Analysis of business results & financial statements · Quý 1/2026
▲ Showing improvement
Trailing net profit reached 1.7bn, rose 1.2bn compared with the same period last year. Key positives came from higher financial income, lower administrative expenses, lower finance costs, and lower tax. Offsetting pressure came mainly from lower gross profit and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 33.33x
- P/B
- 0.52x
- EPS
- 180
- BVPS
- 11,596
- ROE
- 1.6%
- ROA
- 0.9%
- Market price
- 6,000 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PGN has not accelerated revenue, but profitability is improving more visibly — earnings have been recovering gradually over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.
Profit bridge
Vs last year · TTM
- Financial income
- Administrative expenses
- Finance costs
- Tax
- Gross profit
- Other profit
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 | 18.3 | 33.1 | 24.6 | 29.0 | 39.7 | 74.0 | 53.0 | 55.5 |
| LNST | 0.1 | 0.4 | 0.9 | 0.2 | 0.3 | -2.0 | 0.4 | 2.0 |
| Net margin | 0.42% | 1.35% | 3.84% | 0.81% | 0.65% | -2.74% | 0.66% | 3.54% |
Revenue
18bnNet income
0bnNet margin
0.42%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 1.62%, rising 1.4pp. Core operating signals are improving as Gross margin rose 0.6pp are enough to offset pressure from SG&A / Revenue rose 0.2pp (in addition, Net financial result / Revenue rose 1.4pp added support while Other profit / Revenue fell 0.5pp remained a drag).
Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.
- Net Margin
- 1.62% +1.4pp
- Gross Margin
- 4.93% +0.6pp
- SG&A / Revenue
- 2.18% +0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital is being used more efficiently — ROIC rose and cash cycle shortened to 78.9 days.
Is capital being deployed efficiently?
▲ROIC edged up to 1.31%, rising 1.3pp. That translates to 1.31 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.5pp, with capital turnover fell 0.49x; with invested capital holding roughly steady.
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 1.31% — 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. Balance sheet is exceptionally sound — liabilities at 0.58x equity, with a net cash position equivalent to 0.21x equity.
None
Over the last 12 months, working capital released 23.8bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and 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 60.8 days versus the same period last year. The main moves came from DIO fell 45.4 days, DSO rose 6.5 days, and DPO rose 22.0 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
DSO increased by +6.5 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 0.5% to 1.6% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 27.9bn.
Leverage & Liquidity
▼Leverage warrants monitoring, with net debt / equity at −0.21x and interest coverage only at 0.51x.
At present, short-term debt accounts for 99.9% of total debt, cash equals 152.8% of debt, and total debt stands at 43.8bn.
Interest coverage is 0.51x, leaving limited room to absorb financing costs.
Short-term debt accounts for 99.9% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.21x −0.67x
- Interest Coverage
- 0.51x +0.47x
- Cash / Debt
- 152.8% +132.5pp
- Short-term Debt / Total Debt
- 99.9% +0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 27.9bn in 2025, against investing cash flow of -17.8bn.
Post-investment cash flow was positive +10.1bn. Financing cash flow was negative +12.2bn.
CFO / net income was 13,73 lần.
Track how much investment can be funded internally from operating cash flow.
Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.
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 1.4 pp. The next item to monitor is cash generation still needs confirmation. The main risk still sits in capital efficiency remains weak, with ROIC at 1.3%.
- Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.62% after expanding 1.4pp versus the same period last year.
- Watchpoint: Cash generation still needs confirmation.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Ability to stabilize revenue after a −52,7% YoY decline.
Ability to hold margins around the current 1.62% level.
Cash-flow quality, with operating cash flow currently at 27.9bn 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.