Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 18.9bn, rose 5.2bn compared with the same period last year. Key positives came from lower selling expenses and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, lower gross profit, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.69x
- P/B
- 1.14x
- EPS
- 4,028
- BVPS
- 16,590
- ROE
- 25.2%
- ROA
- 2.9%
- Market price
- 18,900 14 Sep 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, CTT is showing some signs of improvement versus the same period, but the current picture is not yet broad enough to confirm a stronger trend — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Selling expenses
- Finance costs
- Administrative expenses
- Gross 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 | 582.7 | 607.9 | 578.9 | 572.3 | 546.5 | 609.5 | 548.8 | 574.3 |
| LNST | 6.0 | 4.2 | 4.7 | 4.0 | 3.7 | 2.2 | 4.4 | 3.4 |
| Net margin | 1.02% | 0.70% | 0.81% | 0.71% | 0.67% | 0.36% | 0.81% | 0.59% |
Revenue
583bnNet income
6bnNet margin
1.02%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
●Net margin stands at 0.81%, 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
- 0.81% +0.2pp
- Gross Margin
- 6.37% −0.7pp
- SG&A / Revenue
- 5.21% −0.9pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 3.7 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 14.66%, rising 6.6pp. That translates to 14.66 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.2pp and capital turnover rose 4.52x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation and is more durable than a single-pillar expansion.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 9.18x equity, net debt at 0.90x equity.
Inventory ended the period at 315.7bn, roughly 43.0% of total assets.
Over the last 12 months, working capital absorbed 54.7bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 3.7 days versus the same period last year. The main moves came from DIO fell 7.8 days, DSO rose 0.3 days, and DPO fell 11.2 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +3.7 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +0.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 19.3% to 25.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 20.0bn due to capex of 13.6bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.90x and interest coverage at 8.01x.
At present, short-term debt accounts for 80.1% of total debt, cash equals 8.7% of debt, and total debt stands at 76.5bn.
Short-term debt accounts for 80.1% of total debt, raising near-term refinancing needs.
Cash / debt stands at 8.7%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.90x +0.27x
- Interest Coverage
- 8.01x +3.69x
- Cash / Debt
- 8.7% +0.8pp
- Short-term Debt / Total Debt
- 80.1% +10.7pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -7.6bn in 2025, against investing cash flow of -10.8bn.
Post-investment cash flow was negative +18.4bn. Financing cash flow was positive +18.3bn.
CFO / net income was −0,34 lần.
After spending +13.6bn on fixed-asset investment, the business generated trailing free cash flow of −20.0bn.
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 leverage and liquidity remaining the main constraint, with interest coverage at 8.01x. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at −0.34x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −0.34x.
- Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.90x and a thin cash buffer.
What to verify next
Questions for the next period
Durability of revenue growth after the current +2,8% YoY pace.
Ability to hold margins around the current 0.81% level.
Cash-flow quality, with operating cash flow currently at -7.6bn in 2025.
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