Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 3.9bn, rose 0.4bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher finance costs, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 47.60x
- P/B
- 0.91x
- EPS
- 303
- BVPS
- 15,892
- ROE
- 1.9%
- ROA
- 0.3%
- Market price
- 14,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AMP is maintaining revenue growth, but margins have not improved proportionally — profit is at an all-time high. 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
- Administrative expenses
- Finance costs
- 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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 277.6 | 472.8 | 272.3 | 345.2 | 295.0 | 177.4 | 234.8 | 258.7 |
| LNST | 1.0 | 1.3 | 0.7 | 1.0 | 1.1 | 0.5 | 0.4 | 1.5 |
| Net margin | 0.38% | 0.27% | 0.24% | 0.28% | 0.38% | 0.30% | 0.16% | 0.60% |
Revenue
278bnNet income
1bnNet margin
0.38%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 0.29%, 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
- 0.29% −0.1pp
- Gross Margin
- 6.72% −0.6pp
- SG&A / Revenue
- 5.17% −1.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 0.70%, broadly flat versus the same period. That translates to 0.70 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.20x, while invested capital expanded strongly by 150bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 0.70% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 6.38x equity, net debt at 2.85x equity.
Inventory ended the period at 406.6bn, roughly 26.8% 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 30.5 days versus the same period last year. The main moves came from DIO fell 6.2 days, DSO fell 52.3 days, and DPO fell 28.0 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 162.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE is broadly flat at 1.9% — the components are offsetting one another.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.85x and interest coverage only at 0.46x.
At present, short-term debt accounts for 99.6% of total debt, cash equals 3.4% of debt, and total debt stands at 609.9bn.
Net debt / equity stands at 2.85x, increasing balance-sheet pressure.
Interest coverage is 0.46x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 2.85x +0.90x
- Interest Coverage
- 0.46x −0.01x
- Cash / Debt
- 3.4% +0.6pp
- Short-term Debt / Total Debt
- 99.6% −0.4pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -103.7bn in 2025, against investing cash flow of -33.2bn.
Post-investment cash flow was negative +136.9bn. Financing cash flow was positive +182.9bn.
CFO / net income was −45,16 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 capital efficiency remains weak remaining the main constraint, with ROIC at 0.7%. The next watchpoint is the earnings mix, when non-core contribution is 24.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 24.7% of PBT and CFO / net income currently at −45.16x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +41,6% YoY pace.
Ability to hold margins around the current 0.29% level.
Cash-flow quality, with operating cash flow currently at -103.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
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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.