Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 32.1bn, fell 2.4bn compared with the same period last year. Key positives came from better other profit and lower finance costs. Offsetting pressure came mainly from lower gross profit, lower financial income, higher selling expenses, and higher tax. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.17x
- P/B
- 0.84x
- EPS
- 999
- BVPS
- 20,405
- ROE
- 4.9%
- ROA
- 2.2%
- Market price
- 17,150 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ICT posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.
Profit bridge
Vs last year · TTM
- Other profit
- Finance costs
- Gross profit
- Financial income
- Selling expenses
- Tax
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 | 519.6 | 932.7 | 705.3 | 286.6 | 188.7 | 297.3 | 485.8 | 689.0 |
| LNST | 4.8 | 12.1 | 1.8 | 13.4 | 4.7 | 13.7 | 1.6 | 14.5 |
| Net margin | 0.92% | 1.30% | 0.25% | 4.69% | 2.49% | 4.59% | 0.34% | 2.11% |
Revenue
520bnNet income
5bnNet margin
0.92%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 1.31%, falling 0.8pp. The main pressure is Gross margin fell 4.2pp, outweighing the improvement in SG&A / Revenue fell 1.8pp (with additional support from Other profit / Revenue rose 1.1pp and Net financial result / Revenue rose 0.5pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
- Net Margin
- 1.31% −0.8pp
- Gross Margin
- 4.40% −4.2pp
- SG&A / Revenue
- 4.93% −1.8pp
- Non-core / Revenue
- 2.25% +1.6pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 131.1% of PBT and lifted net margin by 1.6pp — 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 −0.72%, losing 5.4pp. That translates to −0.72 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 1.6pp, outweighing the movement in capital turnover; while invested capital contracted by 107bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
ROIC is currently −0.72% — 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. Balance sheet is exceptionally sound — liabilities at 1.56x equity, with a net cash position equivalent to 0.28x equity.
None
Over the last 12 months, working capital absorbed 181.7bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 31.8 days versus the same period last year. The main moves came from DIO fell 32.0 days, DSO fell 14.3 days, and DPO fell 14.5 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DuPont
What drives ROE?
ROE is broadly flat at 4.9% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 72.4bn.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at −0.28x and interest coverage only at −0.36x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 205.7% of debt, and total debt stands at 174.2bn.
Interest coverage is −0.36x, 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
- −0.28x +0.22x
- Interest Coverage
- −0.36x −1.30x
- Cash / Debt
- 205.7% −500.5pp
- 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 72.4bn in 2025, against investing cash flow of 9.5bn.
Post-investment cash flow was positive +81.9bn. Financing cash flow was positive +13.6bn.
CFO / net income was −3,94 lần.
After spending +11.1bn on fixed-asset investment, the business generated trailing free cash flow of −137.8bn.
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 next item to monitor is the earnings mix, when non-core contribution is 22.1%. The main risk still sits in capital efficiency remains weak, with ROIC at −0.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 22.1% of PBT and CFO / net income currently at −3.94x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +47,2% YoY pace.
Ability to hold margins around the current 1.31% level.
Cash-flow quality, with operating cash flow currently at 72.4bn in 2025.
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