Analysis of business results & financial statements · Quý 4/2022
▼ Under pressure
Trailing net profit reached 1.6bn, fell 1.9bn compared with the same period last year. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, lower gross profit, and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.21x
- P/B
- 0.37x
- EPS
- 348
- BVPS
- 10,566
- ROE
- 3.2%
- ROA
- 1.8%
- Market price
- 3,900 16 Oct 2026
The current picture
What Is Changing
On a TTM 2022Q4 basis, APP posted a sharp profit decline versus the same period. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.
Profit bridge
Vs last year · TTM
- Other
- Selling expenses
- Administrative expenses
- Gross profit
- Finance costs
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2022
| Metric | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 | Q1'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 43.7 | 69.6 | 96.4 | 61.5 | 38.2 | 45.2 | 58.6 | 57.7 |
| LNST | -1.6 | 0.2 | -0.1 | 3.0 | -1.1 | 1.6 | 1.6 | 1.4 |
| Net margin | -3.58% | 0.35% | -0.07% | 4.92% | -2.89% | 3.58% | 2.75% | 2.46% |
Revenue
44bnNet income
-2bnNet margin
-3.58%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.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 35.8% year on year — not from a single spike: quarterly growth stepped up from +7% to +14%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 271bn +35.8%
- Latest quarter YoY
- +14% accelerating
What is driving the margin?
▼Net margin narrowed to 0.61%, falling 1.2pp. The main pressure comes from SG&A / Revenue rose 19.0pp and Gross margin fell 5.9pp (with lingering pressure from Net financial result / Revenue fell 2.0pp).
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
- 0.61% −1.2pp
- Gross Margin
- 8.85% −5.9pp
- SG&A / Revenue
- 7.35% +19.0pp
TTM YoY · 2021Q4 -> 2022Q4
Cash Flow
▼▼Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 14.6bn against investing cash flow of 4.7bn (annual cash-flow figures for 2024).
Post-investment cash flow was positive +19.4bn. Financing cash flow was negative +18.8bn.
CFO / net income was 0,90 lần.
After spending +3.8bn on fixed-asset investment, the business generated trailing free cash flow of −2.3bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 13.6% of pre-tax profit — worth monitoring.
Within that, net financial result at −113.2%, other profit at +13.6% of PBT.
- Non-core / PBT
- 13.6% moderate
- Net financial / PBT
- −113.2%
- Other profit / PBT
- 13.6%
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 1.80%, losing 2.3pp. That translates to 1.80 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.1pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 1.80% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DSO increased by +13.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 7.1% to 3.2% — net margin weakened the most, though asset turnover still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 2.3bn due to capex of 3.8bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.58x and interest coverage only at 0.72x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 5.0% of debt, and total debt stands at 30.6bn.
- Net Debt / Equity
- 0.58x +0.05x
- Interest Coverage
- 0.72x −1.08x
- Cash / Debt
- 5.0% −5.1pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2021Q4 -> 2022Q4
Interest coverage is 0.72x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
▲The balance sheet shows capital-allocation efficiency slipping. Capital structure is balanced — liabilities at 0.38x equity, net debt at 0.58x equity.
Inventory ended the period at 13.8bn, roughly 23.1% of total assets.
Over the last 12 months, working capital released 0.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
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 1.8%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.90x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.90x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +35,8% YoY pace or begins to slow.
Whether margins hold around the current 0.61% level or narrow again.
Whether operating cash flow holds its 14.6bn (cumulative for 2024) level in upcoming periods or weakens.
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