Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 0.4bn, rose 0.3bn compared with the same period last year. Key positives came from lower selling expenses, better other profit, and higher financial income. Offsetting pressure came mainly from lower gross profit and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 76.22x
- P/B
- 0.14x
- EPS
- 18
- BVPS
- 10,091
- ROE
- 0.2%
- ROA
- 0.2%
- Market price
- 1,400 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CEN is still improving profit despite revenue not recovering, suggesting cost efficiency or the earnings mix is aiding current results — earnings have been recovering gradually over multiple periods. What is still missing is enough revenue momentum to make this profit level more durable.
Profit bridge
Vs last year · TTM
- Selling expenses
- Other profit
- Financial income
- Gross profit
- Tax
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 | 14.2 | 19.9 | 22.2 | 18.5 | 18.8 | 26.3 | 29.0 | 18.6 |
| LNST | 0.2 | 0.0 | 0.2 | 0.0 | 0.0 | 0.1 | -0.1 | 0.1 |
| Net margin | 1.37% | 0.11% | 0.75% | 0.09% | 0.05% | 0.30% | -0.27% | 0.36% |
Revenue
14bnNet income
0bnNet margin
1.37%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 edged up to 0.53%, rising 0.5pp. Core operating signals are improving as Gross margin rose 0.2pp are enough to offset pressure from SG&A / Revenue rose 0.1pp (with additional support from Other profit / Revenue rose 0.4pp and Net financial result / Revenue rose 0.1pp).
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
- 0.53% +0.5pp
- Gross Margin
- 5.58% +0.2pp
- SG&A / Revenue
- 4.96% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
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 0.01x equity, with a net cash position equivalent to 0.09x equity.
Inventory ended the period at 75.5bn, roughly 34.2% of total assets.
Over the last 12 months, working capital released 20.7bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.
Working Capital Efficiency
▼▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 67.2 days versus the same period last year. The main moves came from DIO rose 57.0 days, DSO rose 13.8 days, and DPO rose 3.5 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 440.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +13.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE is broadly flat at 0.2% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 15.9bn.
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
- −0.09x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 15.9bn in 2025, against investing cash flow of 1.2bn.
Post-investment cash flow was positive +17.1bn. Financing cash flow was negative +1.0bn.
CFO / net income was 53,38 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 53.38x. The next item to monitor is capital efficiency. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 440 days.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 53.38x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: working capital remains tied up for too long, with cash cycle at 440.0 days.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −19,3% YoY decline.
Ability to hold margins around the current 0.53% level.
Cash-flow quality, with operating cash flow currently at 15.9bn in 2025.
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Its weight and influence across the assets held for investment.
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