Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 3,400.4bn, rose 947.3bn compared with the same period last year. Key positives came from higher associates income, higher gross profit, lower selling expenses, and lower minority interests. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 12.42x
- P/B
- 1.80x
- EPS
- 3,156
- BVPS
- 21,718
- ROE
- 15.6%
- ROA
- 5.6%
- Market price
- 39,200 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BCM has not accelerated revenue, but profitability is improving more visibly — 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
- Associates income
- Gross profit
- Selling expenses
- Minority interests
- Financial income
- Other
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 | 1,105.0 | 1,376.5 | 828.4 | 2,520.7 | 1,842.5 | 1,999.9 | 1,227.6 | 1,161.8 |
| LNST | 288.4 | 1,247.1 | 422.4 | 1,467.7 | 365.6 | 1,540.4 | 363.0 | 394.1 |
| Net margin | 26.10% | 90.60% | 50.99% | 58.23% | 19.84% | 77.02% | 29.57% | 33.92% |
Revenue
1,105bnNet income
288bnNet margin
26.10%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 expanded to 58.75%, rising 16.0pp. The main driver is Gross margin rose 11.8pp and SG&A / Revenue fell 1.1pp, moving in line with the stronger net margin (with lingering pressure from Net financial result / Revenue fell 5.6pp and Other profit / Revenue fell 0.8pp).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 58.75% +16.0pp
- Gross Margin
- 69.32% +11.8pp
- SG&A / Revenue
- 27.58% −1.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC of 7.6% may fluctuate with business specifics.
Is capital being deployed efficiently?
▲ROIC edged up to 7.60%, rising 1.0pp. That translates to 7.60 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 15.4pp, with capital turnover broadly stable; while invested capital rose by 4,210bn.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▲ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is relatively light for the real estate sector — liabilities at 1.61x equity, net debt at 1.07x equity.
This park does not accumulate meaningful unearned revenue — recognition happens at land/contract handover. Large swings between periods are a property of the one-off model; read results across multiple periods rather than a single quarter.
Development inventory ended the period at 22,179.0bn, about 36.4% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital absorbed 566.1bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 1686.1 days versus the same period last year. The main moves came from DIO rose 1627.0 days, DSO rose 64.2 days, and DPO rose 5.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
Working capital metrics in this industry should be read alongside business model specifics — DSO/DIO/DPO/CCC can be distorted by operational factors not reflected in raw numbers.
CCC stands at 4802.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +64.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 13.1% to 15.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 730.1bn due to capex of 149.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.07x and interest coverage only at 2.59x.
At present, short-term debt accounts for 31.7% of total debt, cash equals 6.0% of debt, and total debt stands at 25,523.3bn.
Leverage should be read alongside project structure, regulated assets, or industry-specific capital recovery.
Net debt / equity stands at 1.07x, increasing balance-sheet pressure.
Cash / debt stands at 6.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 1.07x +0.00x
- Interest Coverage
- 2.59x +0.53x
- Cash / Debt
- 6.0% +1.6pp
- Short-term Debt / Total Debt
- 31.7% −3.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -222.9bn in 2025, against investing cash flow of -1,871.1bn.
Post-investment cash flow was negative +2,094.0bn. Financing cash flow was positive +2,238.7bn.
CFO / net income was −0,17 lần.
After spending +149.0bn on fixed-asset investment, the business generated trailing free cash flow of −730.1bn.
FCF and CFO in this industry should be read alongside investment cycles and business model specifics.
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 operating efficiency, with net margin improving 16.0 pp. The next item to monitor is capital efficiency, with ROIC at 7.6%. The main risk still sits in leverage and liquidity, with interest coverage at 2.59x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 58.75% after expanding 16.0pp versus the same period last year.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.07x and a thin cash buffer.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,4% YoY decline.
Ability to hold margins around the current 58.75% level.
Cash-flow quality, with operating cash flow currently at -222.9bn in 2025.
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