SMA

Thiết bị Phụ tùng Sài Gòn ·HOSE ·2026Q1

● Maintaining

Price

8,420

Latest close

03 Jun 2026

P/E 11.26x

P/B 0.73x

EPS 748

BVPS 11,606

ROE 6.5%

ROA 3.8%

Profit Margin 19.5%

Asset Turnover 0.20x

Equity Mult. 1.70x

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

What Is Changing

On a TTM 2026Q1 basis, SMA 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 78bn
	                                
+19.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 15bn
	                                
+8.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	76.2	66.1	76.3	84.8	81.7
Growth	+15%	-13%	-10%	+4%	—
Net Income	13.1	13.0	12.0	29.4	21.9
Net Margin	17.18%	19.68%	15.67%	34.70%	26.74%

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	5.5	27.2	29.0	16.4	3.7	22.3	28.5	11.0	4.4	26.3	31.0	13.6
Growth	-80%	-6%	+77%	+347%	-84%	-22%	+160%	+149%	-83%	-15%	+127%	—
Net Income	-5.1	10.0	6.8	3.5	-7.2	8.5	15.3	-2.6	-8.2	10.1	8.5	-7.1
Net Margin	-92.32%	36.59%	23.36%	21.64%	-195.48%	38.24%	53.71%	-23.72%	-186.55%	38.47%	27.58%	-51.82%

Drivers of SMA's profit

TTM

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

Gross profit ↑ 14.4bn

Finance costs ↓ 3.5bn

Financial income ↓ 0.7bn

Administrative expenses ↑ 0.4bn

TTM

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

Gross profit ↑ 2.0bn

Finance costs ↓ 0.7bn

Administrative expenses ↑ 0.6bn

Financial income ↓ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.2% = 21.5% × 0.15 × 1.87

2026Q1 6.5% = 19.5% × 0.20 × 1.70

ROE is broadly flat at 6.5% — the components are offsetting one another.

Net margin: 19.5% -2.0pp Asset turnover: 0.20x +0.04x Leverage: 1.70x -0.17x

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 19.50%, losing 2.0pp. The weakness is mainly from non-core drags (Gross margin rose 11.2pp, Net financial result / Revenue rose 5.9pp, and SG&A / Revenue fell 0.0pp still provides some support).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 19.50% −2.0pp

Gross Margin 55.36% +11.2pp

SG&A / Revenue 3.55% −0.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 0.21x +0.04x

Average Invested Capital 380.7bn −24.8bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is balanced — liabilities at 0.68x equity, net debt at 0.54x equity.

Over the last 12 months, working capital absorbed 5.0bn of cash, mainly because of higher receivables. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −11.5bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +6.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.0 days versus the same period last year. The main moves came from DIO fell 2.4 days, DSO rose 5.2 days, and DPO fell 0.3 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +3.0 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +5.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 8.1 days +5.2 days

Inventory 13.3 days −2.4 days

Payables 2.3 days −0.3 days

Cash Conversion Cycle 19.1 days +3.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.54x and interest coverage at 2.55x.

At present, cash equals 12.0% of debt and total debt stands at 145.2bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 12.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.54x −0.16x

Interest Coverage 2.55x +1.53x

Cash / Debt 12.0% +4.7pp

Short-term Debt / Total Debt — —

CFO / NI 1.89x −0.23x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17.7bn in 2025, against investing cash flow of 12.6bn.

Post-investment cash flow was positive +30.3bn. Financing cash flow was negative +40.7bn.

CFO / net income was 1.89x.

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 28.7bn −0.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 2.0 pp. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 19.50% after a 2.0pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	76.2	66.1	76.3	84.8	81.7
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	76.2	66.1	76.3	84.8	81.7
Cost of Goods Sold	35.0	36.9	38.2	39.0	0.0
Gross Profit	41.2	29.2	38.1	45.7	38.7
Financial Income	7.0	7.3	3.1	0.0	0.0
Financial Expenses	14.0	17.8	22.6	12.3	-14.7
Interest Expense	14.0	17.8	23.1	13.2	-14.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	-0.1
General and Administrative Expenses	2.2	2.8	2.8	2.1	-2.0
Operating Profit	32.0	15.9	15.9	31.3	21.9
Other Income	—	0.0	0.1	1.2	0.0
Other Expenses	4.6	0.3	0.1	0.0	0.0
Other Profit	-4.6	-0.3	0.0	1.2	-0.0
Profit Before Tax	27.5	15.7	15.9	32.6	21.9
Current Income Tax Expense	14.4	2.7	4.0	3.2	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	13.1	13.0	12.0	29.4	21.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.1	13.0	12.0	29.4	21.9
Earnings per Share	644.00	639.00	587.00	1,445.00	-241.00
Diluted EPS	643.70	639.15	587.48	1,445.33	1,073.94

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	108.0	105.0	107.9	15.3	17.3
I. Cash and cash equivalents	15.9	26.4	18.1	3.2	2.4
1. Cash	6.9	26.4	18.1	3.2	0.0
2. Cash equivalents	9.0	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	90.8	77.3	86.4	8.5	11.9
1. Short-term trade accounts receivable	24.9	5.9	8.0	7.2	0.0
2. Short-term prepayments to suppliers	0.6	0.2	0.1	0.6	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	60.0	66.0	74.0	0.0	0.0
6. Other short-term receivables	5.3	5.2	4.2	0.7	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.1	1.2	1.5	1.7	2.8
1. Inventories	1.1	1.2	1.5	1.7	0.0
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	0.0
V. Other short-term assets	0.2	0.2	2.0	1.8	0.3
1. Short-term prepayments	0.2	0.2	2.0	0.5	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	1.3	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)	300.3	325.0	348.1	374.6	400.2
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	299.2	323.9	346.9	371.5	396.1
1. Tangible fixed assets	299.2	323.9	346.9	371.5	396.1
- Cost	598.5	598.4	597.2	597.2	0.0
- Accumulated depreciation	-299.3	-274.5	-250.3	-225.7	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	1.2	1.1	1.2	3.1	0.0
1. Long-term prepayments	1.2	1.1	1.2	3.1	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	4.0
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)	408.4	430.0	456.0	389.9	417.5
A. LIABILITIES (300=210+330)	165.8	189.6	220.9	161.0	215.7
I. Short -term liabilities	42.6	32.5	36.8	81.4	132.1
1. Short-term trade accounts payable	0.0	0.1	0.9	0.6	4.3
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	10.3	3.4	5.8	4.8	0.0
4. Payable to employees	0.3	0.5	0.5	0.4	0.0
5. Short-term acrrued expenses	—	0.0	1.7	2.7	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	—	0.0	0.1	0.0	0.0
9. Other short-term payables	0.4	0.1	0.0	1.5	0.0
10. Short-term borrowings and financial leases	30.0	27.0	26.0	69.1	72.1
11. Provision for short-term liabilities	—	0.0	0.0	1.3	0.0
12.. Bonus and welfare fund	1.6	1.4	1.8	0.9	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	123.2	157.1	184.1	79.6	83.6
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	—	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	123.2	157.0	184.0	79.5	83.5
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)	242.6	240.4	235.1	228.9	201.7
I. Owner's equity	242.6	240.4	235.1	228.9	0.0
1. Owner's capital	203.5	203.5	203.5	203.5	201.7
- Common stock with voting right	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00
- 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	25.9	23.8	23.8	14.1	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	0.1	0.1	0.1	0.1	0.0
11. Undistributed earnings after tax	13.1	13.0	7.7	11.3	-15.9
- Accumulated retained earning at the end of the previous period	—	0.0	-4.2	-18.1	-37.8
- Undistributed earnings in this period	13.1	13.0	12.0	29.4	21.9
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)	408.4	430.0	456.0	389.9	417.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	27.5	15.7	15.9	32.6	0.0
Depreciation of Fixed Assets and Investment Property	24.8	24.7	24.6	24.7	0.0
Provision (Increase)/Reversal	—	0.0	-1.3	-0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.0	-7.3	-3.1	-0.0	0.0
Interest Expense	14.0	17.8	23.1	13.2	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	59.2	50.9	59.2	69.5	0.0
Increase/(Decrease) in Receivables	-19.1	2.3	0.2	2.1	0.0
Increase/(Decrease) in Inventory	0.1	0.2	0.3	1.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.0	-1.2	-4.9	-54.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	1.9	0.5	0.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-14.0	-19.4	-24.1	-11.1	0.0
Corporate Income Tax Paid	-9.8	-4.8	-3.3	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.0	-0.7	-0.1	0.0
Net Cash Flow from Operating Activities	17.7	28.8	27.1	7.9	40.1
Payments for Fixed Assets and Other Long-term Assets	-0.0	-1.8	0.0	-0.0	-1.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-19.0	-50.0	-79.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	25.0	58.0	5.0	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	6.6	6.1	0.4	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	12.6	12.3	-73.6	-0.0	-1.2
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	—	0.0	319.4	56.3	26.8
Repayment of Borrowings	-30.8	-26.0	-258.0	-63.3	-66.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-9.9	-7.0	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	-40.7	-33.0	61.4	-7.0	-39.3
Net Cash Flow During the Period	-10.4	8.2	14.9	0.9	-0.7
Cash and Cash Equivalents at Beginning of Period	26.4	18.1	3.2	2.4	2.7
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	15.9	26.4	18.1	3.2	2.4

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	5.5	27.2	29.0	16.4	3.7	22.3	28.5	11.0	4.4	26.3	31.0	13.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	5.5	27.2	29.0	16.4	3.7	22.3	28.5	11.0	4.4	26.3	31.0	13.6
Cost of Goods Sold	8.1	8.6	7.6	10.5	8.3	9.3	8.7	10.3	8.7	9.6	10.4	9.6
Gross Profit	-2.6	18.6	21.4	5.9	-4.7	13.0	19.8	0.7	-4.3	16.7	20.6	4.0
Financial Income	1.6	1.6	1.7	1.9	1.8	1.8	1.7	2.2	1.6	3.1	0.1	0.0
Financial Expenses	3.0	3.1	3.6	3.6	3.7	3.9	4.7	4.5	4.6	5.0	5.2	10.6
Interest Expense	3.0	3.1	3.6	3.6	3.7	3.9	4.7	4.5	4.6	5.0	5.2	10.6
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	1.0	0.7	0.5	0.5	0.4	0.5	0.5	0.9	0.9	0.9	0.9	0.4
Operating Profit	-5.1	16.5	18.9	3.5	-7.0	10.3	16.4	-2.6	-8.2	13.9	14.5	-6.9
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	—	0.1	4.2	—	0.2	0.3	0.0	0.0	0.0	0.0	6.1	0.0
Other Profit	—	-0.1	-4.2	—	-0.2	-0.3	0.0	0.0	0.0	0.0	-5.9	0.0
Profit Before Tax	-5.1	16.4	14.7	3.5	-7.2	10.1	16.4	-2.6	-8.2	13.9	8.5	-6.9
Current Income Tax Expense	—	6.4	7.9	—	—	1.5	1.1	0.0	0.0	3.8	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-5.1	10.0	6.8	3.5	-7.2	8.5	15.3	-2.6	-8.2	10.1	8.5	-7.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.1	10.0	6.8	3.5	-7.2	8.5	15.3	-2.6	-8.2	10.1	8.5	-7.1
Earnings per Share	-248.50	489.50	332.42	174.27	-352.50	418.85	750.83	-127.67	-402.86	497.04	419.55	-347.20
Diluted EPS	-248.50	489.50	332.42	174.27	-352.50	418.85	750.83	-127.67	-402.86	497.04	419.55	-347.20

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)	81.9	108.0	103.8	103.2	88.1	105.1	112.6	93.8	92.3	107.0	102.4	25.8
I. Cash and cash equivalents	17.4	15.9	24.0	21.5	13.0	26.4	26.9	15.1	9.1	18.1	9.5	6.8
1. Cash	12.4	6.9	9.0	15.5	10.0	26.4	26.9	13.1	7.6	18.1	9.5	6.8
2. Cash equivalents	5.0	9.0	15.0	6.0	3.0	0.0	0.0	2.0	1.5	0.0	0.0	0.0
II. Short-term financial investments	50.0	—	—	—	—	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	50.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	13.2	90.8	78.6	80.6	73.5	77.3	84.1	77.1	80.7	86.4	88.8	14.0
1. Short-term trade accounts receivable	3.1	24.9	24.7	18.0	0.4	5.9	13.1	7.9	0.6	8.0	13.2	12.6
2. Short-term prepayments to suppliers	3.4	0.6	0.2	0.2	0.3	0.2	0.3	0.2	0.6	0.1	0.3	0.4
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	—	60.0	50.0	60.0	66.0	66.0	66.0	66.0	74.0	74.0	74.0	0.0
6. Other short-term receivables	6.7	5.3	3.6	2.4	6.8	5.2	4.8	3.0	5.4	4.2	1.2	1.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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	1.1	1.1	1.0	1.0	1.4	1.2	1.2	1.2	1.7	1.5	1.5	1.5
1. Inventories	1.1	1.1	1.0	1.0	1.5	1.2	1.2	1.2	1.7	1.5	1.5	1.5
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
V. Other short-term assets	0.2	0.2	0.2	0.0	0.2	0.3	0.4	0.4	0.9	1.1	2.6	3.5
1. Short-term prepayments	0.2	0.2	0.2	—	0.2	0.3	0.4	0.3	0.7	1.1	1.6	2.2
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.1	0.1	0.0	0.0	1.3
3. Taxes and other receivables from state authorities	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	1.0	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)	303.9	300.3	316.7	313.2	324.0	324.9	331.0	336.9	342.2	349.0	355.2	361.2
I. Long-term receivables	0.0	0.0	10.0	0.0	5.0	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	—	—	10.0	—	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	293.0	299.2	305.4	311.6	317.8	323.9	330.1	336.3	340.8	346.9	353.0	359.2
1. Tangible fixed assets	293.0	299.2	305.4	311.6	317.8	323.9	330.1	336.3	340.8	346.9	353.0	359.2
- Cost	598.5	—	—	—	—	598.4	599.0	599.0	597.3	597.2	597.2	597.2
- Accumulated depreciation	-305.5	—	—	—	—	-274.5	-268.8	-262.6	-256.4	-250.3	-244.1	-238.0
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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	—	—	—	—	—	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
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	10.0	—	—	—	—	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	10.0	—	—	—	—	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
VI. Other long-term assets	0.9	1.2	1.3	1.6	1.3	1.0	0.9	0.6	1.3	2.1	2.2	2.0
1. Long-term prepayments	0.9	1.2	1.3	1.6	1.3	1.0	0.9	0.6	1.3	2.1	2.2	2.0
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)	385.8	408.4	420.5	416.3	412.2	430.0	443.6	430.7	434.5	456.0	457.6	387.0
A. LIABILITIES (300=210+330)	149.6	165.8	177.8	180.3	178.9	189.6	204.7	207.0	215.3	220.9	232.6	170.5
I. Short -term liabilities	4.4	12.6	7.2	4.7	1.8	5.5	7.7	5.0	11.8	10.8	12.5	32.6
1. Short-term trade accounts payable	0.3	0.0	1.0	0.9	0.1	0.1	0.9	0.9	0.4	0.9	1.2	2.2
2. Short-term advances from customers	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. Dividends and profits payable	0.4	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.8	10.3	4.1	1.7	0.5	3.4	4.9	0.6	0.3	5.8	3.3	1.8
4. Payable to employees	0.3	0.3	0.3	0.3	0.0	0.5	0.2	0.2	0.4	0.5	0.2	0.2
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	1.5	1.6	1.7	1.8	8.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	7.6	0.2	0.1	0.0
9. Other short-term payables	0.0	0.4	0.1	0.2	0.1	0.1	0.1	0.2	0.0	0.0	0.0	2.5
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	4.0	16.1
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	2.6	1.6	1.7	1.7	1.2	1.4	1.5	1.5	1.6	1.7	1.8	1.8
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	145.2	153.2	170.6	175.6	177.1	184.1	197.0	202.0	203.5	210.1	220.1	137.9
1. Long-term trade payables	—	—	0.1	0.1	0.1	0.1	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	0.1	0.1	0.1
8. Long-term borrowings and financial leases	145.2	153.2	170.5	175.5	177.0	184.0	197.0	202.0	203.5	210.0	220.0	137.8
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)	236.2	242.6	242.8	236.0	233.3	240.4	239.0	223.7	219.2	235.1	225.0	216.5
I. Owner's equity	236.2	242.6	242.8	236.0	233.3	240.4	239.0	223.7	219.2	235.1	225.0	216.5
1. Owner's capital	203.5	203.5	203.5	203.5	203.5	203.5	203.5	203.5	203.5	203.5	203.5	203.5
- Common stock with voting right	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00	203,528,360,000.00
- 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	25.9	25.9	25.9	25.9	23.8	23.8	23.8	23.8	23.8	23.8	23.8	23.8
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	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1
11. Undistributed earnings after tax	6.8	13.1	13.3	6.5	5.8	13.0	11.6	-3.7	-8.2	7.7	-2.4	-10.9
- Accumulated retained earning at the end of the previous period	11.8	—	10.2	10.2	13.0	0.0	7.1	7.1	0.0	1.3	1.3	1.3
- Undistributed earnings in this period	-5.1	13.1	3.1	-3.6	-7.2	13.0	4.5	-10.8	-8.2	6.4	-3.7	-12.3
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
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	385.8	408.4	420.5	416.3	412.2	430.0	443.6	430.7	434.5	456.0	457.6	387.0

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
Profit Before Tax	-5.1	16.4	14.7	3.5	-7.2	10.1	16.4	-2.6	-8.2	19.5	7.2	-5.6
Depreciation of Fixed Assets and Investment Property	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.2	6.1	6.1	6.2
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	-1.3	1.3	-1.3
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	-1.6	-1.6	-1.7	-1.9	-1.8	-1.8	-1.7	-2.2	-1.6	-3.1	-0.1	-0.0
Interest Expense	3.0	3.1	3.6	3.6	3.7	3.9	4.7	4.5	4.6	5.9	5.2	10.6
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	2.6	24.0	22.8	11.5	0.9	18.4	25.5	6.0	1.0	27.1	19.9	9.8
Increase/(Decrease) in Receivables	11.4	-2.7	-4.5	-15.7	3.8	10.7	-6.0	-5.1	5.3	6.2	-0.6	-11.1
Increase/(Decrease) in Inventory	—	-0.1	0.0	0.5	-0.2	0.5	-0.5	0.4	-0.2	0.0	0.0	0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	8.2	0.3	1.0	-3.0	3.7	-1.4	-1.6	-2.6	0.9	-2.4	-5.0	3.4
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	0.1	-0.2	-0.2	3.8	-4.2	1.1	1.2	0.3	0.8	-1.3
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.0	-3.1	-3.6	-3.6	-3.7	-5.6	-4.5	-6.3	-3.0	-3.8	-13.7	-5.2
Corporate Income Tax Paid	-6.2	-0.2	-7.9	0.0	-1.7	-1.0	0.0	0.0	-3.8	0.0	0.0	-2.1
Other Operating Receipts	—	—	—	—	—	-4.6	4.6	0.0	0.0	-5.2	5.2	0.0
Other Operating Payments	-5.3	-0.3	—	5.4	-5.7	-0.2	0.9	4.5	-5.4	-0.1	0.0	-0.6
Net Cash Flow from Operating Activities	7.9	12.9	13.1	-5.2	-3.2	20.6	14.2	-1.9	-4.0	22.2	6.6	-6.9
Payments for Fixed Assets and Other Long-term Assets	—	0.0	—	0.0	-0.0	-1.8	1.8	-1.7	-0.1	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	0.2
Loans and Purchases of Debt Instruments	—	14.0	-24.0	-4.0	-5.0	0.0	0.0	-50.0	0.0	-3.0	-76.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-9.0	19.0	15.0	—	0.0	0.0	58.0	0.0	3.0	2.0	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	1.6	1.2	-0.7	4.2	1.8	0.6	0.8	3.1	1.6	0.4	0.1	0.0
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	1.6	6.2	-5.6	15.2	-3.2	-1.1	2.6	9.4	1.5	0.4	-73.9	0.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	224.2	88.5
Repayment of Borrowings	-8.0	-17.3	-5.0	-1.5	-7.0	-13.0	-5.0	-1.5	-6.5	-14.0	-154.1	-78.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-9.9	—	-0.0	-0.0	-7.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-8.0	-27.2	-5.0	-1.5	-7.0	-20.0	-5.0	-1.5	-6.5	-14.0	70.1	9.7
Net Cash Flow During the Period	1.5	-8.1	2.5	8.5	-13.4	-0.5	11.8	6.0	-9.0	8.6	2.7	3.1
Cash and Cash Equivalents at Beginning of Period	15.9	24.0	21.5	13.0	26.4	18.1	18.1	18.1	18.1	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	17.4	15.9	24.0	21.5	13.0	26.4	26.9	15.1	9.1	18.1	9.5	6.8

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SMA

What Is Changing

Drivers of SMA'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