Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 13.0bn, fell 6.7bn compared with the same period last year. Key positives came from higher gross profit and lower tax. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, lower financial income, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.70x
- P/B
- 0.34x
- EPS
- 637
- BVPS
- 29,285
- ROE
- 2.4%
- ROA
- 1.5%
- Market price
- 10,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ABC is going through a period of clear decline across multiple metrics at once — the growth momentum has held across consecutive periods. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Gross profit
- Tax
- Administrative expenses
- Finance costs
- Financial income
- Selling expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 314.5 | 232.2 | 316.8 | 366.3 | 405.1 | 466.5 | 317.2 | 142.9 |
| LNST | 7.7 | -0.8 | 4.0 | 2.1 | 5.5 | 4.6 | 8.9 | 0.7 |
| Net margin | 2.44% | -0.34% | 1.26% | 0.58% | 1.37% | 0.99% | 2.81% | 0.46% |
Revenue
314bnNet income
8bnNet margin
2.44%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin narrowed to 1.06%, falling 0.4pp. The main pressure is SG&A / Revenue rose 1.5pp, outweighing the improvement in Gross margin rose 1.6pp (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.7pp remained a drag).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 1.06% −0.4pp
- Gross Margin
- 2.07% +1.6pp
- SG&A / Revenue
- 3.25% +1.5pp
- Non-core / Revenue
- 2.51% −0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 0.7pp, financial result still accounts for 187.5% of PBT — earnings durability should be monitored in coming periods.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.91%, falling 1.4pp. That translates to 1.91 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.5pp and capital turnover fell 0.35x, while invested capital rose by 60bn — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
ROIC is currently 1.91% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.33x equity, net debt at 0.06x equity.
None
Over the last 12 months, working capital absorbed 3.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 17.6 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO rose 16.5 days, and DPO fell 1.2 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 128.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +16.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 4.0% to 2.4% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.06x and interest coverage only at 1.04x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 84.3% of debt, and total debt stands at 233.3bn.
Interest coverage is 1.04x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.06x −0.33x
- Interest Coverage
- 1.04x −1.93x
- Cash / Debt
- 84.3% +56.3pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -42.6bn in 2025, against investing cash flow of 85.9bn.
Post-investment cash flow was positive +43.3bn. Financing cash flow was negative +108.6bn.
CFO / net income was 0,96 lần.
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.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in capital efficiency remains weak, with ROIC at 1.9%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 184.7% of PBT and CFO / net income currently at 0.96x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −7,6% YoY decline.
Ability to hold margins around the current 1.06% level.
Cash-flow quality, with operating cash flow currently at -42.6bn in 2025.
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