Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 20.8bn, fell 0.7bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, lower finance costs, and better other profit. Offsetting pressure came mainly from lower gross profit and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.62x
- P/B
- 0.64x
- EPS
- 1,684
- BVPS
- 17,474
- ROE
- 9.6%
- ROA
- 7.2%
- Market price
- 11,150 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, BRC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Finance costs
- Other profit
- Gross profit
- Financial income
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 | 95.3 | 113.3 | 111.2 | 115.7 | 97.9 | 118.3 | 123.7 | 103.6 |
| LNST | 4.6 | 4.7 | 5.5 | 6.0 | 4.2 | 4.0 | 7.7 | 5.6 |
| Net margin | 4.88% | 4.17% | 4.94% | 5.17% | 4.29% | 3.40% | 6.26% | 5.39% |
Revenue
95bnNet income
5bnNet margin
4.88%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 4.79%, 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
- 4.79% −0.1pp
- Gross Margin
- 16.17% −3.0pp
- SG&A / Revenue
- 10.43% −2.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 8.68%, falling 0.7pp. That translates to 8.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 0.2pp and capital turnover fell 0.06x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.
Both margin and turnover weakened — this is a broad-based decline, and cyclical versus structural components need to be separated.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.37x equity, net debt at 0.05x equity.
Inventory ended the period at 88.6bn, roughly 30.5% of total assets.
Over the last 12 months, working capital released 1.3bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 0.6 days, and DPO rose 0.6 days.
Working capital cycle is flat — components are offsetting each other.
CCC stands at 138.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 10.5% to 9.6% — leverage weakened the most.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 15.90x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 56.5% of debt, and total debt stands at 25.8bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.05x −0.06x
- Interest Coverage
- 15.90x +5.18x
- Cash / Debt
- 56.5% +22.8pp
- 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 29.5bn in 2025, against investing cash flow of -0.7bn.
Post-investment cash flow was positive +28.8bn. Financing cash flow was negative +31.2bn.
CFO / net income was 1,35 lần.
After spending +0.8bn on fixed-asset investment, the business generated trailing free cash flow of +27.4bn.
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 1.35x. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 138 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.35x.
- Key risk: working capital remains tied up for too long, with cash cycle at 138.2 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −1,8% YoY decline.
Ability to hold margins around the current 4.79% level.
Cash-flow quality, with operating cash flow currently at 29.5bn in 2025.
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