Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 5.0bn, rose 1.0bn compared with the same period last year. Key positives came from lower finance costs, better other profit, and higher financial income. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- -10.80x
- P/B
- -0.27x
- EPS
- -176
- BVPS
- -6,982
- ROE
- 2.6%
- ROA
- -2.0%
- Market price
- 1,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AGF is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. Notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
- Other profit
- Financial income
- Gross profit
- Selling expenses
- 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 | 95.7 | 159.8 | 158.0 | 118.4 | 85.8 | 137.7 | 148.5 | 129.1 |
| LNST | -11.6 | 2.9 | 2.8 | 0.8 | -9.3 | 0.5 | 2.4 | 0.5 |
| Net margin | -12.07% | 1.82% | 1.80% | 0.72% | -10.87% | 0.34% | 1.61% | 0.42% |
Revenue
96bnNet income
-12bnNet margin
-12.07%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 stands at −0.93%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- −0.93% +0.3pp
- Gross Margin
- 8.23% −1.4pp
- SG&A / Revenue
- 3.24% −0.0pp
- Non-core / Revenue
- −5.92% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 635.1% of PBT and lifted net margin by 1.6pp — 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.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -2.38x equity, with a net cash position equivalent to 1.73x equity.
Inventory ended the period at 25.9bn, roughly 10.1% of total assets.
Over the last 12 months, working capital released 23.8bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 4.3 days versus the same period last year. The main moves came from DIO fell 1.9 days, DSO rose 1.4 days, and DPO rose 3.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +1.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 3.2% to 2.6% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 41.7bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −1.73x and interest coverage only at −0.14x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.3% of debt, and total debt stands at 348.4bn.
Interest coverage is −0.14x, 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
- −1.73x +0.17x
- Interest Coverage
- −0.14x −0.05x
- Cash / Debt
- 2.3% −2.6pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 41.7bn in 2025, against investing cash flow of -6.4bn.
Post-investment cash flow was positive +35.4bn. Financing cash flow was negative +35.4bn.
CFO / net income was −6,55 lần.
After spending +8.4bn on fixed-asset investment, the business generated trailing free cash flow of +24.1bn.
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 −0.14x.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 627.1% of PBT and CFO / net income currently at −6.55x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.14x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,2% YoY pace.
Ability to hold margins around the current -0.93% level.
Cash-flow quality, with operating cash flow currently at 41.7bn in 2025.
From one stock to the whole portfolio
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