Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 131.4bn, rose 125.1bn compared with the same period last year. Key positives came from lower administrative expenses and better other profit. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- -0.29x
- P/B
- -0.11x
- EPS
- -7,219
- BVPS
- -18,774
- ROE
- 44.6%
- ROA
- -13.6%
- Market price
- 2,100 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AGM is under pressure on both revenue and margins simultaneously — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
- Other
- Financial income
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 | 3.2 | 3.4 | 2.6 | 10.4 | 20.9 | 31.1 | 58.9 | 92.2 |
| LNST | -12.9 | -52.2 | -8.1 | -58.2 | -18.9 | -139.8 | -13.3 | -84.5 |
| Net margin | -400.31% | -1521.76% | -316.09% | -560.44% | -90.30% | -449.34% | -22.52% | -91.70% |
Revenue
3bnNet income
-13bnNet margin
-400.31%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 fell to −670.44%, losing 544.2pp. The main pressure comes from SG&A / Revenue rose 63.8pp and Gross margin fell 37.2pp (in addition, Other profit / Revenue rose 7.3pp added support while Net financial result / Revenue fell 444.3pp 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
- −670.44% −544.2pp
- Gross Margin
- −36.06% −37.2pp
- SG&A / Revenue
- 129.83% +63.8pp
- Non-core / Revenue
- −488.83% −437.0pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 437.0pp, financial result still accounts for 72.9% of PBT — earnings durability should be monitored in coming periods.
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 -3.74x equity, with a net cash position equivalent to 0.03x equity.
None
Over the last 12 months, working capital absorbed 8.9bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 2875.9 days versus the same period last year. The main moves came from DIO rose 45.1 days, DSO rose 3471.3 days, and DPO rose 640.5 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 3208.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +3471.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 213.3% to 44.6% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.03x and interest coverage only at −1.38x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 226.6% of debt, and total debt stands at 1.8bn.
Interest coverage is −1.38x, 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
- −0.03x +3.49x
- Interest Coverage
- −1.38x +0.81x
- Cash / Debt
- 226.6% +226.2pp
- Short-term Debt / Total Debt
- 100.0% +1.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -38.2bn in 2025, against investing cash flow of 45.7bn.
Post-investment cash flow was positive +7.5bn. Financing cash flow was negative +6.6bn.
CFO / net income was 0,30 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 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 margins remain under pressure remaining the main constraint, with net margin down 544.2 pp. The next watchpoint is the earnings mix, when non-core contribution is 72.2%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 72.2% of PBT and CFO / net income currently at 0.30x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -670.44% after a 544.2pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −90,4% YoY decline.
Ability to hold margins around the current -670.44% level.
Cash-flow quality, with operating cash flow currently at -38.2bn in 2025.
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Its weight and influence across the assets held for investment.
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