Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 12.7bn, rose 4.4bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.59x
- P/B
- 0.57x
- EPS
- 509
- BVPS
- 10,428
- ROE
- 4.9%
- ROA
- 2.6%
- Market price
- 5,900 15 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CQT is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — the growth momentum has held across consecutive periods. The point still to be proven is whether this improvement broadens out in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- Selling 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 | 153.2 | 184.0 | 114.2 | 163.0 | 132.2 | 221.1 | 131.7 | 120.2 |
| LNST | 1.1 | 8.7 | -5.8 | 8.8 | -2.0 | 16.8 | -4.4 | -2.1 |
| Net margin | 0.69% | 4.71% | -5.12% | 5.42% | -1.53% | 7.62% | -3.35% | -1.75% |
Revenue
153bnNet income
1bnNet margin
0.69%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 2.07%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.6pp (with additional support from Net financial result / Revenue rose 0.2pp).
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
- 2.07% +0.7pp
- Gross Margin
- 10.37% +1.1pp
- SG&A / Revenue
- 6.16% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC currently stands at 3.64%. Track NOPAT margin and capital turnover to assess capital efficiency.
None
ROIC is currently 3.64% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▲Capital structure is conservative with low leverage — liabilities at 0.68x equity, net debt at 0.22x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 1.1pp YoY to 10.37% (TTM).
Gross margin (TTM): 10.37% · YoY +1.1pp
Inventory 39.3bn — 9.17% of total assets, below the materials-group median (13.00%); ≈ 26 days of sales.
Inventory / assets: 9.17% (group median 13.00%)
Days inventory outstanding: 26
None
Over the last 12 months, working capital released 17.3bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
●Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 2.6 days versus the same period last year. The main moves came from DIO fell 3.9 days, DSO fell 14.0 days, and DPO fell 15.3 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
DuPont
What drives ROE?
ROE rose from 3.1% to 4.9% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.22x and interest coverage only at 1.07x.
At present, short-term debt accounts for 84.4% of total debt, cash equals 18.8% of debt, and total debt stands at 70.0bn.
Interest coverage is 1.07x, leaving limited room to absorb financing costs.
Short-term debt accounts for 84.4% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.22x −0.28x
- Interest Coverage
- 1.07x +0.45x
- Cash / Debt
- 18.8% +11.8pp
- Short-term Debt / Total Debt
- 84.4% +14.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 58.7bn in 2025, against investing cash flow of -11.9bn.
Post-investment cash flow was positive +46.8bn. Financing cash flow was negative +41.4bn.
CFO / net income was 7,31 lần.
After spending +13.9bn on fixed-asset investment, the business generated trailing free cash flow of +79.1bn.
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 next item to monitor is effective tax rate looks unusual, with effective tax rate at 4.4%. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.
- Watchpoint: the effective tax rate looks unusual, so current net profit may not fully reflect underlying earnings quality.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +1,5% YoY pace.
Ability to hold margins around the current 2.07% level.
Cash-flow quality, with operating cash flow currently at 58.7bn in 2025.
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