TSJ

Du lịch Dịch vụ Hà Nội ·UPCOM ·2026Q1

▲ Slightly positive

Operating efficiency is improving Net margin 73.36%, +19.52pp YoY

Price

38,000

Latest close

03 Jun 2026

P/E 27.90x

P/B 3.19x

EPS 1,362

BVPS 11,901

ROE 11.6%

ROA 11.1%

Profit Margin 73.4%

Asset Turnover 0.15x

Equity Mult. 1.04x

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

What Is Changing

On a TTM 2026Q1 basis, TSJ has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 139bn
	                                
−6.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 102bn
	                                
+27.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    80.0%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	139.4	144.2	140.7	129.2	61.8
Growth	-3%	+3%	+9%	+109%	—
Net Income	100.1	81.7	75.4	30.5	28.7
Net Margin	71.83%	56.66%	53.64%	23.60%	46.40%

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	25.1	37.5	39.1	37.0	25.7	35.7	39.5	47.1	22.0	33.9	37.8	42.7
Growth	-33%	-4%	+5%	+44%	-28%	-10%	-16%	+115%	-35%	-10%	-11%	—
Net Income	10.5	12.1	20.7	58.6	8.7	10.2	12.3	48.4	10.8	11.4	13.1	19.6
Net Margin	41.56%	32.10%	52.98%	158.27%	34.00%	28.73%	31.06%	102.79%	49.10%	33.65%	34.71%	45.90%

Drivers of TSJ's profit

TTM

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

Financial income ↑ 14.9bn

Gross profit ↑ 6.0bn

TTM

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

Financial income ↑ 1.1bn

Gross profit ↑ 0.8bn

Selling expenses ↓ 0.2bn

Tax ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.2% = 53.8% × 0.16 × 1.04

2026Q1 11.6% = 73.4% × 0.15 × 1.04

ROE rose from 9.2% to 11.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 73.4% +19.5pp Asset turnover: 0.15x -0.01x Leverage: 1.04x -0.00x

Is the profit sustainable?

Margins improved (+19.5pp), 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 73.36%, rising 19.5pp. Core operating signals are improving as Gross margin rose 5.8pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (with additional support from Net financial result / Revenue rose 15.7pp and Other profit / Revenue rose 0.1pp).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 73.36% +19.5pp

Gross Margin 28.03% +5.8pp

SG&A / Revenue 11.77% +0.3pp

Non-core / Revenue 64.67% +15.9pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 80.3% of PBT and lifted net margin by 15.9pp — separate the operating contribution from this source.

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 73.17% +19.4pp

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 0.04x equity, with a net cash position equivalent to 0.10x equity.

Over the last 12 months, working capital absorbed 1.2bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +8.4bn

Inventories decreased → higher CFO: +0.1bn

Payables decreased → lower CFO: −9.7bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 5.7 days versus the same period last year. The main moves came from DIO rose 0.0 days, DSO rose 6.6 days, and DPO rose 1.0 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 +5.7 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +6.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 31.0 days +6.6 days

Inventory 1.6 days +0.0 days

Payables 5.6 days +1.0 days

Cash Conversion Cycle 26.9 days +5.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 11.4bn.

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 -0.10x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.11x −0.03x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 11.4bn in 2025, against investing cash flow of 52.0bn.

Post-investment cash flow was positive +63.4bn. Financing cash flow was negative +74.3bn.

CFO / net income was 0.11x.

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 11.7bn +0.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 19.5 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 73.36% after expanding 19.5pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 80.0% of PBT and CFO / net income currently at 0.11x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	139.4	144.2	140.7	129.4	63.1
Revenue Deductions	—	0.0	0.0	0.2	0.0
Net Revenue	139.4	144.2	140.7	129.2	61.8
Cost of Goods Sold	101.3	112.3	105.4	101.2	0.0
Gross Profit	38.1	31.9	35.3	28.0	25.1
Financial Income	88.4	74.9	66.6	25.8	24.9
Financial Expenses	0.0	-0.1	-0.1	0.1	-1.7
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	6.8	7.3	7.3	6.7	-4.4
General and Administrative Expenses	9.7	9.4	9.2	8.5	-10.4
Operating Profit	110.0	90.2	85.6	38.5	33.5
Other Income	0.3	0.1	0.2	0.1	0.0
Other Expenses	0.1	0.0	0.0	0.1	0.0
Other Profit	0.2	0.1	0.2	0.0	-0.0
Profit Before Tax	110.2	90.3	85.8	38.6	33.4
Current Income Tax Expense	10.1	8.6	10.4	8.1	-4.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	100.1	81.7	75.4	30.5	28.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	100.1	81.7	75.4	30.5	28.7
Earnings per Share	1,339.00	1,092.00	1,009.00	408.00	384.00
Diluted EPS	1,338.63	1,092.29	1,008.60	407.66	383.39

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	580.5	556.3	546.7	498.8	407.9
I. Cash and cash equivalents	11.9	22.5	43.8	23.0	23.4
1. Cash	11.9	16.5	36.2	21.4	0.0
2. Cash equivalents	—	6.0	7.6	1.6	0.0
II. Short-term financial investments	537.0	502.3	461.1	446.0	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	537.0	502.3	461.1	446.0	0.0
III. Short-term receivables	31.1	30.6	39.2	29.2	19.2
1. Short-term trade accounts receivable	9.6	9.6	11.5	11.7	0.0
2. Short-term prepayments to suppliers	0.0	0.4	1.3	0.4	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	21.6	20.6	26.5	17.1	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.0	-0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.3	0.4	0.4	0.4	0.4
1. Inventories	0.3	0.4	0.4	0.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.5	2.3	0.2	0.2
1. Short-term prepayments	0.3	0.5	0.5	0.2	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	1.7	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)	332.0	335.5	335.9	336.5	417.8
I. Long-term receivables	1.5	1.5	1.1	0.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.2
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	1.5	1.5	1.1	0.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	3.3	3.7	4.2	4.9	5.3
1. Tangible fixed assets	3.3	3.7	4.2	4.9	5.3
- Cost	24.5	24.5	24.5	25.0	0.0
- Accumulated depreciation	-21.2	-20.7	-20.3	-20.1	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	37.2	39.9	39.9	41.9	44.3
- Cost	78.4	78.4	75.8	75.2	0.0
- Accumulated depreciation	-41.2	-38.5	-35.9	-33.3	0.0
IV. Long-term assets in progress	0.3	0.0	0.1	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.0	0.1	0.0	0.0
V. Long-term financial investments	287.6	287.6	287.6	287.4	366.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	285.8	285.8	285.8	285.8	0.0
3. Investments in other entities	1.9	1.9	1.9	1.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	-0.1	-0.3	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	2.1	2.8	3.0	2.1	0.0
1. Long-term prepayments	2.1	2.8	3.0	2.1	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	1.3
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)	912.5	891.8	882.7	835.3	825.7
A. LIABILITIES (300=210+330)	32.8	32.9	33.6	32.9	25.3
I. Short -term liabilities	25.5	26.4	28.0	25.1	18.2
1. Short-term trade accounts payable	0.8	0.3	0.4	1.3	0.5
2. Short-term advances from customers	0.0	0.0	0.1	0.2	0.2
3. Taxes and other payables to state authorities	5.7	4.2	4.8	3.7	0.0
4. Payable to employees	2.9	3.0	0.9	2.6	0.0
5. Short-term acrrued expenses	0.7	0.7	2.8	1.1	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	6.1	5.2	4.8	4.3	3.4
9. Other short-term payables	7.1	11.0	12.6	10.1	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	2.1	1.9	1.6	1.9	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	7.3	6.5	5.6	7.8	7.1
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	7.3	6.5	5.6	7.8	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)	879.8	858.9	849.0	802.4	800.3
I. Owner's equity	879.8	858.9	849.0	802.4	0.0
1. Owner's capital	748.0	748.0	748.0	748.0	800.3
- Common stock with voting right	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.2	1.2	1.2	1.2	1.2
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	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	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	30.4	28.0	24.4	22.7	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	100.1	81.7	75.4	30.5	30.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	1.9
- Undistributed earnings in this period	100.1	81.7	75.4	30.5	28.7
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)	912.5	891.8	882.7	835.3	825.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	110.2	90.3	85.8	38.6	33.4
Depreciation of Fixed Assets and Investment Property	3.1	3.1	2.8	2.8	2.8
Provision (Increase)/Reversal	0.0	-0.1	-0.2	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-2.8	-4.0	-2.6	-2.7	0.0
Gain/Loss from Investment Activities	-85.6	-70.8	-63.9	-23.1	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	25.0	18.5	21.9	15.6	13.1
Increase/(Decrease) in Receivables	1.0	2.1	-0.4	-8.3	0.0
Increase/(Decrease) in Inventory	0.0	-0.0	0.0	-0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2	-0.3	-1.3	4.8	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.3	-1.2	-0.8	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	-8.5	-9.3	-9.3	-5.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.7	-4.2	-1.6	-1.9	0.0
Net Cash Flow from Operating Activities	11.4	7.0	8.0	3.7	28.7
Payments for Fixed Assets and Other Long-term Assets	—	-1.1	-1.5	0.0	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	-586.9	-520.8	-515.6	-548.9	-363.6
Receipts from Loan Repayments and Sale of Debt Instruments	554.7	483.1	501.7	548.9	408.3
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	84.2	77.4	54.0	21.5	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	52.0	38.6	38.6	21.6	60.1
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	-74.3	-67.3	-26.2	-26.2	-82.3
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	-74.3	-67.3	-26.2	-26.2	-82.3
Net Cash Flow During the Period	-10.9	-21.7	20.4	-0.9	6.7
Cash and Cash Equivalents at Beginning of Period	22.5	43.8	23.0	23.4	16.9
FX Difference from Revaluation	0.2	0.5	0.4	0.5	-0.1
Cash and Cash Equivalents at End of Period	11.9	22.5	43.8	23.0	23.4

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	25.1	37.5	39.1	37.0	25.7	35.7	39.5	47.1	22.0	33.9	37.8	42.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	25.1	37.5	39.1	37.0	25.7	35.7	39.5	47.1	22.0	33.9	37.8	42.7
Cost of Goods Sold	16.4	24.6	30.7	28.3	17.8	27.9	31.4	38.0	15.0	24.2	29.9	34.4
Gross Profit	8.8	13.0	8.4	8.8	8.0	7.8	8.1	9.1	7.0	9.7	8.0	8.3
Financial Income	7.8	7.0	18.6	56.5	6.8	8.9	13.2	46.1	9.6	8.9	11.7	18.3
Financial Expenses	0.0	0.4	—	—	0.0	-0.1	2.9	0.0	0.0	0.2	0.0	0.0
Interest Expense	—	—	6.8	—	—	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	1.5	1.8	1.6	1.7	1.7	2.1	1.7	1.9	1.5	2.2	1.7	1.7
General and Administrative Expenses	2.3	2.5	2.3	2.7	2.2	2.6	2.2	2.5	2.1	2.6	2.1	2.5
Operating Profit	12.8	15.2	23.1	61.0	10.8	12.1	14.3	50.8	13.0	13.6	15.9	22.5
Other Income	0.1	0.2	0.0	0.1	0.0	0.0	0.1	0.1	0.0	0.2	0.0	0.0
Other Expenses	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.2	-0.0	0.0
Profit Before Tax	12.9	15.3	23.1	61.1	10.8	12.2	14.4	50.8	13.0	13.8	15.8	22.5
Current Income Tax Expense	2.5	3.2	2.4	2.5	2.1	1.9	2.1	2.4	2.2	2.4	2.7	2.9
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	10.5	12.1	20.7	58.6	8.7	10.2	12.3	48.4	10.8	11.4	13.1	19.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	10.5	12.1	20.7	58.6	8.7	10.2	12.3	48.4	10.8	11.4	13.1	19.6
Earnings per Share	140.00	161.00	277.00	784.00	117.00	137.00	164.00	647.00	144.00	153.00	176.00	262.00
Diluted EPS	139.72	161.11	276.78	783.80	116.94	136.98	163.85	647.34	144.11	152.64	175.51	262.12

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)	596.0	580.5	583.4	633.6	571.7	556.3	555.4	605.2	559.3	546.7	546.7	557.5
I. Cash and cash equivalents	91.3	11.9	13.0	52.3	23.3	22.5	33.2	90.3	23.2	43.8	24.3	28.7
1. Cash	91.3	11.9	13.0	15.1	15.3	16.5	20.6	16.6	16.7	36.2	19.8	20.4
2. Cash equivalents	—	—	—	37.2	8.0	6.0	12.6	73.7	6.5	7.6	4.5	8.3
II. Short-term financial investments	465.1	537.0	534.7	547.3	514.2	502.3	491.8	485.2	493.6	461.1	477.2	489.2
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	465.1	537.0	534.7	547.3	514.2	502.3	491.8	485.2	493.6	461.1	477.2	489.2
III. Short-term receivables	36.6	31.1	32.7	29.9	30.8	30.6	27.4	25.1	38.0	39.2	41.8	35.1
1. Short-term trade accounts receivable	13.3	9.6	11.7	12.1	10.3	9.6	8.5	9.1	9.5	11.5	16.0	12.1
2. Short-term prepayments to suppliers	2.6	0.0	1.3	1.1	1.2	0.4	1.9	1.2	3.7	1.3	0.2	1.9
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	20.7	21.6	19.9	16.8	19.5	20.6	17.0	14.8	24.7	26.5	25.6	21.2
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	0.4	0.3	0.5	0.5	0.5	0.4	0.5	0.6	0.5	0.4	0.5	0.6
1. Inventories	0.4	0.3	0.5	0.5	0.5	0.4	0.5	0.6	0.5	0.4	0.5	0.6
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	2.7	0.3	2.6	3.6	2.9	0.5	2.5	4.0	4.1	2.3	2.8	3.9
1. Short-term prepayments	2.7	0.3	2.6	3.6	2.9	0.5	2.5	4.0	2.3	0.5	2.8	3.9
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	1.7	1.7	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)	331.0	332.0	332.8	333.9	335.0	335.5	335.5	336.6	337.7	335.9	335.6	336.1
I. Long-term receivables	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.1	0.2	0.2
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	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.1	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	3.2	3.3	3.4	3.5	3.6	3.7	3.8	6.4	6.6	4.2	4.3	4.3
1. Tangible fixed assets	3.2	3.3	3.4	3.5	3.6	3.7	3.8	6.4	6.6	4.2	4.3	4.3
- Cost	24.5	—	—	—	—	24.5	24.5	27.0	27.0	24.5	24.5	24.4
- Accumulated depreciation	-21.3	—	—	—	—	-20.7	-20.6	-20.6	-20.5	-20.3	-20.2	-20.1
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	36.5	37.2	37.9	38.5	39.2	39.9	40.5	38.8	39.4	39.9	40.5	41.1
- Cost	78.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-41.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.3	0.3	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.3	0.3	—	—	—	0.0	0.0	0.0	0.0	0.1	0.1	0.1
V. Long-term financial investments	287.6	287.6	287.6	287.6	287.6	287.6	287.6	287.6	287.6	287.6	287.6	287.6
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	285.8	285.8	285.8	285.8	285.8	285.8	285.8	285.8	285.8	285.8	285.8	285.8
3. Investments in other entities	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	1.8	2.1	2.4	2.6	3.0	2.8	2.0	2.3	2.7	3.0	2.8	2.7
1. Long-term prepayments	1.8	2.1	2.4	2.6	3.0	2.8	2.0	2.3	2.7	3.0	2.8	2.7
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	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)	927.0	912.5	916.2	967.5	906.7	891.8	890.9	941.8	897.0	882.7	882.3	893.6
A. LIABILITIES (300=210+330)	36.8	32.8	48.5	120.5	39.0	32.9	42.3	105.4	37.2	33.6	44.7	69.1
I. Short -term liabilities	29.5	25.5	39.1	111.4	30.1	26.4	36.7	100.0	31.5	28.0	36.5	60.9
1. Short-term trade accounts payable	1.3	0.8	2.1	2.3	1.8	0.3	0.8	1.5	1.1	0.4	1.3	2.0
2. Short-term advances from customers	0.1	0.0	2.8	1.4	1.7	0.0	2.1	1.6	3.0	0.1	2.0	1.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	3.0	5.7	14.0	12.9	2.7	4.2	9.0	7.2	2.6	4.8	11.5	10.1
4. Payable to employees	0.9	2.9	0.9	0.9	0.9	3.0	0.9	0.9	0.9	0.9	0.9	0.9
5. Short-term acrrued expenses	5.6	0.7	5.8	2.2	5.4	0.7	2.9	1.9	5.0	2.8	2.6	1.6
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	8.5	6.1	5.0	6.2	6.0	5.2	4.4	4.6	4.8	4.8	4.5	4.7
9. Other short-term payables	8.8	7.1	6.1	82.4	10.5	11.0	14.5	79.7	13.4	12.6	11.8	38.4
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	1.2	2.1	2.4	2.9	1.0	1.9	2.1	2.5	0.8	1.6	1.8	2.1
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	7.3	7.3	9.4	9.0	8.9	6.5	5.6	5.4	5.7	5.6	8.2	8.3
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	7.3	7.3	9.4	9.0	8.9	6.5	5.6	5.4	5.7	5.6	8.2	8.3
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)	890.2	879.8	867.7	847.0	867.6	858.9	848.6	836.4	859.8	849.0	837.6	824.5
I. Owner's equity	890.2	879.8	867.7	847.0	867.6	858.9	848.6	836.4	859.8	849.0	837.6	824.5
1. Owner's capital	748.0	748.0	748.0	748.0	748.0	748.0	748.0	748.0	748.0	748.0	748.0	748.0
- Common stock with voting right	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00	748,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
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	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00	-34,320,000.00
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	30.4	30.4	30.4	30.4	28.0	28.0	28.0	28.0	24.4	24.4	24.4	24.4
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	110.6	100.1	88.1	67.4	90.5	81.7	71.5	59.2	86.2	75.4	64.0	50.9
- Accumulated retained earning at the end of the previous period	100.8	—	—	—	81.7	0.0	0.0	0.0	75.4	0.0	0.0	0.0
- Undistributed earnings in this period	9.8	100.1	88.1	67.4	8.7	81.7	71.5	59.2	10.8	75.4	64.0	50.9
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)	927.0	912.5	916.2	967.5	906.7	891.8	890.9	941.8	897.0	882.7	882.3	893.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	12.9	15.3	23.1	61.1	10.8	12.2	14.4	50.8	13.0	13.8	15.8	22.5
Depreciation of Fixed Assets and Investment Property	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.7	0.7	0.7	0.7
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.6	0.4	-0.9	-1.8	-0.5	-2.9	2.9	-2.1	-1.9	0.2	-2.5	-0.5
Gain/Loss from Investment Activities	-6.9	-13.2	-11.5	-54.7	-6.3	-6.0	-13.3	-43.9	-7.7	-8.7	-9.3	-17.8
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	6.2	3.3	11.5	5.4	4.8	3.9	4.8	5.6	4.1	6.0	4.8	4.9
Increase/(Decrease) in Receivables	-0.1	85.3	-81.9	5.0	-7.5	-2.4	-97.7	16.8	-13.6	39.2	-37.3	3.5
Increase/(Decrease) in Inventory	-0.1	0.1	0.0	-0.0	-0.1	0.2	0.1	-0.1	-0.1	0.1	0.1	-0.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.7	-87.0	73.4	-3.7	15.1	-6.7	98.3	-12.3	15.0	-46.5	36.8	1.6
Increase/(Decrease) in Prepaid Expenses	-2.1	2.6	1.3	-0.3	-2.6	1.3	1.8	-1.4	-1.5	2.1	1.1	-2.4
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	-5.3	-4.8	0.0	0.0	-3.7	-1.6	-1.8	-1.5	-4.4	-1.9	-2.3	-1.8
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-3.1	2.3	-3.2	-0.8	-0.2	-0.0	-0.7	-0.7	-0.4	-0.1	-0.6
Net Cash Flow from Operating Activities	5.5	-3.6	6.6	3.2	5.3	-5.5	5.4	6.3	-1.2	-1.4	3.0	5.3
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	2.4	-2.4	0.0	-1.5	0.1	-0.1
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	-149.9	-112.3	-51.4	-206.5	-216.6	-64.1	-62.0	-185.6	-205.1	-128.3	-48.8	-170.8
Receipts from Loan Repayments and Sale of Debt Instruments	215.1	109.6	64.9	175.0	205.2	56.1	53.7	194.9	175.2	144.3	62.8	156.9
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	8.2	5.2	14.8	57.2	7.0	2.8	10.7	53.6	10.4	6.5	4.3	18.5
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	73.4	2.6	28.3	25.7	-4.5	-5.2	4.8	60.5	-19.6	21.0	18.4	4.4
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	-0.0	-0.0	-74.3	-0.0	0.0	-0.4	-67.0	-0.0	0.0	-0.1	-26.1	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	-0.0	-0.0	-74.3	-0.0	0.0	-0.4	-67.0	-0.0	0.0	-0.1	-26.1	0.0
Net Cash Flow During the Period	78.9	-1.1	-39.4	28.8	0.7	-11.0	-56.8	66.8	-20.8	19.5	-4.7	9.6
Cash and Cash Equivalents at Beginning of Period	11.9	13.0	52.3	23.3	22.5	43.8	43.8	43.8	43.8	23.0	23.0	23.0
FX Difference from Revaluation	0.6	0.2	0.3	0.2	0.0	0.3	-0.3	0.3	0.2	-0.1	0.4	0.1
Cash and Cash Equivalents at End of Period	91.3	11.9	13.0	52.3	23.3	22.5	33.2	90.3	23.2	43.8	24.3	28.7

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TSJ

What Is Changing

Drivers of TSJ'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