Analysis of business results & financial statements · Quý 1/2026
▼ Slightly negative
Trailing net profit reached 3.0bn, rose 0.2bn compared with the same period last year. Offsetting pressure came mainly from lower financial income and higher administrative expenses. Detailed impact is shown below:
See what is changing ↓- P/E
- 22.90x
- P/B
- 2.06x
- EPS
- 891
- BVPS
- 9,903
- ROE
- 12.2%
- ROA
- 7.0%
- Market price
- 20,400 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PPE posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — 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
- Financial income
- Administrative 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 | 114.4 | 141.5 | 67.8 | — | 0.0 | 0.0 | 3.7 | 1.2 |
| LNST | 2.2 | 1.5 | 0.2 | -0.0 | 0.1 | 2.2 | 0.5 | -0.1 |
| Net margin | 1.93% | 1.07% | 0.27% | — | — | — | 13.95% | -4.84% |
Revenue
114bnNet income
2bnNet margin
1.93%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 broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- 0.89% −55.7pp
- Gross Margin
- None
- SG&A / Revenue
- None
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Capital structure is conservative with low leverage — liabilities at 0.26x equity, net debt at 0.12x equity.
None
Over the last 12 months, working capital absorbed 3.1bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
●Track receivable, inventory, and payable turns to judge working-capital efficiency.
Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.
Is financial risk significant?
Check leverage, liquidity, and cash-flow conversion.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
Debt maturity and the cash buffer remain the two key areas to monitor.
Some leverage signals are missing, so the current read should be treated as contextual.
- Net Debt / Equity
- 0.12x −0.41x
- Interest Coverage
- None
- Cash / Debt
- None
- Short-term Debt / Total Debt
- None
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.5bn in 2025, against investing cash flow of -16.2bn.
Post-investment cash flow was negative +14.8bn. Financing cash flow was positive +15.7bn.
CFO / net income was −0,30 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 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 leverage pressure is easing, with net debt/equity down to 0.12x. The next item to monitor is capital structure should be read with cycle risk in mind.
- Improvement: leverage pressure is easing, with net debt / equity down 0.41x to 0.12x.
- Watchpoint: Capital structure should be read with cycle risk in mind.
What to verify next
Questions for the next period
Durability of revenue growth after the current +6462,8% YoY pace.
Ability to hold margins around the current 1.21% level.
Cash-flow quality, with operating cash flow currently at 1.5bn 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.