Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 60.7bn, rose 32.2bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.65x
- P/B
- 0.64x
- EPS
- 1,734
- BVPS
- 15,411
- ROE
- 11.9%
- ROA
- 4.0%
- Market price
- 9,800 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AFX is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- Tax
- Other profit
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 | 884.0 | 1,057.0 | 735.3 | 713.3 | 308.0 | 692.1 | 358.7 | 609.3 |
| LNST | 18.0 | 27.2 | 9.1 | 6.4 | 4.7 | 9.7 | 5.4 | 8.8 |
| Net margin | 2.04% | 2.57% | 1.24% | 0.89% | 1.52% | 1.40% | 1.50% | 1.44% |
Revenue
884bnNet income
18bnNet margin
2.04%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin edged up to 1.79%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 0.5pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 0.6pp added support while Other profit / Revenue fell 0.3pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 1.79% +0.3pp
- Gross Margin
- 2.49% −0.4pp
- SG&A / Revenue
- 1.01% −0.5pp
- Non-core / Revenue
- 0.76% +0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (34.6% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 43.1 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 5.12%, rising 2.9pp. That translates to 5.12 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.6pp and capital turnover rose 1.01x, while invested capital rose by 120bn — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.38x equity.
Inventory ended the period at 243.2bn, roughly 15.5% of total assets.
Over the last 12 months, working capital absorbed 35.0bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 46.6 days versus the same period last year. The main moves came from DIO fell 17.7 days, DSO fell 30.9 days, and DPO fell 2.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DuPont
What drives ROE?
ROE rose from 6.1% to 11.9% — all three components improved, with asset turnover contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 256.1bn due to capex of 2.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.38x and interest coverage only at 1.55x.
At present, short-term debt accounts for 99.9% of total debt, cash equals 3.5% of debt, and total debt stands at 769.0bn.
Net debt / equity stands at 1.38x, increasing balance-sheet pressure.
Interest coverage is 1.55x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.38x +0.10x
- Interest Coverage
- 1.55x +0.91x
- Cash / Debt
- 3.5% +3.2pp
- Short-term Debt / Total Debt
- 99.9% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -203.4bn in 2025, against investing cash flow of 210.8bn.
Post-investment cash flow was positive +7.4bn. Financing cash flow was positive +122.0bn.
CFO / net income was −4,18 lần.
After spending +2.2bn on fixed-asset investment, the business generated trailing free cash flow of −256.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with leverage and liquidity remaining the main constraint, with interest coverage at 1.55x. The next watchpoint is the earnings mix, when non-core contribution is 34.2%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 34.2% of PBT and CFO / net income currently at −4.18x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.55x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +72,2% YoY pace.
Ability to hold margins around the current 1.79% level.
Cash-flow quality, with operating cash flow currently at -203.4bn 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.