Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 59.2bn, fell 18.9bn compared with the same period last year. Key positives came from lower tax. Offsetting pressure came mainly from lower gross profit, higher selling expenses, and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.32x
- P/B
- 0.53x
- EPS
- 4,049
- BVPS
- 33,158
- ROE
- 12.3%
- ROA
- 8.9%
- Market price
- 17,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, EID is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit momentum has been slowing across consecutive periods. What remains unclear is whether the business can stabilize before this trend deepens.
Profit bridge
Vs last year · TTM
- Tax
- Gross profit
- Selling expenses
- 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 | 55.0 | 63.6 | 258.8 | 620.8 | 102.2 | 39.3 | 409.7 | 659.3 |
| LNST | 3.7 | 21.1 | 2.3 | 32.1 | 5.8 | 14.0 | 21.0 | 37.9 |
| Net margin | 6.67% | 33.19% | 0.89% | 5.16% | 5.67% | 35.51% | 5.12% | 5.75% |
Revenue
55bnNet income
4bnNet margin
6.67%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin narrowed to 5.92%, falling 0.6pp. The main pressure is SG&A / Revenue rose 4.5pp, outweighing the improvement in Gross margin rose 3.5pp (with additional support from Net financial result / Revenue rose 0.3pp and Other profit / Revenue rose 0.0pp).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 5.92% −0.6pp
- Gross Margin
- 28.51% +3.5pp
- SG&A / Revenue
- 22.34% +4.5pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
●ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.34x equity, with a net cash position equivalent to 0.35x equity.
Inventory ended the period at 79.1bn, roughly 11.9% of total assets.
Over the last 12 months, working capital absorbed 64.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables and lower inventories.
Working Capital Efficiency
▼The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 15.5 days versus the same period last year. The main moves came from DIO fell 8.0 days, DSO rose 9.7 days, and DPO fell 13.8 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +15.5 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +9.7 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 17.8% to 12.3% — dragged by leverage and asset turnover together.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 48.0bn.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at −0.35x and interest coverage at 10.76x.
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
- −0.35x +0.20x
- Interest Coverage
- 10.76x −0.59x
- 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 48.0bn in 2025, against investing cash flow of -87.5bn.
Post-investment cash flow was negative +39.5bn. Financing cash flow was negative +49.5bn.
CFO / net income was −0,05 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 17.9%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about −0.35x.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.35x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 17.9% of PBT and CFO / net income currently at −0.05x.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −17,5% YoY decline.
Ability to hold margins around the current 5.92% level.
Cash-flow quality, with operating cash flow currently at 48.0bn in 2025.
From one stock to the whole portfolio
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among the rest of your investments?
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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.