Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 2.7bn, rose 3.5bn compared with the same period last year. Key positives came from higher gross profit and higher financial income. Offsetting pressure came mainly from higher minority interests and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.46x
- P/B
- 1.09x
- EPS
- 1,746
- BVPS
- 21,637
- ROE
- 5.5%
- ROA
- 4.9%
- Market price
- 23,500 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CCP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base. However, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the improvement signal needs more time to confirm.
Profit bridge
Vs last year · TTM
- Gross profit
- Financial income
- Minority interests
- Administrative expenses
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2026
| Metric | Q1'26 | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q3'22 | Q2'22 | Q1'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 0.7 | 2.0 | 2.7 | 2.9 | 2.9 | 69.1 | 29.6 | 32.2 |
| LNST | 0.0 | 2.7 | 0.7 | 0.8 | 0.9 | -0.4 | -0.8 | -0.9 |
| Net margin | 1.02% | 133.49% | 28.10% | 26.52% | 30.06% | -0.59% | -2.66% | -2.92% |
Revenue
1bnNet income
0bnNet margin
1.02%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.
Revenue Growth
▼▼Is growth real and durable?
Trailing-12-month revenue declined 92.2% year on year — but the quarterly pace is slowing (−30% → −77%).
0 of the last 2 quarters grew year on year.
- Revenue TTM
- 8bn −92.2%
- Latest quarter YoY
- −77% slowing
What is driving the margin?
▲▲Net margin expanded to 51.26%, rising 50.9pp. Core operating signals are improving as Gross margin rose 54.3pp are enough to offset pressure from SG&A / Revenue rose 55.6pp (with additional support from Net financial result / Revenue rose 33.7pp).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 51.26% +50.9pp
- Gross Margin
- 58.27% +54.3pp
- SG&A / Revenue
- 60.53% +55.6pp
- Non-core / Revenue
- 35.49% +33.7pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 57.5% of PBT and lifted net margin by 33.7pp — separate the operating contribution from this source.
Cash Flow
●Is profit converting into cash?
Operating cash flow reached -0.7bn against investing cash flow of 0.8bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +0.1bn. Financing cash flow was positive 0.0bn.
CFO / net income was −1,64 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.
Earnings Quality
▼How much income is non-core?
Non-core income reaches 57.5% of pre-tax profit — core earnings are thinner than the headline.
Within that, net financial result at +57.5% of PBT.
- Non-core / PBT
- 57.5% high
- Net financial / PBT
- 57.5%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
DuPont
What drives ROE?
ROE rose from 1.1% to 8.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- −0.02x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Balance Sheet
▼Balance sheet is exceptionally sound — liabilities at 0.09x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital absorbed 2.9bn of cash, mainly because of higher receivables and lower payables.
In summary
Research synthesis
What this reporting period is showing
The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 50.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 51.26% after expanding 50.9pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 57.5% of PBT and CFO / net income currently at −1.64x.
What to verify next
Questions for the next period
Whether revenue stabilizes after a −92,2% YoY decline or keeps falling.
Whether margins hold around the current 51.26% level or narrow again.
Whether operating cash flow holds its -0.7bn (cumulative for 2025) level in upcoming periods or weakens.
From one stock to the whole portfolio
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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.
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