Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 5.3bn, fell 2.3bn compared with the same period last year. Key positives came from lower administrative expenses and lower finance costs. Offsetting pressure came mainly from lower gross profit, weaker other profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 29.86x
- P/B
- 1.58x
- EPS
- 663
- BVPS
- 12,557
- ROE
- 5.4%
- ROA
- 2.3%
- Market price
- 19,800 10 Jul 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CJC is losing revenue quickly, though margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Finance costs
- Gross profit
- Other 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 | 34.2 | 114.4 | 57.6 | 84.6 | 62.7 | 55.8 | 48.1 | 224.7 |
| LNST | 0.6 | 3.7 | 0.6 | 0.4 | 1.0 | 4.2 | 0.6 | 1.8 |
| Net margin | 1.68% | 3.27% | 1.07% | 0.45% | 1.63% | 7.52% | 1.17% | 0.80% |
Revenue
34bnNet income
1bnNet margin
1.68%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
●Net margin stands at 1.82%, 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
- 1.82% −0.1pp
- Gross Margin
- 8.09% +0.1pp
- SG&A / Revenue
- 5.85% −0.1pp
- Non-core / Revenue
- 0.06% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from non-core sources remains high (35.9% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 2.39%, falling 0.4pp. That translates to 2.39 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 0.2pp, capital turnover fell 0.87x still pulled ROIC lower, with invested capital holding roughly steady.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
ROIC is currently 2.39% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is balanced — liabilities at 1.40x equity, net debt at 0.57x equity.
Inventory ended the period at 62.5bn, roughly 26.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 53.7 days versus the same period last year. The main moves came from DIO rose 28.0 days, DSO rose 4.9 days, and DPO fell 20.7 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 196.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +4.9 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 8.3% to 5.4% — dragged by asset turnover and leverage together.
Is financial risk significant?
Leverage is safe but FCF is negative at 25.3bn due to capex of 0.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at 1.87x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 32.0% of debt, and total debt stands at 84.3bn.
Interest coverage is 1.87x, 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
- 0.57x +0.23x
- Interest Coverage
- 1.87x +1.00x
- Cash / Debt
- 32.0% −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 21.3bn in 2025, against investing cash flow of -1.0bn.
Post-investment cash flow was positive +20.3bn. Financing cash flow was negative +18.3bn.
CFO / net income was −4,59 lần.
After spending +0.9bn on fixed-asset investment, the business generated trailing free cash flow of −25.3bn.
In summary
Research synthesis
What this reporting period is showing
The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is −33.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −33.0% of PBT and CFO / net income currently at −4.59x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −25,7% YoY decline.
Ability to hold margins around the current 1.82% level.
Cash-flow quality, with operating cash flow currently at 21.3bn in 2025.
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