Analysis of business results & financial statements · Quý 1/2026
Trailing net profit reached 575.9bn, fell 576.6bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -62.83x
- P/B
- 1,715.55x
- EPS
- -9,549
- BVPS
- 350
- ROE
- -176.3%
- ROA
- -158.6%
- Market price
- 600,000 16 Oct 2026
The current picture
What is changing?
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other 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 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.4 | 8.0 | 8.9 | — | 9.5 | 8.4 | 27.2 | 3.8 |
| LNST | -0.7 | 0.8 | 4.0 | -580.0 | 0.1 | 0.2 | 0.3 | 0.1 |
| Net margin | -47.83% | 9.54% | 44.97% | — | 1.20% | 1.90% | 1.24% | 2.25% |
Revenue
1bnNet income
-1bnNet margin
-47.83%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −3768.24% −3769.9pp
- Gross Margin
- None
- SG&A / Revenue
- None
Cash Flow
●Is profit converting into cash?
With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 12.3bn against investing cash flow of 0.0bn (annual cash-flow figures for 2025).
Post-investment cash flow was positive +12.3bn. Financing cash flow was positive +0.8bn.
CFO / net income was −0,00 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.
Earnings Quality
●How much income is non-core?
Non-core income makes up 21.3% of pre-tax profit — worth monitoring.
Within that, net financial result at −0.0%, other profit at +21.3% of PBT.
- Non-core / PBT
- 21.3% moderate
- Net financial / PBT
- −0.0%
- Other profit / PBT
- 21.3%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 25.2% of debt, and total debt stands at 12.4bn.
- Net Debt / Equity
- 0.44x
- Interest Coverage
- None
- Cash / Debt
- 25.2%
- Short-term Debt / Total Debt
- 100.0%
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at -11.44x equity, net debt at 0.44x equity.
Inventory ended the period at 103.1bn, roughly 400.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is the earnings mix, when non-core contribution is 21.3%. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.3% of PBT and CFO / net income currently at −0.00x.
What to verify next
Questions for the next period
Whether revenue growth holds into the next cycle or stalls.
Whether margins hold around the current -3768.24% level or narrow again.
Whether operating cash flow holds its 12.3bn (cumulative for 2025) level in upcoming periods or weakens.
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.