Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 7.4bn, rose 6.1bn compared with the same period last year. Key positives came from better other profit, higher gross profit, and lower tax. Offsetting pressure came mainly from higher selling expenses and higher finance costs. Detailed impact is shown below:
See what is changing ↓- P/E
- 9.46x
- P/B
- 0.57x
- EPS
- 1,025
- BVPS
- 17,132
- ROE
- 6.2%
- ROA
- 2.7%
- Market price
- 9,700 07 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PSC is improving on both growth and profitability, painting a notably more positive picture versus the same period — the growth momentum has held across consecutive periods. When both scale and efficiency improve together, this is typically a sign of quality growth.
Profit bridge
Vs last year · TTM
- Other profit
- Gross profit
- Tax
- Selling expenses
- Finance costs
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 | 234.2 | 222.9 | 209.5 | 183.6 | 179.2 | 180.0 | 178.0 | 181.9 |
| LNST | 2.1 | 0.7 | 2.6 | 2.0 | 2.6 | -6.3 | 1.8 | 3.2 |
| Net margin | 0.91% | 0.30% | 1.24% | 1.07% | 1.42% | -3.50% | 1.03% | 1.78% |
Revenue
234bnNet income
2bnNet margin
0.91%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 0.87%, rising 0.7pp. Core operating signals are improving as SG&A / Revenue fell 0.6pp are enough to offset pressure from Gross margin fell 1.1pp (in addition, Other profit / Revenue rose 0.9pp added support while Net financial result / Revenue fell 0.4pp remained a drag).
Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.
- Net Margin
- 0.87% +0.7pp
- Gross Margin
- 9.78% −1.1pp
- SG&A / Revenue
- 7.81% −0.6pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Return on capital rose, but cash cycle lengthened by 1.4 days — working capital needs watching.
Is capital being deployed efficiently?
▲▲ROIC expanded to 3.97%, rising 2.3pp. That translates to 3.97 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 0.5pp, with capital turnover fell 0.41x; with invested capital holding roughly steady.
NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.
ROIC is currently 3.97% — 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 1.32x equity, net debt at 0.84x equity.
None
Over the last 12 months, working capital absorbed 25.2bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.
Working Capital Efficiency
●Cash conversion cycle lengthened by 1.4 days versus the same period last year. The main moves came from DIO rose 0.2 days, DSO fell 0.3 days, and DPO fell 1.5 days.
Working capital cycle is flat — components are offsetting each other.
CCC is up by +1.4 days, indicating weaker working-capital turnover versus the prior year.
DIO increased by +0.2 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE rose from 1.1% to 6.2% — all three components improved, with net margin contributing the most.
Is financial risk significant?
Leverage is safe but FCF is negative at 78.3bn due to capex of 93.0bn — an investment choice, not an urgent risk.
Leverage & Liquidity
▼▼Leverage warrants monitoring, with net debt / equity at 0.84x and interest coverage only at 1.47x.
At present, short-term debt accounts for 28.0% of total debt, cash equals 9.5% of debt, and total debt stands at 114.1bn.
Interest coverage is 1.47x, leaving limited room to absorb financing costs.
Cash / debt stands at 9.5%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.84x +0.62x
- Interest Coverage
- 1.47x −4.39x
- Cash / Debt
- 9.5% −26.8pp
- Short-term Debt / Total Debt
- 28.0% −30.3pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
▼▼With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 17.3bn in 2025, against investing cash flow of -68.7bn.
Post-investment cash flow was negative +51.4bn. Financing cash flow was positive +55.9bn.
CFO / net income was 1,99 lần.
After spending +93.0bn on fixed-asset investment, the business generated trailing free cash flow of −78.3bn.
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 earnings conversion is confirmed, with CFO/NI at 1.99x. The main risk still sits in capital efficiency remains weak, with ROIC at 4.0%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.99x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +18,2% YoY pace.
Ability to hold margins around the current 0.87% level.
Cash-flow quality, with operating cash flow currently at 17.3bn 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.