Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 7.8bn, rose 1.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.57x
- P/B
- 0.97x
- EPS
- 1,993
- BVPS
- 13,445
- ROE
- 13.9%
- ROA
- 7.2%
- Market price
- 13,100 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AMC is improving on both revenue and margins, though the magnitude is still moderate. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Selling expenses
- Administrative expenses
- Finance costs
- 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 | 51.2 | 42.5 | 44.8 | 42.5 | 40.0 | 43.2 | 39.4 | 40.7 |
| LNST | 2.6 | 1.3 | 2.3 | 1.5 | 1.3 | 1.3 | 1.8 | 1.6 |
| Net margin | 5.16% | 3.17% | 5.04% | 3.59% | 3.23% | 3.11% | 4.47% | 3.98% |
Revenue
51bnNet income
3bnNet margin
5.16%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 4.30%, rising 0.6pp. Core operating signals are improving as Gross margin rose 2.5pp are enough to offset pressure from SG&A / Revenue rose 1.1pp (with lingering pressure from Net financial result / Revenue fell 0.3pp and Other profit / Revenue fell 0.3pp).
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
- 4.30% +0.6pp
- Gross Margin
- 42.66% +2.5pp
- SG&A / Revenue
- 36.44% +1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 18.1 days.
Is capital being deployed efficiently?
▲ROIC edged up to 12.03%, rising 1.3pp. That translates to 12.03 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.9pp, with capital turnover fell 0.23x; with invested capital holding roughly steady.
Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.93x equity, net debt at 0.31x equity.
Inventory ended the period at 14.2bn, roughly 13.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 6.5 days versus the same period last year. The main moves came from DIO fell 0.8 days, DSO rose 2.3 days, and DPO rose 8.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DSO increased by +2.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 11.3% to 13.9% — driven by net margin and leverage together, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 15.9bn due to capex of 7.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.31x and interest coverage at 8.53x.
At present, short-term debt accounts for 63.0% of total debt, cash equals 24.0% of debt, and total debt stands at 23.4bn.
Short-term debt accounts for 63.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 24.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.31x +0.07x
- Interest Coverage
- 8.53x −8.30x
- Cash / Debt
- 24.0% −7.5pp
- Short-term Debt / Total Debt
- 63.0% +15.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.3bn in 2025, against investing cash flow of -8.6bn.
Post-investment cash flow was negative +1.3bn. Financing cash flow was positive +0.3bn.
CFO / net income was −1,08 lần.
After spending +7.5bn on fixed-asset investment, the business generated trailing free cash flow of −15.9bn.
In summary
Research synthesis
What this reporting period is showing
The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is earnings conversion is confirmed, with CFO/NI at −1.08x. The main risk still sits in self-funded cash generation remains weak.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.08x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 15.9bn.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,9% YoY pace.
Ability to hold margins around the current 4.30% level.
Cash-flow quality, with operating cash flow currently at 7.3bn in 2025.
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