RGG

Regal Group ·UPCOM ·2026Q1

Price

40,700

Latest close

02 Jun 2026

P/E 52.58x

P/B 3.33x

EPS 774

BVPS 12,219

ROE 5.9%

ROA 2.7%

Profit Margin 17.5%

Asset Turnover 0.16x

Equity Mult. 2.16x

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

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	95.9	268.2	87.7	361.6	102.2
Growth	-64%	+206%	-76%	+254%	—
Net Income	2.8	61.5	2.9	75.4	10.5
Net Margin	2.94%	22.94%	3.28%	20.85%	10.23%

Drivers of RGG's profit

TTM

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

Selling expenses ↓ 12.7bn

Finance costs ↓ 2.6bn

Other profit ↑ 2.2bn

Tax ↓ 2.1bn

Gross profit ↓ 25.8bn

Administrative expenses ↑ 1.4bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

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

Profitability trend

Net Margin 17.53% —

Gross Margin 42.67% —

SG&A / Revenue 20.57% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 3.41%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 3.41% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 3.41% —

NOPAT Margin 15.51% —

Capital Turnover 0.22x —

Average Invested Capital 3,699.5bn —

Balance Sheet

Capital structure is balanced — liabilities at 1.11x equity, net debt at 0.59x equity.

Inventory ended the period at 3,685.4bn, roughly 71.7% of total assets.

Over the last 12 months, working capital absorbed 479.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −360.9bn

Inventories increased → lower CFO: −182.5bn

Payables increased → higher CFO: +64.3bn

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?

Leverage is safe but FCF is negative at 407.7bn due to capex of 1.3bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 8.08x.

At present, short-term debt accounts for 46.9% of total debt, cash equals 1.1% of debt, and total debt stands at 1,456.3bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 1.1%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.59x +0.13x

Interest Coverage 8.08x —

Cash / Debt 1.1% +0.8pp

Short-term Debt / Total Debt 46.9% −33.2pp

CFO / NI -2.85x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 82.5bn in 2025, against investing cash flow of -3.4bn.

Post-investment cash flow was positive +79.1bn. Financing cash flow was positive +28.3bn.

CFO / net income was -2.85x.

After spending +1.3bn on fixed-asset investment, the business generated trailing free cash flow of −407.7bn.

Cash Conversion

CFO TTM 406.4bn —

Cash Capex 1.3bn —

FCF TTM −407.7bn —

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is earnings conversion is confirmed, with CFO/NI at -2.85x. The main risk still sits in capital efficiency remains weak, with ROIC at 3.4%.

Improvement: earnings conversion looks more confirmed, with CFO / net income at -2.85x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025
Revenue	712.3
Net Revenue	712.3
Cost of Goods Sold	349.5
Gross Profit	362.8
Financial Income	3.0
Financial Expenses	22.6
Interest Expense	21.8
Selling Expenses	137.0
General and Administrative Expenses	117.6
Operating Profit	88.6
Other Income	26.7
Other Expenses	7.0
Other Profit	19.7
Profit Before Tax	108.3
Current Income Tax Expense	37.8
Deferred Income Tax Expense	0.6
Net Income	69.9
Profit Attributable to Parent	69.9
Earnings per Share	368.00
Diluted EPS	368.00

Item	2025
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,062.2
I. Cash and cash equivalents	175.5
1. Cash	175.5
III. Short-term receivables	1,154.8
1. Short-term trade accounts receivable	102.5
2. Short-term prepayments to suppliers	299.1
5. Short-term loan receivables	5.0
6. Other short-term receivables	810.9
7. Provision for short-term doubtful debts (*)	-62.6
IV. Inventories	3,685.4
1. Inventories	3,685.4
V. Other short-term assets	46.5
1. Short-term prepayments	42.5
2. Value added tax to be reclaimed	4.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	79.2
II. Fixed assets	67.3
1. Tangible fixed assets	52.0
- Cost	104.7
- Accumulated depreciation	-52.7
3. Intangible fixed assets	15.2
- Cost	17.5
- Accumulated depreciation	-2.3
IV. Long-term assets in progress	1.2
2. Construction in progress	1.2
VI. Other long-term assets	10.7
1. Long-term prepayments	5.7
2. Deferred income tax assets	5.0
TOTAL ASSETS (280=100+200)	5,141.4
A. LIABILITIES (300=210+330)	2,700.3
I. Short -term liabilities	1,881.8
1. Short-term trade accounts payable	238.3
2. Short-term advances from customers	349.6
3. Taxes and other payables to state authorities	107.1
4. Payable to employees	7.8
5. Short-term acrrued expenses	178.1
8. Short-term unearned revenue	0.4
9. Other short-term payables	379.7
10. Short-term borrowings and financial leases	579.6
12.. Bonus and welfare fund	41.1
II. Long-term liabilities	818.6
8. Long-term borrowings and financial leases	816.8
11. Deferred income tax liabilities	1.8
B. OWNER'S EQUITY (400=410+430)	2,441.0
I. Owner's equity	2,441.0
1. Owner's capital	2,000.0
- Common stock with voting right	2,000,000,000,000.00
2. Share premium	-0.4
8. Investment and development fund	2.2
11. Undistributed earnings after tax	439.2
- Accumulated retained earning at the end of the previous period	369.3
- Undistributed earnings in this period	69.9
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,141.4

Item	2025
Profit Before Tax	108.3
Depreciation of Fixed Assets and Investment Property	5.6
Provision (Increase)/Reversal	62.2
Gain/Loss from Investment Activities	-3.0
Interest Expense	21.8
Operating Profit Before Changes in Working Capital	194.9
Increase/(Decrease) in Receivables	-142.1
Increase/(Decrease) in Inventory	-188.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	306.0
Increase/(Decrease) in Prepaid Expenses	-17.0
Interest Paid	-30.7
Corporate Income Tax Paid	-40.5
Other Operating Payments	-0.0
Net Cash Flow from Operating Activities	82.5
Payments for Fixed Assets and Other Long-term Assets	-1.0
Loans and Purchases of Debt Instruments	-93.9
Receipts from Loan Repayments and Sale of Debt Instruments	90.9
Dividends and Interest Income Received	0.6
Net Cash Flow from Investing Activities	-3.4
Proceeds from Equity Issuance and Capital Contributions	199,595,950,000.00
Proceeds from Borrowings	2,005.9
Repayment of Borrowings	-1,966.6
Dividends Paid	-210.6
Net Cash Flow from Financing Activities	28.3
Net Cash Flow During the Period	107.4
Cash and Cash Equivalents at Beginning of Period	68.1
Cash and Cash Equivalents at End of Period	175.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Revenue	95.9	268.2	87.7	361.6	102.2
Net Revenue	95.9	268.2	87.7	361.6	102.2
Cost of Goods Sold	74.4	138.8	45.3	207.8	54.9
Gross Profit	21.5	129.4	42.5	153.8	47.3
Financial Income	0.0	0.3	1.1	1.8	0.0
Financial Expenses	2.4	5.7	5.9	6.1	5.0
Interest Expense	2.4	5.7	5.7	5.8	4.8
Selling Expenses	6.4	43.9	15.0	39.1	19.1
General and Administrative Expenses	9.4	20.1	18.4	15.1	7.9
Operating Profit	3.4	60.0	4.2	95.3	15.2
Other Income	0.6	22.7	1.3	2.2	0.6
Other Expenses	0.0	1.0	1.5	2.2	2.2
Other Profit	0.6	21.6	-0.3	0.0	-1.6
Profit Before Tax	4.0	81.6	4.0	95.3	13.7
Current Income Tax Expense	1.1	21.1	1.1	18.2	3.2
Deferred Income Tax Expense	—	-1.0	—	1.6	—
Net Income	2.8	61.5	2.9	75.4	10.5
Profit Attributable to Parent	2.8	61.5	2.9	75.4	10.5
Earnings per Share	14.00	325.00	16.00	419.00	58.00
Diluted EPS	14.00	325.00	16.00	419.00	58.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,380.9	5,188.8	5,171.1	4,703.3	4,943.6
I. Cash and cash equivalents	15.5	176.0	32.8	5.9	2.4
1. Cash	15.5	176.0	32.8	5.9	2.4
3. Held to maturity investments	5.0	—	—	—	—
4. Provision for short-term investments held to maturity (*)	-5.0	—	—	—	—
III. Short-term receivables	1,545.5	1,280.9	1,458.6	1,184.3	1,333.2
1. Short-term trade accounts receivable	183.2	103.1	136.5	118.0	193.0
2. Short-term prepayments to suppliers	381.1	299.4	311.8	270.8	332.0
5. Short-term loan receivables	—	5.0	5.0	91.7	91.0
6. Other short-term receivables	1,038.8	879.0	1,010.7	709.3	717.6
7. Provision for short-term doubtful debts (*)	-57.6	-5.6	-5.4	-5.4	-0.4
IV. Inventories	3,757.7	3,685.4	3,629.0	3,480.7	3,575.3
1. Inventories	3,757.7	3,685.4	3,629.0	3,480.7	3,575.3
V. Other short-term assets	62.1	46.5	50.8	32.4	32.8
1. Short-term prepayments	54.1	42.5	44.3	28.5	27.5
2. Value added tax to be reclaimed	8.0	4.0	6.4	3.9	5.3
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	82.6	104.4	79.0	80.4	82.2
II. Fixed assets	66.1	67.4	64.3	65.5	66.8
1. Tangible fixed assets	50.9	52.1	49.0	50.3	51.5
- Cost	104.9	—	—	—	—
- Accumulated depreciation	-54.0	—	—	—	—
3. Intangible fixed assets	15.2	15.2	15.3	15.3	15.3
- Cost	17.5	—	—	—	—
- Accumulated depreciation	-2.3	—	—	—	—
III. Investment properties	—	—	4.0	4.1	4.2
IV. Long-term assets in progress	1.3	1.2	1.0	0.8	0.8
2. Construction in progress	1.3	1.2	1.0	0.8	0.8
VI. Other long-term assets	15.1	35.8	9.6	10.0	10.5
1. Long-term prepayments	10.2	30.8	5.8	6.2	6.7
2. Deferred income tax assets	5.0	5.0	3.8	3.8	3.8
TOTAL ASSETS (280=100+200)	5,463.5	5,293.2	5,250.1	4,783.7	5,025.8
A. LIABILITIES (300=210+330)	3,019.6	2,774.9	2,984.4	2,302.4	2,620.1
I. Short -term liabilities	2,244.3	2,127.0	2,285.6	1,659.6	2,398.8
1. Short-term trade accounts payable	249.3	239.0	189.7	195.3	188.9
2. Short-term advances from customers	513.2	349.9	375.4	162.6	592.1
3. Dividends and profits payable	9.9	—	—	—	—
3. Taxes and other payables to state authorities	87.3	112.2	100.1	105.4	98.4
4. Payable to employees	1.9	7.8	4.6	4.9	4.7
5. Short-term acrrued expenses	199.6	177.9	202.1	213.2	238.6
8. Short-term unearned revenue	0.4	0.4	0.4	0.4	0.7
9. Other short-term payables	459.0	448.5	533.2	370.8	357.7
10. Short-term borrowings and financial leases	682.8	750.2	847.7	579.1	889.8
12.. Bonus and welfare fund	41.1	41.1	32.5	27.7	27.7
II. Long-term liabilities	775.3	647.9	698.7	642.8	221.3
8. Long-term borrowings and financial leases	773.5	646.1	697.1	641.2	221.3
11. Deferred income tax liabilities	1.8	1.8	1.6	1.6	—
B. OWNER'S EQUITY (400=410+430)	2,443.9	2,518.3	2,265.7	2,481.3	2,405.7
I. Owner's equity	2,443.9	2,518.3	2,265.7	2,481.3	2,405.7
1. Owner's capital	2,000.0	2,000.0	1,800.0	1,800.0	1,800.0
- Common stock with voting right	2,000,000,000,000.00	2,000,000,000,000.00	1,800,000,000,000.00	1,800,000,000,000.00	1,800,000,000,000.00
2. Share premium	-0.4	-0.4	—	—	—
8. Investment and development fund	2.2	2.2	2.2	2.2	2.2
11. Undistributed earnings after tax	442.0	516.5	463.5	679.1	603.5
- Accumulated retained earning at the end of the previous period	439.2	369.3	378.8	594.1	593.1
- Undistributed earnings in this period	2.8	147.2	84.7	85.0	10.5
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	5,463.5	5,293.2	5,250.1	4,783.7	5,025.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25
Profit Before Tax	4.0	-0.7	4.0	91.4	13.7
Depreciation of Fixed Assets and Investment Property	1.3	1.4	1.2	1.5	1.4
Provision (Increase)/Reversal	—	57.2	0.0	5.0	—
Gain/Loss from Investment Activities	-0.0	-0.1	-1.1	-1.8	-0.0
Interest Expense	2.4	5.5	5.7	5.8	4.8
Operating Profit Before Changes in Working Capital	7.6	63.3	9.8	101.9	19.9
Increase/(Decrease) in Receivables	-394.6	249.1	-413.9	198.6	-175.8
Increase/(Decrease) in Inventory	-72.4	-56.3	-51.4	-2.3	-77.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	270.0	-151.7	321.8	-375.8	511.6
Increase/(Decrease) in Prepaid Expenses	-16.1	2.0	-14.2	-1.7	-3.1
Interest Paid	-2.4	-5.4	-15.0	-15.2	4.9
Corporate Income Tax Paid	-11.8	-8.8	-11.2	-10.3	-10.3
Other Operating Payments	—	0.0	0.0	0.0	-0.0
Net Cash Flow from Operating Activities	-219.6	92.1	-174.0	-104.9	269.3
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.6	-0.3	-0.1	—
Loans and Purchases of Debt Instruments	—	0.0	-4.2	-0.7	-89.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	90.9	—	—
Dividends and Interest Income Received	—	-0.0	0.6	-0.0	0.0
Net Cash Flow from Investing Activities	-0.3	-0.6	87.0	-0.8	-89.0
Proceeds from Borrowings	126.9	387.3	430.7	1,097.6	90.2
Repayment of Borrowings	-66.9	-535.7	-106.2	-988.5	-336.2
Dividends Paid	—	0.0	-210.6	—	—
Net Cash Flow from Financing Activities	59.9	51.2	113.9	109.2	-246.0
Net Cash Flow During the Period	-160.0	142.7	26.9	3.4	-65.7
Cash and Cash Equivalents at Beginning of Period	175.5	32.8	5.9	2.4	68.1
Cash and Cash Equivalents at End of Period	15.5	175.5	32.8	5.9	2.4

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RGG

Drivers of RGG'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