Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 487.8bn, fell 486.5bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.48x
- P/B
- 0.58x
- EPS
- -6,098
- BVPS
- 5,003
- ROE
- -74.2%
- ROA
- -66.1%
- Market price
- 2,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ABS posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.
Profit bridge
Vs last year · TTM
- Administrative 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 | 43.0 | 38.9 | 30.0 | 35.3 | 65.8 | 86.6 | 101.0 | 172.6 |
| LNST | -1.7 | -218.0 | 1.7 | -269.7 | -1.7 | -4.5 | 0.3 | 4.6 |
| Net margin | -4.05% | -560.31% | 5.54% | -765.08% | -2.59% | -5.26% | 0.26% | 2.68% |
Revenue
43bnNet income
-2bnNet margin
-4.05%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼▼Net margin fell to −331.55%, losing 331.2pp. The main pressure is SG&A / Revenue rose 334.1pp, outweighing the improvement in Gross margin rose 2.9pp (in addition, Other profit / Revenue rose 2.5pp added support while Net financial result / Revenue fell 3.8pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- −331.55% −331.2pp
- Gross Margin
- 4.33% +2.9pp
- SG&A / Revenue
- 334.93% +334.1pp
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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.22x equity, net debt at 0.15x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 934.9 days versus the same period last year. The main moves came from DIO rose 10.1 days, DSO rose 933.3 days, and DPO rose 8.5 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 1577.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +933.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from −0.1% to −74.2% — all three components weakened.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.15x and interest coverage only at −104.62x.
At present, short-term debt accounts for 99.8% of total debt, cash equals 0.4% of debt, and total debt stands at 60.1bn.
Interest coverage is −104.62x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.8% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.15x +0.08x
- Interest Coverage
- −104.62x −104.92x
- Cash / Debt
- 0.4% +0.2pp
- Short-term Debt / Total Debt
- 99.8% +0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -3.1bn in 2025, against investing cash flow of 0.2bn.
Post-investment cash flow was negative +2.9bn. Financing cash flow was positive +4.1bn.
CFO / net income was −0,07 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. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 331.2 pp.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -331.55% after a 331.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −65,5% YoY decline.
Ability to hold margins around the current -331.55% level.
Cash-flow quality, with operating cash flow currently at -3.1bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.