Analysis of business results & financial statements · Quý 4/2025
Trailing net profit reached 14.7bn, rose 0.4bn compared with the same period last year. Key positives came from lower administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -1,736.21x
- P/B
- 78.95x
- EPS
- -288
- BVPS
- 6,333
- ROE
- -4.4%
- ROA
- -2.8%
- Market price
- 500,000 16 Oct 2026
The current picture
What is changing?
Profit bridge
Vs last year · TTM
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q2'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| LNST | -7.3 | -2.4 | -2.5 | -2.5 | -2.7 | -7.4 | -2.5 | -2.5 |
| Net margin | — | — | — | — | — | — | — | — |
Revenue
0bnNet income
-7bnInside 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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −24365426553.70%
- Gross Margin
- None
- SG&A / Revenue
- None
Margin support from financial result remains high (91.0% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.64x equity, net debt at 0.24x equity.
Inventory ended the period at 192.6bn, roughly 36.3% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.24x and interest coverage only at −1.10x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.0% of debt, and total debt stands at 78.5bn.
Interest coverage is −1.10x, 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
- 0.24x
- Interest Coverage
- −1.10x
- Cash / Debt
- 1.0%
- Short-term Debt / Total Debt
- 100.0%
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.3bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +0.3bn. Financing cash flow was positive 0.0bn.
CFO / net income was −0,03 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 balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −1.10x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 91.0% of PBT and CFO / net income currently at −0.03x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −1.10x.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current -24365426553.70% level.
Cash-flow quality, with operating cash flow currently at 0.3bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.