Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 27.3bn, rose 19.7bn compared with the same period last year. Key positives came from better other profit, higher gross profit, and lower finance costs. Offsetting pressure came mainly from higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.85x
- P/B
- 0.74x
- EPS
- 1,566
- BVPS
- 10,275
- ROE
- 18.7%
- ROA
- 10.5%
- Market price
- 7,600 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, LDP has not accelerated revenue sharply, but profitability is improving visibly — earnings have been recovering gradually over multiple periods. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- 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 | 59.9 | 73.8 | 59.2 | 50.0 | 60.9 | 71.8 | 53.1 | 47.7 |
| LNST | 0.9 | 21.4 | 3.7 | 1.2 | 1.0 | 3.0 | 2.0 | 1.6 |
| Net margin | 1.56% | 29.02% | 6.32% | 2.45% | 1.67% | 4.21% | 3.70% | 3.45% |
Revenue
60bnNet income
1bnNet margin
1.56%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 improved (+8.0pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
▲▲Net margin expanded to 11.25%, rising 8.0pp. Core operating signals are improving as Gross margin rose 2.7pp are enough to offset pressure from SG&A / Revenue rose 2.2pp (with additional support from Other profit / Revenue rose 6.3pp and Net financial result / Revenue rose 1.5pp).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 11.25% +8.0pp
- Gross Margin
- 33.93% +2.7pp
- SG&A / Revenue
- 27.36% +2.2pp
- Non-core / Revenue
- 4.90% +7.7pp
TTM YoY · 2025Q1 -> 2026Q1
Other income accounts for 55.9% of PBT and lifted net margin by 7.7pp — separate the operating contribution from this source.
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 0.61x equity, net debt at 0.22x equity.
Inventory ended the period at 55.4bn, roughly 18.0% of total assets.
Over the last 12 months, working capital absorbed 27.6bn of cash, mainly because of higher receivables and higher inventories.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 38.6 days versus the same period last year. The main moves came from DIO rose 25.9 days, DSO rose 20.8 days, and DPO rose 8.1 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 131.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +20.8 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 7.9% to 18.7% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Leverage is safe but FCF is negative at 62.9bn due to capex of 63.9bn — an investment choice, not an urgent risk.
Leverage & Liquidity
●Leverage is balanced for now, with net debt / equity at 0.22x and interest coverage at 2.74x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 31.7% of debt, and total debt stands at 61.1bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- 0.22x −0.26x
- Interest Coverage
- 2.74x +1.78x
- Cash / Debt
- 31.7% +6.4pp
- 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 3.5bn in 2025, against investing cash flow of -62.7bn.
Post-investment cash flow was negative +59.2bn. Financing cash flow was positive +66.4bn.
CFO / net income was 0,04 lần.
After spending +63.9bn on fixed-asset investment, the business generated trailing free cash flow of −62.9bn.
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 brighter spot is operating efficiency, with net margin improving 8.0 pp. The next item to monitor is the earnings mix, when non-core contribution is −13.2%. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 131 days.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 11.25% after expanding 8.0pp versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −13.2% of PBT and CFO / net income currently at 0.04x.
- Key risk: working capital remains tied up for too long, with cash cycle at 131.4 days.
What to verify next
Questions for the next period
Durability of revenue growth after the current +4,0% YoY pace.
Ability to hold margins around the current 11.25% level.
Cash-flow quality, with operating cash flow currently at 3.5bn in 2025.
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