QST

Sách và Thiết bị Trường học Quảng Ninh ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 7.97%, +2.00pp YoY

Price

26,000

Latest close

27 May 2026

P/E 5.35x

P/B 1.33x

EPS 4,859

BVPS 19,486

ROE 26.7%

ROA 14.2%

Profit Margin 8.0%

Asset Turnover 1.78x

Equity Mult. 1.88x

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

What Is Changing

On a TTM 2026Q1 basis, QST has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 197bn
	                                
−3.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 16bn
	                                
+29.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	188.1	202.1	185.1	161.2	137.0
Growth	-7%	+9%	+15%	+18%	—
Net Income	12.0	10.1	9.6	8.8	5.8
Net Margin	6.38%	5.00%	5.20%	5.45%	4.25%

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	33.8	56.1	39.0	68.5	24.5	52.8	63.9	62.8	22.6	46.1	56.5	59.8
Growth	-40%	+44%	-43%	+179%	-54%	-17%	+2%	+178%	-51%	-18%	-5%	—
Net Income	9.2	7.3	-3.0	2.2	5.5	8.1	-2.7	1.4	3.4	6.6	-2.2	1.0
Net Margin	27.24%	13.07%	-7.72%	3.22%	22.26%	15.35%	-4.28%	2.17%	14.97%	14.23%	-3.86%	1.76%

Drivers of QST's profit

TTM

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

Gross profit ↑ 3.2bn

Administrative expenses ↓ 1.2bn

Finance costs ↓ 0.9bn

Selling expenses ↑ 1.5bn

TTM

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

Gross profit ↑ 3.9bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 23.2% = 6.0% × 1.97 × 1.97

2026Q1 26.7% = 8.0% × 1.78 × 1.88

ROE rose from 23.2% to 26.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 8.0% +2.0pp Asset turnover: 1.78x -0.19x Leverage: 1.88x -0.09x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 7.97%, rising 2.0pp. Core operating signals are improving as Gross margin rose 2.2pp are enough to offset pressure from SG&A / Revenue rose 0.5pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.0pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 7.97% +2.0pp

Gross Margin 19.84% +2.2pp

SG&A / Revenue 10.33% +0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 14.6 days.

Is capital being deployed efficiently?

ROIC expanded to 18.04%, rising 3.6pp. That translates to 18.04 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 2.0pp, with capital turnover fell 0.16x; with invested capital holding roughly steady.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 18.04% +3.6pp

NOPAT Margin 7.76% +2.0pp

Capital Turnover 2.32x −0.16x

Average Invested Capital 84.9bn +2.9bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 1.13x equity, net debt at 0.29x 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 5.6 days versus the same period last year. The main moves came from DIO fell 1.1 days, DSO rose 2.2 days, and DPO rose 6.7 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +2.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 5.5 days +2.2 days

Inventory 30.5 days −1.1 days

Payables 21.4 days +6.7 days

Cash Conversion Cycle 14.6 days −5.6 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.29x and interest coverage at 9.64x.

At present, short-term debt accounts for 69.1% of total debt, cash equals 28.1% of debt, and total debt stands at 25.7bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 69.1% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.29x −0.31x

Interest Coverage 9.64x +4.65x

Cash / Debt 28.1% +16.4pp

Short-term Debt / Total Debt 69.1% −15.6pp

CFO / NI 2.07x +1.10x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 26.3bn in 2025, against investing cash flow of -14.2bn.

Post-investment cash flow was positive +12.1bn. Financing cash flow was negative +10.7bn.

CFO / net income was 2.07x.

After spending +13.2bn on fixed-asset investment, the business generated trailing free cash flow of +19.4bn.

Cash Conversion

CFO TTM 32.6bn +20.8bn

Cash Capex 13.2bn +4.0bn

FCF TTM +19.4bn +16.8bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.97% after expanding 2.0pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	188.1	202.1	185.1	161.2	137.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	188.1	202.1	185.1	161.2	137.0
Cost of Goods Sold	150.3	168.5	153.6	135.5	0.0
Gross Profit	37.8	33.6	31.5	25.7	21.2
Financial Income	0.0	0.0	0.1	0.1	0.0
Financial Expenses	2.0	2.6	2.8	1.4	-1.7
Interest Expense	2.0	2.6	2.8	1.4	-1.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	11.9	11.0	11.0	8.9	-8.1
General and Administrative Expenses	10.9	9.0	7.6	6.3	-5.5
Operating Profit	13.0	10.9	10.2	9.3	6.0
Other Income	0.4	0.4	0.5	0.5	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	0.4	0.4	0.5	0.5	0.5
Profit Before Tax	13.4	11.3	10.7	9.8	6.5
Current Income Tax Expense	1.5	1.2	1.1	1.0	-0.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.0	10.1	9.6	8.8	5.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	12.0	10.1	9.6	8.8	5.8
Earnings per Share	3,362.00	2,809.00	2,667.00	2,387.00	2,145.00
Diluted EPS	3,362.00	2,809.00	2,667.00	2,387.00	1,795.97

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	28.7	38.3	23.8	19.7	22.5
I. Cash and cash equivalents	15.6	14.3	6.5	5.4	6.0
1. Cash	15.6	14.3	6.5	5.4	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	10.4	17.1	10.4	6.7	12.4
1. Short-term trade accounts receivable	4.4	7.8	4.9	2.8	0.0
2. Short-term prepayments to suppliers	6.1	8.4	3.0	2.1	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	2.7	2.3	2.8	2.0	0.0
7. Provision for short-term doubtful debts (*)	-2.7	-1.4	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.4	6.7	6.6	7.6	4.0
1. Inventories	5.3	8.5	8.3	9.2	0.0
2. Provision for decline in value of inventories	-2.9	-1.7	-1.7	-1.5	0.0
V. Other short-term assets	0.3	0.2	0.3	0.0	0.0
1. Short-term prepayments	0.3	0.2	0.2	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.1	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)	86.8	73.4	70.2	66.3	55.8
I. Long-term receivables	0.2	0.2	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	0.2	0.2	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	78.4	61.0	62.3	49.0	51.3
1. Tangible fixed assets	72.9	55.5	56.9	43.6	45.8
- Cost	104.1	82.2	80.0	64.0	0.0
- Accumulated depreciation	-31.2	-26.7	-23.2	-20.4	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	5.5	5.5	5.5	5.5	5.5
- Cost	5.6	5.6	5.6	5.6	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	8.5	2.4	12.5	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	8.5	2.4	12.5	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	8.3	3.8	5.5	4.7	0.0
1. Long-term prepayments	8.3	3.8	5.5	4.7	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	4.5
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	115.5	111.8	93.9	86.0	78.2
A. LIABILITIES (300=210+330)	61.3	62.1	46.8	41.8	37.8
I. Short -term liabilities	54.7	59.8	44.2	37.6	37.7
1. Short-term trade accounts payable	8.0	7.6	5.8	9.0	7.8
2. Short-term advances from customers	6.3	4.5	3.8	1.7	3.9
3. Taxes and other payables to state authorities	1.5	1.3	0.9	0.8	0.0
4. Payable to employees	9.2	7.6	6.6	5.9	0.0
5. Short-term acrrued expenses	1.3	2.1	0.8	0.7	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	0.1	0.0	0.0	0.0	0.0
9. Other short-term payables	3.3	3.3	3.1	2.5	0.0
10. Short-term borrowings and financial leases	24.5	33.1	22.9	16.6	18.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.6	0.4	0.4	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	6.6	2.3	2.7	4.2	0.1
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	6.6	2.3	2.7	4.2	0.1
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)	54.2	49.7	47.1	44.2	40.4
I. Owner's equity	54.2	49.7	47.1	44.2	0.0
1. Owner's capital	32.4	32.4	32.4	32.4	40.4
- Common stock with voting right	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
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	7.3	5.8	4.4	3.1	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	14.6	11.6	10.4	8.8	5.8
- Accumulated retained earning at the end of the previous period	2.6	1.5	0.8	0.0	2.6
- Undistributed earnings in this period	12.0	10.1	9.6	8.8	3.2
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	—	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)	115.5	111.8	93.9	86.0	78.2

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	-1.2	-0.9	-1.1	-0.8	0.0
Other Operating Receipts	5.7	4.0	8.6	7.5	0.0
Other Operating Payments	-9.6	-6.2	-7.9	-8.4	0.0
Net Cash Flow from Operating Activities	26.3	13.4	8.1	14.4	5.1
Payments for Fixed Assets and Other Long-term Assets	-14.2	-8.9	-5.9	-13.3	-10.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	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
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	0.0	0.0	0.0	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	-14.2	-8.9	-5.9	-13.3	-10.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	13,661,300,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	35.1	41.3	74.3	33.7	30.7
Repayment of Borrowings	-39.3	-31.4	-69.5	-31.6	-36.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.5	-6.5	-5.8	-3.9	-2.9
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	-10.7	3.3	-1.1	-1.7	5.0
Net Cash Flow During the Period	1.3	7.8	1.1	-0.6	4.7
Cash and Cash Equivalents at Beginning of Period	14.3	6.5	5.4	6.0	6.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.6	14.3	6.5	5.4	6.0

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	33.8	56.1	39.0	68.5	24.5	52.8	63.9	62.8	22.6	46.1	56.5	59.8
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	33.8	56.1	39.0	68.5	24.5	52.8	63.9	62.8	22.6	46.1	56.5	59.8
Cost of Goods Sold	20.7	41.0	37.7	58.9	15.3	37.6	60.4	54.8	15.6	33.0	53.0	52.6
Gross Profit	13.1	15.1	1.3	9.7	9.3	15.2	3.6	7.9	6.9	13.1	3.6	7.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.5	0.5	0.5	0.3	0.7	0.6	0.7	0.7	0.6	0.8	0.9	0.6
Interest Expense	0.5	0.5	0.5	0.3	0.7	0.6	0.7	0.7	0.6	0.8	0.9	0.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	3.8	2.6	4.7	1.2	2.5	3.0	4.4	1.1	2.8	2.5	2.7
General and Administrative Expenses	1.0	2.8	1.5	2.4	1.4	3.2	2.9	1.5	1.4	2.5	2.8	2.7
Operating Profit	10.2	7.9	-3.4	2.3	6.1	8.9	-3.0	1.3	3.8	7.1	-2.7	1.2
Other Income	0.1	0.2	0.0	0.2	0.0	0.3	0.0	0.2	0.0	0.2	0.2	0.0
Other Expenses	0.0	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.2	0.0	0.2	0.0	0.3	-0.0	0.2	0.0	0.2	0.2	0.0
Profit Before Tax	10.2	8.1	-3.3	2.4	6.1	9.1	-3.0	1.5	3.8	7.3	-2.5	1.2
Current Income Tax Expense	1.0	0.8	-0.3	0.2	0.6	1.0	-0.3	0.2	0.4	0.7	-0.3	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.2	7.3	-3.0	2.2	5.5	8.1	-2.7	1.4	3.4	6.6	-2.2	1.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.2	7.3	-3.0	2.2	5.5	8.1	-2.7	1.4	3.4	6.6	-2.2	1.0
Earnings per Share	2,845.59	2,261.00	-928.00	680.00	1,686.18	2,501.00	-845.00	421.00	1,042.00	2,025.00	-673.00	324.00
Diluted EPS	2,846.00	2,261.00	-928.00	680.00	1,686.00	3,119.00	-845.00	421.00	1,042.03	2,025.00	-673.00	324.00

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)	22.9	28.9	55.7	65.4	39.9	38.5	84.5	67.3	22.4	23.5	67.2	65.4
I. Cash and cash equivalents	7.2	15.6	6.6	2.3	4.4	14.3	4.1	4.4	8.8	6.5	1.4	3.2
1. Cash	7.2	15.6	6.6	2.3	4.4	14.3	4.1	4.4	8.8	6.5	1.4	3.2
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	12.7	10.7	35.2	39.1	16.4	17.3	63.3	34.3	7.0	10.4	50.2	39.6
1. Short-term trade accounts receivable	3.5	4.4	26.3	26.8	2.4	7.8	54.8	26.3	1.2	4.9	44.4	34.5
2. Short-term prepayments to suppliers	6.2	6.3	8.3	8.9	9.9	8.4	6.3	4.4	0.0	3.0	3.0	2.4
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	5.7	2.7	2.1	4.9	5.5	2.5	2.4	3.9	5.9	2.8	3.0	2.9
7. Provision for short-term doubtful debts (*)	-2.7	-2.7	-1.5	-1.5	-1.4	-1.4	-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
IV. Inventories	2.8	2.4	13.7	23.6	19.1	6.7	17.2	28.3	6.6	6.6	15.5	22.5
1. Inventories	5.7	5.3	15.5	25.3	20.8	8.5	18.9	30.1	8.3	8.3	17.0	24.1
2. Provision for decline in value of inventories	-2.9	-2.9	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.5	-1.5
V. Other short-term assets	0.2	0.1	0.1	0.3	-0.0	0.2	0.0	0.3	0.1	0.0	0.1	0.0
1. Short-term prepayments	0.2	0.1	0.1	0.3	—	0.2	0.0	0.2	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	-0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	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)	84.6	86.9	81.3	77.3	74.4	73.3	73.0	72.2	70.6	70.3	69.1	67.1
I. Long-term receivables	0.2	—	0.1	0.1	—	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	0.2	—	0.1	0.1	—	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	77.1	78.5	65.8	62.6	60.1	61.0	61.2	62.1	63.0	62.4	62.9	61.9
1. Tangible fixed assets	71.6	73.1	60.4	57.2	54.7	55.5	55.8	56.7	57.6	56.9	57.4	56.4
- Cost	104.3	—	—	—	—	82.2	81.6	81.6	81.6	80.1	79.7	77.9
- Accumulated depreciation	-32.7	—	—	—	—	-26.7	-25.8	-24.9	-24.0	-23.2	-22.3	-21.5
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	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
- Cost	5.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	—	—	11.3	11.4	10.6	8.5	7.7	5.6	2.5	2.4	1.1	1.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	11.3	11.4	10.6	8.5	7.7	5.6	2.5	2.4	1.1	1.0
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	7.4	8.4	4.1	3.2	3.8	3.8	4.1	4.5	5.1	5.6	5.1	4.2
1. Long-term prepayments	7.4	8.4	4.1	3.2	3.8	3.8	4.1	4.5	5.1	5.6	5.1	4.2
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)	107.5	115.8	137.0	142.6	114.3	111.8	157.5	139.5	93.0	93.8	136.3	132.5
A. LIABILITIES (300=210+330)	44.3	61.6	90.1	92.7	59.5	62.1	115.9	95.1	42.8	46.7	95.4	89.6
I. Short -term liabilities	36.4	53.2	86.3	88.4	53.7	59.8	112.2	92.0	38.9	42.7	89.2	85.6
1. Short-term trade accounts payable	6.2	8.2	36.9	47.1	12.3	7.6	62.8	53.1	1.2	5.8	41.8	49.2
2. Short-term advances from customers	0.5	6.3	2.5	1.3	2.0	4.5	2.5	1.4	0.0	3.8	0.6	0.3
3. Taxes and other payables to state authorities	1.1	1.4	0.2	1.0	0.6	1.3	0.3	0.6	1.0	0.8	0.2	0.8
4. Payable to employees	4.7	9.2	5.9	4.5	1.8	7.6	5.3	2.7	2.6	6.6	5.8	3.3
5. Short-term acrrued expenses	1.6	1.3	1.3	2.2	2.4	2.1	1.7	1.4	1.1	0.8	0.5	0.3
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	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.3	3.5	4.1	3.4	2.6	3.3	2.7	2.2	2.4	3.1	2.2	2.2
10. Short-term borrowings and financial leases	17.8	22.8	34.8	28.3	31.9	33.1	36.2	29.9	30.6	21.6	37.7	29.0
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	0.1	0.6	0.7	0.7	0.1	0.4	0.6	0.7	0.0	0.4	0.4	0.5
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	8.0	8.4	3.8	4.3	5.8	2.3	3.8	3.2	4.0	4.0	6.2	4.0
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	8.0	8.4	3.8	4.3	5.8	2.3	3.8	3.2	4.0	4.0	6.2	4.0
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)	63.1	54.2	46.9	49.9	54.9	49.7	41.6	44.3	50.1	47.1	41.0	43.0
I. Owner's equity	63.1	54.2	46.9	49.9	54.9	49.7	41.6	44.3	50.1	47.1	41.0	43.0
1. Owner's capital	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4	32.4
- Common stock with voting right	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00	32,400,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	7.3	7.3	7.3	7.3	5.8	5.8	5.8	5.8	4.4	4.4	4.4	4.4
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	23.5	14.6	7.3	10.3	16.8	11.6	3.5	6.2	13.5	10.4	4.3	6.3
- Accumulated retained earning at the end of the previous period	14.3	2.6	10.3	2.6	11.6	1.5	6.2	3.1	10.4	3.9	6.5	4.5
- Undistributed earnings in this period	9.2	12.0	-3.0	7.7	5.2	10.1	-2.7	3.2	3.1	6.6	-2.2	1.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	107.5	115.8	137.0	142.6	114.3	111.8	157.5	139.5	93.0	93.8	136.3	132.5

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
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	-1.3	-0.0	-0.2	1.0	-2.0	-0.2	0.0	-0.1	-0.5	0.0	-0.4	0.0
Other Operating Receipts	0.4	—	—	—	—	-1.3	3.5	0.8	1.0	2.0	0.2	3.4
Other Operating Payments	-9.6	1.1	-5.0	4.1	-9.8	2.3	-3.2	1.5	-6.8	5.9	-3.1	-3.4
Net Cash Flow from Operating Activities	-2.7	14.4	8.0	13.0	-9.1	18.2	-5.2	8.0	-5.7	2.4	10.2	1.1
Payments for Fixed Assets and Other Long-term Assets	-0.2	-2.9	-4.8	-5.3	-1.2	-1.5	-1.9	-4.5	-0.9	-2.0	0.0	-2.9
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
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	-0.2	-2.9	-4.8	-5.3	-1.2	-1.5	-1.9	-4.5	-0.9	-2.0	0.0	-3.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.3	11.1	11.0	9.7	3.3	10.4	12.2	7.2	9.6	38.9	1.4	21.0
Repayment of Borrowings	-5.8	-13.5	-10.0	-13.0	-2.8	-16.9	-5.3	-8.6	-0.6	-34.2	-13.4	-14.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-6.5	—	0.0	0.0	-6.5	0.0	0.0	0.0	-5.8
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	-5.4	-2.4	1.0	-9.8	0.5	-6.4	6.9	-7.9	9.0	4.6	-12.0	0.8
Net Cash Flow During the Period	-8.4	9.1	4.2	-2.1	-9.9	10.2	-0.3	-4.4	2.3	5.0	-1.8	-1.1
Cash and Cash Equivalents at Beginning of Period	15.6	6.6	2.3	4.4	14.3	6.5	6.5	6.5	6.5	5.4	5.4	5.4
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	7.2	15.6	6.6	2.3	4.4	14.3	4.1	4.4	8.8	6.5	1.4	3.2

Explore Other Stocks In The Same Sector

VNB, EID, SED, LBE, EBS, ADC, STC, DAD, NBE, BED, DAE, SMN, HEV, ECI, SGD

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

QST

What Is Changing

Drivers of QST'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