Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 770.0bn, rose 1,912.2bn compared with the same period last year. Key positives came from higher gross profit, lower finance costs, better other profit, and lower deferred tax. Offsetting pressure came mainly from lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 93.57x
- P/B
- 5.66x
- EPS
- 700
- BVPS
- 11,564
- ROE
- 6.2%
- ROA
- 2.8%
- Market price
- 65,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, MSR posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — this marks a reversal from the difficult phase before. The point still to be proven is whether this new profit level can hold once the low-base effect fades.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Other profit
- Deferred tax
- Other
- 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 | 2,993.1 | 2,394.7 | 2,041.0 | 1,614.3 | 1,392.7 | 3,868.1 | 3,726.6 | 3,652.2 |
| LNST | 536.7 | 222.5 | 5.2 | 5.6 | -222.0 | -206.2 | -334.1 | -343.9 |
| Net margin | 17.93% | 9.29% | 0.25% | 0.35% | -15.94% | -5.33% | -8.97% | -9.42% |
Revenue
2,993bnNet income
537bnNet margin
17.93%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 expanded to 8.51%, rising 17.3pp. The main driver is Gross margin rose 15.5pp and SG&A / Revenue fell 1.7pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 4.9pp added support while Net financial result / Revenue fell 9.4pp remained a drag).
The improvement comes from core operations — this is a high-quality margin expansion.
- Net Margin
- 8.51% +17.3pp
- Gross Margin
- 24.66% +15.5pp
- SG&A / Revenue
- 3.53% −1.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 134.3 days.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.56%, rising 4.5pp. That translates to 3.56 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 11.1pp, with capital turnover fell 0.10x; while invested capital contracted by 2,863bn.
NOPAT margin led the improvement, but the ROIC level has not yet cleared typical cost of capital — margin needs to hold in coming periods rather than being a one-period rebound.
ROIC is currently 3.56% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.17x equity, net debt at 0.83x equity.
Inventory ended the period at 2,875.4bn, roughly 10.9% of total assets.
Over the last 12 months, working capital released 875.5bn 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 14.6 days versus the same period last year. The main moves came from DIO rose 38.2 days, DSO fell 2.6 days, and DPO rose 50.1 days.
Extended payment timing is the main driver — consider whether this trades off supplier relationships.
CCC stands at 134.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DIO increased by +38.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from −8.9% to 6.2% — supported by net margin.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at 0.83x and interest coverage only at 0.74x.
At present, short-term debt accounts for 25.4% of total debt, cash equals 6.5% of debt, and total debt stands at 11,327.3bn.
Interest coverage is 0.74x, leaving limited room to absorb financing costs.
Cash / debt stands at 6.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.83x −0.11x
- Interest Coverage
- 0.74x +0.59x
- Cash / Debt
- 6.5% +1.7pp
- Short-term Debt / Total Debt
- 25.4% −2.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1,054.5bn in 2025, against investing cash flow of -961.0bn.
Post-investment cash flow was positive +93.6bn. Financing cash flow was negative +991.2bn.
CFO / net income was 2,95 lần.
After spending +251.8bn on fixed-asset investment, the business generated trailing free cash flow of +2,020.7bn.
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 17.3 pp. The main risk still sits in capital efficiency remains weak, with ROIC at 3.6%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.51% after expanding 17.3pp versus the same period last year.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −28,5% YoY decline.
Ability to hold margins around the current 8.51% level.
Cash-flow quality, with operating cash flow currently at 1,054.5bn in 2025.
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