Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 0.5bn, rose 62.6bn compared with the same period last year. Key positives came from lower finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -15,384.62x
- P/B
- -5.51x
- EPS
- -26
- BVPS
- -72,582
- ROE
- 0.0%
- ROA
- -4.7%
- Market price
- 400,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CAD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Finance costs
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 | Q3'24 | Q2'24 | Q1'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.8 | 7.6 | 6.5 | 4.5 | 3.8 | 4.9 | 3.9 | 2.6 |
| LNST | 0.3 | 2.7 | -0.1 | -3.4 | -2.0 | -7.1 | -23.1 | -31.0 |
| Net margin | 8.27% | 35.03% | -1.25% | -76.25% | -52.12% | -145.01% | -587.74% | -1174.37% |
Revenue
4bnNet income
0bnNet margin
8.27%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 −2.39%, rising 413.2pp. The main driver is Gross margin rose 21.6pp and SG&A / Revenue fell 9.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 376.3pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- −2.39% +413.2pp
- Gross Margin
- 23.47% +21.6pp
- SG&A / Revenue
- 10.59% −9.3pp
- Non-core / Revenue
- −15.27% +382.4pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 639.9% of PBT and lifted net margin by 382.4pp — separate the operating contribution from this source.
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. Balance sheet is exceptionally sound — liabilities at -1.01x equity, with a net cash position equivalent to 0.29x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1387.3 days versus the same period last year. The main moves came from DIO fell 130.8 days, DSO fell 1327.3 days, and DPO fell 70.9 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 3123.1 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE fell from 4.3% to 0.0% — the components are broadly offsetting.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 0.4bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.29x and interest coverage only at −0.05x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 0.4% of debt, and total debt stands at 443.4bn.
Interest coverage is −0.05x, 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
- −0.29x −0.00x
- Interest Coverage
- −0.05x +0.93x
- Cash / Debt
- 0.4% +0.2pp
- 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 0.4bn in 2025, against investing cash flow of 0.0bn.
Post-investment cash flow was positive +0.4bn. Financing cash flow was positive 0.0bn.
CFO / net income was −1,57 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 operating efficiency, with net margin improving 413.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at −0.05x.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at -2.39% after expanding 413.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 577.2% of PBT and CFO / net income currently at −1.57x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at −0.05x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +47,7% YoY pace.
Ability to hold margins around the current -2.39% level.
Cash-flow quality, with operating cash flow currently at 0.4bn in 2025.
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