Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 6.5bn, fell 1.6bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, better other profit, and lower selling expenses. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.07x
- P/B
- 0.48x
- EPS
- 661
- BVPS
- 15,410
- ROE
- 4.0%
- ROA
- 1.8%
- Market price
- 7,320 12 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, GTA is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. 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
- Financial income
- Administrative expenses
- Other profit
- Selling expenses
- Gross profit
- 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 | 49.3 | 63.2 | 79.2 | 49.9 | 62.9 | 59.4 | 71.6 | 64.2 |
| LNST | 1.8 | 1.5 | 1.9 | 1.3 | 1.3 | 2.5 | 2.3 | 2.1 |
| Net margin | 3.72% | 2.44% | 2.34% | 2.57% | 2.04% | 4.22% | 3.19% | 3.23% |
Revenue
49bnNet income
2bnNet margin
3.72%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 narrowed to 2.69%, falling 0.5pp. The main pressure comes from Gross margin fell 1.1pp and SG&A / Revenue rose 0.1pp (with additional support from Net financial result / Revenue rose 0.4pp and Other profit / Revenue rose 0.3pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 2.69% −0.5pp
- Gross Margin
- 9.37% −1.1pp
- SG&A / Revenue
- 9.79% +0.1pp
- Non-core / Revenue
- 3.82% +0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Financial result accounts for 112.3% of PBT and lifted net margin by 0.7pp — separate the operating contribution from this source.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▼ROIC narrowed to 1.58%, falling 0.6pp. That translates to 1.58 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 0.7pp, outweighing the movement in capital turnover; with invested capital holding roughly steady.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently 1.58% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Capital structure is balanced — liabilities at 0.96x equity, net debt at 0.55x equity.
Inventory ended the period at 40.0bn, roughly 12.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 5.5 days versus the same period last year. The main moves came from DIO rose 1.1 days, DSO rose 0.0 days, and DPO fell 4.3 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC stands at 91.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +0.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 5.0% to 4.0% — all three components weakened, with net margin being the main drag.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.55x and interest coverage only at 0.96x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.5% of debt, and total debt stands at 94.8bn.
Interest coverage is 0.96x, leaving limited room to absorb financing costs.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.55x −0.78x
- Interest Coverage
- 0.96x −0.82x
- Cash / Debt
- 7.5% +2.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 25.1bn in 2025, against investing cash flow of 3.4bn.
Post-investment cash flow was positive +28.5bn. Financing cash flow was negative +12.2bn.
CFO / net income was 1,24 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 capital efficiency remains weak, with ROIC at 1.6%.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.24x. Even so, net financial result still accounts for 88.4% of PBT, so the earnings mix still needs monitoring.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −6,4% YoY decline.
Ability to hold margins around the current 2.69% level.
Cash-flow quality, with operating cash flow currently at 25.1bn in 2025.
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