Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 52.7bn, rose 0.6bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher finance costs, higher selling expenses, lower financial income, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.11x
- P/B
- 1.57x
- EPS
- 2,055
- BVPS
- 18,476
- ROE
- 10.9%
- ROA
- 4.2%
- Market price
- 29,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AGP is maintaining revenue, but margins are compressing slightly — profit is at an all-time high. What remains unclear is whether this is a short-term fluctuation or costs are starting to outpace revenue.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Selling expenses
- Financial income
- 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 | 207.9 | 233.2 | 203.6 | 206.6 | 201.3 | 223.5 | 198.7 | 189.6 |
| LNST | 13.5 | 14.6 | 12.8 | 11.7 | 13.1 | 14.4 | 12.6 | 11.9 |
| Net margin | 6.49% | 6.28% | 6.30% | 5.67% | 6.50% | 6.46% | 6.32% | 6.30% |
Revenue
208bnNet income
14bnNet margin
6.49%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 stands at 6.19%, 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
- 6.19% −0.2pp
- Gross Margin
- 30.57% +1.0pp
- SG&A / Revenue
- 17.84% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 4.90%, falling 0.9pp. That translates to 4.90 in after-tax operating profit for every 100 units of operating capital. The main pressure came from capital turnover fell 0.14x — capital is being absorbed faster than revenue is being generated; while invested capital expanded strongly by 200bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 4.90% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Leverage is elevated, requiring monitoring — liabilities at 2.00x equity, net debt at 1.08x equity.
Inventory ended the period at 341.5bn, roughly 25.0% of total assets.
Over the last 12 months, working capital absorbed 66.8bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.5 days versus the same period last year. The main moves came from DIO rose 8.2 days, DSO fell 5.7 days, and DPO rose 1.1 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 204.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +8.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 14.2% to 10.9% — all three components weakened, with asset turnover being the main drag.
Is financial risk significant?
Leverage is safe but FCF is negative at 93.7bn due to capex of 88.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.08x and interest coverage only at 1.51x.
At present, short-term debt accounts for 73.7% of total debt, cash equals 6.0% of debt, and total debt stands at 649.2bn.
Net debt / equity stands at 1.08x, increasing balance-sheet pressure.
Interest coverage is 1.51x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.08x −0.31x
- Interest Coverage
- 1.51x −0.29x
- Cash / Debt
- 6.0% +2.1pp
- Short-term Debt / Total Debt
- 73.7% −4.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 138.5bn in 2025, against investing cash flow of -34.1bn.
Post-investment cash flow was positive +104.4bn. Financing cash flow was positive +53.1bn.
CFO / net income was −0,11 lần.
After spending +88.1bn on fixed-asset investment, the business generated trailing free cash flow of −93.7bn.
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 capital efficiency remains weak remaining the main constraint, with ROIC at 4.9%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −0.11x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.11x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,7% YoY pace.
Ability to hold margins around the current 6.19% level.
Cash-flow quality, with operating cash flow currently at 138.5bn in 2025.
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