Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 47.9bn, rose 30.6bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, lower administrative expenses, and higher financial income. Offsetting pressure came mainly from weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.36x
- P/B
- 0.78x
- EPS
- 3,442
- BVPS
- 19,261
- ROE
- 8.5%
- ROA
- 6.1%
- Market price
- 15,000 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, C32 has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. Profit growth is driven mainly by better operations rather than scale expansion — a foundation that tends to be more durable.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Administrative expenses
- Financial income
- 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 | 98.9 | 220.0 | 124.2 | 128.1 | 74.6 | 150.7 | 121.7 | 190.8 |
| LNST | 10.1 | 31.1 | 13.1 | -6.4 | 1.5 | 5.4 | 3.9 | 6.4 |
| Net margin | 10.24% | 14.13% | 10.55% | -5.01% | 2.06% | 3.58% | 3.21% | 3.37% |
Revenue
99bnNet income
10bnNet margin
10.24%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?
Start with profitability and earnings quality.
What is driving the margin?
▲▲Net margin expanded to 8.38%, rising 5.2pp. The main driver is Gross margin rose 2.3pp and SG&A / Revenue fell 2.0pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 1.7pp added support while Other profit / Revenue fell 3.0pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.38% +5.2pp
- Gross Margin
- 13.78% +2.3pp
- SG&A / Revenue
- 7.69% −2.0pp
- Non-core / Revenue
- −1.22% −1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Profit includes a contribution from other income (34.8% of PBT), not dominant but worth monitoring across periods.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
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 conservative with low leverage — liabilities at 0.47x equity, net debt at 0.22x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 2.3pp YoY to 13.78% (TTM).
Gross margin (TTM): 13.78% · YoY +2.3pp
Inventory 121.2bn — 15.16% of total assets, above the materials-group median (13.00%); ≈ 90 days of sales.
Inventory / assets: 15.16% (group median 13.00%)
Days inventory outstanding: 90
Inventory ended the period at 111.6bn, roughly 13.3% of total assets.
Over the last 12 months, working capital absorbed 30.0bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.3 days versus the same period last year. The main moves came from DIO rose 2.6 days, DSO fell 35.8 days, and DPO fell 1.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 138.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +2.6 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 3.2% to 8.5% — mainly driven by net margin, despite leverage moving in the opposite direction.
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 0.22x and interest coverage at 4.78x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 27.0% of debt, and total debt stands at 173.1bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.22x +0.00x
- Interest Coverage
- 4.78x +3.72x
- Cash / Debt
- 27.0% +3.8pp
- 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 19.5bn in 2025, against investing cash flow of -11.3bn.
Post-investment cash flow was positive +8.2bn. Financing cash flow was positive +26.5bn.
CFO / net income was 0,12 lần.
After spending +3.4bn on fixed-asset investment, the business generated trailing free cash flow of +2.3bn.
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 5.2 pp. The next item to monitor is the earnings mix, when non-core contribution is 10.2%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 139 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.38% after expanding 5.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 10.2% of PBT and CFO / net income currently at 0.12x.
- Key risk: working capital remains tied up for too long, with cash cycle at 138.6 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6,2% YoY pace.
Ability to hold margins around the current 8.38% level.
Cash-flow quality, with operating cash flow currently at 19.5bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.