Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 120.5bn, rose 14.1bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, lower selling expenses, and better other profit. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 5.20x
- P/B
- 1.07x
- EPS
- 3,887
- BVPS
- 18,819
- ROE
- 21.4%
- ROA
- 8.6%
- Market price
- 20,200 14 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CKD has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Selling expenses
- Other profit
- Gross profit
- 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 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 188.1 | 544.3 | 320.6 | 223.2 | 204.3 | 583.7 | 209.0 | 287.0 |
| LNST | 2.2 | 97.7 | 8.0 | 12.5 | 3.2 | 13.2 | 81.1 | 8.9 |
| Net margin | 1.19% | 17.96% | 2.50% | 5.60% | 1.59% | 2.26% | 38.80% | 3.12% |
Revenue
188bnNet income
2bnNet margin
1.19%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 improved (+1.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲Net margin edged up to 9.44%, rising 1.2pp. Core operating signals are improving as SG&A / Revenue fell 1.9pp are enough to offset pressure from Gross margin fell 2.1pp (with additional support from Net financial result / Revenue rose 1.0pp and Other profit / Revenue rose 0.3pp).
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
- 9.44% +1.2pp
- Gross Margin
- 8.32% −2.1pp
- SG&A / Revenue
- 5.22% −1.9pp
- Non-core / Revenue
- 6.89% +1.3pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 69.0% of PBT and lifted net margin by 1.3pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 15.29%, falling 1.0pp. That translates to 15.29 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 0.9pp, capital turnover fell 0.28x still pulled ROIC lower, while invested capital rose by 109bn.
Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.
Balance Sheet
▼Capital structure is balanced — liabilities at 1.66x equity, net debt at 0.59x equity.
Inventory ended the period at 156.2bn, roughly 10.1% of total assets.
Over the last 12 months, working capital released 46.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 13.2 days, DSO rose 9.3 days, and DPO rose 14.8 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 114.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +9.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 20.4% to 21.4% — supported by leverage and net margin.
Is financial risk significant?
Leverage is safe but FCF is negative at 82.6bn due to capex of 137.1bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.59x and interest coverage at 5.19x.
At present, short-term debt accounts for 89.4% of total debt, cash equals 45.9% of debt, and total debt stands at 638.1bn.
Short-term debt accounts for 89.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.59x +0.43x
- Interest Coverage
- 5.19x −2.83x
- Cash / Debt
- 45.9% −34.8pp
- Short-term Debt / Total Debt
- 89.4% −7.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -77.0bn in 2025, against investing cash flow of -212.7bn.
Post-investment cash flow was negative +289.7bn. Financing cash flow was positive +137.9bn.
CFO / net income was 0,45 lần.
After spending +137.1bn on fixed-asset investment, the business generated trailing free cash flow of −82.6bn.
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 1.2 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in self-funded cash generation remains weak.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.44% after expanding 1.2pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 67.8% of PBT and CFO / net income currently at 0.45x.
- Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 82.6bn.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −0,6% YoY decline.
Ability to hold margins around the current 9.44% level.
Cash-flow quality, with operating cash flow currently at -77.0bn in 2025.
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