Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 0.3bn, rose 1.9bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and better other profit. Offsetting pressure came mainly from higher finance costs, lower financial income, and lower gross profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 311.15x
- P/B
- 0.95x
- EPS
- 22
- BVPS
- 7,204
- ROE
- 0.3%
- ROA
- 0.1%
- Market price
- 6,840 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PIT is growing strongly on the back of scale expansion, while margins have only improved slightly. However, a significant portion of profit is supported by non-core sources, making the picture not entirely clear.
Profit bridge
Vs last year · TTM
- Selling expenses
- Administrative expenses
- Other profit
- Finance costs
- Financial income
- Gross 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 | 151.5 | 188.6 | 184.7 | 197.9 | 120.8 | 160.4 | 147.5 | 165.0 |
| LNST | -0.6 | -2.0 | -0.5 | 3.5 | -3.1 | 0.2 | -0.1 | 1.4 |
| Net margin | -0.41% | -1.07% | -0.27% | 1.75% | -2.54% | 0.12% | -0.05% | 0.86% |
Revenue
152bnNet income
-1bnNet margin
-0.41%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 improved (+0.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.
What is driving the margin?
●Net margin edged up to 0.05%, rising 0.3pp. Core operating signals are improving as SG&A / Revenue fell 2.0pp are enough to offset pressure from Gross margin fell 1.8pp (in addition, Other profit / Revenue rose 0.2pp added support while Net financial result / Revenue fell 0.1pp 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
- 0.05% +0.3pp
- Gross Margin
- 8.00% −1.8pp
- SG&A / Revenue
- 6.19% −2.0pp
- Non-core / Revenue
- −1.76% +0.1pp
TTM YoY · 2025Q1 -> 2026Q1
Margin support from financial result remains high (66.5% of PBT) — sustainability should be monitored.
Is capital being used efficiently?
Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.
Is capital being deployed efficiently?
●Track how much operating profit the business generates on invested capital.
Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.
Balance Sheet
▲ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 1.88x equity, net debt at 1.64x equity.
Inventory ended the period at 105.5bn, roughly 33.2% of total assets.
Over the last 12 months, working capital released 48.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.
Working Capital Efficiency
▲▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 42.2 days versus the same period last year. The main moves came from DIO fell 31.0 days, DSO fell 14.0 days, and DPO fell 2.8 days.
Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.
CCC stands at 117.3 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DuPont
What drives ROE?
ROE rose from −1.4% to 0.3% — supported by net margin and asset turnover.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.64x and interest coverage only at 0.01x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 3.4% of debt, and total debt stands at 185.9bn.
Net debt / equity stands at 1.64x, increasing balance-sheet pressure.
Interest coverage is 0.01x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.64x −0.49x
- Interest Coverage
- 0.01x +0.04x
- Cash / Debt
- 3.4% −0.8pp
- Short-term Debt / Total Debt
- 100.0% 0.0pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●Leverage needs watching — cash flow below shows the ability to service debt from operations. Operating cash flow reached 12.0bn in 2025, against investing cash flow of -1.7bn.
Post-investment cash flow was positive +10.3bn. Financing cash flow was negative +13.0bn.
CFO / net income was 164,24 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 next item to monitor is the earnings mix, when non-core contribution is −3583.2%. The main risk still sits in leverage and liquidity, with interest coverage at 0.01x.
- Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 164.24x. Even so, net financial result still accounts for −3583.2% of PBT, so the earnings mix still needs monitoring.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.01x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +21,7% YoY pace.
Ability to hold margins around the current 0.05% level.
Cash-flow quality, with operating cash flow currently at 12.0bn in 2025.
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Its weight and influence across the assets held for investment.
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