Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 142.0bn, rose 39.4bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower administrative expenses. Offsetting pressure came mainly from higher minority interests, higher finance costs, higher tax, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 4.04x
- P/B
- 0.84x
- EPS
- 7,099
- BVPS
- 33,981
- ROE
- 23.2%
- ROA
- 4.6%
- Market price
- 28,700 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MNB is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Administrative expenses
- Minority interests
- Finance costs
- Tax
- Financial income
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 | 1,155.4 | 1,506.9 | 1,450.8 | 1,329.3 | 1,007.9 | 1,401.1 | 1,303.9 | 1,083.0 |
| LNST | 47.4 | 57.8 | 66.6 | 43.3 | 35.2 | 47.1 | 46.9 | 25.5 |
| Net margin | 4.10% | 3.83% | 4.59% | 3.26% | 3.49% | 3.36% | 3.60% | 2.35% |
Revenue
1,155bnNet income
47bnNet margin
4.10%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 are improving and earnings quality is solid — a durable foundation for ROE.
What is driving the margin?
▲Net margin edged up to 3.95%, rising 0.7pp. Core operating signals are improving as SG&A / Revenue fell 1.7pp are enough to offset pressure from Gross margin fell 0.9pp (in addition, Other profit / Revenue rose 0.4pp added support while Net financial result / Revenue fell 0.3pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 3.95% +0.7pp
- Gross Margin
- 17.98% −0.9pp
- SG&A / Revenue
- 12.48% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 2.7 days — working capital needs watching.
Is capital being deployed efficiently?
▲ROIC expanded to 9.41%, rising 1.7pp. That translates to 9.41 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.4pp and capital turnover rose 0.17x, while invested capital rose by 121bn — capital-return quality improved from both sides.
NOPAT margin is driving the improvement — ROIC has cleared the deposit-rate threshold but not yet the typical cost of equity level, and this momentum needs to hold as new invested capital is fully deployed.
Balance Sheet
▼▼ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is very high, with clear pressure on the capital structure — liabilities at 4.28x equity, net debt at 1.95x equity.
Inventory ended the period at 697.7bn, roughly 20.2% of total assets.
Over the last 12 months, working capital absorbed 249.2bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Efficiency
●Cash conversion cycle lengthened by 2.7 days versus the same period last year. The main moves came from DIO fell 3.8 days, DSO rose 8.0 days, and DPO rose 1.5 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 93.6 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +8.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 30.9% to 35.2% — mainly driven by net margin, despite leverage moving in the opposite direction.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 1.95x and interest coverage only at 1.63x.
At present, short-term debt accounts for 95.7% of total debt, cash equals 21.7% of debt, and total debt stands at 1,694.2bn.
Net debt / equity stands at 1.95x, increasing balance-sheet pressure.
Interest coverage is 1.63x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.95x −0.64x
- Interest Coverage
- 1.63x +0.20x
- Cash / Debt
- 21.7% +6.0pp
- Short-term Debt / Total Debt
- 95.7% +2.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 207.8bn in 2025, against investing cash flow of -80.0bn.
Post-investment cash flow was positive +127.8bn. Financing cash flow was positive +41.6bn.
CFO / net income was 0,53 lần.
After spending +106.1bn on fixed-asset investment, the business generated trailing free cash flow of −31.0bn.
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 0.53x. The main risk still sits in leverage and liquidity, with interest coverage at 1.63x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.53x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.63x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +13,5% YoY pace.
Ability to hold margins around the current 3.95% level.
Cash-flow quality, with operating cash flow currently at 207.8bn in 2025.
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