22.1	15.6	18.1
Earnings per Share	921.00	1,135.00	1,121.00	1,149.00	804.00	1,129.00	1,041.00	869.00	942.00	1,187.00	840.00	977.00
Diluted EPS	921.00	1,135.00	1,121.00	1,149.00	804.00	3,993.00	1,041.00	869.00	942.00	1,187.00	840.00	977.00

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)	267.9	273.3	436.6	417.9	466.5	493.9	459.6	50.3	398.0	380.1	348.3	364.4
I. Cash and cash equivalents	12.2	21.5	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9
1. Cash	12.2	21.5	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	237.6	—	—	—	—	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	237.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	18.1	251.9	420.0	401.1	462.7	477.9	455.9	47.6	391.3	375.7	341.3	362.1
1. Short-term trade accounts receivable	9.0	14.1	13.0	17.6	8.3	11.9	12.4	9.8	7.9	12.0	10.2	13.5
2. Short-term prepayments to suppliers	8.0	7.7	7.7	7.7	7.7	9.7	9.7	10.5	10.5	10.8	10.7	10.8
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	—	228.3	397.9	373.7	444.9	455.1	432.2	26.3	371.9	352.2	319.4	336.4
6. Other short-term receivables	1.1	1.7	1.5	2.1	1.9	1.3	1.6	1.0	1.0	0.7	1.1	1.5
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.7	0.4
1. Inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.5	0.7	0.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.2	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
3. Taxes and other receivables from state authorities	—	—	0.0	—	0.2	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)	103.5	107.5	109.3	114.5	120.1	125.5	131.3	576.8	142.7	148.6	154.5	160.2
I. Long-term receivables	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	97.0	99.2	102.4	107.4	112.6	117.8	123.1	128.3	133.5	138.8	144.0	149.2
1. Tangible fixed assets	95.2	97.3	100.2	105.2	110.3	115.4	120.5	125.6	130.7	135.9	140.9	146.0
- Cost	472.9	—	—	—	—	472.6	472.6	472.6	472.6	472.6	472.6	472.6
- Accumulated depreciation	-377.8	—	—	—	—	-357.2	-352.1	-347.0	-341.9	-336.8	-331.7	-326.6
2. Financial leased fixed assets	1.8	2.0	2.2	2.2	2.3	2.4	2.6	2.7	2.8	2.9	3.0	3.2
- Cost	3.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.6	—	—	—	—	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	3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.2	7.9	6.5	6.8	7.1	7.4	7.9	448.2	8.8	9.5	10.2	10.7
1. Long-term prepayments	4.1	7.9	6.5	6.8	7.1	7.4	7.9	8.2	8.8	9.5	10.2	10.7
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	0.1	—	—	—	—	0.0	0.0	440.0	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)	371.3	380.8	545.9	532.4	586.6	619.5	590.8	627.1	540.7	528.7	502.7	524.6
A. LIABILITIES (300=210+330)	67.2	92.0	93.1	97.8	96.9	141.4	133.7	151.7	81.4	86.0	81.8	119.3
I. Short -term liabilities	56.6	77.6	71.2	70.0	62.9	80.2	82.6	100.7	80.3	83.5	78.6	115.5
1. Short-term trade accounts payable	9.9	12.0	11.0	10.4	10.1	37.8	39.1	37.8	38.1	39.0	38.3	38.1
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	4.9	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.4	21.3	17.3	11.4	5.4	11.0	7.9	6.0	10.3	10.5	7.8	8.5
4. Payable to employees	0.7	1.9	0.7	0.6	0.6	1.5	0.6	0.6	0.6	2.0	0.7	0.7
5. Short-term acrrued expenses	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5	7.5
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	—	4.9	2.2	3.3	0.6	0.7	1.9	12.0	1.4	1.9	1.6	37.9
10. Short-term borrowings and financial leases	6.3	12.9	15.5	19.8	23.9	6.9	10.8	24.2	9.8	9.9	10.0	10.0
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	16.9	16.9	16.9	16.9	14.8	14.8	14.8	12.7	12.7	12.7	12.7	12.7
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	10.6	14.4	21.9	27.8	34.0	61.2	51.0	51.0	1.1	2.5	3.2	3.8
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	10.6	14.4	21.9	27.8	34.0	61.2	51.0	51.0	1.1	2.5	3.2	3.8
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)	304.1	288.8	452.8	434.5	489.7	478.1	457.1	475.4	459.3	442.7	421.0	405.4
I. Owner's equity	304.1	288.8	452.8	434.5	489.7	478.1	457.1	475.4	459.3	442.7	421.0	405.4
1. Owner's capital	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8	185.8
- Common stock with voting right	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00	185,831,000,000.00
- 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	—	—	—	—	—	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	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9
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	0.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	96.8	81.5	245.5	227.3	282.4	270.8	249.9	268.2	252.0	235.4	213.7	198.1
- Accumulated retained earning at the end of the previous period	80.6	56.5	189.0	191.0	267.4	171.6	171.6	209.5	209.5	142.1	142.1	142.1
- Undistributed earnings in this period	16.3	25.0	56.5	36.3	14.9	99.2	78.2	58.6	42.5	93.3	71.5	55.9
12. Reserves for investment in construction	—	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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)	371.3	380.8	545.9	532.4	586.6	619.5	590.8	627.1	540.7	528.7	502.7	524.6

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	21.4	25.3	26.1	25.9	18.8	23.3	21.6	18.2	19.4	22.4	17.8	20.0
Depreciation of Fixed Assets and Investment Property	2.2	3.4	5.2	5.0	5.2	5.2	5.2	5.2	5.2	4.7	5.2	5.4
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	-4.1	-4.8	-7.5	-7.5	-8.1	-7.7	-7.8	-7.4	-6.2	-5.9	-5.7	-6.5
Interest Expense	0.5	1.1	0.6	1.1	1.2	1.3	1.2	1.0	0.2	0.3	0.4	0.5
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	20.1	25.0	24.4	24.5	17.0	22.2	20.3	17.1	18.7	21.4	17.7	19.4
Increase/(Decrease) in Receivables	6.7	-2.7	4.3	-8.6	3.1	0.9	-2.4	-1.9	3.7	-0.8	3.9	-2.9
Increase/(Decrease) in Inventory	—	—	—	0.0	—	0.0	-0.0	0.0	0.0	0.7	-0.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.5	-3.2	4.6	2.0	-29.5	-0.6	3.9	0.7	-4.5	37.3	-34.7	-0.3
Increase/(Decrease) in Prepaid Expenses	0.5	2.0	0.3	0.3	0.3	0.5	0.4	0.6	0.6	0.7	0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.5	-1.1	-0.6	-1.1	-1.2	-1.3	-1.2	-1.0	-0.2	-0.3	-0.4	-0.5
Corporate Income Tax Paid	-14.2	0.0	0.5	-0.9	-9.9	0.0	-0.1	-6.8	-1.0	0.0	-1.9	-0.3
Other Operating Receipts	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	-2.3	—	-2.0	0.8	-0.8	0.4	-0.4	0.0	0.0	1.5
Net Cash Flow from Operating Activities	8.3	24.2	29.3	18.2	-22.0	22.4	20.1	8.9	16.9	59.1	-15.1	17.6
Payments for Fixed Assets and Other Long-term Assets	-0.5	-1.9	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.2	-0.2
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	-20.2	-29.0	-5.8	-20.8	-21.0	-24.4	10.8	-92.9	-12.7	-62.0	-19.4	-30.0
Receipts from Loan Repayments and Sale of Debt Instruments	13.2	177.2	4.7	82.2	41.0	11.9	34.0	2.2	0.0	-23.3	88.9	0.7
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	—	12.3	—	15.6	—	0.0	-13.7	13.7	0.0	25.0	-13.3	13.3
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	-7.5	174.2	-16.7	77.0	20.0	-12.5	31.1	-76.9	-12.7	-60.6	56.4	-16.2
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	—	—	—	—	—	17.3	-4.8	76.0	3.8	5.3	4.6	5.4
Repayment of Borrowings	-10.1	-9.6	-10.6	-10.1	-10.1	-11.1	-13.7	-11.3	-5.3	-6.1	-5.4	-5.8
Repayment of Finance Leases	-0.2	-0.3	—	-0.2	-0.2	-0.6	0.3	-0.3	0.0	0.0	0.0	0.0
Dividends Paid	—	-183.1	-2.6	-71.8	—	-3.2	-32.2	-0.3	0.0	0.0	-36.0	-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	-10.2	-193.3	-12.8	-82.0	-10.2	2.4	-50.3	64.1	-1.5	-0.8	-36.9	-0.6
Net Cash Flow During the Period	-9.4	5.1	-0.2	13.2	-12.2	12.3	1.0	-4.0	2.7	-2.3	4.4	0.8
Cash and Cash Equivalents at Beginning of Period	21.6	16.6	16.7	3.6	15.8	4.0	4.0	4.0	4.0	3.2	3.2	3.2
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	12.2	21.6	16.6	16.7	3.6	16.0	3.7	2.7	6.7	4.0	6.3	1.9

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QPH

What Is Changing

Drivers of QPH'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