Analysis of business results & financial statements · Quý 1/2026
▼ Under pressure
Trailing net profit reached 16.8bn, fell 7.1bn compared with the same period last year. Key positives came from higher gross profit and better other profit. Offsetting pressure came mainly from higher finance costs, lower financial income, higher administrative expenses, and higher selling expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 15.16x
- P/B
- 0.30x
- EPS
- 231
- BVPS
- 11,577
- ROE
- 1.8%
- ROA
- 0.6%
- Market price
- 3,500 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PLP is maintaining revenue, but margins are compressing slightly — the growth momentum has held across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
Profit bridge
Vs last year · TTM
- Gross profit
- Other profit
- Finance costs
- Financial income
- Administrative expenses
- Selling expenses
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 | 550.0 | 937.3 | 692.7 | 683.7 | 561.1 | 638.4 | 516.9 | 499.7 |
| LNST | 1.0 | 1.6 | 6.0 | 7.8 | 5.9 | 1.8 | 0.3 | 15.9 |
| Net margin | 0.19% | 0.17% | 0.87% | 1.14% | 1.05% | 0.29% | 0.06% | 3.19% |
Revenue
550bnNet income
1bnNet margin
0.19%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 narrowed to 0.57%, falling 0.5pp. The main pressure is Gross margin fell 0.1pp, outweighing the improvement in SG&A / Revenue fell 0.1pp (in addition, Other profit / Revenue rose 1.9pp added support while Net financial result / Revenue fell 2.4pp remained a drag).
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
- 0.57% −0.5pp
- Gross Margin
- 6.81% −0.1pp
- SG&A / Revenue
- 2.38% −0.1pp
TTM YoY · 2025Q1 -> 2026Q1
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 1.90x equity, net debt at 1.46x equity.
Inventory ended the period at 381.6bn, roughly 12.6% of total assets.
Over the last 12 months, working capital absorbed 467.0bn 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 7.1 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO rose 7.3 days, and DPO rose 0.3 days.
Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.
CCC stands at 118.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.
DSO increased by +7.3 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE fell from 3.0% to 1.8% — net margin weakened the most, though leverage still provided support.
Is financial risk significant?
Leverage is safe but FCF is negative at 538.6bn due to capex of 101.2bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 1.46x and interest coverage only at 0.16x.
At present, short-term debt accounts for 72.9% of total debt, cash equals 0.7% of debt, and total debt stands at 1,533.7bn.
Net debt / equity stands at 1.46x, increasing balance-sheet pressure.
Interest coverage is 0.16x, leaving limited room to absorb financing costs.
- Net Debt / Equity
- 1.46x −0.02x
- Interest Coverage
- 0.16x −0.92x
- Cash / Debt
- 0.7% +0.1pp
- Short-term Debt / Total Debt
- 72.9% +5.9pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▲High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -316.7bn in 2025, against investing cash flow of -159.0bn.
Post-investment cash flow was negative +475.6bn. Financing cash flow was positive +492.8bn.
CFO / net income was −25,98 lần.
After spending +101.2bn on fixed-asset investment, the business generated trailing free cash flow of −538.6bn.
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 cash generation. The next item to monitor is the earnings mix, when non-core contribution is 15.7%. The main risk still sits in leverage and liquidity, with interest coverage at 0.16x.
- Improvement: cash generation is recovering, with trailing-12M FCF improving by 166.9bn versus the same period last year.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.7% of PBT and CFO / net income currently at −25.98x.
- Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.16x.
What to verify next
Questions for the next period
Durability of revenue growth after the current +29,2% YoY pace.
Ability to hold margins around the current 0.57% level.
Cash-flow quality, with operating cash flow currently at -316.7bn in 2025.
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