Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 94.9bn, fell 6.5bn compared with the same period last year. Key positives came from better other profit, lower tax, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, higher finance costs, higher administrative expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 8.11x
- P/B
- 0.76x
- EPS
- 1,294
- BVPS
- 13,864
- ROE
- 10.4%
- ROA
- 5.2%
- Market price
- 10,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GSP posted slightly lower profit versus the same period — an early signal that some factors are becoming less favorable — profit momentum has been slowing across consecutive periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.
Profit bridge
Vs last year · TTM
- Other profit
- Tax
- Selling expenses
- Gross profit
- Finance costs
- Administrative expenses
- Financial income
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 | 713.5 | 797.5 | 837.8 | 1,475.4 | 474.0 | 565.2 | 606.4 | 639.5 |
| LNST | 26.4 | 38.2 | 2.9 | 27.4 | 29.6 | 13.1 | 27.6 | 31.0 |
| Net margin | 3.70% | 4.79% | 0.34% | 1.86% | 6.25% | 2.31% | 4.55% | 4.85% |
Revenue
714bnNet income
26bnNet margin
3.70%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 2.48%, losing 2.0pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 1.2pp (in addition, Other profit / Revenue rose 0.8pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 2.48% −2.0pp
- Gross Margin
- 4.07% −4.2pp
- SG&A / Revenue
- 2.00% −1.2pp
- Non-core / Revenue
- 1.02% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 51.7% of PBT and lifted net margin by 0.6pp — separate the operating contribution from this source.
Is capital being used efficiently?
Capital efficiency is declining — check whether the drag is from margins or turnover.
Is capital being deployed efficiently?
▼▼ROIC fell to 3.76%, losing 4.7pp. That translates to 3.76 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.6pp, outweighing the movement in capital turnover; while invested capital expanded strongly by 229bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 3.76% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 1.23x equity, net debt at 0.44x equity.
None
Over the last 12 months, working capital absorbed 23.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 9.0 days versus the same period last year. The main moves came from DIO fell 1.3 days, DSO fell 13.8 days, and DPO fell 24.1 days.
Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.
CCC is up by +9.0 days, indicating weaker working-capital turnover versus the prior year.
DuPont
What drives ROE?
ROE fell from 12.1% to 10.4% — net margin weakened the most, though asset turnover and leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 132.2bn due to capex of 369.7bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.44x and interest coverage only at 1.20x.
At present, short-term debt accounts for 22.7% of total debt, cash equals 25.6% of debt, and total debt stands at 557.2bn.
Interest coverage is 1.20x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 0.44x +0.12x
- Interest Coverage
- 1.20x −1.78x
- Cash / Debt
- 25.6% −13.9pp
- Short-term Debt / Total Debt
- 22.7% −0.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 268.8bn in 2025, against investing cash flow of -264.7bn.
Post-investment cash flow was positive +4.1bn. Financing cash flow was positive +64.1bn.
CFO / net income was 2,50 lần.
After spending +369.7bn on fixed-asset investment, the business generated trailing free cash flow of −132.2bn.
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. The brighter spot is cash generation. The next item to monitor is the earnings mix, when non-core contribution is −18.7%. The main risk still sits in core profitability, with net margin down 2.0 pp.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 93.4bn versus the same period last year.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 2.50x. Even so, net financial result still accounts for −18.7% of PBT, so the earnings mix still needs monitoring.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 2.48% after a 2.0pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +67,4% YoY pace.
Ability to hold margins around the current 2.48% level.
Cash-flow quality, with operating cash flow currently at 268.8bn in 2025.
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