Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 1.7bn, rose 0.5bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 26.55x
- P/B
- 0.48x
- EPS
- 452
- BVPS
- 24,876
- ROE
- 1.8%
- ROA
- 0.9%
- Market price
- 12,000 23 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BPC is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — earnings have been recovering gradually over multiple periods. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
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 | 62.5 | 69.1 | 64.0 | 76.0 | 58.3 | 81.0 | 54.0 | 75.5 |
| LNST | 0.3 | 0.6 | 0.4 | 0.4 | 0.1 | 0.4 | 0.2 | 0.6 |
| Net margin | 0.55% | 0.86% | 0.57% | 0.54% | 0.13% | 0.47% | 0.32% | 0.81% |
Revenue
62bnNet income
0bnNet margin
0.55%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 are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
●Net margin stands at 0.63%, 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
- 0.63% +0.2pp
- Gross Margin
- 11.44% +2.1pp
- SG&A / Revenue
- 10.23% +2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 1.44%, rising 0.6pp. That translates to 1.44 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 0.23x, with invested capital holding roughly steady — capital-return quality improved from both sides.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 1.44% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.80x equity, net debt at 0.14x equity.
Inventory ended the period at 26.6bn, roughly 15.6% of total assets.
Over the last 12 months, working capital released 17.2bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 16.3 days versus the same period last year. The main moves came from DIO rose 7.0 days, DSO fell 16.9 days, and DPO rose 6.5 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 160.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +7.0 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 1.3% to 1.8% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.14x and interest coverage only at 1.96x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 48.3% of debt, and total debt stands at 25.8bn.
Interest coverage is 1.96x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.14x −0.18x
- Interest Coverage
- 1.96x +0.86x
- Cash / Debt
- 48.3% +34.0pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.0bn in 2025, against investing cash flow of -0.6bn.
Post-investment cash flow was positive +5.4bn. Financing cash flow was negative +0.7bn.
CFO / net income was 11,66 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 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 11.66x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 1.4%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 11.66x.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,0% YoY pace.
Ability to hold margins around the current 0.63% level.
Cash-flow quality, with operating cash flow currently at 6.0bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.