Analysis of business results & financial statements · Quý 1/2026
▼▼ Declining sharply
Trailing net profit reached 128.4bn, fell 60.4bn compared with the same period last year. Key positives came from lower administrative expenses, lower selling expenses, lower tax, and better other profit. Offsetting pressure came mainly from lower gross profit and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 11.52x
- P/B
- 0.90x
- EPS
- 1,042
- BVPS
- 13,379
- ROE
- 8.4%
- ROA
- 5.0%
- Market price
- 12,000 20 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LAS posted a sharp profit decline versus the same period — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Administrative expenses
- Selling expenses
- Tax
- Other profit
- 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 | 1,704.7 | 368.0 | 708.1 | 1,081.9 | 1,585.8 | 604.2 | 812.3 | 605.0 |
| LNST | 37.0 | 20.1 | 20.1 | 51.2 | 71.8 | 17.1 | 32.7 | 67.3 |
| Net margin | 2.17% | 5.47% | 2.84% | 4.73% | 4.52% | 2.83% | 4.02% | 11.12% |
Revenue
1,705bnNet income
37bnNet margin
2.17%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin fell to 3.32%, losing 1.9pp. The main pressure is Gross margin fell 6.4pp, outweighing the improvement in SG&A / Revenue fell 3.9pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.3pp remained a drag).
The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.
- Net Margin
- 3.32% −1.9pp
- Gross Margin
- 13.46% −6.4pp
- SG&A / Revenue
- 9.51% −3.9pp
TTM YoY · 2025Q1 -> 2026Q1
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 5.84%, losing 4.5pp. That translates to 5.84 in after-tax operating profit for every 100 units of operating capital. The main pressure came from NOPAT margin narrowed 2.2pp, outweighing the movement in capital turnover; while invested capital rose by 172bn.
Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.
Balance Sheet
●ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.71x equity, net debt at 0.36x equity.
Inventory ended the period at 1,705.3bn, roughly 67.8% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼Cash conversion cycle lengthened by 15.8 days versus the same period last year. The main moves came from DIO rose 17.5 days, DSO fell 1.7 days, and DPO fell 0.0 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 144.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +17.5 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE fell from 12.6% to 8.4% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 416.8bn due to capex of 128.5bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.36x and interest coverage at 4.40x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 7.3% of debt, and total debt stands at 591.6bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
Cash / debt stands at 7.3%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.36x +0.06x
- Interest Coverage
- 4.40x −7.14x
- Cash / Debt
- 7.3% +0.2pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼Operating cash flow reached -353.7bn in 2025, against investing cash flow of 496.6bn.
Post-investment cash flow was positive +143.0bn. Financing cash flow was negative +138.5bn.
CFO / net income was −2,25 lần.
After spending +128.5bn on fixed-asset investment, the business generated trailing free cash flow of −416.8bn.
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 brighter spot is earnings conversion is confirmed, with CFO/NI at −2.25x. The main risk still sits in core profitability, with net margin down 1.9 pp.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at −2.25x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 3.32% after a 1.9pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +7,1% YoY pace.
Ability to hold margins around the current 3.32% level.
Cash-flow quality, with operating cash flow currently at -353.7bn in 2025.
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