TCT

Cáp treo Núi Bà Tây Ninh ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 56.92%, +6.74pp YoY

Price

18,050

Latest close

03 Jun 2026

P/E 10.12x

P/B 0.63x

EPS 1,784

BVPS 28,433

ROE 6.4%

ROA 6.2%

Profit Margin 56.9%

Asset Turnover 0.11x

Equity Mult. 1.03x

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

What Is Changing

On a TTM 2026Q1 basis, TCT is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.

	                            
	                                TTM REVENUE
	                            
	                                    VND 40bn
	                                
+28.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 23bn
	                                
+46.2%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    74.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	43.5	27.1	43.1	63.7	35.9
Growth	+60%	-37%	-32%	+78%	—
Net Income	25.5	10.8	18.3	29.6	2.0
Net Margin	58.67%	39.90%	42.56%	46.49%	5.64%

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	17.4	5.0	8.9	8.8	20.7	2.5	3.9	4.0	16.7	1.7	4.7	4.6
Growth	+251%	-45%	+1%	-57%	+732%	-36%	-2%	-76%	+904%	-65%	+3%	—
Net Income	8.8	2.4	6.0	5.5	12.5	0.4	0.3	2.4	8.4	-3.6	2.3	1.4
Net Margin	50.97%	49.48%	66.95%	62.66%	60.37%	15.80%	7.11%	61.01%	50.39%	-216.55%	49.46%	30.44%

Drivers of TCT's profit

TTM

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

Gross profit ↑ 10.2bn

Tax ↑ 1.8bn

Selling expenses ↑ 0.9bn

TTM

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

Tax ↓ 0.9bn

Gross profit ↓ 3.4bn

Selling expenses ↑ 1.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.5% = 50.2% × 0.08 × 1.07

2026Q1 6.4% = 56.9% × 0.11 × 1.03

ROE rose from 4.5% to 6.4% — mainly driven by net margin, despite leverage moving in the opposite direction.

Net margin: 56.9% +6.7pp Asset turnover: 0.11x +0.02x Leverage: 1.03x -0.04x

Is the profit sustainable?

Margins improved (+6.7pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 56.92%, rising 6.7pp. Core operating signals are improving as Gross margin rose 23.2pp are enough to offset pressure from SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 15.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 56.92% +6.7pp

Gross Margin 33.13% +23.2pp

SG&A / Revenue 15.78% +0.4pp

Non-core / Revenue 53.11% −15.3pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 15.3pp, financial result still accounts for 74.5% of PBT — earnings durability should be monitored in coming periods.

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 56.25% +6.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.03x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital released 2.9bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +1.1bn

Inventories decreased → higher CFO: +0.9bn

Payables increased → higher CFO: +0.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 153.8 days versus the same period last year. The main moves came from DIO fell 7.0 days, DSO rose 16.6 days, and DPO fell 144.2 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 128.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +16.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 61.5 days +16.6 days

Inventory 113.5 days −7.0 days

Payables 46.6 days −144.2 days

Cash Conversion Cycle 128.5 days +153.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 9.3bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.03x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.19x +2.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 9.3bn in 2025, against investing cash flow of 12.8bn.

Post-investment cash flow was positive +22.1bn. Financing cash flow was negative +6.4bn.

CFO / net income was 0.19x.

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 4.4bn +39.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 6.7 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 128 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 56.92% after expanding 6.7pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 74.5% of PBT and CFO / net income currently at 0.19x.

Key risk: working capital remains tied up for too long, with cash cycle at 128.5 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	43.5	27.1	43.1	63.7	35.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	43.5	27.1	43.1	63.7	35.9
Cost of Goods Sold	27.7	28.9	35.3	36.8	0.0
Gross Profit	15.8	-1.8	7.8	26.9	-15.3
Financial Income	21.3	21.4	24.2	22.9	21.8
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.3	1.3	4.6	8.4	-0.7
General and Administrative Expenses	5.2	4.6	4.4	4.2	-3.3
Operating Profit	31.6	13.6	23.0	37.2	2.4
Other Income	0.3	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.2	0.0
Other Profit	0.3	-0.0	0.0	-0.2	-0.0
Profit Before Tax	31.9	13.6	23.0	37.1	2.4
Current Income Tax Expense	6.4	2.8	4.7	7.5	-0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	25.5	10.8	18.3	29.6	2.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	25.5	10.8	18.3	29.6	2.0
Earnings per Share	1,994.00	846.00	1,435.00	2,315.00	158.00
Diluted EPS	1,993.79	845.85	1,434.80	2,314.93	158.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	355.6	330.5	349.1	328.8	289.0
I. Cash and cash equivalents	17.9	2.2	2.3	1.9	42.5
1. Cash	2.4	2.2	0.1	1.9	0.0
2. Cash equivalents	15.5	0.0	2.1	0.0	0.0
II. Short-term financial investments	11.6	11.6	23.9	25.5	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	11.6	11.6	23.9	25.5	0.0
III. Short-term receivables	318.2	306.1	314.2	294.1	236.1
1. Short-term trade accounts receivable	5.1	1.1	0.3	0.6	0.0
2. Short-term prepayments to suppliers	0.0	0.0	0.1	0.3	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	309.0	301.0	290.4	276.0	0.0
6. Other short-term receivables	4.1	4.0	23.5	17.1	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	7.7	9.7	7.8	5.6	0.9
1. Inventories	7.7	9.7	7.8	5.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.1	0.9	0.9	1.8	0.2
1. Short-term prepayments	0.1	0.3	0.0	0.1	0.0
2. Value added tax to be reclaimed	—	0.6	0.9	0.8	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8	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)	11.4	12.5	12.6	14.3	18.6
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	10.6	10.6	11.9	14.0	18.5
1. Tangible fixed assets	10.6	10.6	11.9	14.0	18.5
- Cost	295.3	295.0	296.1	295.1	0.0
- Accumulated depreciation	-284.7	-284.4	-284.2	-281.2	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	0.1	0.1	0.1	0.1	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	—	0.8	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.8	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	0.8	1.1	0.7	0.3	0.0
1. Long-term prepayments	0.8	1.1	0.7	0.3	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	0.0
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)	367.0	343.0	361.7	343.1	307.6
A. LIABILITIES (300=210+330)	12.2	7.4	30.4	23.9	11.1
I. Short -term liabilities	12.2	7.4	30.4	23.9	11.1
1. Short-term trade accounts payable	1.9	2.4	21.4	14.5	9.8
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.9	3.1	4.7	6.0	0.0
4. Payable to employees	3.2	1.2	1.9	2.9	0.0
5. Short-term acrrued expenses	0.1	0.4	2.1	0.1	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.1
9. Other short-term payables	0.1	0.1	0.1	0.1	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.2	0.3	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	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	354.8	335.7	331.2	319.3	296.4
I. Owner's equity	354.8	335.7	331.2	319.3	0.0
1. Owner's capital	127.9	127.9	127.9	127.9	296.4
- Common stock with voting right	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00
- 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	51.4	51.4	51.4	51.4	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	175.5	156.4	151.9	140.0	117.1
- Accumulated retained earning at the end of the previous period	150.0	145.5	133.6	110.4	115.1
- Undistributed earnings in this period	25.5	10.8	18.3	29.6	2.0
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)	367.0	343.0	361.7	343.1	307.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	31.9	13.6	23.0	37.1	0.0
Depreciation of Fixed Assets and Investment Property	1.2	1.9	3.0	5.0	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	-21.6	-21.4	-24.2	-22.8	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	11.5	-5.9	1.7	19.3	0.0
Increase/(Decrease) in Receivables	-3.2	-0.4	1.5	-2.4	0.0
Increase/(Decrease) in Inventory	2.0	-1.9	-2.2	-4.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1.3	-21.5	7.6	6.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-0.7	-0.2	-0.4	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	-2.8	-4.7	-5.9	-1.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.0	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	9.3	-35.0	2.4	16.7	5.8
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.0	-0.7	-0.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-339.0	-335.9	-50.9	-259.0	-134.9
Receipts from Loan Repayments and Sale of Debt Instruments	331.0	337.6	52.5	193.1	122.4
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	21.3	40.8	3.4	15.7	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	12.8	41.4	4.3	-50.9	11.3
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	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.4	-6.4	-6.4	-6.4	-6.3
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	-6.4	-6.4	-6.4	-6.4	-6.3
Net Cash Flow During the Period	15.7	-0.0	0.4	-40.6	3.3
Cash and Cash Equivalents at Beginning of Period	2.2	2.3	1.9	42.5	20.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.9	2.2	2.3	1.9	42.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	17.4	5.0	8.9	8.8	20.7	2.5	3.9	4.0	16.7	1.7	4.7	4.6
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	17.4	5.0	8.9	8.8	20.7	2.5	3.9	4.0	16.7	1.7	4.7	4.6
Cost of Goods Sold	9.3	6.1	5.6	5.8	9.3	5.7	8.0	5.0	9.5	9.3	6.8	7.1
Gross Profit	8.1	-1.2	3.3	3.1	11.4	-3.2	-4.1	-1.0	7.2	-7.6	-2.1	-2.5
Financial Income	5.2	5.4	5.4	5.3	5.3	5.3	5.4	5.4	5.4	5.4	6.2	6.4
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	1.1	1.1	0.1	0.9
General and Administrative Expenses	1.1	1.3	1.1	1.4	1.0	1.4	0.9	1.1	0.9	1.2	1.2	1.2
Operating Profit	11.1	2.8	7.5	6.9	15.6	0.5	0.4	3.1	10.6	-4.5	2.9	1.8
Other Income	—	0.3	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.3	—	0.1	—	-0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Profit Before Tax	11.1	3.1	7.5	6.9	15.6	0.5	0.4	3.1	10.5	-4.5	2.9	1.8
Current Income Tax Expense	2.2	0.6	1.5	1.4	3.1	0.1	0.1	0.6	2.1	-0.9	0.6	0.4
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.8	2.4	6.0	5.5	12.5	0.4	0.3	2.4	8.4	-3.6	2.3	1.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.8	2.4	6.0	5.5	12.5	0.4	0.3	2.4	8.4	-3.6	2.3	1.4
Earnings per Share	692.00	192.00	467.00	433.00	977.00	31.00	22.00	190.00	659.00	-282.00	182.00	109.00
Diluted EPS	691.55	191.52	467.02	433.22	977.50	30.72	21.77	190.10	658.90	-281.95	181.68	108.89

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)	364.3	355.5	361.9	354.8	347.1	330.5	346.4	348.4	363.1	348.9	348.3	351.0
I. Cash and cash equivalents	11.1	17.9	14.9	1.3	0.9	2.2	7.1	2.0	1.8	2.3	16.1	10.4
1. Cash	1.6	2.4	1.4	1.3	0.9	2.2	0.5	2.0	1.8	0.1	3.2	0.1
2. Cash equivalents	9.5	15.5	13.5	—	—	0.0	6.6	0.0	0.0	2.1	13.0	10.3
II. Short-term financial investments	335.8	11.6	13.1	18.4	16.9	11.6	14.9	23.3	28.9	23.9	15.0	27.0
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	335.8	11.6	13.1	18.4	16.9	11.6	14.9	23.3	28.9	23.9	15.0	27.0
III. Short-term receivables	6.5	318.2	324.0	324.2	317.3	306.1	313.9	308.8	319.7	314.2	310.1	306.2
1. Short-term trade accounts receivable	6.3	5.0	8.6	8.9	7.2	1.1	1.7	1.1	0.5	0.3	0.1	0.1
2. Short-term prepayments to suppliers	0.2	0.0	—	—	0.0	0.0	0.0	0.4	0.5	0.1	1.2	1.2
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	—	309.0	301.0	301.0	301.0	301.0	290.4	290.4	290.4	290.4	276.0	276.0
6. Other short-term receivables	0.0	4.1	14.4	14.3	9.0	4.0	21.8	16.9	28.4	23.5	32.7	28.8
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	7.9	7.7	8.7	8.6	8.8	9.7	9.1	12.0	9.7	7.8	6.0	5.4
1. Inventories	7.9	7.7	8.7	8.6	8.8	9.7	9.1	12.0	9.7	7.8	6.0	5.4
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	3.0	0.1	1.2	2.3	3.3	0.9	1.4	2.3	3.0	0.7	1.1	2.1
1. Short-term prepayments	3.0	0.1	1.2	2.2	3.2	0.3	1.0	1.9	2.9	0.0	1.0	1.9
2. Value added tax to be reclaimed	—	—	—	—	—	0.6	0.4	0.4	0.1	0.7	0.1	0.2
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.1	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)	10.9	11.8	12.2	12.4	12.7	12.5	12.8	12.0	12.0	12.6	11.9	12.7
I. Long-term receivables	—	—	—	—	—	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	—	—	—	—	—	0.0	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	10.3	10.6	10.9	11.2	11.4	10.6	10.9	10.8	11.3	11.9	11.7	12.4
1. Tangible fixed assets	10.3	10.6	10.9	11.2	11.4	10.6	10.9	10.8	11.3	11.9	11.7	12.4
- Cost	295.3	—	—	—	—	295.0	295.0	294.5	296.1	296.1	295.1	295.1
- Accumulated depreciation	-285.0	—	—	—	—	-284.4	-284.2	-283.6	-284.7	-284.2	-283.4	-282.7
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	0.1	—	—	—	—	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	—	—	—	—	—	0.8	0.8	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	—	—	—	—	—	0.8	0.8	0.0	0.0	0.0	0.0	0.0
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	0.6	1.2	1.2	1.2	1.2	1.1	1.1	1.1	0.7	0.7	0.2	0.2
1. Long-term prepayments	0.6	1.2	1.2	1.2	1.2	1.1	1.1	1.1	0.7	0.7	0.2	0.2
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)	375.2	367.4	374.1	367.2	359.8	343.0	359.2	360.4	375.1	361.5	360.2	363.7
A. LIABILITIES (300=210+330)	11.6	11.6	14.4	13.5	11.6	6.7	16.8	18.3	35.5	30.0	25.1	24.5
I. Short -term liabilities	11.6	11.6	14.4	13.5	11.6	6.7	16.8	18.3	35.5	30.0	25.1	24.5
1. Short-term trade accounts payable	3.8	1.9	3.0	2.7	3.0	2.4	11.4	12.6	26.2	19.1	13.9	15.1
2. Short-term advances from customers	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.8	7.1	9.7	9.2	7.7	3.3	4.7	4.7	7.0	4.7	8.7	8.1
4. Payable to employees	0.3	2.0	1.2	0.9	0.2	0.1	0.0	0.4	0.2	2.1	1.2	0.0
5. Short-term acrrued expenses	0.3	0.5	0.3	0.4	0.4	0.6	0.4	0.3	1.6	3.8	1.0	0.9
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	0.2	0.0	0.1	0.1	0.1	0.0	0.1	0.1	0.1	0.0	0.1	0.1
9. Other short-term payables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.3	0.3	0.3	0.3	0.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	363.6	355.7	359.7	353.7	348.2	336.4	342.4	342.1	339.7	331.4	335.0	339.2
I. Owner's equity	363.6	355.7	359.7	353.7	348.2	336.4	342.4	342.1	339.7	331.4	335.0	339.2
1. Owner's capital	127.9	127.9	127.9	127.9	127.9	127.9	127.9	127.9	127.9	127.9	127.9	127.9
- Common stock with voting right	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00	127,880,000,000.00
- 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	51.4	51.4	51.4	51.4	51.4	51.4	51.4	51.4	51.4	51.4	51.4	51.4
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	184.3	176.4	180.4	174.4	168.9	157.1	163.1	162.8	160.4	152.1	155.7	159.9
- Accumulated retained earning at the end of the previous period	175.5	150.0	156.4	156.4	156.4	145.5	151.9	151.9	151.9	133.6	133.6	140.0
- Undistributed earnings in this period	8.8	26.5	24.0	18.0	12.5	11.5	11.1	10.9	8.4	18.5	22.1	19.9
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)	375.2	367.4	374.1	367.2	359.8	343.0	359.2	360.4	375.1	361.5	360.2	363.7

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	11.1	1.9	7.5	6.9	15.6	0.5	0.4	3.1	10.5	-4.7	2.9	24.8
Depreciation of Fixed Assets and Investment Property	0.3	0.3	0.3	0.3	0.3	0.3	0.5	0.5	0.6	0.7	0.7	1.5
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	-5.2	-5.7	-5.4	-5.3	-5.3	-5.3	-5.4	-5.4	-5.4	-5.4	-6.2	-12.6
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	6.1	-3.5	2.4	1.9	10.7	-4.5	-4.5	-1.8	5.7	-9.4	-2.6	13.7
Increase/(Decrease) in Receivables	-1.4	3.8	0.3	-1.6	-5.7	0.5	-0.2	-0.8	0.1	0.4	0.1	1.0
Increase/(Decrease) in Inventory	-0.2	1.0	-0.1	0.2	0.9	-0.6	2.8	-2.3	-1.9	-1.8	-0.7	0.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.5	-2.6	-0.5	0.4	4.0	-10.3	-2.4	-16.6	6.6	5.9	-0.1	1.7
Increase/(Decrease) in Prepaid Expenses	-2.6	1.5	1.0	1.0	-3.1	0.7	0.9	0.5	-2.9	0.4	1.0	-1.7
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	-6.4	0.0	0.0	0.0	-2.8	0.0	0.0	-0.9	-3.7	-0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.3
Other Operating Payments	—	0.0	0.0	0.0	-0.1	-0.0	-0.0	0.0	0.0	0.0	0.0	2.3
Net Cash Flow from Operating Activities	-0.9	0.2	3.1	1.9	4.0	-14.1	-3.3	-21.9	4.1	-4.4	-2.2	-5.5
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.1	0.0	-0.4	0.0	-0.6	-0.3	0.0	-0.7	0.0	0.5
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	-18.0	-219.0	-11.6	-91.5	-16.9	-251.0	-11.6	-53.3	-20.0	-8.9	-13.5	-28.5
Receipts from Loan Repayments and Sale of Debt Instruments	11.6	212.5	16.9	90.0	11.6	243.7	20.0	58.9	15.0	0.0	25.5	27.0
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	0.4	15.7	5.3	0.0	0.3	23.0	0.5	16.8	0.6	0.2	2.4	0.5
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	-5.9	9.2	10.5	-1.5	-5.3	15.7	8.4	22.0	-4.5	-9.4	14.4	11.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-6.4	—	—	—	-6.4	0.0	0.0	0.0	0.0	-6.4	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	—	-6.4	—	—	—	-6.4	0.0	0.0	0.0	0.0	-6.4	0.0
Net Cash Flow During the Period	-6.8	3.0	13.6	0.4	-1.4	-4.8	5.0	0.2	-0.4	-13.9	5.8	5.5
Cash and Cash Equivalents at Beginning of Period	17.9	14.9	1.3	0.9	2.2	2.3	2.3	2.3	2.3	1.9	1.9	1.9
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	11.1	17.9	14.9	1.3	0.9	2.2	7.1	2.0	1.8	2.3	16.1	10.4

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TCT

What Is Changing

Drivers of TCT'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