Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 3.6bn, rose 0.7bn compared with the same period last year. Key positives came from lower selling expenses, higher financial income, lower finance costs, and lower tax. Offsetting pressure came mainly from lower gross profit and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 14.70x
- P/B
- 0.68x
- EPS
- 898
- BVPS
- 19,370
- ROE
- 4.6%
- ROA
- 2.1%
- Market price
- 13,200 29 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CKV has not accelerated revenue, but profitability is improving more visibly — profit is at an all-time high. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Selling expenses
- Financial income
- Finance costs
- Tax
- Gross profit
- Administrative expenses
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 | 44.2 | 57.7 | 28.1 | 71.1 | 102.4 | 300.3 | 241.3 | 198.5 |
| LNST | 1.0 | 1.0 | 0.6 | 1.0 | 0.5 | 1.1 | 0.5 | 0.8 |
| Net margin | 2.34% | 1.75% | 2.10% | 1.37% | 0.47% | 0.37% | 0.20% | 0.40% |
Revenue
44bnNet income
1bnNet margin
2.34%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 1.79%, rising 1.5pp. Core operating signals are improving as Gross margin rose 18.2pp are enough to offset pressure from SG&A / Revenue rose 17.0pp (with additional support from Net financial result / Revenue rose 0.6pp and Other profit / Revenue rose 0.0pp).
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
- 1.79% +1.5pp
- Gross Margin
- 24.13% +18.2pp
- SG&A / Revenue
- 22.52% +17.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 27.3 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 7.19%, rising 2.2pp. That translates to 7.19 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.4pp was enough to offset the decline from capital turnover fell 10.94x, with invested capital holding roughly steady.
NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.
Balance Sheet
●ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 1.10x equity, with a net cash position equivalent to 0.35x equity.
None
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 27.3 days versus the same period last year. The main moves came from DIO rose 14.4 days, DSO rose 75.1 days, and DPO rose 62.2 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC is up by +27.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +75.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.7% to 4.6% — mainly driven by net margin, despite asset turnover moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 22.5bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.35x and interest coverage at 19.46x.
At present, cash equals 1070.3% of debt and total debt stands at 4.0bn.
- Net Debt / Equity
- −0.35x −0.11x
- Interest Coverage
- 19.46x +12.67x
- Cash / Debt
- 1070.3% +862.2pp
- 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 22.5bn in 2025, against investing cash flow of -3.8bn.
Post-investment cash flow was positive +18.7bn. Financing cash flow was negative +11.6bn.
CFO / net income was 6,22 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 1.5 pp. The next item to monitor is the earnings mix, when non-core contribution is 25.8%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.79% after expanding 1.5pp versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.22x. Even so, net financial result still accounts for 25.8% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −76,1% YoY decline.
Ability to hold margins around the current 1.79% level.
Cash-flow quality, with operating cash flow currently at 22.5bn in 2025.
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