Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 16.4bn, fell 0.8bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.93x
- P/B
- 0.59x
- EPS
- 929
- BVPS
- 14,005
- ROE
- 6.8%
- ROA
- 3.7%
- Market price
- 8,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, AVG is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Administrative expenses
- Selling expenses
- 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 | 157.0 | 291.4 | 93.8 | 190.1 | 191.3 | 239.6 | 134.3 | 168.9 |
| LNST | 4.4 | 8.3 | 2.0 | 1.8 | 6.0 | 4.8 | 3.6 | 3.0 |
| Net margin | 2.83% | 2.86% | 2.13% | 0.92% | 3.13% | 1.99% | 2.69% | 1.76% |
Revenue
157bnNet income
4bnNet margin
2.83%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 2.26%, 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
- 2.26% −0.1pp
- Gross Margin
- 5.39% +0.5pp
- SG&A / Revenue
- 1.63% +0.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 4.44%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 4.44% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Capital structure is balanced — liabilities at 0.93x equity, net debt at 0.72x equity.
Inventory ended the period at 57.6bn, roughly 12.3% of total assets.
Over the last 12 months, working capital absorbed 25.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.72x and interest coverage only at 1.99x.
At present, short-term debt accounts for 95.4% of total debt, cash equals 5.9% of debt, and total debt stands at 190.0bn.
Interest coverage is 1.99x, leaving limited room to absorb financing costs.
Short-term debt accounts for 95.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.72x +0.18x
- Interest Coverage
- 1.99x −0.04x
- Cash / Debt
- 5.9% −9.0pp
- Short-term Debt / Total Debt
- 95.4% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -2.2bn in 2025, against investing cash flow of -46.4bn.
Post-investment cash flow was negative +48.7bn. Financing cash flow was positive +31.9bn.
CFO / net income was −1,31 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 4.4%. The next watchpoint is cash generation still needs confirmation. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −1.31x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −1.31x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,2% YoY decline.
Ability to hold margins around the current 2.26% level.
Cash-flow quality, with operating cash flow currently at -2.2bn in 2025.
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