Analysis of business results & financial statements · Quý 1/2026
▲▲ Improving positively
Trailing net profit reached 11.3bn, rose 3.4bn compared with the same period last year. Key positives came from higher gross profit and lower finance costs. Offsetting pressure came mainly from higher administrative expenses, higher selling expenses, higher tax, and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- 56.97x
- P/B
- 1.35x
- EPS
- 272
- BVPS
- 11,463
- ROE
- 2.5%
- ROA
- 2.1%
- Market price
- 15,500 19 Oct 2026
The current picture
What Is Changing
On a TTM 2026Q1 basis, PSP is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.
Profit bridge
Vs last year · TTM
- Gross profit
- Finance costs
- Administrative expenses
- Selling expenses
- Tax
- Other 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 | 73.9 | 93.8 | 71.6 | 68.0 | 62.3 | 58.3 | 60.8 | 61.6 |
| LNST | 2.7 | 2.6 | 2.9 | 3.1 | 2.8 | 2.4 | 2.4 | 0.2 |
| Net margin | 3.66% | 2.75% | 4.04% | 4.61% | 4.53% | 4.14% | 3.96% | 0.37% |
Revenue
74bnNet income
3bnNet margin
3.66%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 3.68%, rising 0.4pp. Core operating signals are improving as SG&A / Revenue fell 0.2pp are enough to offset pressure from Gross margin fell 0.4pp (in addition, Net financial result / Revenue rose 1.1pp added support while Other profit / Revenue fell 0.3pp 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
- 3.68% +0.4pp
- Gross Margin
- 25.56% −0.4pp
- SG&A / Revenue
- 19.78% −0.2pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Is capital being deployed efficiently?
▲ROIC edged up to 2.49%, rising 0.9pp. That translates to 2.49 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.7pp and capital turnover rose 0.15x, with invested capital holding roughly steady — capital-return quality improved from both sides.
Both margin and turnover contributed — the improvement has a dual foundation, but with ROIC still at a low level, several more periods in the same direction are needed to confirm a substantive shift.
ROIC is currently 2.49% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.
Balance Sheet
▼Capital structure is conservative with low leverage — liabilities at 0.20x equity, net debt at 0.05x equity.
None
Over the last 12 months, working capital absorbed 10.0bn 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 10.3 days versus the same period last year. The main moves came from DIO rose 0.7 days, DSO rose 6.0 days, and DPO fell 3.5 days.
All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.
CCC is up by +10.3 days, indicating weaker working-capital turnover versus the prior year.
DSO increased by +6.0 days, pointing to slower receivables turnover.
DuPont
What drives ROE?
ROE rose from 1.7% to 2.5% — mainly driven by asset turnover, despite leverage moving in the opposite direction.
Is financial risk significant?
Financial risk is low — leverage is safe, both CFO and FCF are positive.
Leverage & Liquidity
▲Leverage looks fairly comfortable, with net debt / equity at 0.05x and interest coverage at 4.31x.
At present, short-term debt accounts for 28.3% of total debt, cash equals 23.4% of debt, and total debt stands at 29.8bn.
Cash / debt stands at 23.4%, leaving limited liquidity buffer to monitor.
- Net Debt / Equity
- 0.05x −0.03x
- Interest Coverage
- 4.31x +2.64x
- Cash / Debt
- 23.4% +14.4pp
- Short-term Debt / Total Debt
- 28.3% −2.6pp
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 30.1bn in 2025, against investing cash flow of -9.1bn.
Post-investment cash flow was positive +21.0bn. Financing cash flow was negative +21.4bn.
CFO / net income was 2,18 lần.
After spending +13.8bn on fixed-asset investment, the business generated trailing free cash flow of +10.9bn.
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 2.18x. The main risk still sits in capital efficiency remains weak, with ROIC at 2.5%.
- Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.18x.
- Key risk: Capital efficiency remains weak.
What to verify next
Questions for the next period
Durability of revenue growth after the current +26,5% YoY pace.
Ability to hold margins around the current 3.68% level.
Cash-flow quality, with operating cash flow currently at 30.1bn in 2025.
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