Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 6.1bn, rose 5.2bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, lower financial income, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 13.68x
- P/B
- 0.24x
- EPS
- 190
- BVPS
- 10,630
- ROE
- 1.8%
- ROA
- 1.1%
- Market price
- 2,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, ITQ is growing strongly on the back of scale expansion, while margins have only improved slightly — earnings have been recovering gradually over multiple periods. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Financial income
- Finance costs
- Selling 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 | 164.6 | 174.4 | 185.8 | 161.1 | 119.7 | 153.6 | 139.1 | 140.3 |
| LNST | 1.1 | 2.1 | 2.3 | 0.7 | 0.1 | 0.3 | 0.3 | 0.1 |
| Net margin | 0.64% | 1.19% | 1.22% | 0.41% | 0.10% | 0.19% | 0.19% | 0.09% |
Revenue
165bnNet income
1bnNet margin
0.64%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?
Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.
What is driving the margin?
▲Net margin edged up to 0.88%, rising 0.7pp. Core operating signals are improving as Gross margin rose 1.3pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 0.2pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 0.88% +0.7pp
- Gross Margin
- 6.29% +1.3pp
- SG&A / Revenue
- 4.04% +0.3pp
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. Capital structure is conservative with low leverage — liabilities at 0.69x equity, net debt at 0.44x equity.
Inventory ended the period at 216.5bn, roughly 37.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.9 days versus the same period last year. The main moves came from DIO fell 10.9 days, DSO fell 13.7 days, and DPO fell 5.7 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
CCC stands at 168.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from 0.2% to 1.8% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.44x and interest coverage only at 0.52x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 4.1% of debt, and total debt stands at 156.9bn.
Interest coverage is 0.52x, 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
- 0.44x +0.05x
- Interest Coverage
- 0.52x +0.47x
- Cash / Debt
- 4.1% −0.5pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Operating cash flow reached -24.4bn in 2025, against investing cash flow of 5.0bn.
Post-investment cash flow was negative +19.4bn. Financing cash flow was positive +34.4bn.
CFO / net income was −2,64 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 heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The next item to monitor is capital efficiency. The main risk still sits in leverage and liquidity, with interest coverage at 0.52x.
- Watchpoint: Capital efficiency needs cycle context.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.52x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +24,1% YoY pace.
Ability to hold margins around the current 0.88% level.
Cash-flow quality, with operating cash flow currently at -24.4bn 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.