Analysis of business results & financial statements · Quý 1/2024
▲▲ Improving positively
Trailing net profit reached 249.4bn, rose 102.4bn compared with the same period last year. Key positives came from higher gross profit, higher associates income, and better other profit. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, higher selling expenses, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 2.34x
- P/B
- 0.18x
- EPS
- 2,264
- BVPS
- 29,520
- ROE
- 8.3%
- ROA
- 2.2%
- Market price
- 5,300 01 Sep 2026
The current picture
What Is Changing
On a TTM 2024Q1 basis, LTG is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Associates income
- Other profit
- Finance costs
- Administrative expenses
- Selling expenses
- Financial income
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 1/2024
| Metric | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3,848.7 | 5,819.8 | 4,461.1 | 3,678.0 | 2,452.2 | 3,062.0 | 2,736.1 | 3,547.3 |
| LNST | -95.3 | 247.8 | -327.1 | 424.7 | -81.2 | 208.8 | 63.8 | -46.3 |
| Net margin | -2.48% | 4.26% | -7.33% | 11.55% | -3.31% | 6.82% | 2.33% | -1.31% |
Revenue
3,849bnNet income
-95bnNet margin
-2.48%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.
Revenue Growth
▲▲Is growth real and durable?
Trailing-12-month revenue grew 50.9% year on year — not from a single spike: quarterly growth stepped up from +4% to +57%.
4 of the last 4 quarters grew year on year.
- Revenue TTM
- 17,808bn +50.9%
- Latest quarter YoY
- +57% accelerating
What is driving the margin?
●Net margin stands at 1.40%, 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
- 1.40% +0.2pp
- Gross Margin
- 13.74% −2.1pp
- SG&A / Revenue
- 9.39% −1.4pp
TTM YoY · 2023Q1 -> 2024Q1
Cash Flow
▲Is profit converting into cash?
High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -2,942.3bn against investing cash flow of 234.0bn (annual cash-flow figures for 2023).
Post-investment cash flow was negative +2,708.2bn. Financing cash flow was positive +2,395.6bn.
CFO / net income was −2,67 lần.
After spending +121.4bn on fixed-asset investment, the business generated trailing free cash flow of −788.0bn.
Earnings Quality
●How much income is non-core?
Non-core income makes up 18.1% of pre-tax profit — worth monitoring.
Within that, net financial result at −213.5%, other profit at +18.1% of PBT.
- Non-core / PBT
- 18.1% moderate
- Net financial / PBT
- −213.5%
- Other profit / PBT
- 18.1%
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.25%, rising 0.4pp. That translates to 2.25 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 0.40x — the business is generating more revenue per unit of capital, with NOPAT margin steady; while invested capital rose by 1,500bn.
Capital turnover improved — a positive signal on asset efficiency, but with ROIC still low, NOPAT margin also needs to lift in coming periods to produce meaningful returns.
ROIC is currently 2.25% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 34.9 days, DSO rose 26.0 days, and DPO rose 9.7 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 141.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +26.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 4.6% to 8.3% — driven by asset turnover and leverage together.
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 2.09x and interest coverage only at 0.31x.
At present, short-term debt accounts for 98.7% of total debt, cash equals 1.7% of debt, and total debt stands at 6,327.2bn.
- Net Debt / Equity
- 2.09x +0.16x
- Interest Coverage
- 0.31x −0.08x
- Cash / Debt
- 1.7% −4.9pp
- Short-term Debt / Total Debt
- 98.7% +0.1pp
TTM YoY · 2023Q1 -> 2024Q1
Net debt / equity stands at 2.09x, increasing balance-sheet pressure.
Interest coverage is 0.31x, leaving limited room to absorb financing costs.
Balance Sheet
▼▼Leverage is very high, with clear pressure on the capital structure — liabilities at 2.74x equity, net debt at 2.09x equity.
Inventory ended the period at 1,969.4bn, roughly 17.2% of total assets.
Over the last 12 months, working capital absorbed 1,085.1bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 18.1%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.3%.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 1,250.5bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 18.1% of PBT and CFO / net income currently at −2.67x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Whether revenue sustains its +50,9% YoY pace or begins to slow.
Whether margins hold around the current 1.40% level or narrow again.
Whether operating cash flow holds its -2,942.3bn (cumulative for 2023) level in upcoming periods or weakens.
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