Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 81.1bn, fell 96.2bn compared with the same period last year. Key positives came from higher gross profit, lower administrative expenses, and lower finance costs. Offsetting pressure came mainly from weaker other profit, higher minority interests, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 17.51x
- P/B
- 0.68x
- EPS
- 406
- BVPS
- 10,424
- ROE
- 4.1%
- ROA
- 2.1%
- Market price
- 7,100 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, OCH is holding revenue at an acceptable level, but margins are eroding visibly — profit momentum has been slowing across consecutive periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Finance costs
- Other profit
- Minority interests
- Selling expenses
- Other
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 | 176.0 | 160.5 | 663.2 | 178.2 | 128.4 | 137.2 | 576.9 | 151.2 |
| LNST | -24.6 | -15.0 | 181.7 | -23.0 | -43.9 | 40.6 | 205.7 | -28.3 |
| Net margin | -13.98% | -9.32% | 27.41% | -12.91% | -34.23% | 29.59% | 35.66% | -18.70% |
Revenue
176bnNet income
-25bnNet margin
-13.98%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 narrowed but earnings quality remains clean — pressure is mainly operational.
What is driving the margin?
▼Net margin fell to 10.12%, losing 7.4pp. SG&A / Revenue fell 4.0pp and Gross margin rose 0.9pp improved but not enough to offset the weakness in Other profit / Revenue fell 14.1pp (Net financial result / Revenue rose 2.0pp still added support).
The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.
- Net Margin
- 10.12% −7.4pp
- Gross Margin
- 48.72% +0.9pp
- SG&A / Revenue
- 27.94% −4.0pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 134.2 days.
Is capital being deployed efficiently?
▲ROIC expanded to 3.59%, rising 2.0pp. That translates to 3.59 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 4.6pp and capital turnover rose 0.06x, with invested capital holding roughly steady — capital-return quality improved from both sides.
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 3.59% — 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 0.84x equity, net debt at 0.58x equity.
None
Over the last 12 months, working capital released 121.1bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 87.0 days versus the same period last year. The main moves came from DIO fell 88.3 days, DSO rose 1.1 days, and DPO fell 0.2 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 134.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +1.1 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 9.7% to 6.0% — net margin weakened the most, though asset turnover still provided support.
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 0.58x and interest coverage only at 1.43x.
At present, short-term debt accounts for 18.9% of total debt, cash equals 8.0% of debt, and total debt stands at 1,320.2bn.
Interest coverage is 1.43x, leaving limited room to absorb financing costs.
Cash / debt stands at 8.0%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.58x −0.12x
- Interest Coverage
- 1.43x +0.90x
- Cash / Debt
- 8.0% +1.0pp
- Short-term Debt / Total Debt
- 18.9% +7.2pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲▲With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 197.2bn in 2025, against investing cash flow of -237.2bn.
Post-investment cash flow was negative +40.1bn. Financing cash flow was negative +37.9bn.
CFO / net income was 2,55 lần.
After spending +72.0bn on fixed-asset investment, the business generated trailing free cash flow of +135.1bn.
In summary
Research synthesis
What this reporting period is showing
The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 7.4 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.55x.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.55x.
- Key risk: profitability remains under pressure, with trailing-12M net margin at 10.12% after a 7.4pp decline versus the same period last year.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,5% YoY pace.
Ability to hold margins around the current 10.12% level.
Cash-flow quality, with operating cash flow currently at 197.2bn in 2025.
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