Analysis of business results & financial statements · Quý 1/2026
● Maintaining
Trailing net profit reached 24.6bn, rose 1.7bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.62x
- P/B
- 1.10x
- EPS
- 2,017
- BVPS
- 17,679
- ROE
- 12.1%
- ROA
- 6.8%
- Market price
- 19,400 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LAW posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Selling expenses
- Administrative 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 | 98.2 | 88.2 | 88.3 | 95.0 | 86.6 | 81.4 | 80.2 | 85.5 |
| LNST | 8.6 | -1.3 | 8.9 | 8.4 | 5.6 | 3.5 | 8.1 | 5.7 |
| Net margin | 8.80% | -1.49% | 10.07% | 8.84% | 6.48% | 4.25% | 10.14% | 6.64% |
Revenue
98bnNet income
9bnNet margin
8.80%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 stands at 6.66%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 6.66% −0.2pp
- Gross Margin
- 29.29% +5.6pp
- SG&A / Revenue
- 21.29% +6.1pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.30x equity.
None
Over the last 12 months, working capital released 29.9bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 24.1 days versus the same period last year. The main moves came from DIO rose 3.2 days, DSO rose 2.1 days, and DPO rose 29.4 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.
DSO increased by +2.1 days, pointing to slower receivables turnover.
DIO increased by +3.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 12.1% — the components are offsetting one another.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.30x and interest coverage at 5.98x.
Debt maturity and the cash buffer remain the two key areas to monitor.
Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.
- Net Debt / Equity
- 0.30x −0.00x
- Interest Coverage
- 5.98x +0.40x
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 73.5bn in 2025, against investing cash flow of -63.8bn.
Post-investment cash flow was positive +9.7bn. Financing cash flow was positive +4.8bn.
CFO / net income was 2,63 lần.
Track how much investment can be funded internally from operating cash flow.
For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is capital structure should be read with cycle risk in mind. Warning and risk signals are not yet decisive enough to shift the picture.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Durability of revenue growth after the current +10,7% YoY pace.
Ability to hold margins around the current 6.66% level.
Cash-flow quality, with operating cash flow currently at 73.5bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
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.