Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 10.9bn, rose 2.9bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from lower financial income, higher tax, higher finance costs, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.62x
- P/B
- 0.39x
- EPS
- 728
- BVPS
- 18,087
- ROE
- 4.1%
- ROA
- 1.5%
- Market price
- 7,000 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MEL has not moved the needle on revenue, but profitability has edged up slightly — earnings have been recovering gradually over multiple periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Financial income
- Tax
- 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 | 236.3 | 232.1 | 227.5 | 161.4 | 216.2 | 283.4 | 268.0 | 158.1 |
| LNST | 2.4 | 1.7 | 0.3 | 6.5 | 1.1 | 4.1 | 1.0 | 1.9 |
| Net margin | 1.01% | 0.74% | 0.13% | 4.03% | 0.51% | 1.43% | 0.36% | 1.21% |
Revenue
236bnNet income
2bnNet margin
1.01%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 1.27%, rising 0.4pp. Core operating signals are improving as Gross margin rose 1.1pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 0.7pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 1.27% +0.4pp
- Gross Margin
- 5.28% +1.1pp
- SG&A / Revenue
- 1.73% +0.3pp
- Non-core / Revenue
- −1.95% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (59.0% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
●ROIC stands at 0.67%, broadly flat versus the same period. That translates to 0.67 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover fell 0.15x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.
Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.
ROIC is currently 0.67% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
●Leverage is elevated, requiring monitoring — liabilities at 1.67x equity, net debt at 1.58x equity.
Inventory ended the period at 548.2bn, roughly 76.4% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Efficiency
▼▼Cash conversion cycle lengthened by 37.2 days versus the same period last year. The main moves came from DIO rose 34.8 days, DSO rose 5.2 days, and DPO rose 2.8 days.
Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.
CCC stands at 273.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +5.2 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 3.1% to 4.1% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
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 1.58x and interest coverage only at 0.22x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 1.1% of debt, and total debt stands at 434.8bn.
Net debt / equity stands at 1.58x, increasing balance-sheet pressure.
Interest coverage is 0.22x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.58x +0.11x
- Interest Coverage
- 0.22x +0.01x
- Cash / Debt
- 1.1% −1.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -26.6bn in 2025, against investing cash flow of 16.1bn.
Post-investment cash flow was negative +10.5bn. Financing cash flow was positive +8.9bn.
CFO / net income was −5,97 lần.
After spending +0.3bn on fixed-asset investment, the business generated trailing free cash flow of −65.5bn.
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 next item to monitor is the earnings mix, when non-core contribution is −180.9%. The main risk still sits in capital efficiency remains weak, with ROIC at 0.7%.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for −180.9% of PBT and CFO / net income currently at −5.97x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −7,4% YoY decline.
Ability to hold margins around the current 1.27% level.
Cash-flow quality, with operating cash flow currently at -26.6bn 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.