Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 1.9bn, fell 8.1bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from lower financial income and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- -18.10x
- P/B
- 0.12x
- EPS
- -61
- BVPS
- 9,522
- ROE
- -0.6%
- ROA
- -0.4%
- Market price
- 1,100 28 Aug 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GKM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. 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
- Gross profit
- Other
- Financial income
- Finance costs
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 | 1.6 | 2.4 | 2.4 | 2.4 | 2.4 | 1.9 | 10.3 | 33.5 |
| LNST | -1.9 | 1.5 | -0.6 | -0.9 | -0.5 | 0.0 | -1.5 | 8.1 |
| Net margin | -122.00% | 61.95% | -23.82% | -37.50% | -20.26% | 2.19% | -14.84% | 24.29% |
Revenue
2bnNet income
-2bnNet margin
-122.00%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 fell to −21.75%, losing 34.6pp. The main pressure is SG&A / Revenue rose 26.6pp, outweighing the improvement in Gross margin rose 48.5pp (with lingering pressure from Net financial result / Revenue fell 95.5pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- −21.75% −34.6pp
- Gross Margin
- 56.42% +48.5pp
- SG&A / Revenue
- 33.59% +26.6pp
- Non-core / Revenue
- −74.82% −95.5pp
TTM YoY · 2025Q1 -> 2026Q1
Even though contribution decreased by 95.5pp, financial result still accounts for 344.9% of PBT — earnings durability should be monitored in coming periods.
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. Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.20x equity.
Construction materials are input-cost-cycle businesses — gross margin is the thermometer. The cycle is FAVOURABLE: gross margin widened 48.5pp YoY to 56.42% (TTM).
Gross margin (TTM): 56.42% · YoY +48.5pp
Inventory 40.3bn — 9.67% of total assets, below the materials-group median (13.00%); ≈ 3,848 days of sales. Inventory is growing faster than revenue (49.68% vs −81.74% YoY) — stockpiling ahead of prices, or slow-moving goods; read with next period's gross margin.
Inventory / assets: 9.67% (group median 13.00%)
Days inventory outstanding: 3,848
Inventory ended the period at 55.0bn, roughly 12.1% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 993.8 days versus the same period last year. The main moves came from DIO rose 3787.8 days, DSO rose 601.4 days, and DPO rose 3395.4 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 1040.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +601.4 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 1.8% to −0.6% — dragged by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.20x and interest coverage only at −0.59x.
At present, short-term debt accounts for 27.4% of total debt, cash equals 1.9% of debt, and total debt stands at 61.9bn.
Interest coverage is −0.59x, leaving limited room to absorb financing costs.
Cash / debt stands at 1.9%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.20x +0.06x
- Interest Coverage
- −0.59x −2.31x
- Cash / Debt
- 1.9% −22.9pp
- Short-term Debt / Total Debt
- 27.4% −72.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -9.1bn in 2025, against investing cash flow of 5.1bn.
Post-investment cash flow was negative +4.1bn. Financing cash flow was positive +4.4bn.
CFO / net income was 3,58 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 showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in core profitability, with net margin down 34.6 pp.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.58x. Even so, net financial result still accounts for 344.9% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at -21.75% after a 34.6pp decline versus the same period last year.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −81,7% YoY decline.
Ability to hold margins around the current -21.75% level.
Cash-flow quality, with operating cash flow currently at -9.1bn in 2025.
From one stock to the whole portfolio
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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.