Analysis of business results & financial statements · Quý 1/2026
▲ Slightly positive
Trailing net profit reached 16.5bn, rose 0.4bn compared with the same period last year. Key positives came from higher gross profit and lower administrative expenses. Offsetting pressure came mainly from higher selling expenses, higher minority interests, higher tax, and lower financial income. Detailed impact is shown below:
See what is changing ↓- P/E
- 6.61x
- P/B
- 0.65x
- EPS
- 1,406
- BVPS
- 14,278
- ROE
- 9.3%
- ROA
- 4.1%
- Market price
- 9,300 16 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PSE posted slightly higher profit versus the same period, but the increase is thin and not yet paired with clear improvement in revenue or margins — the growth momentum has held across consecutive periods. The point still to be proven is whether this profit level holds without further revenue momentum.
Profit bridge
Vs last year · TTM
- Gross profit
- Administrative expenses
- Selling expenses
- Minority interests
- Tax
- Financial income
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 | 1,094.8 | 736.6 | 734.2 | 1,368.8 | 770.7 | 718.2 | 856.6 | 926.3 |
| LNST | 4.3 | 4.7 | 3.7 | 9.2 | 4.4 | 8.0 | 4.6 | 4.4 |
| Net margin | 0.39% | 0.64% | 0.50% | 0.68% | 0.57% | 1.12% | 0.53% | 0.48% |
Revenue
1,095bnNet income
4bnNet margin
0.39%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 stands at 0.56%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.
Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.
- Net Margin
- 0.56% −0.1pp
- Gross Margin
- 2.25% −0.4pp
- SG&A / Revenue
- 1.65% −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. Balance sheet is exceptionally sound — liabilities at 0.71x equity, with a net cash position equivalent to 0.12x equity.
Inventory ended the period at 32.9bn, roughly 11.0% of total assets.
Over the last 12 months, working capital absorbed 19.4bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.
Working Capital Efficiency
▲Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.7 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 5.0 days, and DPO fell 1.2 days.
Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.
DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.
DuPont
What drives ROE?
ROE is broadly flat at 12.4% — the components are offsetting one another.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 7.7bn.
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
- 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 7.7bn in 2025, against investing cash flow of -1.7bn.
Post-investment cash flow was positive +6.0bn. Financing cash flow was negative +2.9bn.
CFO / net income was 0,01 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 earnings conversion is confirmed, with CFO/NI at 0.01x. The next item to monitor is capital efficiency.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.01x.
- Watchpoint: Capital efficiency needs cycle context.
What to verify next
Questions for the next period
Durability of revenue growth after the current +20,3% YoY pace.
Ability to hold margins around the current 0.56% level.
Cash-flow quality, with operating cash flow currently at 7.7bn 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.