Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 0.0bn, fell 0.4bn compared with the same period last year. Key positives came from lower administrative expenses and higher financial income. Offsetting pressure came mainly from lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 6,140.16x
- P/B
- 0.65x
- EPS
- 1
- BVPS
- 12,283
- ROE
- 0.0%
- ROA
- 0.0%
- Market price
- 8,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CTP posted a sharp profit decline versus the same period — profit is at an all-time high. More notably, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Financial income
- Gross profit
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 | 11.4 | 11.5 | 15.3 | 14.7 | 11.0 | 16.7 | 20.4 | 0.0 |
| LNST | 0.0 | -0.4 | 0.2 | 0.2 | 0.1 | 0.1 | 0.4 | -0.2 |
| Net margin | 0.34% | -3.63% | 1.09% | 1.55% | 0.94% | 0.67% | 1.88% | — |
Revenue
11bnNet income
0bnNet margin
0.34%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 under pressure while earnings still rely significantly on non-core sources.
What is driving the margin?
▼Net margin narrowed to 0.03%, falling 0.9pp. The main pressure is Gross margin fell 0.2pp, outweighing the improvement in SG&A / Revenue fell 0.3pp (with additional support from Net financial result / Revenue rose 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 0.03% −0.9pp
- Gross Margin
- 1.30% −0.2pp
- SG&A / Revenue
- 0.83% −0.3pp
- Non-core / Revenue
- 0.91% +0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (353.3% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at 0.04x equity, with a net cash position equivalent to 0.02x equity.
None
Over the last 12 months, working capital released 14.1bn of cash, mainly thanks to lower receivables and lower inventories.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 425.7 days versus the same period last year. The main moves came from DIO fell 125.5 days, DSO fell 279.8 days, and DPO rose 20.4 days.
All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.
DuPont
What drives ROE?
ROE is broadly flat at 0.0% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 22.7bn.
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
- −0.02x
- 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 22.7bn in 2025, against investing cash flow of -26.1bn.
Post-investment cash flow was negative +3.4bn. Financing cash flow was positive 0.0bn.
CFO / net income was 849,90 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 under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 353.3%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.02x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 849.90x. Even so, net financial result still accounts for 353.3% of PBT, so the earnings mix still needs monitoring.
What to verify next
Questions for the next period
Durability of revenue growth after the current +9,9% YoY pace.
Ability to hold margins around the current 0.03% level.
Cash-flow quality, with operating cash flow currently at 22.7bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.